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Hyundai’s profit falls by 15% to $5.4b

SEOUL: Hyundai, the world’s fifth-largest auto-making group, has posted 15 per cent lower profits for 2015. A strong local currency and slowing sales in the key Chinese market pummelled South Korea’s Hyundai Motor in the corresponding year, with the automaker on Tuesday reporting its lowest annual profit in five years. The firm’s net profit has fallen for three straight years ... Read More »

Cooper establishes sales office in Brazil

SAO PAULO: Cooper Tire & Rubber Co. has established a sales office in São Paulo to support local distributors and dealers and help further the company’s Latin America expansion. The office, Cooper Tire & Rubber Co. Brasil Fabricacao, Importacao e Distribuicao de Pneus Ltda., will operate under the leadership of Durval Amaral, general manager, a former Goodyear executive who joined ... Read More »

Philips’ profit up by 55% to $700m in 2015

THE HAGUE: Philips Tuesday posted net profits surged by 55 percent in 2015 driven by increased sales in its healthcare and lifestyle business as it seeks to shed its historic lighting section. The Dutch electronics giant’s total net profit attributable to shareholders was 645 million euros ($700 million) compared to 415 million euros in 2014, with sales up to 24.2 ... Read More »

Federal govt issues Rs 3.3b for development of AJK

MUZAFFARABAD: The federal government has released Rs 3.3 billion funds for Azad Jammu and Kashmir (AJK) government under the head of annual development programme, said a source in the finance department on Tuesday. The source said that recently a committee was constituted by the federal government headed by federal Minister Ehsan Iqbal and also included representative of AJK government which ... Read More »

Pak rupee depreciates by 10 paisas to 106.85 in open market

KARACHI: The Pakistani rupee Tuesday depreciated against the US currency in open market. According to the local money market, the greenback added 10 paisas in open market to reach 106.85 and remained unchanged in interbank at 104.70. On Monday, the dollar remained unchanged both in open market and interbank at 106.75 and 104.70 respectively. The local currency rate remained the ... Read More »

Tea, apples, onions good to avoid heart disease

ISLAMABAD: Use of onions, tea and apples can decrease some early signs of heart disease as these foods have flavonoids, said a study. A research team focused on one of the compounds which is found in tea, onions and apples examined the effect of the compounds produced after quercetin is broken down by the body. They were shown to help ... Read More »

U.K. factories start 2016 on weak footing as export orders fall

LONDON: Export orders fell at a sharper pace in January compared with December and total orders at factories also declined, the Confederation of British Industry said in a survey published in London on Monday. An index of optimism, measured on a quarterly basis, rose slightly, but remained below zero. The industry has been in the doldrums for years as weakness ... Read More »

South Korea’s diesel car imports set record in Q4

SEOUL: Diesel car imports in South Korea set a new record in the fourth quarter last year despite worry that Volkswagen’s emissions scandal may dent demand for foreign luxury vehicles, customs data showed on Tuesday. The country’s foreign car imports reached $2.66 billion during the October-December period, up 10.2 percent from the previous three months, according to the Korea Customs ... Read More »

More than Rs 295.13b released for development projects under PSDP

ISLAMABAD: The federal government has released over Rs 295.13 billion for different social sector development projects under Public Sector Development Programme (PSDP) 2015-16 against the total allocation of Rs 700 billion. According to data released by the Planning Commission, the government has released Rs 31.25 billion for infrastructure development projects under National Highway Authority (NHA) against the total allocation of ... Read More »

KPT shipping movements report

KARACHI: Following were the movements of ships at Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS SAILED: X-Press Euphrates Cont IVS Augusta Coal Amoy Fortune G.C Hhnjin Indigo Cont Bremen Trader Tanker Kota Kasturi Cont Overseas Milos Tanker UAFL Zanzibar Cont SHIPS BERTHED: Kota Kasturi Container Ship Bremen Trader Tanker Hansa Neuburg ... Read More »

Greece to buy 25% of crude oil imports from Iran

TEHRAN: Greece will buy about quarter of its required crude imports from Iran under a long-term supply agreement with Iran’s national oil company NIOC, according to official Iranian reports over the weekend. In the first European crude supply deal under Iran’s post-sanctions era, Greece’s biggest refiner Hellenic Petroleum agreed to an “immediate start” of Iranian crude imports under the supply ... Read More »

Iran banks may allow restarting trading in UK

TEHRAN: Regulators are considering whether to allow two Iranian banks in London to resume operations after years of sanctions. Melli Bank and Persia International Bank will only be able to operate in the UK once they have met Bank of England criteria for financial firms, Reuters claimed. A nuclear deal with Iran earlier this month led to the removal of European ... Read More »

Russia’s Industrial output drops 3.4% in 2015

MOSCOW: Industrial output in Russia shrank 3.4 percent in 2015 for the first time in six years, the Rosstat state statistics service said in a report Monday. The slump, which came as the Russian economy reeled from weak oil prices and drops in the ruble value, was sharper than predicted by the Economic Development Ministry, which expected the industrial output ... Read More »

Nepal’s imports from China decrease 14.1%

KATHMANDU: Nepal’s imports from China, its second largest trade partner, fell 14.1 percent in the first five months of the current fiscal 2015-16, Nepal’s central bank said on Monday. Imports have been affected by a blockade on the Indian border points and a delay in bringing the closed Khasa-Tatopani border point into operation, Xinhua news agency reported. Imports from China declined ... Read More »

Saudi Arabia presents plan to move beyond oil

RIYADH: Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil. A meeting and presentation at a luxury Riyadh hotel was held against a backdrop of low oil prices pressuring the kingdom’s currency and ... Read More »

Country’s cotton production reduces by 33%

ISLAMABAD: The country’s cotton production reduced by 33 per cent, according to data till January 15, released by the Pakistan Cotton Ginners’ Association. As per the association’s statement, Punjab’s contribution to the total cotton production has decreased by almost 44 per cent, while Sindh fared comparatively much better with a 4 per cent decline. As of January 15, total cotton ... Read More »

SECP introduces E-voting Regulations 2016 to facilitate shareholders

ISLAMABAD: Now shareholders can vote in meeting from a remote location through internet as the Securities and Exchange Commission of Pakistan (SECP) has introduced the E-voting Regulations 2016 to involve the shareholders/stakeholders in decision making process of their company. This is a further step by the SECP to encourage corporate democracy and to promote good corporate governance by making use ... Read More »

US Customs seizes 137 pounds of marijuana

PRESIDIO: U.S. Customs and Border Protection Office of Field Operations officers working at the Presidio port of entry seized 137 pounds of marijuana Saturday evening. The narcotics were found in the fuel tank of a 2001 Toyota Sequoia. The seizure was made at 10:45 p.m. when a 25-year-old Mexican female driver with two female passengers made entry through vehicle primary. ... Read More »

US Customs seizes 11kf cocaine worth $300k

SAN JUAN: Field Operations Officers from U.S. Customs and Border Protection (CBP) seized Sunday 11 Kilograms (24 pounds) of cocaine at the M/S Jewel of the Seas.  The contraband was found by CBP officers during a cabin inspection upon arrival of the vessel. The estimated value of the seized contraband is over $300,000. While performing cabin inspections, a CBP canine ... Read More »

Customs Superintendent Ahmed’s major penalty converted

ISLAMABAD: On a departmental appeal filed by Ahmed Parvez Bazai, Superintendent Preventive Service, Model Customs Collectorate of Preventive, Karachi, against major penalty of ‘reduction to lower post’, Federal Board of Revenue Chairman Nisar Muhammad Khan, being an Appellate Authority, has converted the above said major penalty into another major penalty of ‘reduction to lower stage in time scale’ (one stage ... Read More »