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Author Archives: CT Report

India’s automobile exports to suffer loss in Dec

NEW DELHI: India’s automobile exports seem to have been facing the heat of the global slowdown as the growth rate in the overseas sales has witnessed a sharp reduction in the past two months. During April- November 2015, the country’s auto exports grew by just 2.61%, much less than the growth rate of 5.78% witnessed during April-October period. Analysts say that ... Read More »

Charleston user fee increase to bump revenue by $1.3m

SOUTH CAROLINA: The recent increase to Charleston’s city service fee is projected to add more than $1.3 million in revenue in the next fiscal year. City Council’s Finance Committee voted Monday night to amend the fiscal 2016 budget to reflect a 50-cent increase to the city service fee. The service fee, also known as a user fee, will now charge ... Read More »

S. Korean medicine exports jump threefold in last 10 years

SEOUL:  South Korean medicine exports jumped threefold in the last 10 years as local pharmaceutical companies have become more competitive on the global stage, government data showed Tuesday. According to the Ministry of Food and Drug Safety, Asia’s fourth-largest economy shipped out 2.54 trillion won (US$2.13 billion) worth of medical drugs in 2014, up 9 percent, or 210 billion won, ... Read More »

Khyber Border Terminal Jamrud made operational

PESHAWAR: Pakistan Customs Tuesday made Khyber Border Terminal (KBT) Jamrud, Khyber Agency operational. According to Peshawar Collector Qurban Ali Khan, mock customs clearance will formally start as the WeBOC system has been made functional at the KBT. He said that the National Logistic Cell (NLC) started the construction work on terminal about 10-year ago, adding that the facilities like container ... Read More »

China battles to shore up stocks, yuan after globe-shaking slide

BEIJING: China moved to shore up shaky sentiment on Tuesday a day after its stock indexes and yuan currency tumbled, rattling markets worldwide, but analysts warned investors to buckle up for more wild price swings. Stocks fell more than 2 percent in early trade, prompting fears that exchanges were set for a second day of panic selling after a 7 ... Read More »

Kh Asif sees no end to loadshedding till 2018

ISLAMABAD: Federal Minister for Water and Power Khawaja Asif has said that despite several ongoing energy projects, the loadshedding would not be ended till 2018. Talking to media, the minister said that currently the rural and urban areas of the country were facing six and eight hour loadshedding respectively, adding that there was no loadshedding for the industries. To another ... Read More »

QPMC inks four deals for aggregates supply

DOHA: QPMC wrapped up 2015 by signing four new agreements for the supply of 19,980,000 tonnes of high quality aggregates (gabbro and limestone) over the next three years from various sources. The agreements were signed to ensure that Qatar’s fast growing construction sector continues to thrive in the right direction by securing the required materials and thus maintaining market stability. ... Read More »

Nigeria cashew exports $250 mln yearly

ABUJA: According to Pastor Tola Faseru, President of the National Cashew Association of Nigeria (NCAN) Nigeria cashew exports are worth $250 million (about N49.7 billion) yearly, with the average export price increasing annually due to growing demand. The President, NCAN said Vietnam and India remained Nigeria’s largest buyers, adding that globally, stocks of nuts, including cashew, in North America and ... Read More »

Tenaga targets $3bn sukuk program

KUALA LUMPUR: Malaysia’s biggest electricity company plans to tap the US dollar debt market for the first time in two decades with its debut offering of global Islamic bonds. Tenaga Nasional Berhad is asking bankers to submit pitches for a US$3 billion sukuk program, according to people familiar with the matter, and proceeds are to be used to fund overseas ... Read More »

Ichia Tec sales plunge 33.86% to NT$1.66 billion

TAIPEI: Keypad manufacturer Ichia Technologies Inc yesterday reported sales of NT$1.66 billion for last quarter, a significant plunge of 33.86 percent from NT$2.51 billion a year earlier. The quarterly result also represents a 12.16 percent decline from the third quarter’s NT$1.89 billion. In the first three quarters of last year, the firm’s net income totaled NT$49.39 million, plunging 94.31 percent ... Read More »

Bangladesh’s exports rise 12.7% in Dec

DHAKA: Bangladesh’s exports rose 12.7 percent in December from a year earlier to $3.2 billion, driven by an increase in readymade garment sales, official data showed on Tuesday. Exports for July to December, the first half of the country’s 2015-16 financial year, rose 7.8 percent from a year earlier to $16.1 billion, the Export Promotion Bureau said. Sales of garments, comprising ... Read More »

Turkey earns $144b in overseas sales in 2015

ANKARA: Turkey earned $144 billion in overseas sales in 2015, a decline of 8.7 percent when compared to the export figures of the preceding year, data from a local exporter union showed on Monday. According to results from the Turkish Exporters Assembly (TİM), exports fell 12 percent in the final month of 2015 over December 2014. The union cited a ... Read More »

Indonesia inflation drops to lowest rate in 5 years

JAKARTA: Annual inflation has fallen to the lowest rate in five years, as consumer prices last year increased by just 3.35 percent. Monthly inflation in December 2015 was measured at 0.96 percent, driven largely by higher food prices, the Central Statistics Agency (BPS) reported on Monday. The full-year inflation rate in 2015 was the lowest since 2010, when prices increased ... Read More »

Argentina’s crop exports surge $2 bln in last 3 weeks

BUENOS AIRES: Argentina’s crop exports surged $2 billion in the last three weeks of the year after restrictions were scrapped by the new president, according to exporter group Ciara-Cec. Farmers sold $752 million worth of grains and oil-seeds in the last three days of 2015 for an annual total of $20 billion, down 17 percent from a year earlier. Sales ... Read More »

Commerce sector wants to create fund to boost India’s shrinking exports

NEW DELHI: The commerce department wants to create a fund aimed at boosting India’s shrinking exports, proposing a financing mechanism that would discourage exports of raw material and help local value addition. The Ministry of Commerce & Industry is likely to pitch the idea of the export development fund in pre-Budget consultations with the finance ministry on January 6. “The fund ... Read More »

FIA arrests CEO, two directors of AKD Securities in Rs290m fraud case

KARACHI: The Federal Investigation Agency (FIA) has raided the office of AKD Securities and arrested two of its directors and a CEO allegedly involved in causing a loss of Rs290 million to the national exchequer in Employees Old-Age Benefit Institution (EOBI) case. The Agency arrested CEO Muhammad Farid Alam, , Directors Tariq Adam Ghumra and Muhammad Iqbal. The National Accountability ... Read More »

Indonesia big coal miners plan to rise production in 2016

JAKARTA: The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s coal market will continue. The production levels proposed by large coal miners are quite different from those filed by small and medium coal miners, who mostly plan to reduce production on account of low demand in the world’s ... Read More »

Myanmar grants import licences for 1,870,000 tons of fuel, diesel

NAYPYIDAW: In the first nine months of the 2015-2016 fiscal year, Myanmar granted import licences for over 1,870,000 tonnes of fuel and diesel, worth more than US$1 billion, according to the Ministry of Commerce. From April 1 to December 25 last year, businesses received licenses for the import of over $358 million worth of fuel and over $690 million worth ... Read More »

Import ban increases hog breeding in Russia

MOSCOW:  Hog farmers in Russia are producing so much pork that they are selling it overseas just three years after the country was importing more of the meat than any other buyer except Japan. Domestic output has increased 26 percent in four years to the highest yet, and imports have plunged by more than 80 percent from a peak in ... Read More »

Kenya Revenue Authority sue to block new imports rule

NAIROBI: The Kenya Revenue Authority has been sued over a new directive that requires importers to acquire a certificate of conformity before the goods are offloaded. In an urgent application filed at the High Court yesterday, political activist Okiya Omtatah accuses the KRA of imposing the new rule unconstitutionally. In a notice published on December 29 to Sea and Air Cargo ... Read More »