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Author Archives: CT Report

TDRO draft to be introduced in Parliament this year: Khurram Dastgir

ISLAMABAD: The government will introduce the draft of Trade Dispute Resolution Organization (TDRO) in the Parliament this year aimed at introducing into Pakistan a state-of-the-art, comprehensive regime for the swift, efficient and effective resolution of international import and export complaints and disputes. This was stated by the Federal Minister for Commerce, Engr. Khurram Dastgir Khan in a seminar on Public ... Read More »

Colombian police seize cocaine hidden in banana shipment

BOGOTA: Colombian police seized 339 kilos (747 pounds) of cocaine found hidden in two separate banana shipments bound for the Bahamas and Greece, authorities said Tuesday. The drugs were detected during inspections in the Caribbean port of Santa Marta. While examining the contents of a container headed for Freeport, Bahamas, officers noted several irregularities and decided to take a closer ... Read More »

Obama budget cuts port funding by $269M

LONDON: Port advocates are unhappy with a $269 million funding cut that is included in President Obama’s proposed budget for 2017. The president’s $4.1 trillion budget for fiscal 2017 calls for spending $320 billion over the next ten years to develop a “clean transportation” system, but the AAPA said Tuesday that the proposal would cut federal funding for ports from ... Read More »

World Bank President addresses IBA students in Karachi

KARACHI: An interaction between Pakistan’s university students and Dr. Jim Yong Kim, President of the World Bank Group, took place at the IBA City Campus. The event was streamed to 75 Pakistani universities and an international audience. This forum was a joint initiative of the World Bank and Government of Pakistan. Extending a warm welcome to Dr. Jim Yong Kim ... Read More »

NMMA reports increase in engine shipments

WASHINGTON: On a rolling 12-month basis, U.S. outboard engine wholesale shipments were up 3.1 percent year-over-year through January. That figure is for the National Marine Manufacturers Association’s control group of manufacturers, which the NMMA said represents 95 percent of the market. Gains were led by four-strokes and higher-powered engines. Total retail sales, based on warranty card registrations for the same ... Read More »

Peruvian blueberry exports boom, increase over 200%

LONDON: Between the months of January and November of last year, blueberry exports from La Libertad, Peru amounted to over US$ 76 million, representing a 236% increase as compared to 2014’s numbers. La Libertad is without a doubt the largest exporting region withing the nation, claiming 90% of the berry’s exports. Far behind, the northwestern region of Peru is followed ... Read More »

Czech exports reach record 3.9 trillion crowns in 2015

WASHINGTON: Czech exports reached a record 3.9 trillion crowns in 2015, an increase of 7.2 percent year on year. Although exports to Russia dropped by over 30 percent higher exports to the county’s traditional EU partners made up for the difference. I asked the chief economist of Era Poštovní Spořitelna, Jan Bureš about the driving force behind the increase and ... Read More »

Egypt’s annual urban consumer price inflation falls to 10.1% in Jan

WASHINGTON: Egypt’s annual urban consumer inflation fell to 10.1 percent in January from 11.1 percent the previous month, the country’s statistics agency CAMPAS said on Wednesday. The decrease came after the country raised interest rates by 50 basis points in December citing inflationary pressure. In November, Egypt’s government said it would control prices of certain essential goods. Read More »

Ghana’s consumer inflation rises to 19.0% in Jan

ACCRA: Ghana’s annual consumer price inflation rose to 19.0 percent in January from 17.7 percent the month before on utility and fuel price hikes, deputy government statistician Baah Wadieh told a news conference on Wednesday. Ghana raised tariffs for electricity by 59.2 percent in December and water by up to 89 percent to increase competition in the sector and as ... Read More »

Unemployment in Poland climbs to 10.3% in Jan

WARSAW: Unemployment in Poland in January climbed to 10.3 percent, up from 9.8 percent in December, officials said on Monday. “Winter is a period in which unemployment rises because of seasonal factors. It’s a trend seen for many years,” Family, Labour and Social Policy Minister Elżbieta Rafalska said in a statement. Last year, job centers received notifications of almost 1.3 ... Read More »

Abu Dhabi plans to focus on visitors from India

ABU DHABI: Abu Dhabi plans to focus on visitors from India, China, Africa and the Arabian Gulf to compensate for a fall in Russian tourists and to fill thousands of hotel rooms that are expected to enter the market. About 8,000 new rooms are expected to open in the next five years, according to Sultan Al Dhaheri, the executive director ... Read More »

Oman plans to invest heavily in developing industrial estates

MUSCAT: Oman plans to invest in developing new industrial estates and expanding existing ones to meet the growing demand for industrial plots from entrepreneurs. The Public Establishment for Industrial Estates (PEIE), which acts as a one-stop-shop for entrepreneurs, plans to build three industrial estates – one each in Thumrait, Shinas and Al Mudhaibi, Hilal bin Hamad Al Hassani, chief executive ... Read More »

Finland’s exports decline by 4% in 2015

HELSINKI: The value of the country’s exports declined by four per cent in 2015 compared to the year before, according to the Finnish Customs’ preliminary data. In 2015, the value of exports amounted to euro 53.5 billion, said the statement from the Customs. The decline in total exports was mainly influenced by two factors: a steep downturn in the value ... Read More »

Finland’s fuel consumption drops in 2015

HELSINKI: The consumption of petroleum products in the country reduced by 1.2 percent in 2015 compared to the previous year, according to the Petroleum and Biofuels Association-Finland’s annual statistics. A total of 7.7 million tonnes of petroleum products were sold in the country last year. The decline was even more pronounced in petrol consumption which fell by 1.6 percent. Petrol ... Read More »

Adjustment of lights can help avoid jet lag: Scientists

  WASHINGTON: The American scientists have found the reason behind jet lag and suggested that exposure to short flashes of light at night could help sleeping travellers adjust to new time zones and avoid jet lag. The light beams travel through the eyelids and this tells the brain to re-set the body’s inner biological clock, the Stanford researchers believe, BBC ... Read More »

Vietnam telecom firms all set for 4G race

HANOI: Vinaphone’s 3G subscribers could switch to 4G for free if within a week and use 4G at the same price as 3G for services like mobile TV, mobile broadcast, and video conferencing. Earlier the telecom group Viettel had also got permission from the Ministry of Information and Communications to test its 4G services for seven months from last May ... Read More »

ANF recovers 11.4kg heroin, 107kg hashish in countrywide raids

  ISLAMABAD: The Anti-Narcotic Force (ANF) has recovered 118kg drugs, including 11.4kg heroin and 107kg hashish and arrested six alleged drug traffickers besides impounding a vehicle during the countrywide raids. The Karachi ANF team, on pursuance of information, raided a house situated in Pakhtoonabad Manghoo Peer and seized 100kg hashish. An accused, namely Sabir Khan, was also apprehended during the ... Read More »

IT industry earns $2.5b for Ukrainian economy in 2015

KIEV: Ukraine’s information technologies (IT) industry has generated 2.5 billion U.S. dollars of exports revenues last year, becoming one of the most profitable sectors of the East European economy, local media reported Tuesday, citing a senior official from the Economy Ministry. “The IT sector in 2015 became the third largest industry after agricultural sector and metallurgy in terms of export ... Read More »

Ukraine raises grain export forecast on rising maize demand

KIEV: Ukraine has raised its grain export forecast for the 2015/16 season to around 37 million tonnes from 36 million, buoyed by rising maize demand from abroad and expectations of a good crop next year, the agriculture minister told Reuters on Monday. Maize exports may total 16.7 million tonnes this season compared to an earlier estimate of 16 million, Oleksiy ... Read More »

Pak rupee depreciates in open market

  KARACHI: The Pakistani rupee Wednesday depreciated against the US dollar in open market and strengthened in interbank. According to the local money market, the greenback gained 20 paisas in cash-free market for selling at 105.70 and lost 30 paisas in interbank for selling at 104.30. On Tuesday, the dollar lost 45 paisas in open market to reach 105.50 and ... Read More »