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Terex revenues fall 10.5% in 2015

WASHINGTON: US-based equipment manufacturer Terex has recorded revenues of US$ 6.543.1 billion – a decrease of -10.5% from the $ 7.308.9 recorded in 2014. The company’s reported income was $ 355.3 million for 2015, compared to the $ 423.1 million in 2014. Earnings before interest, taxes, depreciation and amortization (EBITDA) also dropped to $ 478.1 million 2015, from $ 629.5 million ... Read More »

India’s software exports highest in 2015

NEW DELHI: President Pranab Mukherjee said on Tuesday that the country recorded the highest ever software exports during 2015. Addressing the joint session of both houses of parliament, he said that 29 electronic manufacturing clusters were under development. “The country recorded the highest ever software exports during 2015,” the president said. “Setting up world-class infrastructure for electronics manufacturing across the ... Read More »

Local traders visits ICCI to address their issues

ISLAMABAD: A delegation of Traders Welfare Association, I&T Centre, G-10/4, Islamabad led by its President Ch. Zafar Iqbal Gujar visited Islamabad Chamber of Commerce and Industry (ICCI) and highlighted various issues being faced by the traders of the area. They said CDA was paying no attention to the development works in G-10/4 market due to which traders were facing difficulties ... Read More »

Kenya’s rating in ease of business improves

NAIROBI: Kenya improved significantly year-on-year in the ease of doing business while South Africa continued to decline, according to Bloomberg Data published on February 18. Kenya’s doing business rankings improved to position 108 from 136 in 2015, while South Africa dropped from position 43 in 2015 to 78 in the ease of doing business for 2016 according. The report is based ... Read More »

Kerry Group reports higher 2015 profits, revenues

LONDON: Food technology group Kerry has said its full year pre-tax profits rose by 8.5% on the back of strong growth across its business. Kerry reported a pre-tax profit of almost €603m for the year to the end of December, with revenues rising by 6.1% to reach €6.1 billion for the year. Trading profits for the year rose by 10% ... Read More »

Bangladeshi nabs with Rs 3.5 mln worth heroin at BIA

DHAKA: A 28-year-old Bangladeshi national was arrested on February 21 at the Bandaranaike International Airport in Katunayake with a haul of heroin worth Rs 3.5 million. The Police Narcotic Unit along with Customs officials had found three kilograms and 400 grams of heroin in the possession of the suspect who was attempting to smuggle the drug into the country, the ... Read More »

Poland unemployment hit 10.3% in Jan

WARSAW: Unemployment in Poland in January hit 10.3 percent, up from 9.8 percent in December, the country’s Central Statistical Office (GUS) said on Tuesday. Despite the rise, experts pointed out that the figure was the best January result for years. The number of people registered as unemployed in labour offices at the end of January stood at 1.65 million, 5.4 ... Read More »

Iraq oil min says 2016 development costs cut to $9 bln

BAGHDAD: Iraq’s oil minister said on Monday development costs for foreign oil companies had been revised down to just over $9 billion in 2016 from $23 billion following complex negotiations. Adel Abdel Mahdi said on his official Facebook page that most foreign oil companies had approved the revised costs, and that it would not affect production and development plans. The ... Read More »

NAB accuses Dr Asim of causing Rs450b losses to national exchequer

ISLAMABAD: The National Accountability Bureau (NAB) has filed an inquiry report in an accountability court against Dr Asim Hussain charging him of causing Rs450 billion losses to national kitty. The accused allegedly did embezzlement of this huge amount through corruption, money laundering, illegal allotment of land and grabbing of commission. The accountability court judge inquired from NAB why a reference ... Read More »

FBR Chairman Nisar assumes charge as Secretary Revenue Division

ISLAMABAD: Nisar Muhammad, a BS-22 officer of Pakistan Customs Service, Tuesday assumed the charge of the post of Secretary, Revenue Division/ FBR chairman. The officer, in pursuance of Establishment Division’s Notification No.40/592/2015-E-I dated 22.02.2016, relinquished the charge of the post of Additional Secretary (In-charge), Revenue Division/FBR chairman. Read More »

Al Baraka banking group net profits increase 4%

AMMAN: The Bahrain-based Islamic banking group, Al Baraka Banking Group (ABG) announced that its total operating income reached $1 billion in 2015 for the first time since the start of the Group activities 12 years ago, while the net income for the year reached $ 286 million, an increase of 4 per cent on the net income achieved in 2014. ... Read More »

11 Customs officers of BS-19 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 11 Pakistan Customs Service officers of BS-19 with immediate effect. According to the notification, the officers who are drawing performance allowance will continue to draw this allowance on the new place of posting. All the officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or by using ... Read More »

Consumer electronics in Portugal

LISBON: Despite positive news which pointed to economic recovery in Portugal, as well as a decrease in the unemployment rate and an increase in the consumer confidence index, the main players across consumer markets remained cautious in 2015. Nevertheless, industries such as entertainment, travel and tourism and car sales were back to growth. This was not the case for most ... Read More »

Uzma Munir assumes charge as Secretary

ISLAMABAD: Uzma Munir, a BS-19 officer of Inland Revenue Service, Tuesday assumed the charge of the post of Secretary, Federal Board of Revenue (HQ). On joining FBR, the officer, who assumed the charge pursuing the Board’s Notification No. 0504-IR-I/2016 dated 22.02.2016, has been posted as Secretary (Management-IR-I) with immediate effect and until further orders. Read More »

Ashraf Khan to retire on April 9

ISLAMABAD: Muhammad Ashraf Khan, a BS-22 officer of Inland Revenue Service, is going to retire from the government service on attaining the age of superannuation. Muhammad Ashraf Khan, presently posted as Managing Director, Water and Power Development Authority, Lahore, will stand retired with effect from April 09. Read More »

LCCI congratulates new chairman of Punjab Mineral Development

LAHORE: The Lahore Chamber of Commerce and Industry has congratulated the LCCI former Senior Vice President Mian Nauman Kabir on his appointment as Chairman of Punjab Mineral Development Corporation. In a statement issued here, the LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said that the appointment of Mian Nauman Kabir would further ... Read More »

Volvo Group recalls 59,000 cars in Finland

HELSINKI: Volvo Cars is recalling 59,000 cars in 40 markets because of faulty software that can briefly shut down the engine and electric system while driving. Most of the faulty cars have been sold in Sweden, Britain and Germany, with 24,000 of the cars being in Sweden. Around 100 police cars are affected, too. The software problem affects Volvo’s 60 ... Read More »

Appraiser Asghar Mirani censured for inefficiency

ISLAMABAD: Ghulam Asghar Mirani, Appraiser (BS-16), Model Customs Collectorate of Appraisement-East, Karachi, has been censured for inefficiency. As per details, the disciplinary proceedings were initiated against the accused officer under Government Servants (Efficiency & Discipline) Rules, 1973. Adnan Iqbal Swati, Additional Director, Directorate of Input Output Co-Efficient Organization (South), Karachi, was appointed inquiry officer to investigate the on account of ... Read More »

Omantel signs MOU with Ericsson to enhance network

MUSCAT: Oman Telecommunications Company (Omantel) has signed a formal memorandum of understand (MOU) with Ericsson to enhance network capabilities and services according to the company’s new transformation strategy. Talal Al Mamari, CEO of Omantel said, “At Omantel, we see ourselves as innovators and early adopters of new technology. So it is vital that we partner with companies, who can work ... Read More »

Economy ministry forecasts 1% rise in Ukraine’s GDP

KIEV: The Ministry of Economic Development and Trade of Ukraine expects the revival of economic activity and the growth of gross domestic product (GDP) by 1% plus or minus 0.5 percentage points in the first half of 2016 after the fall by 10% in 2015 and 6.8% in 2014. “The revival… is due to both statistical effects, namely low base, ... Read More »