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Author Archives: CT Report

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 »

Belarus, Italy urges to maintain current pace of cooperation

ROME: It is important that Belarus and Italy maintain the current pace of cooperation, Belarusian Deputy Minister of Foreign Affairs Alena Kupchyna said at the opening of the session of the Belarusian-Italian intergovernmental commission for economic cooperation on 23 February, BelTA has learned. Alena Kupchyna called the meeting a landmark event. She believes that the first session of the intergovernmental ... Read More »

Uber pays just over $400,000 tax in Australia over 3 years

CANBERRA: Uber – the Silicon Valley technology giant with a market valuation of over US$60 billion – paid just over $403,000 tax in Australia over a three-year period. Uber’s response to questions it took on notice at the Senate inquiry into corporate tax avoidance, obtained by Fairfax Media, confirm the company pays tax on fraction of its local earnings.Its director ... Read More »

Spotless profit drops 20% in 2016

LONDON: Cleaning and catering business Spotless has reaffirmed its expectation that full year profit will fall 10 per cent. The company has reaffirmed its forecasts for revenue to exceed that of fiscal 2015, however costs associated with new contracts and acquisitions will weigh on profit. Net profit is expected to be 10 per cent lower than the $60.2 million profit ... Read More »

Rhipe logs 47% growth in New Zealand business

WELLINGTON: Rhipe has racked up a record half year revenue, pulling in $69.5 million – a 44% increase compared to the same period a year earlier – with New Zealand performing strongly for the company. The results, for the H1 2016 half year ending 31 December 2015, show Rhipe recorded revenue of $6.5 million in New Zealand for the period, ... Read More »

Brazil’s economy expect to contract by 3.40% in 2016

BRASÍLIA: Analysts expect Brazil’s economy to contract by 3.40 percent this year, with inflation hitting 7.62 percent, the Central Bank said Monday. Last week, analysts said they expected Brazil’s economy to contract by 3.33 percent this year and prices to rise by 7.61 percent. The gross domestic product (GDP) and inflation figures come from the Boletin Focus, a weekly Central ... Read More »

Budapest-Belgrade rail upgrade serves no Hungarian interests

BUDAPEST: The Budapest-Belgrade railway development solely serves Chinese interests, the opposition LMP party said, adding that the government is doing everything it can to weaken the project’s profitability by supporting a rival Slovenian rail upgrade. The cabinet is still pursuing the “failed” eastern-opening policy and supporting two rival projects simultaneously, which is “economic madness”, Erzsébet Schmuck, the party’s deputy parliamentary ... Read More »

Spain’s fresh produce exports rise 11.7% in 2015

MADRID: Spain’s fresh produce exports climbed 11.7 per cent for the full year of 2015, according to statistics from the Ministry of Economy and published by Fepex. According to the newly released figures, Spanish fresh fruit and vegetable export value climbed to €11.9bn for the year, while also rising 2.29 per cent in volume to 12.79m tonnes. Vegetables exports came ... Read More »

Turkish investors inject $400 mln into Rwanda

ANKARA: Investments by Turkey in Rwanda total $400 million and over 20 investment projects are already operational, just in the past three years. Rwanda received $3.1 billion in local and foreign investment inflows over the period, with Turkey contributing 13 per cent of that amount. The biggest investment project from Turkey is a $335 million peat energy project by Hakan ... Read More »

Norway to build Europe’s largest onshore wind plant

OSLO: Norwegian state-owned renewables producer Statkraft and Danish turbine maker Vestas announced on Tuesday that they will collaborate on Europe’s largest onshore wind power plant. Statkraft, TrønderEnergi and Nordic Wind Power will invest 11 billion Norwegian kroner ($1.3 billion, €1.6 billion) in six wind farms that are expected to produce 1,000 megawatts by 2020. The wind farms will be built ... Read More »

Amsterdam collects €46.4m in tourist tax revenue

AMSTERDAM: Statistics Netherlands expects that Amsterdam will collect 46.4 million euros in tourist tax over 2016, a 25 percent increase compared to last year. For all municipalities in the Netherlands proceeds from tourist tax are expected to increase by 8.6 percent to 188.6 million euros. With the expected 46.4 million euros in tourist tax, Amsterdam accounts for a quarter of ... Read More »

Japan to increase Pakistan textile exports

TOKYO: Japanese development agencies are working to increase the level of textile imports sourced from Pakistan. The Japan International Cooperation Agency (JICA), in Yokohama, is presently in discussions with the government of Pakistan about ways in which Japanese overseas development aid might be best put to use to assist this sector – of critical importance to the overall Pakistani economy. ... Read More »

Vodafone Greece service revenues fall 1.3% in Q3

ATHENS: The weak economic climate in Greece led to a further deterioration in Vodafone’s revenue growth in the latest quarter to December. Vodafone Greece saw a 1.3 percent organic decline in service revenue to the equivalent of GBP 139 million, compared to a fall of only 0.3 percent in the previous quarter. Vodafone said the macroeconomic environment is putting increased ... Read More »

Melco Crown revenue hit to $80.9m in Q4

MANILA: Revenue from the Philippine operations of Melco Crown Entertainment Ltd. (MCE) surged in the final quarter of 2015, helping offset the impact of a slide in its casinos in Macau. Net revenue at City of Dreams Manila was $80.9 million in the three months to December, compared with $7.6 million a year earlier, Melco Crown (Philippines) Resorts Corp. (MCP) ... Read More »

PetroVietnam seeks approval to lower tax rates

HANOI: Viet Nam National Oil and Gas Group (PetroVietnam) is seeking approval to lower tax rates at the Dung Quat Oil Refinery because of a lack of competitiveness against imported fuels. PetroVietnam has claimed in a report to the Government Office, the Ministry of Finance, and the Ministry of Industry and Trade that the refinery, the country’s sole oil processing ... Read More »