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Author Archives: CT Report

US crude oil output drops in Nov

WASHINGTON: United States crude oil production fell for a second month in November because of a drop offshore, but higher output from the biggest shale states highlighted the industry’s surprising resilience. Production nationwide in November dropped 52,000 barrels a day to 9.32 million, the lowest figure since June, according to data from the Energy Information Administration’s petroleum supply monthly report. ... Read More »

India faces possibility of record wheat imports

NEW DELHI: Unfavorable weather and dwindling stocks may cause India to import a record volume of wheat over the next year. Following the second consecutive below-average monsoon, India has been facing dry conditions for this year’s wheat crop. Periodic heat spells since planting have also added extra stress to the plants. Indian wheat farming relies heavily on a sufficient monsoon prior ... Read More »

Vietnam industrial production slows down in Jan

HANOI: Month-on-month growth of the country’s index of industrial production (IIP) in January stood at 5.9 per cent due to a decline in consumption in both, domestic and export markets. According to the General Statistics Office (GSO), the rise remained lower than that in the past years, excluding January last year, when the index slid 2.8 per cent. The GSO experts ... Read More »

Vietnam to import power from Laos

HANOI: Viet Nam has invested in upgrading its electricity transmission lines in preparation for importing power from Laos, according to the National Power Transmission Corporation (EVN NPT). Importing electricity from neighbouring countries, including Laos, is one of several measures being adopted to help Viet Nam meet the electricity demand for socio-economic development. Chairman of the corporation Dang Phan Tuong said the ... Read More »

Ghana-India trade hits $2 bln

NEW DELHI: Ghana’s trade with India has for the first time touched $2 billion in favour of Ghana, the Indian High Commission in Ghana has revealed. High Commissioner, Mr Jeeva Sagar said India is excited over development because “Ghana is a developing country and it is expected that it is able to export more to India than we are able ... Read More »

India’s growth potential much higher than 7%

NEW DELHI: India’s growth potential is much higher than seven per cent and can be eight to nine per cent, American economist Nouriel Roubini said on Saturday, pointing out that the reforms being undertaken by the Bharatiya Janata Party government are in the right direction, but the passage is slow. Speaking at the Global Business Summit, Roubini pointed out that ... Read More »

HK customs officers seizes 48kg of cocaine hidden in container from Panama

VICTORIA: Four suspected drug traffickers were arrested after Hong Kong customs officers seized about 48kg of suspected cocaine among a shipment of cocoa beans coming from Panama. The haul was worth HK$51.6 million and was sealed in a 20-foot shipping container that arrived in Tsing Yi on Wednesday. After examination, officers found 48 slabs of suspected cocaine inside two nylon ... Read More »

Retail inflation for industrial workers eases to 6.32% in Dec

WASHINGTON: Retail inflation for industrial workers fell to 6.32 per cent in December as certain food items became cheaper. The rate of price rise, based on Consumer Price Index for Industrial Workers (CPI-IW) was at 6.72 percent during November 2015. However, the retail inflation was 5.86 percent in December 2014. Similarly, the food inflation stood at 7.94 per cent in ... Read More »

Polish police detains 58 Ukrainians

WARSAW: Police working with border guards and customs officers found over 5 million cigarettes at the site, said police spokeswoman Katarzyna Balcar. One of the suspects detained has been charged with heading an organised crime group and two others with being part of the gang. Read More »

Cooking gas stock enough to half-fill 1.2 mln cylinders

KATHMANDU: Many consumers still cannot get cooking gas even though adequate stocks exist to satisfy all the customers by distributing half-filled cylinders. As per the data of Nepal Oil Corporation (NOC), it imported enough liquefied petroleum gas (LPG) during the period mid-December to mid-January to half-fill 1.2 million cylinders. During the pre-embargo period of mid-July to mid-August, LPG shipments totalled 16,053 ... Read More »

Australia’s Qube raises stakes in pursuit of terminal operator Patrick

CANBERRA: Australia’s Qube Holdings has upped the ante in its quest for full control of Patrick, Oceania’s largest stevedore and terminal operator, after saying it was willing to pay $1.9 billion. The newest offer, which was disclosed via filing with the Australia Stock Exchange Thursday, is the latest salvo between Qube and Canada’s Brookfield Infrastructure group for control of Patrick’s ... Read More »

Costa Rica’s industrial metals exports decline in Dec

WASHINGTON: Costa Rica’s industrial metals exports declined in December, with steel and aluminum leading the drop. Industrial metals exports were worth US$19.2mn, down from US$24.0mn in the same month of 2014, according to figures from export promotion agency Procomer. Iron and steel exports were US$5.22mn, down from US$7.32mn, with those of iron and steel products up to US$4.39mn from US$3.87mn. ... Read More »

Iraq inks $328 mln deal with GE to boost power production

BAGHDAD: Iraq has signed a $328 million deal with U.S. company General Electric that will boost power output during peak summer months, officials said Friday, although it falls far short of the country’s needs. The deal will make only a small dent in the country’s major summer production shortfall, which leaves Iraqis with just a few hours of government-provided power ... Read More »

Govt reduces prices of all petroleum products by Rs 5/litre

ISLAMABAD: The federal government Saturday reduced prices of all the petroleum products by Rs 5 per litre for the month of February. According to the announcement, the new price for petrol to be effective from February, 01, would be Rs 71.25 and the price of high speed diesel (HSD) would be Rs 75.79 per litre. Similarly, high octane’s price would ... Read More »

Positive economic indicators being acknowledged by world: Nawaz

LAHORE: Prime Minister Nawaz Sharif Saturday said the world appreciated the economic gains, achieved by his government in the shortest period of time. He said foreign reserves of the country had swelled to over $21 billion, which were hovering around at only $2 to $3 billion before 2013. The prime minister was responding to queries of media persons here after ... Read More »

SPI inflation increases by 0.06%

ISLAMABAD: The weekly inflation, measured by the Sensitive Price Indicator (SPI) for the week ended January 28 for the combined income group has surged by 0.06 percent as compared to the previous week. According to data of Pakistan Bureau of Statistics (PBS), the SP) for the week under review in the above mentioned group was recorded at 217.09 points against ... Read More »

Saudi Fund for Development deposits $60 mln for Palestinian Authority

RIYADH: Saudi Fund for Development has deposited an amount of $ 60 million in the Palestinian Finance Ministry’s account. In a statment to Saudi Press Aegncy (SPA), the Secrtarate General of the Arab League said that this amount represents the value of the monthly financial contributions provided by the Kingdom to support the Palestinian National Authority’s budget for the months ... Read More »

Timelines for energy projects should be strictly followed: Dar

ISLAMABAD: Federal Minister Finance, Ishaq Dar chaired a high level meeting to review progress on development projects in the power and petroleum sector, including those which are being undertaken under CPEC. Federal Minister for Water and Power, Khwaja Muhammad Asif, Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi, Secretary to Prime Minister, Fawad Hasan Fawad, senior officials of ... Read More »

Bangladeshi export earnings rise to $3.2 bln last Dec

DHAKA: Bangladeshi export earnings rose to $3.2bn last December, thereby setting a new record for the South Asian country. This phenomenal success can be attributed to Bangladesh’s growing apparel industry, which accounted for over 83 percent of December’s figures. The country’s GDP is expected to grow to 6.7 percent this year, which will make Bangladesh one of the fastest growing ... Read More »

84,000 blocked BISP members can get new cards: Marvi

ISLAMABAD: Benazir Income Support Programme (BISP) Chairperson Marvi Memon Saturday said that 84,000 beneficiaries of the programme whose cards have been blocked for non-usage can get a new one after bio-metric verification. Marvi said they would also be paid the amount for the period the cards remained blocked for the last two years, Radio Pakistan reported. She said such beneficiaries ... Read More »