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Author Archives: CT Report

Iraq’s crude exports in feb may top nov record as market share battle intensifies

BAGHDAD: Exports of Iraq’s flagship Basra crude could touch a new high in February, as major oil producers defend market share over cutting output at a time when global crude prices have hit the lowest in more than a decade. Global oil prices hovered just above $30 a barrel on Tuesday, down more than 70 percent since mid-2014, depressed by ... Read More »

Iran bans imports of all products from Saudi Arabia

RIYADH: Tehran has severed its commercial ties with Riyadh, its government announced on Thursday. The move comes amid a diplomatic rift between the two nations following the execution of a prominent Shia cleric by Saudi authorities. The decision to ban all Saudi imports was made during a cabinet meeting chaired by Iran’s President Hassan Rouhani. “The cabinet has banned the ... Read More »

Shipping movement report of Karachi Port

KARACHI: Following were the movements of ships at Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS SAILED: C N S Sanya C N S Liuzhou C N S Qinghaiuh APL Coral Hanjin White Kota Kaya X-Press Euphrates SHIPS BERTHED: Hansa Neuburg Container Ship ACX Pearl Container Ship Shalamar Tanker Formosa Falcon Tanker ... Read More »

Agricultural sector expects to gain $39-40 bln in Vietnam

HANOI: The agricultural and rural development sector expects to gain US$39-40 billion in total farming, forestry and fishery products by 2020, according to officials. Also, experts anticipate a growth rate of 3 per cent in the sector’s gross domestic product (GDP) by 2020, according to the Ministry of Agriculture and Rural Development (MARD). Minister of Agriculture and Rural Development Cao Duc ... Read More »

Vietnam, S. Korea to increase television collaboration

HANOI: The Vietnamese Ministry of Information and Communications and South Korea’s Korea Communications Commission (KCC) agreed to co-operate in-depth in the television field in Ha Noi last Friday. The two sides agreed to sign a Memorandum of Understanding (MoU) in the first six months of this year and set up teams to boost their co-operation. Viet Nam and South Korea have ... Read More »

Shire purchasing Baxalta for $32b to become biotech giant

DUBLIN: Irland’s pharmaceutical group Shire has announced to buy US peer Baxalta for $32 billion. The Dublin-based pharmaceutical group’s purchase of the American company will jointly make a global biotech giant targeting rare diseases. The agreed cash-and-share offer, worth the equivalent of 29 billion euros, was an improvement on a previous hostile bid of $30 billion that Baxalta rejected in ... Read More »

Three Indians held in Nepal for gold smuggling

  KATHMANDU: Nepal police on Friday arrested three Indian gold traders allegedly for involvement in gold smuggling, and seized 9.50 kg of the precious metal from them here. Vikram Mittal (34) and Vivek Mittal (32) of Kalimpong, West Bengal, and Bhagirath Chaudhary (50) of Sikar, Rajasthan, are the arrested Indian nationals residing in Kathmandu. Also Read- Nepalese PM K P ... Read More »

UAE’s Propertyfinder Group raises $20m in growth capital

ABU DHABI: UAE-based Propertyfinder Group has raised $20 million in growth capital from the Sweden-listed investment company, Vostok New Ventures Ltd, a transaction that values the company at $200 million. The funding represents one of the largest investments in the region’s emerging technology sector, the company said in a statement, adding that it will continue to bring in additional creative ... Read More »

Punjab govt okays seven projects worth Rs14.73b

LAHORE: The Punjab government has approved seven development projects worth Rs14.73 million. The projects were approved during the 23rd meeting of Punjab Development Working Party for fiscal year 2015-16, presided over by P&D Board Chairman Jahanzeb Khan. According to a spokesman for the P&D, the approved schemes included water supply pipeline extensions proposed on the existing schemes in Bahawalpur district ... Read More »

India’s Jogbani Customs imposes fee

NEW DELHI: India’s Jogbani customs office  introduced a new rule, under which vehicles with Nepali licence plates have to obtain a ticket for crossing the border. A ticket will be valid for 24 hours and costs Rs30 for motorcycles, Rs70 for city rickshaws, Rs80 for small four-wheelers, and Rs150 for buses, according to Rani Area Police Office Inspector Ganga Paudel, ... Read More »

UAE’s economic growth expected to hit 3.9% YOY

ABU DHABI: The UAE’s economic growth is expected to hit 3.9 per cent year-on-year for 2015, due to volatility in international energy markets, according to National Bank of Kuwait. In a report, the lender said that the country’s resilient non-oil sector and a recovery in oil GDP would drive GDP growth higher in 2017. Real oil GDP is expected to slow ... Read More »

Couple arrested with 99kg of marijuana

KUALA LUMPUR: The Customs Department here detained a man and his wife for suspected drug trafficking after they were found with about 99kg of marijuana (ganja) and 0.3g of heroin worth about RM148,650 in their possession. State Customs Department director Kamarudin Jaafar said the couple, both 35-years-old, from Kedah, were detained on December 27 at around 4.15pm while they were ... Read More »

World Bank estimates 10% boost to NZ exports by 2030 from TPPA

WELLINGTON: New Zealand will be among the bigger gainers from the Trans Pacific Partnership Agreement, boosting exports by around 10 per cent by 2030. A study by the World Bank on the controversial trade agreement claims that while New Zealand will see a much smaller boost to economic output than the likes of Vietnam and Malaysia, the boost from being ... Read More »

Egypt may export frozen fruit, veg to Cyprus

CAIRO: According to Minister of Supply Khaled Hanafy, Egypt could benefit from Cyprus’ geographical position in order to open new export markets of food products to the EU. Frozen fruit and vegetables are being considered for exports, said Hanafy in a statement. The minister discussed exporting the Food Industries Holding Company’s products to Cyprus during his meeting with Cypriot Minister ... Read More »

Thai GDP growth forecast this year at 3-3.5%

BANGKOK: Increased government spending from mega projects, and economic stimulus packages are expected to drive the country’s growth to 3-3.5 percent this year, the private sector says. The figures were assessed and disclosed at the joint press conference held by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) yesterday. Comprising of the Thai Chamber of Commerce, the Thai ... Read More »

KRG oil exports 18 mln barrels in Dec

ERBIL: The Kurdistan Regional Government (KRG) said in its monthly oil report on Monday that the autonomous region exported 18.1 million barrels of oil in December. “KRG exported 18,105,734 barrels of crude oil (an average of 584,056 barrels per day) in the month of December through the Kurdistan pipeline network to the port of Ceyhan in Turkey,” said the oil ... Read More »

Hong Kong export prices fall 1-3% in 2016

HONG KONG: The Hong Kong Exporters’ Association is anticipating pricing pressures for local exporters this year amid an uncertain global economic environment. The association’s vice-chairman Benson Pau believes that export prices will be cut by 1 to 3 percent compared to previous levels, the Hong Kong Economic Journal reported Tuesday. Although the renminbi’s slide has helped lower the wage and ... Read More »

Agri production cost being reduced to enhance farmers’ profit: Bosan

MULTAN: The government is trying to decrease production cost on agriculture farming with the aim to enhance profit of the growers. This was stated by Federal Minister for National Food Security and Research Haji Sikandar Hayat Bosan, while speaking at a seminar on “pink bollworm management” at the Central Cotton Research Institute (CCRI) Multan. He said that the government reduced ... Read More »

Indonesia needs to maintain momentum in fishery exports

JAKARTA: Indonesia needs to maintain the momentum in fishery exports as its strict measures against illegal fishing contributed to an increase in exports last year, a researcher said on Monday. Center for Policy Analysis fishery researcher Suhana said the moratorium on permits issued to foreign fishing vessels in 2014 and 2015 had contributed to an increase in tuna exports to ... Read More »

Shaukat Ali takes charge as Member (Legal)

ISLAMABAD: Shaukat Ali, a BS-21 officer of Pakistan Customs Service, has assumed the charge of the post of Member (Legal), FBR (HQ). The officer, in pursuance of Board’s Notification No. 0031-C-I/2016 dated 06.01.2016, relinquished the charge of the post of Director General, IOCO, Karachi with effect from January 08. Read More »