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Author Archives: CT Report

Zain Group generates revenues of KD 1.14 bn

KUWAIT: Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa, announces its consolidated financial results for the year 2015 & fourth quarter ended 31 December, 2015. Zain served 45.6 million customers at the end of the period, reflecting a 3% increase year-on-year (Y-o-Y). For the full-year 2015, Zain Group generated consolidated revenues of ... Read More »

Enhanced Af-Pak trade seen as a boost to peace in region

KABUL: Enhanced trade and people-to-people contacts between Afghanistan and Pakistan will boost bilateral relations and peace in the region, civil society representatives believe. At a two-day workshop that concluded in Islamabad on Tuesday, participants from the two countries discussed a whole host of issues, including terrorism and poverty. The ongoing Afghan peace process should continue in line with the internationally-accepted ... Read More »

Hungary, Jordan ink partnership agreements at economic joint committee

BUDAPEST: Major partnership agreements were concluded at the second meeting of the Hungarian-Jordanian economic joint committee in Amman, state secretary of Hungary’s foreign ministry László Szabó said on Wednesday. The two parties conducted talks on trade, construction, farming, environment protection and tourism, he said, adding that Hungary offered 400 scholarships for Jordanian students to study in Hungary. Szabó told MTI ... Read More »

Italy’s economic growth likely remain flat in Q4

ROME: The Italian National Statistical Institute is expected to report that the Italilan economy slowed down in Q4 2015, mainly due to the external sector. Italy’s economic growth likely remained flat in Q4. The result is evident from the latest industrial production data that reported a drop of 0.7% m/m in December and a decline of 0.2% q/q in Q4. ... Read More »

Statoil Lost 37 Billion NOK in 2015

OSLO: Norwegian petroleum giant Statoil was deprived of almost half of its operating profit in the fourth quarter compared with the previous year, writes NRK. Oil prices on a free fall and huge depreciation cost the company tens of billions of Norwegian Kroner in 2015. Statoil managed to achieve the adjusted earnings of only 15.2 billion before tax and an ... Read More »

Border guards seize more guns in southern Ontario than anywhere else in Canada

OTTAWA: Along with massive loads of drugs, cash and other illegal items, border officers in southern Ontario seized more guns in the last half of 2015 than anywhere else in Canada. The Canada Border Services Agency’s southern Ontario region includes Sarnia, London, Fort Erie, Niagara Falls and Windsor. Officers in that region made 678 drug seizures in the last half ... Read More »

Australia export earnings from China trade drop on commodity price slump

CANBERRA: As China’s economy continued to lose momentum through the fourth quarter of 2015, most commodity prices followed suit. Australia’s Office of the Chief Economist warned in the latest edition of its China Resources Quarterly that the longer commodity prices spent at their current levels, the more pressure would be brought to bear on mines, which were operating in the ... Read More »

Pak rupee at 105.80 in open market

  KARACHI: The Pakistani rupee Thursday further dropped value against the American currency in open market and remained firm in interbank. According to the local money market, the US dollar added 10 paisas in open market for selling at 105.80 and remained unchanged in interbank at 104.30. On Wednesday, the greenback gained 20 paisas in cash-free market for selling at ... Read More »

Brazil’s real needs 10% drop to become attractive

BRASÍLIA: Brazil’s real, the world’s worst-performing currency last year, needs to drop another 8 percent to 10 percent to become attractive, according to Invesco Advisers Inc. “Brazil is going to get cheaper,” Sean Newman, a senior money manager who helps oversee $1.1 billion in emerging-market debt at Invesco in Atlanta, said in an interview. “Economic conditions are deteriorating this year. ... Read More »

Quetta RTO speeds up campaign for Voluntary Tax Compliance Scheme

QUETTA: The Regional Tax Office has speed up its efforts to create awareness about the Voluntary Tax Compliance Scheme 2016 among the business community. All the staff of Quetta RTO was briefed in detail during the different meetings about the scheme and the role they were supposed to play in this regard. A meeting with the members of Tax Bar ... Read More »

Unilever to cut 240 jobs in the Netherlands

AMSTERDAM: Unilever is cutting 240 jobs in the Netherlands by shifting abroad some operations, particularly IT. Some 200 staff members will lose their jobs, as will 40 agency workers. The jobs, mainly in IT, finance and accounts, are being moved to Mexico, Bangalore, Manila and Katowice, website Nu.nl reports. The FNV trade union said Unilever was involved in the ‘massive ... Read More »

Philippines’ exports down 5.6% for 2015

MANILA: Philippine exports fell in December despite an increase in electronics, woodcraft and ignition wiring shipments, leaving the total for 2015 to $58.65 billion, down 5.6% from a year earlier and short of a 7% government target. The Philippine Statistics Authority said Wednesday that total exports in December fell 3.0% to $4.66 billion from $4.80 billion. Shipments of electronic products, ... Read More »

ELPE to take delivery of first load of Iranian crude oil next month

ATHENS:The first 100-million-euro installment to be paid to the National Iranian Oil Company (NIOC) by Hellenic Petroleum (ELPE) next week will set off the implementation of the two sides’ agreement to restart their cooperation in the supply of Iranian crude to Greece this spring. The ELPE-NIOC agreement came after the recent lifting of sanctions against Tehran, and includes a 2012 ... Read More »

Suncorp’s general NZ business posts 21% drop in 1H profit

WELLINGTON: Suncorp Group, the ASX-listed general and life insurer whose local brands include Vero, AA Insurance and Asteron Life, posted a 21 percent drop in first-half profit from its New Zealand general insurance business as claims grew at a faster pace than premiums. The insurer’s New Zealand general insurance business reported a segment profit of A$60 million in the six ... Read More »

Sukkur Chief Commissioner for expediting drive to promote tax amnesty scheme

SUKKUR: In a bid to create awareness about Voluntary Tax Compliance Scheme among local business community, Chief Commissioner Inland Revenue Syed Nadeem Hassan visited bazaars of the city. Commissioner IR (Zone-I) Syed Tahir Raza Zaidi and Additional Commissioner (focal person VTCS Zone-I) Dr Pervez Ahmed Shar were also along with the chief commissioner. Syed Nadeem Hassan issued on spot directions ... Read More »

Estimated 100 jobs under threat at Hertz in Dublin

DUBLIN: An estimated 100 jobs at the European operation in Dublin of car rental giant Hertz are under threat, after the company informed staff yesterday of an outsourcing plan as part of a wider group restructuring. The company confirmed late last night that it is beginning a consultation process with staff in its Dublin finance unit. It also operates European-wide ... Read More »

Credit Suisse posts first net loss since 2008

GENEVA: Credit Suisse, Switzerland’s second largest bank, said on Thursday that it recorded a net loss of 2.42 billion francs for 2015, weighed down by “substantial charges” it said did not reflect its underlying business performance. The massive loss, the first for the bank since 2008 and higher than most analysts expected, compares with a net profit of 1.87 billion ... Read More »

Japan announces new N. Korea sanctions after rocket launch

TOKYO: Japan announced fresh sanctions against North Korea on Wednesday for its latest rocket launch, including a total ban on shipping from the country and barring Pyongyang’s nationals from entering. Japan’s announcement comes after the UN Security Council strongly condemned Sunday’s rocket launch and agreed to move quickly to impose new sanctions of its own. “We have decided to take ... Read More »

Chief (IR-Op) Yousuf visits HCCI kiosk set up for taxpayers

HYDERABAD: Chief (IR-Operations) Yousuf Haider Shaikh has visited Hyderabad Chamber of Commerce and Industry for monitoring special kiosk established at HCCI to facilitate the taxpayers who want to avail Voluntary Tax Compliance Scheme. Hyderabad RTO Chief Commissioner Dr Mohammad Ali Saand, Commissioner (Zone I) Kazi Afzal and Additional Commissioner Muhammad Shamim were also accompanied by the chief. Yousuf Haider observed ... Read More »

Turkey increases focus on nuclear energy cooperation

ANKARA: A written statement from the Nuclear Industry Association of Turkey said when initiatives aiming to enlarge Turkey’s nuclear economy develop into realized businesses; the country will rise more rapidly in the global economy. According to the statement, the country’s nuclear economy is growing with the existing nuclear power plant projects in Akkuyu and Sinop, as well as a third ... Read More »