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Author Archives: CT Report

Jamaica Customs urges importers to adhere to importation regulations

KINGSTON: The Jamaica Customs Agency (JCA) is urging importers to adhere to regulations governing the importation of commercial and non-commercial goods, in order to prevent being breached for contravention of the Customs Laws. According to the CEO/Commissioner of Customs, Major (Ret’d) Richard Reese, the JCA has had to deal with several cases in which persons and entities are found in ... Read More »

Venezuela economy head calls for creativity as oil hits new low

CARACAS: Venezuela’s new economy minister, who has argued that inflation doesn’t exist “in real life,” said policies to be announced on Jan. 12 would seek to avoid sacrifices by ordinary people as the price the South American country receives for oil exports plunges to a 12-year low. “Our goal is to see how we can respond to these external restrictions ... Read More »

Colombia seizes 6,000 gallons of smuggled Venezuelan gasoline

BOGOTA: The Colombian army seized 6,298 gallons (22,710 liters) of contraband Venezuelan gasoline and detained six people on smuggling charges, the military said. The operation was carried out by troops from the Juan Jose Rondon Armored Cavalry Battalion in the northern province of La Guajira, along the border with Venezuela, the army said in a statement. The smugglers offered the ... Read More »

Cuba produces 134 million cigars for export in 2015

HAVANA: Workers of the Internacional Cubana de Tabacos (ICT by its Spanish acronym) produced more than 134 million cigars this year. That figure was the result of hard work and dedication of the group, mostly women, who achieved favorable results in the use of raw materials for making the cigars, using state of art technology. It also stands out the ... Read More »

United Airlines announced to operate flights to Cuba

HAVANA: United Airlines announced it will offer flights between the United States and Cuba as soon as it obtains its permission to operate between the two countries, local media announced. Airlines officials congratulated the two governments for the restoration of air service between the two countries, “an agreement that will strengthen the economic development between both”. Since last Thursday, Washington ... Read More »

Cuba to grant credits to boost agricultural output

HAVANA: The Cuban government will grant credits to Basic Units of Cooperative Production (UBPC) in order to invest in livestock from next January. The news was announced today Ydael Perez Brito, vice minister of agriculture, during the meeting of Food Standing Committee of the National People’s Assembly, held in the Havana´s Conventions Center. The Agriculture official said the funding aims ... Read More »

HTC revenues lowest in 10 years for Dec 2015

WASHINGTON: HTC has reported consolidated revenues of NT$6.517 billion (US$198.1 million) for December 2015, down 36.64% on month and 57.08% on year. The monthly figures were also the lowest level since October 2005. The sharp decline in monthly revenues indicated that sales of its newly released HTC One A9 have been lower than expected since its launch in October 2015, ... Read More »

ASE revenues drop 18% in Dec 2015

WASHINGTON: IC packaging and testing house Advanced Semiconductor Engineering (ASE) has reported consolidated revenues of NT$21.53 billion (US$645.5 million) for December 2015, down 17.9% on month and 13.4% on year. Despite revenue falls in December, ASE’s consolidated sales for the fourth quarter of 2015 increased 3.7% sequentially to NT$75.4 billion. The revenue result was the second-highest quarterly level in the ... Read More »

Algeria’s energy export volumes drop 2.8% in first 9 months of 2015

ALGERIA: Algeria’s energy export volumes dropped 2.8 percent in the first nine months of 2015 due to a fall in output and a sharp rise in domestic consumption, the energy ministry said. Energy exports had fallen in 2014 from the previous year as oil and gas output declined in the North African OPEC member. Algeria, a major gas supplier to ... Read More »

Vietnam’s MobiFone acquires 95% of stake in AVG

HANOI: Viet Nam’s second largest mobile network operator MobiFone has acquired 95 per cent of stake in Audio Visual Global JSC (AVG), an official told local media yesterday after completing negotiations. Deputy General Director Nguyen Manh Hung said the carrier would complete the deal with AVG, owner of An Vien pay TV in the next 3 to 6 months, and ... Read More »

Vietnam business households may soon pay tax online

HANOI: Online tax payment will likely be availabe to individuals and business households in Viet Nam soon with the pilot implementation underway in three major cities. According to the finance ministry, the pilot online tax payment system will be launched in some districts of Ha Noi, Da Nang and HCM City by the year end, in an effort to promote ... Read More »

Vietinbank, PG Bank may combine in Q1 of 2016

HANOI: Vietinbank and PG Bank did not finalise procedures to merge in 2015 as planned, according to Vietinbank’s chairman Nguyen Van Thang. Thang attributed the delay to several reasons including hindrance in administrative procedures. However, he said, the merger will have to be completed in the first quarter this year. The merger will increase Vietinbank’s total assets by VND25 trillion ... Read More »

Ministry of Finance proposes tax rate for two fats for milk

HANOI: The Ministry of Finance has proposed a standard tax rate for anhydrous butter fat (ABF) and anhydrous milk fat (AMF), two different kinds of materials for processing milk products. According to the ministry’s official letter, 87/BTC-TCHQ, sent to Prime Minister Nguyen Tan Dung, the import tax rate of 15 per cent on AMF imposed by the General Department of ... Read More »

Exports of Australian mangoes growing fast to America

CANBERRA: America is looming as a major customer for Australian mangoes and is expected to import up to 200 tonnes this season, compared to just 5 tonnes last year. The first trays for 2016 are due to land in Los Angeles next week, and there to supervise their arrival will be Michael Daysh, a market development officer with the Northern ... Read More »

Taiwan’s exports fall for 11th straight month in Dec

TAIPEI: Taiwan’s exports fell for the 11th straight month in December compared with a year earlier, as the slowdown in China and weak global demand continued to reduce the value of overseas shipments, government data showed Friday. Exports in December dropped 13.9% to US$22.06 billion from a year earlier. The slide was larger than a median forecast for a 11.5% ... Read More »

German exports inch up by 0.4% in Nov

BERLIN: German exports inched up by a seasonally adjusted 0.4 percent to 99.3 billion euros ($108 billion) in November, the federal statistics office calculated. Imports grew more strongly, rising by 1.6 percent to 79.6 billion euros, meaning that the trade surplus — the balance between exports and imports — fell to 19.7 billion euros in November from 20.5 billion euros ... Read More »

UAE’s Lulu to invest $150 mln in India’s Lucknow

DUBAI: Yusuff Ali MA, Chairman of LuLu Group, on Monday announced his company’s intention to invest $150 million (Dh550m’ Rs1,000 crore) in Uttar Pradesh’s state capital Lucknow, where he plans to build a convention centre, shopping mall and a five star hotel. Announcing his plans in Agra in the presence of the UP Chief Minister Akhilesh Yada, Ali said his ... Read More »

UAE’s non-oil private sector reports slower growth in Dec 2015

DUBAI: The UAE’s non-oil private sector reported a slower growth in December 2015 with business conditions improving at the slowest rate in 40 months, according to the Emirates NBD UAE Purchasing Managers’ Index (PMI). Data showed the PMI declined to its lowest level in over four years, with a reading of 53.3 in December 2015. While the PMI was still ... Read More »

Pakistan to import 1000MW from Tajikistan under CASA-1000 by 2018

ISLAMABAD: Pakistan will import about 1000 megawatt hydel electricity from Tajikistan under the Central Asia South Asia (CASA-1000) project through a 750 kilometre long transmission line by year 2018 with an estimated cost of $1,160 million. Ambassador of Tajikistan Sherali Saidamir Jononove said this here on Friday while talking to APP about Pakistan-Tajikistan bilateral relations with special reference to CASA-1000 ... Read More »

Pak, KSA vow to enhance trade ties

ISLAMABAD: Pakistan and Saudi Arabia Friday vowed to boost bilateral trade ties between the two countries and to work together to defeat terrorism and extremism. According to a joint statement issued here, the Saudi foreign minister called on Prime Minister Nawaz Sharif and held delegation level talks with Adviser on Foreign Affairs Sartaj Aziz. He also met Chief of Army ... Read More »