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Author Archives: CT Report

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 »

Procter and Gamble seizes 42% of Egypt’s paper products exports in 2015

CAIRO: Procter and Gamble (P&G) has captured 42 percent of Egypt’s paper products exports between January-November 2015 to register 999.5 million Egyptian pounds (US$127.7million), a report showed Thursday. The report, released by Chemical Export Council (CEC), showed that P&G has topped the list of paper products exporters since its exports have reached 108.7 million pounds during November 2015. The report ... Read More »

S. Africa wants to import 5m tons of maize in 2016

CAPE TOWN: South Africa may need to import as much as 5 million tonnes of maize this year, roughly half of its requirements, because of its worst drought in three decades, the country’s largest producer group said. The drought in the continent’s biggest maize producer has been exacerbated by an El Nino weather pattern and follows dry spells last year ... Read More »

NAB arrests main suspect in Rs16b DHA City scam

LAHORE: The National Accountability Bureau (NAB) has nabbed a prime suspect wanted in Rs16 billion DHA City scam. The Bureau arrested Hammad Arshad, owner of Globaco (Pvt) Ltd, on charges of corruption and cheating people. According to the NAB, Hammad offered his service and executed an agreement with DHA EME (Lahore) in Nov 2009 wherein parties agreed to develop DHA ... Read More »

Jordan’s JPRC control to end with start of fuel imports

AMMAN: Jordan’s Manaseer Oil & Gas and the Jordan Petroleum Refinery Company (JPRC) will start floating tenders as of the end of January to buy diesel from international markets, putting an end to the JPRC monopoly over diesel imports. Under a memorandum of understanding signed between the three companies and the Energy Ministry, the companies will float a tender to ... Read More »

Allegation of money laundering against Dar refuted

ISLAMABAD: The Finance Ministry Friday rejected the news item appeared in a section of media, regarding allegations of money laundering against Finance Minister Ishaq Dar. The Finance Ministry spokesperson said that the money laundering case was thrown out by the Lahore High Court as far back as 1996, yet unscrupulous elements keep referring to it for ulterior purposes. He clarified ... Read More »

Govt plans to lower import tariffs for IKD vehicle parts

JAKARTA: The government plans to lower import tariffs for incompletely knocked-down (IKD) vehicle parts in a bid to make sedans more affordable and drive up demand. Currently, demand for sedans is low because the car type is subject to luxury tax; sedans with an engine below 1,500 cc are taxed 30 percent, those with 1,501 to 3,000 cc 40 percent ... Read More »

PSQCA declares 13 mineral water brands unsafe

ISLAMABAD: The Pakistan Standards and Quality Control Authority (PSQCA) has declared 13 brands of mineral water unsafe due to excess of chemical or microbiological contamination. The companies including New Nation, Mazan Pure Life, Premier, Al Haider, Eau Water, Eden Pure Water, Deep Pure Water, Oriel, Jumeirah, Al Sahar, NG Fresh Water, Aqua National, Water Icon were found selling contaminated water. ... Read More »

CDA okays six projects worth Rs1.11 billion

ISLAMABAD: The Capital Development Authority Development has okayed six projectsworth Rs 1,114.212 million (over Rs1.11 billion) for the capitalcity. The projects were approved during the 38th meeting of CDA’s DWP, which was presided over by CDA Chairman Maroof Afzal. CDA board members, senior officers of Planning and Development Division, Capital Administration and Development Division (CADD) and senior officers of the ... Read More »

Switzerland’s consumer prices drop at slower pace in Dec

ZÜRICH: Switzerland’s consumer prices dropped at a slightly slower pace in December, the Federal Statistical Office said Friday. Consumer prices decreased 1.3 percent on a yearly basis after easing 1.4 percent a month ago. Prices were expected to fall 1.2 percent. Inflation has been in negative zone since late 2014. Consumer prices slid 0.4 percent month-on-month in December, following a ... Read More »

Pak rupee strengthens in cash-free market

KARACHI: The Pakistani rupee Friday gained some value against the US dollar in open market. According to the local money market, the dollar lost five paisas in the cash-free market to reach 106.20 and remained firm in interbank at 104.70. On Thursday, the greenback added five paisas in open market to reach 106.25 and remained unchanged in interbank at 104.70. Read More »

Port Qasim witnesses busy day

KARACHI: The Port Qasim Friday witnessed activity as three ships carrying containers and Soya been seeds were berthed at Qasim International container terminal and FAP terminal respectively. Meanwhile, three more ships carrying containers and coal also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was 65% at the port on Friday where a total seven ... Read More »