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Spain’s economy to grow to 3.5% in beginning of 2016

MADRID: Spain’s acting minister of economy and competitiveness, Luis de Guindos, said on Monday that Spain’s economy would grow by close to 3.5 percent in the beginning of the year. De Guindos made this statement on a local radio station where he said several indicators, such as industrial production or car sales, led to the conclusion that the Spanish economy ... Read More »

Japan ANA to buy $108m VNA stake

HANOI: The national carrier Vietnam Airlines (VNA) will this year sell a stake to All Nippon Airway (ANA), the Japan’s biggest airline, a press release yesterday said. The purchase will be made under a memorandum of understanding (MoU) on partnership co-operation signed between the two sides. ANA will buy VNA shares worth more than VND2.43 trillion (US$108 million). The partnership will ... Read More »

Nepalese sentenced for narcotics smuggling

BAHRAICH: A Nepalese national has been sentenced to 10 years imprisonment by a local court for narcotics smuggling. Additional Sessions Judge Suresh Chandra Bharti yesterday awarded 10 years imprisonment to Manshir Pujari. He was arrested by the SSB at Rupaideeha on Indo-Nepal border on November 2012 with three kg charas. The convict is a resident of Kanchanpur in Nepal. Read More »

IMF lauds Pakistan’s improved economy

ISLAMABAD: The International Monetary Fund’s (IMF) Executive Board has lauded the Pakistan’s economy, which has shown positive indicates after the reforms by the present government. The IMF, in its latest report issued on Wednesday, said that starting from a difficult position in 2013, Pakistan has made substantial progress in reducing near-term economic vulnerabilities. “Economic growth gradually increased from 3.7 percent ... Read More »

Kuwait’s Burgan Bank says in final stages of picking banks for 100 mln dinar bond

KUWAIT: Burgan Bank, Kuwait’s third-largest lender by assets, said on Wednesday it was in the final stages of picking banks for arranging a 100 million dinar ($328.9 million) bond issue. The lender said it was finalising the arrangement of the bond and its marketing, it said in a bourse statement. Reuters reported on Monday that the Kuwaiti bank had mandated ... Read More »

HCM Stock Exchange rises 1.2% to close at 564.26 points

HANOI: The benchmark VN Index on the HCM Stock Exchange rose 1.2 per cent to close at 564.26 points. The southern index dropped 2.9 per cent in the previous three sessions. The HNX Index on the Ha Noi Stock Exchange gained 0.7 per cent to end at 76.65 points. The northern index lost 3.3 per cent in the previous three ... Read More »

Shipping movement report of KPT

KARACHI: Following were the movements of ships at Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours, on Wednesday. SHIPS SAILED: MU Dan Song G.C ACX Pearl Cont Hansa Neuburg Cont SHIPS BERTHED: Ever Unique Container Ship Wieland Container Ship AS Orelia Tanker EXPECTED SAILING DATE Shalamar 13/01/16 Jin Han 13/01/16 AS Orelia 13/01/16 Batam Trader ... Read More »

Bank of Portugal governor says banks need to boost capital

LISBON: Portuguese banks have to boost their capital and increase their profitability, Bank of Portugal governor Carlos Costa said on Wednesday. “Portuguese banks have to ensure that they have sutainable profitability,” Costa told a conference. “Capital has to be reinforced to guarantee sufficient cover for risks that may come.” He was speaking after Portugal had to pay more than 2.2 ... Read More »

Ejaz, Farhat assume charge as Commissioner-IR

ISLAMABAD: Two Inland Revenue Service officers of BS-19 have assumed the charge of the post of Commissioner-IR in different cities. Muhammad Ejaz Khan assumed the charge of the post of Commissioner-IR (OPS) (Zone-IV), Regional Tax Office-II, Karachi, with effect from January 11, 2016. Farhat Qayum assumed the charge of the post of Commissioner-IR (OPS) (Zone-II), Regional Tax Office, Rawalpindi after ... Read More »

National Bank of Greece announces support srogram for startups

ATHENS: The National Bank of Greece (NBG) announced on Tuesday an initiative aimed to support startups with activities in e-commerce through its NBG BusinessSeeds program. The bank will award startups offering innovative products and services, present integrated business models, financial sustainability and high growth prospects. All eligible companies will be offered NBG’s i-bank e-commerce service free of charge for one ... Read More »

Demand increases for Tet goods in Vietnam

HANOI: Big cities and provinces in the country have completed stockpiling of goods reserves keeping in mind the increase in demand in the coming Tet (Lunar New Year) holiday. The Ministry of Industry and Trade forecast that the demand for goods in the Tet holiday would increase by 15 per cent to 20 per cent over the previous years. This was ... Read More »

19 people arrested in international drug bust

WARSAW: Some 19 people were arrested for production of methamphetamine that was sold in the Czech Republic, Germany and Austria. Czech and Polish police worked together on an international operation called “BAT,” and described the gang as highly sophisticated, constantly changing locations and having a strict division of labor. The gang was broken up at the end of 2015 but ... Read More »

Two Customs Superintendents, Examiner retire

ISLAMABAD: Three Pakistan Customs Service officers of BS 17 and 16 have retired or are going to retire from the government service on attaining the age of superannuation. Syed Anwar Jamshed Bukhari, Superintendent Preventive Service (BS-17), Model Customs Collectorate of Preventive, Karachi, will stand retired from the government service with effect from April 06, 2016. Zubair Muhammad, Superintendent (BS-17), Model ... Read More »

Tanzania welcomes Finnish investors in agro-processing

HELSINKI: Tanzania has welcomed Finnish investors to come and invest in agro-processing industries, which could help in adding value to the agro-produce countrywide. Prime Minister Kassim Majaliwa made the call in a discussion with Finnish Ambassador to Tanzania, Pekka Hukka in his Magogoni-based office in Dar es Salaam. He commended Finland for being at the forefront in supporting Tanzania in ... Read More »

Global demand for LNG drops on demand in Asia, increased production

WASHINGTON: Demand for shipments of liquefied natural gas from Asian economies that are the world’s biggest gas importers dropped in 2015, according to a report, including a first-ever decline in China. Shipments of LNG came to 245 million metric tons last year, or about 33 billion cubic feet a day, even as global production of the super-chilled natural gas rose ... Read More »

Vietnam exports 3m tons of lychees to US

HANOI: Vietnamese fruit exports had a good year in 2015 with different kinds of fruits successfully penetrating markets. Hoang Trung, deputy director of the Plant Protection Department under the Ministry of Agriculture and Rural Development at yesterday conference said that rapid international integration with the elimination of technical barriers widened doors for exports of agro-forestry products. In 2015, Viet Nam exported ... Read More »

India’s tea exports to Pakistan up 42% at Rs 116 crore

NEW DELHI: India’s tea exports to Pakistan have increased by 42 per cent to Rs 116.12 crore in the first eight months of the current financial year on account of rise in volumes and price of the beverage. The overall total exports have also risen by 6 per cent to Rs 2,746.04 crore in the April-November period of the 2015-16 ... Read More »

Norway’s Statkraft pulls plug on Tamakoshi-III

OSLO: Norwegian company Statkraft has notified the Investment Board Nepal (IBN) of its decision to discontinue the development of the Tamakoshi-III Hydroelectricity Project. Issuing a statement on Tuesday, the company said that its decision follows of a thorough assessment of all aspects of the project, including commercial, technical and regulatory factors. “These factors include a lack of viable power off-take ... Read More »

Customs arrests man for smuggling banned food at Russian-Finnish Border

HELSINKI: A St. Petersburg man is facing a fine after trying to smuggle food items banned from sale in Russia into the country from Finland in the spare tire of his car, customs officials said Thursday. Packages of meat, fish and dairy products were discovered under the car’s hood, in the trunk and stuffed into the car’s spare tire during ... Read More »

World Bank, Vietnam to make trade information website

HANOI: The World Bank will help the General Department of Customs develop the Viet Nam Trade Information Portal under a programme to support Viet Nam in implementing the World Trade Organisation’s Trade Facilitation Agreement (TFA). A declaration to this effect was signed between the WB and the General Department of Customs yesterday, under which the WB will also help establish ... Read More »