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Karachi Port’s shipping intelligence report

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier): OP-I Ariel D.Petrol Alpine 05/02/16 OP-III Olympics Spirit II D.Crude Oil PNSC 06/02/16 ALONG SIDE (East Wharves): 1/2 Mid Osprey L.Ethanol East Wind 06/02/16 5 Ivs Wentworth D.Soda Ash Bulk-Sh. 07/02/16 11/12 asia Ruby ... Read More »

Shipping movements report of KPT

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during the last 48 hours, ending at 0700 hours on Monday. SHIPS SAILED: hyundai Bangkok Cont Fowairet Cont M.T Lahore Tanker UACC Shams Tanker Kiran Caspian G.C SKY Walker Coal Asia Zircon 11 G.C Glovis Sun Vehicle Saehan Estrella Tanker APL Japan Cont SHIPS BERTHED: Kiran Caspian General ... Read More »

Zambia posts steady rise in exports

LUSAKA: World Bank (WB) says Zambia has witnessed a steady increase in the number of companies that are exporting various products. Over a decade ago, there were only 232 firms, increasing to about 1,700 in 2011, which has helped increase the income levels for businesses in Zambia. WB poverty economist for Zambia Alejandro De la Fuente said noticeable growth in ... Read More »

Pak rupee strengthens, reaches 105.95 in open market

KARACHI: The Pakistani rupee Monday gained huge value against the US dollar both in open market and interbank. According to the local money market, the greenback lost 90 paisas in cash-free market for selling at 105.95 and 60 paisas in interbank for selling at 104.10. On Thursday, the dollar added five paisas in open market to reach 106.85 and remained ... Read More »

Ukraine may resume electricity exports to Belarus, Moldova in March

KIEV: Ukraine could resume electricity exports to Belarus and Moldova in March, Energy and Coal Industry Minister of Ukraine Volodymyr Demchyshyn has said. “He held talks with Lithuania, Belarus and Moldova… I’m sure that it will resume electricity exports from April, maybe even from March,” he said at a meeting of the profile parliamentary committee. Earlier Deputy Energy and Coal ... Read More »

Gold price at Rs 53,300 a tola in Nepal

KATHMANDU: Gold price opened at a one-year high of Rs 53,300 per tola today. The last time the precious yellow metal had traded at a similar level was on February 6 last year when it was traded at Rs 53,700 a tola. The closing price of the yellow metal last week stood at Rs 52,500 per tola. Silver also edged ... Read More »

Overall textile exports witness 9% decline in July-Dec

ISLAMABAD: The country’s overall textile exports witnessed 9 per cent decrease during July-December 2015. According to official data, the raw cotton exports were recorded 72 million during the corresponding period, as compared to 114 million in previous year, with a decline of 37 percent. Cotton yarn showed a 30 percent decline as its exports in second half of 2015 fell ... Read More »

Nepal urges India to restore oil, gas supply

MUMBAI: Nepal is pushing India to restore oil and gas supply to the country that was disrupted five months ago due to local protests along the border in southern Nepal. “We are completely dependent on India for fuel and the disruption in supply for the last 4-5 months has made life very difficult. Now there is no resistance at the ... Read More »

France’s Cahors region is new frontier for wine investors

PARIS: France’s southwestern Cahors region is a new frontier for foreign investors, from Argentine winegrowers doing the “Malbec tango” to potential investor “ambassadors” from China. Cahors is the new go-to destination for foreign investors as wine-growing land is becoming scarce – and therefore exorbitantly expensive – in other French regions. “You can’t afford anything in Bordeaux or the Rhone or ... Read More »

Former French minister faces 7-year jail, $2.2m fine for tax fraud

PARIS: Ex-French budget minister Jerome Cahuzac, who is facing up to seven years jail term and two million euros ($2.2 million) in fines if found guilty, Monday went on trial for tax fraud The minister resigned in disgrace in 2013 after admitting to having a secret Swiss bank account. The 63-year-old faces up to seven years in jail and two ... Read More »

Julius Bär bank to pay $547m over tax fraud

GENEVA: Swiss private bank Julius Bär said here the other day that it had finalized an agreement with US authorities, paying $547 million to end a criminal investigation into claims that it helped rich Americans dodge taxes. “Being able to close this regrettable legacy issue is an important milestone for Julius Bär,” chief executive Boris Collardi said in a statement. ... Read More »

Tobacco exports increases by more than 7%

HARARE: Tobacco exports increased by more than seven percent to $183 million in January this year after exporting 25 million kilogrammes of the golden leaf, latest statistics from the Tobacco Industry Marketing Board (TIMB) show. During the same period last year, Zimbabwe earned $181 million from 23.3 million kilogrammes exported to different parts of the world. The bulk of the ... Read More »

Air Arabia’s profit declines by 13% to $16.1m in Q4

DUBAI: The Sharjah-based airliner, Air Arabia, has posted $16.1 million net profits in fourth quarter with 13 per cent decline. Budget carrier Air Arabia, the United Arab Emirates’ only publicly-listed airline, made a net profit of 59 million dirhams ($16.1 million) in the three months to Dec 31, compared with a profit of 68 million dirhams in the corresponding period ... Read More »

Central Bank reduces investment portfolio by €700m

DUBLIN: The Central Bank reduced its investment portfolio last year by €700 million to €19 billion, largely because of European Central Bank rules relating to the balance sheets of its national central banks. Some details of the new rules were published for the first time this weekend. The so-called “agreement on non- financial assets” (ANFA) regulates the amount of assets ... Read More »

Majid Qureshi takes charge as Member (Administration-IR)

ISLAMABAD: Muhammad Majid Qureshi, a BS-21 officer of Inland Revenue Service, has assumed the charge of the post of Member (Administration), Federal Board of Revenue (HQ). Majid Qureshi, in pursuance of Board’s Notification No. 0305-IR-I/2016 dated 06.02.2016, assumed the charge of the said post with effect from February 08. Read More »

Wasif Memon assumes charge as Karachi Customs (Valuation) director

ISLAMABAD: Wasif Ali Memon, a Pakistan Customs Service officer of BS-20, has assumed the charge of the post of Director, Directorate General of Customs (Valuation), Karachi. Memon, in pursuance of Board’s Notification No. 0252-C-I/2016 dated 29.01.2016, relinquished the charge of the post of Collector, Collectorate of Customs (Adjudication-I), Karachi, with effect from February 02. Read More »

Big Dutch banks continue to lose mortgage market share

AMSTERDAM: The four main Dutch banks now account for less than half the Dutch mortgage market, as pension funds and insurance companies step in, according to market research group IG&H. Banks are being squeezed out especially on mortgages of between €200,000 and €300,000, the research, quoted in the Volkskrant, shows. The big banks still control 60% of the market for ... Read More »

Bangladesh’s exports rise 10.4% in Jan from 2015

DHAKA: Bangladesh’s exports rose 10.4 percent in January from a year earlier to $3.18 billion, driven by stronger sales of garments, official data showed on Monday. Exports for July to January, the first seven months of the country’s 2015-16 financial year, rose 8.3 percent from a year earlier to $19.27 billion, the Export Promotion Bureau said. Sales of garments, comprising knitwear ... Read More »

Blackberry cuts 200 jobs

WATERLOO: BlackBerry Ltd. fired about 200 employees in Florida and Ontario as the smartphone and software maker continues its efforts to trim costs. The job cuts include 75 people at its location in Sunrise, Fla., according to information posted by the state’s Department of Economic Opportunity on its website. BlackBerry had 6,225 employees in February 2015, the company said in ... Read More »

Kingdom’s non-oil exports reach SR15bn

JEDDAH: The collapse in oil prices has been a focal point for the global economy, leading to an oversupply theme that coincided with waning demand, expected to stretch into 2016. The Saudi economy is still heavily reliant on oil as its main revenue source. However, the government is trying to change this growth model through economic diversification strategies, according to ... Read More »