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Author Archives: CT Report

Danish roofing manufacturer Icopal to be sold

COPENHAGEN: Danish roofing manufacturer Icopal will be sold to North America’s largest roofing manufacturer GAF for approximately 1 billion euros, the company said Monday. The deal means GAF and Icopal will now comprise the world’s largest roofing and waterproofing company with 65 manufacturing facilities and 6,500 employees worldwide, and an annual combined turnover of nearly 4 billion U.S. dollars across ... Read More »

Bulgaria’s Potato, tomato imports up 30% in 2015

SOFIA: During the first ten months of 2015, Bulgaria’s fresh vegetable imports increased by 18%, reaching 190.9 thousand tonnes, while those of fresh fruits grew by 6.1% and amounted to 212.8 thousand tonnes, according to data supplied by the Ministry of Agriculture. The most considerable increases in the volume of imports were those of potatoes and tomatoes, up by 29.8% ... Read More »

Vietnam’s wheat imports increase

HANOI: Vietnam’s market year 2014-15 wheat consumption remained at 2.15 million tonnes, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) reported on Jan. 8. The market year 2015-16 wheat consumption is forecast to remain unchanged due to less demand for feed wheat for the feed industry, which is expecting a more competitive price for corn compared to feed ... Read More »

Global steel output melts after 5-year rise

NEW YORK: World steel production shed 2.8 percent last year to 1.62 billion tons after five years of growth, with China now producing just under half of the total, the World Steel Association said yesterday. China, easily the world’s largest consumer and producer, last year produced 803.8 million tons, down 2.3 percent on 2014, though its actual share of world ... Read More »

Wanda signs $10b investment deal to build park in India

BEIJING: Chinese billionaire Wang Jianlin’s Dalian Wanda Group Co has agreed to invest up to $10 billion in India to build an industrial park in the northern part of the country, its latest efforts in expanding overseas. The company signed a memorandum of understanding in Beijing on Friday to build the Wanda Industrial New City, an industrial zone in the ... Read More »

SOEs’ profit declines 6.7% in 2015

BEIJING: China’s state-owned enterprises reported a drop in profit for 2015 as the broader economy recorded the slowest annual expansion in a quarter of a century, data released by the Ministry of Finance showed yesterday. The combined profit of SOEs fell 6.7 percent year on year to 2.3 trillion yuan (US$350 billion) last year. Although the decline narrowed from a ... Read More »

China’s CSIC to suffer a 2.8 billion yuan loss

BEIJING: As the date to release the annual report pushes closer, performance forecasts have been released by listed companies and the results are varied. China Shipbuilding Industry Corp (CSIC), a major shipbuilder, forecasted a loss of 2.5 billion to 2.8 billion yuan in 2015, the biggest number forecasted among the companies that are listed on the Shanghai and Shenzhen stock ... Read More »

NA body recommends separate budget defence production

RAWALPINDI: The National Assembly’s Standing Committee on Defence Production has recommended allocation of a separate annual budget for the Ministry of Defence Production. It observed that provision of funds to the departments such as the Karachi Shipyard and Engineering Works (KSEW) should be timely and sufficient because they were producing defence equipment. Khawaja Sohail Mansoor chaired the committee meeting. Muhammad ... Read More »

Edible oil imports may rise up to 11%

MUMBAI: Edible oil imports could rise as much as 11 per cent to a record 16 million tonnes in the 2015/16 marketing year started on November 1, the head of a leading trade body said in a statement on Monday. Higher purchases by the world world’s biggest importer of edible oils could support global palm oil and soyoil prices. “Looking ... Read More »

China’s technology exports growing

BEIJING: China will export more aviation, transportation and telecommunication technologies and products this year as global demand has changed and the country is enjoying an industrial upgrading boom, according to the Ministry of Commerce. Zhi Luxun, deputy director-general of the department of foreign trade at the ministry, said eager to boost its export contents, China is transforming itself from a ... Read More »

Zhejiang’s Hangzhou joins the trillion-yuan GDP club

HANGZHOU: The GDP of Hangzhou, capital of Zhejiang province, grew by 10.2 percent to one trillion yuan ($150 billion) in 2015, according to official statistics released on Monday. Hangzhou is home to a thriving private sector and the headquarters of e-commerce company Alibaba. GDP per capita in Hangzhou reached $18,025 last year, according to the municipal bureau of statistics. Other ... Read More »

Viva Industrial Trust revenue rises by 18.5%

SINGAPORE: Singapore-focused business park and industrial property trust Viva Industrial Trust has posted a 20.6 per cent rise in distributable income of S$12.5 million in the fourth quarter. Gross revenue in the three months to Dec 31 rose 18.5 per cent from a year ago to S$19.7 million. Fourth quarter distribution per stapled security (DPS) fell 3.9 per cent to ... Read More »

Hong Kong Customs celebrates 2016 International Customs Day

HONG KONG: The Secretary for Commerce and Economic Development, Mr Gregory So, and the Commissioner of Customs and Excise, Mr Roy Tang, officiated at a cocktail reception today to celebrate the 2016 International Customs Day (ICD). Echoing the World Customs Organization (WCO) theme of “Digital Customs: Progressive Engagement” this year, Mr So said that information and communications technology is important ... Read More »

Hong Kong Customs seizes 3kg meth worth HKD950K

HONG KONG: During an anti-narcotics operation at Hong Kong International Airport last Thursday, around three kilograms of suspected methamphetamine was discovered inside two biscuit boxes. Two men, aged 20 and 24, were intercepted by Customs officers and arrested. The methamphetamine, estimated to be worth HKD950,000, was found hidden inside the biscuit boxes in a bag carried by one of the ... Read More »

Global palm oil output to be lower than forecast for 2016

KUALA LUMPUR: Global palm oil production is expected to be lower in 2016 than forecast due to the El Niño phenomenon, which will affect output. The Malaysian Palm Oil Council (MPOC) said on Tuesday the worst El Niño in almost two decades curbed output in Malaysia while Indonesia would increase its biodiesel mandate to the 20% blend. “This would create ... Read More »

South Africa’s economy to remain weak

CAPE TOWN: Ratings agency Standard & Poor’s (S&P’s) expects a tough year for the South African economy. In its ‘Sub-Saharan Africa Rating Trends 2016’ report, the agency noted that slow economic growth was at the core of the country’s problems, exacerbated by weak European demand for local goods; weak Chinese demand for key hard commodity exports including gold, platinum, iron-ore ... Read More »

Kuwait eyes projects worth KD16.7bn

KUWAIT: 2015 was a milestone for Kuwait’s projects market, with an unprecedented KD 9.7 billion ($32.2 billion) worth of contracts awarded during the year, 20 percent more than the year before. Over half of the contracts signed were related to the oil and gas sector, as Kuwait attempts to reach its oil production target of 4 million barrels per day ... Read More »

Qatar’s healthcare spending projected to touch $12bn by 2024

DOHA: Qatar is expected to witness an estimated spending of about $12bn (QR43.7bn) by 2024, a sharp jump of 150 percent compared to $4.7bn (QR17.12bn) in 2014, according to a latest report. When compared with the 2010 spending of $2.6bn (QR9.47bn), Qatar will register a remarkable about 360 percent growth in its healthcare spending by 2024, according to the EY’s ... Read More »

Sri Lanka to apply for GSP Plus next month

COLOMBO: The Sri Lankan government is likely to make its formal application for the European Union’s (EU) General System of Preferences Plus (GSP Plus) facility next month, following Prime Minister Ranil Wickremesinghe’s return to the country from his exploits in Davos, Switzerland. “When the Prime Minister comes back next month, hopefully we will talk to him about what went on ... Read More »

BNI to offer Rp 11.5 trillion in micro loans

JAKARTA: State-owned lender PT Bank Negara Indonesia (BNI) will make available Rp 11.5 trillion (US$72 million) in its 2016 micro credit (KUK) program, a BNI banker has said. Credit allocations will be Rp 10 trillion for the retail sector, Rp1 trillion for workers and the remaining Rp 500 billion for micro loans, BNI business banking II director Sutanto said. “We ... Read More »