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Author Archives: CT Report

City banks set bar high for 2016 performance

HCM CITY: HCM City-based banks have set themselves ambitious targets for 2016, including credit growth of 16-18 per cent. They city also expect to increase deposits by 17-19 per cent and decrease bad debts to below 3 per cent. These and other targets were announced at a conference held yesterday by the State Bank of Viet Nam (SBV) in the ... Read More »

New Zealand increases palm kernel imports

WELLINGTON: Despite recommendations from Fonterra that farmers should not feed more than 3kg per cow per day, New Zealand dairy farmers palm kernel (PKE) imports increased by 60% in November. In October, 138,763t of the controversial livestock feed supplement was imported; this increased to 222,413t in November. In November 2014, this figure was 178,381t, according to Statistics NZ data. Imports ... Read More »

SBV issues strict regulations on establishment

HANOI: The State Bank of Viet Nam (SBV) has issued strict regulations on the establishment and operation of remittance companies under commercial banks in order to better manage money transfer services. Under the newly issued regulations, only commercial banks with overdue debts of less than 3 per cent can set up remittance companies. In addition to obeying legal regulations, especially ... Read More »

New bird flu virus strain shuts down Indiana Turkey farm

INDIANAPOLIS: A new strain of bird flu virus called H7N8 has been found at an Indiana poultry farm — the first case of avian influenza at a poultry farm since last year’s devastating multi-state outbreak. The U.S. Department of Agriculture said it confirmed the diagnosis and workers have already isolated the farm and begun slaughtering all the birds there and ... Read More »

Estonia export of goods decrease 4% in 2015

TALLINN: According to Statistics Estonia, in November 2015, exports of goods decreased by 4% and imports stayed on the same level compared to November 2014. The decrease in exports was mostly influenced by a decrease in mineral products and electrical equipment. In November 2015, exports from Estonia amounted to 1 bln. euros and imports to Estonia to 1.1 bln. euros ... Read More »

FDI up by 2% to $624b in July-Dec

  KARACHI: The foreign direct investment (FDI) into the country increased by just 2 per cent year-on-year to $624 million during July-December 2015. Chinese investment reached $400m during the corresponding period as compared with the last year’s just $180m. The details showed that the inflow of FDI drastically reduced to $1b during the six-month period under review from $1.78b a ... Read More »

24,000 voting machines stuck in Customs

MANILA: The Commission on Elections (Comelec) on Friday, January 15, said the Bureau of Customs has not released around 24,000 vote-counting machines that the Philippines will use in the May 9 presidential elections. “May mga paperwork pa, so medyo mabagal sila. Inaabutan ng weekends or holidays. Medyo nade-delay nang ‘onti,” Comelec spokesman James Jimenez said. (There’s still paperwork, so they’re ... Read More »

State owned enterprises earns $463 mln

HANOI: State-owned enterprises earned VND10.4 trillion (US$463.1 million) in 143 share auctions held on the HCM Stock Exchange and the Ha Noi Stock Exchange, the bourses said yesterday. Experts consider 2015 to be a year of well-implemented equitisation, divestments and initial public offerings (IPO). The northern HNX bourse organised 93 auctions worth VND5.94 trillion ($264.5 million), while the southern HoSE bourse’s ... Read More »

Customs CG directs officers to declare assets within 14 days 

ABUJA: The Comptroller-General of Customs, Col. Hammed Ali (Rtd), has directed all officers and men to make full disclosure of their assets within 14 days to show transparency and compliance with the rule of law. This was contained in a statement signed by the service Public Relations Officer, Mr Wale Adeniyi, on Friday in Abuja. The statement said that the ... Read More »

IPR flays IMF’s review of Pak economy, predicts slow GDP growth

  LAHORE: A renowned economic think-tank has criticised the IMF review of Pakistan’s economy, which calls it ‘a process of continuation of gradual recovery of the economy in 2015-16. The Institute for Policy Reforms, in a statement, predicted that the GDP growth rate will not exceed 3 per cent in 2015-16 due to a number of developments which could negatively ... Read More »

New customs system for private vehicle warehouses

KINGSTON: As of Monday, January 18, all private bonded warehouses for motor vehicles will be mandated by the Jamaica Customs Agency (JCA) to do their import entries through the Automated System for Customs Data (ASYCUDA). Commissioner of Customs Major Richard Reese, said the ASYCUDA World Customs project has now completed implementation with respect to all non commercial cargo imports and ... Read More »

Airtel Kenya relocates for next growth phase

NAIROBI: Airtel Kenya has embarked on strategic restructuring that will reposition the business and reinforce its competitiveness in the market place. The exercise, which is focused on aligning the company’s structure with its operating model, entails right-sizing that impacted 60 members of the current workforce. “One of the key objectives is to create a high performing organisation, which satisfies the needs ... Read More »

Eurostat‏: Tax Revenue at 39% of GDP in Greece

ATHENS: The European Union statistical office reported that the ratio of tax revenue and social contributions to GDP was 41.5% in the Eurozone and 40% in the EU. The ratio of 2014 tax revenue to GDP was highest in Denmark (50.8%), Belgium and France (both at 47.9%), while the lowest shares were recorded in Romania (27.7% of GDP), Bulgaria (27.8%), ... Read More »

Smuggling of herbs, timbers rampant in Karnali

HUMLA:  Herbs and timbers from forests of Humla, Mugu and Dolpa districts of Karnali and Bajura of Seti zone are being smuggled to the northern neighbour, China, of late. Local people claim that herbs and wooden logs worth millions of rupees are being smuggled to the northern neighbour through nine Nepal-China border points. It is learnt that that unavailability of ... Read More »

Samsung starts assembling televisions, refrigerators in Zimbabwe

HARARE: South Korea telecoms giant, Samsung, has started assembling televisions and refrigerators in Zimbabwe, Acting President Emmerson Mnangagwa heard this yesterday during a tour of the company’s two factories in Harare. The company, through its local partner SamZim, intends to assemble 50,000 refrigerators and the same number of televisions every year. Acting President Mnangagwa, speaking after touring the Graniteside and ... Read More »

Services exports fall 3.8% YOY in Nov 2015

MUMBAI: Services exports fell by 3.8 per cent year-on-year to $12.01 billion in November 2015, the RBI data showed today. Import of services too fell by 7.6 per cent to $5.69 billion in the month last year compared to November 2014, according to the RBI data on International Trade in Services. In October 2015, services exports stood at $13.34 billion ... Read More »

Australia, New Zealand dollars forecast to fall in 2016

CANBERRA: The Australian and New Zealand dollars are poised for tumbles as policy makers consider interest-rate cuts to spur growth, forecasts for next year show. However, the outlook is improving for some of the world’s most-battered currencies after a plunge in raw materials spurred routs for the Colombian peso to Russia’s rouble in 2015. Analysts are forecasting gains for the ... Read More »

Pharmaceuticals account for two-thirds of jump in exports

WASHINGTON: Pharmaceuticals accounted for nearly two-thirds of the growth in Irish goods exports last year. The latest trade numbers for November show the value of exports rose by 21 per cent to €102.3 billion in the first 11 months of 2015. The lion’s share of this growth came from a spike in pharmaceutical exports, which rose by 26 per cent ... Read More »

Japan trade falls 4.5% in 2015

TOKYO: A report by Nittsu Research Institute and Consulting (NRIC), a subsidiary of Japan’s largest freight forwarder, Nippon Express Co. said that international air cargo trade in Japan will fall 4.5 percent in fiscal year 2015, representing the first annual decline for the nation’s airfreight volume in two years. However, the 2.2 million tonne annual decline noted in the report ... Read More »

Myanmar Thilawa port to expand

TOKOYO: Japan’s Toyo Construction Co. and JFE Engineering Corp. have won a contract to build a new container terminal at the Port of Thilawa near Yangon, Myanmar, to expand one of the country’s key logistics hubs. The new terminal is needed to handle larger ships and meet growing demand and will have an annual capacity of 187,000 twenty-foot-equivalent units when ... Read More »