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Author Archives: CT Report

Punjab govt spending Rs 109m on fish seed nursing farms

LAHORE: The Punjab government is spending Rs 109.530 million on the rehabilitation and improvement of existing six fish seed nursing farms in the province. This was revealed by Fisheries Director General Dr Muhammad Ayub, while presiding over a special meeting held in connection with rehabilitation of fish seed farms and increasing fish production on Thursday. Fisheries Extension Director Dr Iftikhar ... Read More »

Unemployment rate increase to 9.2% in Dec

HELSINKI: The unemployment rate in December 2015 was 9.2 per cent, having been 8.8 per cent in the year before. The number of unemployed persons was 241,000, which was 9,000 higher than one year ago, according to Statistics Finland’s Labour Force Survey. There were 25,000 fewer employed than in December of the previous year. The unemployment rate in the fourth ... Read More »

India’s mustard output expected to grow for first time in 3 years

NEW DELHI: India’s mustard output is expected to grow for the first time in three years this season, government estimates show, as falling temperatures, light rains and the absence of crop-damaging frost raise farmers’ hopes after two years of drought. Early projections by the six biggest producing states, which account for more than 80 percent of the oilseed’s output, indicate ... Read More »

Shipping intelligence report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) Thursday issued the following shipping report for the last 24 hours, ending 0700 hours. ALONG SIDE (Bulk Oil Pier): OP-I Bunga Laurel D. Chemical Alpine 27/01/16 OP-II Falcon Victory D. Petrol Alpine 28/01/16 OP-III Cartagena L. Naptha Alpine 26/01/16 ALONG SIDE (East Wharves): 2/3 APL Agate D. L.Cnt. APL 26/01/16 5 Great Ocean D. ... Read More »

Shipping movements 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 Thursday. SHIPS SAILED: Pacific Pioneer Chang Hang Fan Batam Trader SHIPS BERTHED: Bunga Laurel Tanker Lamnalco Aden TUG Agria Coal Navig8 Strength Tanker MOL Dedication Container Ship Northern Victory Container Ship Falcon Victory Tanker EXPECTED SAILING DATE Hammonia ... Read More »

Switzerland’s ADM wins tender to supply 50,000 tonnes of wheat to Bangladesh

GENEVA: Switzerland’s ADM International has secured a tender to supply 50,000 tonnes of wheat to Bangladesh after submitting the lowest offer of $215.87 a tonne, said an official with the state grains buyer on Wednesday. This was the second international wheat purchase tender issued by the Directorate General of Food since the current financial year started in July. Eight trading ... Read More »

Pak rupee again slips in open market

KARACHI: The Pakistani rupee Thursday again lost value against the US dollar in the cash-free market. According to the local money market, the US currency gained five paisas in interbank to reach 106.85 and remained unchanged in interbank at 104.70. On Wednesday, the dollar lost five paisas in open market to reach 106.80 and remained firm in interbank at 104.70. Read More »

Big Dutch pension funds warn of possible cuts in 2017

AMSTERDAM: The Netherlands’ two biggest pension funds may have to cut pensions next year because their assets have fallen below central bank approved levels. The civil service union ABP, which is one of the biggest funds in the world, and the health service fund Zorg & Welzijn both gave the warnings on Thursday at the presentation of their quarterly earnings ... Read More »

Brazil iron ore exports surge 6% in Dec

BRASÍLIA: The most recent statistics released by Brazil’s Secretary of Foreign Trade (Secex) indicates significant rise in iron ore exports by the country during the month of December 2015. Brazil’s iron ore exports during December last year totaled 39.508 million tons, up 5.7% when compared with the previous year. The iron ore export price averaged at $32.3 FOB per ton, ... Read More »

Two men charged after ‘cannabis worth an estimated £1m’ seized in Belfast

BELFAST: Two men have been charged after herbal cannabis with an estimated street value of about £1m was seized in Belfast. Police said the suspected Class B drug was found in two vehicles during a stop and search at Dargan Road, north Belfast here the other day. Two men, aged 36 and 24, have been charged in connection with the ... Read More »

National Bank of Abu Dhabi reports net profits of AED 5.232 bln for 2015

ABU DHABI: National Bank of Abu Dhabi (NBAD) reported net profits of AED 5.232 billion for FY’15, down six per cent versus FY’14. This represents diluted EPS of AED 0.95 for FY’15 versus AED 1.02 for FY’14. In 4Q’15, net profits of AED 1.036 were down 25 per cent year-over-year and 22 per cent sequentially. Net impairment charges increased as ... Read More »

Canadian oil production to keep rising even if pipelines not approved: National Energy Board

TORONTO: Canada’s top energy regulator says the country’s crude oil production will continue to grow until at least 2040 even if key pipeline projects do not proceed and despite government policies to reduce greenhouse gas emissions. The National Energy Board’s report forecasts crude oil production to grow 56 per cent to reach 6.1 million barrels per day by 2040 from ... Read More »

Cotton spot price up by Rs135 to Rs5,585 per mound

KARACHI: The cotton spot price Thursday increased by Rs135 to Rs5,585 per mound (37.324kg). According to the Karachi Cotton Association (KCA), the announced spot rates are for local dealing in Pakistani rupees for base grade three staple length 1-1/16″ Micronaire value between 3.8 and 4.9 NCL. The spot rate also increased by Rs145 to 5,986 for per 40kg from Rs5,841. Read More »

Turkish Govt to offer permits for meat imports to lower prices

ANKARA: Turkish government will offer permits for meat imports to lower prices and to prevent consumer losses, said Economy Minister Mustafa Elitaş on Jan. 26.  He listed the rise in red meat prices as one of the most negative elements that have increased the country’s inflation rate. “In line with the European Union deal, we import an average of 20,000 ... Read More »

Engro Foods announces Rs561m profit for Q4

KARACHI: Engro Foods has announced Rs561 million profit-after-tax (PAT) for fourth quarter of calendar year 2015with earnings per share (eps) at Rs0.73, down 12pc year-on-year and taking full-year PAT to Rs3.16 billion (eps: Rs4.13), up 3.5 times year-on-year. The results came in significantly below consensus due to 574 basis points sequential drop in gross margins to 17.4pc in fourth quarter ... Read More »

Hungary eyes Polish style retail tax

BUDAPEST: Hungary is considering following Poland in introducing a new progressive tax on retailers this year, a senior Hungarian government official said. Prime Minister Viktor Orban’s right-wing government has already imposed big windfall taxes on banks, energy firms and retail companies since it took power in 2010 – taxes that helped cut the budget deficit to about 2 percent of ... Read More »

New Zealand wine exports reach record $1.5 bln high for 2015

WELLINGTON: New Zealand wine exports have reached a new record high of $1.54 billion for the 2015 year, up 14% on 2014 according to New Zealand Winegrowers.  New Zealand wine exports have reached a new record high of $1.54 billion for the 2015 year, up 14% on 2014 according to New Zealand Winegrowers. ‘The new record level of wine exports ... Read More »

FFC earned Rs16.77 billion in 2015

KARACHI: Fauji Fertiliser Company Ltd (FFC) has posted 7.7 per cent year-on-year decrease in its profits for fourth quarter of calendar year 2015 as the company announced Rs4.82 billion unconsolidated profit-after-tax (PAT), translating into earnings per share (eps) at Rs3.80. However, the company’s earnings increased by 31pc quarter-on-quarter, taking the 2015 earnings to Rs16.77 billion and eps at Rs13.18. The ... Read More »

Finland signs tax information exchange deal

HELSINKI: Finland on Wednesday signed an agreement to exchange information among tax administrations of other countries. The agreement was written in Paris with the cooperation of more than 30 countries. According to the agreement, large multinational companies must continue to inform tax administrations of the participating countries, for example, income details and taxes owed. The new information exchange is based ... Read More »

41% drop in Russian car loans in 2015

MOSCOW: About 485,000 car loans were issued in Russia in 2015, 41 percent less than in 2014, the Vedomosti newspaper reported Wednesday. However, the proportion of vehicles bought on credit grew by 1.9 percent to 37.1 percent of general sales, according to research conducted by the National Bureau of Credit History (NBKI) and the Autostat analytical agency. “There was an ... Read More »