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Author Archives: CT Report

Gourmet Master reports 14.2% rise in sales last year

TAIPEI: Gourmet Master Co Ltd , best known for its coffee shop and bakery chain 85°C, reported that sales last year rose 14.2 percent annually to NT$20.5 billion (US$609.7 million), topping its domestic peers. The company said that sales last month rose 10 percent from a month earlier to NT$1.95 billion. The company said that revenue derived from its China-based ... Read More »

Japan to import 13,000 tons of feed wheat via tender

TOKYO: Japan’s Ministry of Agriculture said it would import 13,000 tonnes of feed-quality wheat for livestock use via a simultaneous buy and sell (SBS) auction that closed late on Wednesday. The ministry had sought 120,000 tonnes of feed wheat and 200,000 tonnes of feed barley to be loaded by February 13 and arrive in Japan by March 11 in the ... Read More »

Norwegian firm pulls out of hydro project in Nepal

OSLO: Norwegian energy giant Statkraft AS has withdrawn its plan to build a hydropower project in Nepal, officials said yesterday, in a blow to the Himalayan nation’s efforts to woo foreign investment and lift its struggling economy. The company was to invest US$1.5 billion in the Tamakoshi III plant to generate 650 megawatts for export to energy-hungry India, which has ... Read More »

Chennai Port handles above 6,000 cartons of apples

CHENNAI: The Directorate General of Foreign Trade (DGFT) has lifted restriction on apple import through Chennai Port. This move will increase revenues for the port and will also bring down the cost of apples by a few rupees. Statistics indicate that the Chennai Port imports more than 50 per cent of apples. In September 2015, the DGFT issued a notification that ... Read More »

QNB net profit rises 7.7% to QR11.3bn, assets surge

DOHA: QNB Group, the region’s largest lender, reported a robust 7.7 percent increase in the net profit for the year 2015, compared to the previous year. The net profit amounted to QR11.3bn ($3.1bn) for the full-year. Based on the strong financial results for 2015 and consistent with QNB Group’s aim of maximising returns to shareholders, the Board of Directors is ... Read More »

Trade shocks gather strength to market speculation on breaking GCC’s dollar pegs

DOHA: The continuing large terms-of-trade shock has increased market speculation that the GCC’s US dollar pegs could break going forward. Key to the view is a combination of still sizeable foreign assets in parts of the GCC and the apparent start of a regional multi-year fiscal adjustment process. There are three aspects to consider when evaluating the future path of ... Read More »

Kuwait Burgan Bank picks arrangers for KD 100m bond

KUWAIT : Burgan Bank, Kuwait’s third-largest lender by assets, has picked two arrangers for a potential 100 million dinar ($329.4 million) bond, for which marketing to investors could start as soon as this week, sources aware of the matter said. The Kuwaiti lender is one of a number of Gulf-based banks seeking funds to help ease a squeeze on liquidity ... Read More »

Egypt Central Bank sees import rules economy $20 bln in 2016

CAIRO: Egypt’s central bank Governor Tarek Amer said rules to curb what he described as unnecessary imports may save about $20 billion this year, helping to ease a foreign- exchange squeeze threatening the nation’s economic recovery. “The largest demand for foreign exchange comes from imports, so these measures are a quick fix to improve the balance of payments,” Amer said ... Read More »

Ukrainian Govt decides to ban imports of food products

KIEV: The Ukrainian government has decided to ban imports of food products, including meat, from Russia. The move is a response to the embargo placed by Moscow on Ukrainian food imports, according to Kiev, reports Jaroslaw Adamowski for TheSheepSite. “Ukraine exits the free trade area with Russia, raises duties on all goods and puts a trade embargo on all food ... Read More »

Kuwait police nab indian liquor smuggler

KUWAIT: An Indian expatriate smuggler was arrested in Fahaheel area in possession of 167 bottles of locally manufactured liquor. According to security sources, Ahmadi securitymen were patrolling Fahaheel area late night when they stopped a vehicle for inspection and discovered that it was driven by an Indian expatriate. They checked the vehicle to find 167 bottles of locally manufactured liquor ... Read More »

Surging China-Hong Kong trade raises doubts over recovery

HONG KONG: China exports to Hong Kong rose 10.8 percent from a year earlier for the biggest gain in more than a year, making the city the biggest destination for shipments last month and spurring renewed skepticism over data reliability and the broader recovery in the nation’s outbound trade. Exports to Hong Kong rose to $46 billion last month, according ... Read More »

US polypropylene exports rise by 3%, imports jump 41%

HOUSTON: US November polypropylene (PP) exports edged up about 3% over the same month in 2014 on more shipments to Mexico, according to government data released this week. But imports, while much smaller, continued to rise on increased shipments from South America and Israel, according to data from the US International Trade Commission (ITC). The import gain, while only a small ... Read More »

EPF to continue investing locally to support Malaysian economy

KUALA LUMPUR: The Employees Provident Fund (EPF) will continue investing internally this year in efforts to support Malaysia’s economy. “We are constantly investing throughout our time. We are looking at the right assets to invest in,” its Chief Executive Officer Datuk Shahril Ridza Ridzuan told Bernama here. Shahril said that the same strategies would be implemented by bringing in foreign ... Read More »

Pennsylvania police seized illegal drugs worth over $118m in 2015

HARRISBURG: Pennsylvania state police seized more than $118 million in illegal drugs last year and the biggest bulk of it was heroin. As an indicator of how much heroin is in the state, troopers seized nearly $9 million in heroin alone, during the fourth quarter of 2015.  The street value of the next most seized drug, marijuana, was just less ... Read More »

India Customs seizes gold bars worth Rs 5.8 million

KOCHI:  Gold bars, worth over Rs. 58 lakh, were on Wednesday seized from two passengers who arrived in Kochi from Kozhikode by an Air India Express flight, Customs officials said. The passengers, natives of Maharashtra, had boarded the domestic sector of the flight which had landed in Kozhikode from Doha en route to Kochi, a customs release said. One of ... Read More »

U.S police arrest two culprits with meth

MOORHEAD: Narcotics officers seized a pound of methamphetamine and arrested two people early Wednesday in south Moorhead, city police said in a news release. The seizure and arrests occurred shortly after midnight in the 3600 block of Eighth Street South, police said. Krista Buggs, 35, of Blaine, Minn., and Wedell Mickens, 37, of Minnetonka, Minn., were each booked into the ... Read More »

Three drug smugglers nab with 30kg charas

LUCKNOW: Three members of a narcotics smuggling gang were arrested in Rampur and contraband worth Rs 45 lakh was allegedly seized from them. On a tip-off, a team of STF and Narcotics Control Bureau personnel late last night stopped a car near Zafrabad turn in Vilaspur police station area and nabbed the three passengers who tried to flee, an STF ... Read More »

Ireland Customs seizes 2kg cocaine hidden in cosmetic bottles

DUBLIN: Revenue officers seized 2kgs of cocaine, worth approximately €140,000, at Dublin Airport on Monday. Revenue officers stopped and searched a 25-year-old Brazilian man as he returned home to Dublin from Barcelona. The drugs were discovered in his checked in baggage concealed in three cosmetic bottles. The man was arrested by Gardaí and brought before Judge Cormac Dunne in the ... Read More »

Dubai authorities seized Dh1 billion worth of counterfeit goods in 2015

DUBAI: The Commercial Compliance & Consumer Protection (CCCP) sector in the Department of Economic Development (DED) in Dubai made remarkable progress in protecting the rights of trademark owners in 2015 by confiscating 63 million pieces of varied counterfeit goods worth over Dh1.01 billion, a significant increase over the 37 million pieces of imitations worth Dh188 million seized during the previous ... Read More »

U.S Customs seizes a ton of marijuana camouflaged as carrots

PHARR: U.S. Customs and Border Protection Agents got their hands on more than one ton of marijuana camouflaged as carrots. It happened Sunday when agents halted a tractor-trailer at the Pharr International Bridge along the Texas-Mexico border near the Gulf of Mexico. The more than half a million dollars’ worth of marijuana was mixed in with a commercial shipment of ... Read More »