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Author Archives: CT Report

India, ADB sign $80m loan agreement to improve urban services

NEW DELHI: The Asian Development Bank (ADB) and the Government of India signed here today an $80million loan agreement to continue improving infrastructure in two North Eastern State Capital cities. The loan is the third tranche of a $200 million financing facility under the North Eastern Region Capital cities Development Investment Program and will be used for investments in water ... Read More »

Textile industry demands cut in power tariffs as per PM’s announcement

LAHORE: The textile industry has urged the authorities concerned to immediately reduce power tariffs for the industry by Rs3 per kilowatt hour (kwh) in compliance with the prime minister’s announcement. Prime Minister Nawaz Sharif announced relief in electricity tariffs from January 1, 2016 for the export-oriented textile industry in December last year, but no notification has been made public so ... Read More »

Japanese exports to China fall for first time in 3 years

TOKYO: Japanese exports to China fell in 2015 for the first time in three years, according to a trade report published by Japan’s Ministry of Finance. Exports to its Asian neighbour, which accounted for 19.2 percent of all Japanese exports in December 2015, fell 8.6 percent that month, with a 1.1 percent drop for the whole of 2015, reports. The ... Read More »

Inquiry into 20 illegal OGRA appointments ordered

ISLAMABAD: The Public Accounts Committee (PAC) has issued directives for starting an inquiry into the illegal appointments to the Oil and Gas Regulatory Authority (OGRA). The PAC, under the chairmanship of Opposition leader in National Assembly Syed Khurshid Shah, met and reviewed audit paras of the Cabinet Division for the fiscal year of 2013-14. The committee directed Cabinet Secretary Raja ... Read More »

Norway scraps tax on news to encourage media

OSLO: Norway is slashing tax on all news publications to zero, in line with the country’s policy of encouraging a diverse and healthy media sector. Norwegian authorities will introduce a zero VAT rate for electronic news services from March, bringing the country’s tax treatment of online news into line with printed newspapers. “This will promote the consumption of news and ... Read More »

Iran, Germany’s Siemens ink $1.6b deal

TEHRAN: The chief executive officer of Siemens AG, Europe’s biggest industrial group, said the German company signed a memorandum of understanding (MoU) with Iran on transportation services. Joe Kaeser said on Tuesday that an MoU worth $1.6 billion has been inked with Iran on transportation equipment and services, AP reported. “Iran has a lot of opportunity and this won’t be the ... Read More »

Philippines eyes Denmark for fish, technology trade

MANILA: Trade and industry officials are positioning the Philippines as Denmark’s gateway into the Asean, particularly in fish export and import, as well as fishing technology. This was the message of the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB) Director Senen M. Perlada during the agency’s country and industry briefing to a visiting 15 company Danish-business delegation. The ... Read More »

Record year for Danish wind power

COPENHAGEN: Wind production in Denmark reached 14.1TWh in 2015, providing 42.1% of electricity, thanks to a windy year and 184MW of additions. The figures coming out of Denmark remain as the pinnacle in the global wind market. In 2015, wind production exceeded 14TWh for the first time on records, which met 42.1% of Denmark’s electricity production. It beat the previous ... Read More »

Saudi customs revenues increase in 2015

RIYADH: Saudi Customs has achieved a remarkable increase in its customs revenues for 2015 totaled 29.85 billion riyals, of which actual revenues amounting to 26.79 billion riyals, while the state bore nearly three billion riyals. In a statement today, the advisor and spokesman for Saudi Customs, Esa Al-Esa said that in 2014, the total customs revenues amounted to 27.9 billion ... Read More »

Saudi Industrial Development Fund approves loans over SR 11b in 2015

RIYADH: The Director General of Saudi Industrial Development Fund (SIDF), Abdulkarim Al-Nafie said that the Fund recorded unprecedented numbers during the past year in terms of approved loans reached about 155 loans amounting to SR 11.43 billion, an increase of 7% in numbers of loans compared to the fiscal year 1435/1436 AH with an increase in value by 94%. Al-Nafie ... Read More »

SECP takes up four Shariah standards

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has adopted four Shariah Standards, issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The Commission adopted Shariah Standards number 3, 8, 9 and 13 to bring standardisation and harmonisation in Shariah-related matters of Islamic financial institutions (IFIs) under its regulation and supervision. Prior to adopting the standards, ... Read More »

Assist Director (MIS) Muhammad Tariq to retire in May

ISLAMABAD: Muhammad Tariq, Assistant Director (MIS) BS-17, is going to retired from the government service on attaining the age of superannuation. Muhammad Tariq, who is presently posted at Federal Board of Revenue (HQ), Islamabad, will stand retired with effect from May 24. Read More »

Oil rich Saudi Arabia wastes $13 bln a year in food

RIYADH: Oil-rich Saudi Arabia wastes $13 billion a year in food, according to a new report. Above, a vendor selling dates sits atop a pickup truck in the Saudi central province of Qassim, Aug. 14, 2015. How much food can one country throw out in a year? In oil-rich Saudi Arabia, people waste enough food, cost-wise, to build more than ... Read More »

IPR flays govt over increasing unemployment

LAHORE: Responding on the Pakistan Bureau of Statistics’ recently-released report Labour Force Survey of 2014-15, the Institute for Policy Reforms has flayed the government over increasing unemployment in the country. The IPR said that between 2012-13 and 2014-15, only 1.3 million workers apparently entered the labour market. In past, the number entering used to be 1.5 million workers per annum, ... Read More »

Korea’s cigarette imports surge in 2015

SEOUL: Korea’s cigarette imports surged in 2015 after contracting for four straight years despite government efforts to discourage smoking by sharply raising prices, official data showed Thursday. Imports of cigarettes spiked 117.3 percent on-year to over US$34.56 million in 2015, with the volume also increasing 128.1 percent to 1,877 tons, the Korea Customs Service (KCS) said. In 2014, the value of ... Read More »

Spain: Horticultural imports up 16% in Nov

MADRID: In November, Spanish fruit and vegetable imports grew by 16% in volume and 30% in value compared to the same month of 2014, totalling 237,587 tonnes and 179 million Euro, according to data supplied by the Directorate General of Customs and processed by FEPEX. There has been an overall increase in the import of all products. Vegetables totalled 118,022 ... Read More »

Islamic banking couldn’t facilitate common man in 10 years: Ishrat

PESHAWAR: Former State Bank of Pakistan governor Ishrat Hussain has said that the Islamic banking system have not facilitated common man in the country during the last 10 years. Ishrat Hussain, who is also Dean of Institute of Business Administration (IBA Karachi), said this while addressing the opening session of a two-day international conference on “Centre of Excellence in Islamic ... Read More »

Ukraine plans to reduce imports of natural gas by 20-30% in 2016

KIEV: Ukraine plans to reduce imports of natural gas in 2016 by 20-30% compared to 2015, down to 11-13 billion cubic meters from 16.4 bcm and procure mostly by a reverse scheme from the EU, Energy Minister Volodymyr Demchyshyn has told the reporters after a Wednesday government meeting. “We import 11-13 billion cubic meters. There are different scenarios. And the ... Read More »

Increased exports a victory for Afghan traders: Ghani

KABUL: President Ashraf Ghani on Wednesday said the increase in exports of Afghan products was a victory for traders and the country. The president was informed about the increase in exports of dry and fresh fruits from Afghanistan and their quality by exporters who called on him at the Presidential Palace, a statement from the president’s office said. Due to ... Read More »

EU to import 70,000 tons of duty-free Tunisian olive oil

BRUSSELS: European Members of Parliament have endorsed a plan to help the Tunisian economy in the wake of last year’s terrorists attacks by allowing 70,000 tons of duty-free olive oil imports. Since the proposal was first announced last September, there has been widespread criticism amongst other EU producer countries such as Spain, Italy and Greece. Many in the sector believe ... Read More »