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Author Archives: CT Report

Pacific trade pact signing to take place in Auckland on Feb

SYDNEY: New Zealand said Thursday it will host a signing ceremony for the Trans-Pacific Partnership pact in Auckland on Feb. 4 ahead of the implementation of one of the world’s largest free trade zones. “New Zealand has issued invitations to TPP ministers to sign the agreement in Auckland,” trade minister Todd McClay said in a statement. “Signature will mark the ... Read More »

Australian wine exports climb 14% in 2015

CANBERRRA: Overall, the value of Australian wine exports climbed 14% to AUS$2.1 billion in 2015, reaching its highest value since October 2007. Wine Australia CEO, Andreas Clark said: “Pleasingly, our latest Export Report shows that the value of Australian wine exports grew in each of the top 15 export markets in the year ended 31 December 2015. “This export growth should ... Read More »

Singapore’s Kuo Oil seeks ships for Iranian fuel oil

SINGAPORE: Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its ... Read More »

Hungary’s National Tax and Customs Authority win 78% lawsuits

BUDAPEST: Hungary’s National Tax and Customs Authority (NAV) won more than 78 percent of the around 2,500 lawsuits taxpayers brought against it last year, daily Magyar Idok said on Thursday. The percentage was up from 70 percent in the previous years, the paper said. The combined value of lawsuits filed in 2015 came to about 56 billion forints (EUR 177m). ... Read More »

Irish food, drink exports surpass €10.8bn, Bord Bia says

DUBLIN: The value of Ireland’s food and drink exports rose 3% last year to move beyond €10.8bn, according to the country’s food board. Bord Bia said that the Irish food and drink sector had “recorded its sixth consecutive year of export growth”. The largest sectors were dairy, beef, prepared foods and beverages, which, between them, contributed more than €8.7m to ... Read More »

China cuts imports of US plastics scrap by 20%

BEIJING: The overall decline to 1.908 million tonnes owes much to the 20% slump in deliveries to leading buyer China – from 1.013 million tonnes in January-November 2014 to 814 012 tonnes in last year’s corresponding period, confirm latest figures from the US Census Bureau and International Trade Commission. Deliveries of US plastics scrap to Canada climbed year on year ... Read More »

Vietnam’s rice exports remain 6.5mt last year

HANOI: Viet Nam’s rice exports this year excluding border trade are expected to remain at last year’s 6.5 million tonnes, according to the Viet Nam Food Association. Rice exports, unchanged, competitive prices, quality demands, Vietnam economy, Vietnamnet bridge, English news about Vietnam, Vietnam news, news about Vietnam, English news, Vietnamnet news, latest news on Vietnam, Vietnam Last year Viet Nam’s ... Read More »

UAE, Germany eye boosting bilateral trade

ABU DHABI: United Arab Emirates (UAE) Minister of Economy, Sultan bin Saeed Al Mansouri, and Germany’s Ambassador to the UAE, Eckhard Wilhelm Lubkemeier, have here on Saturday discussed ways of promoting economic and trade cooperation between the two countries, Emirati state news agency WAM reported. Al-Mansouri noted that increasing flights between the UAE and Germany and allowing more Emirati carriers ... Read More »

FBR collects Rs 125b in first 18 days of new year

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs125 billion during first 18 days of January 2016, showing 30 per cent growth over Rs 95.5 billion it generated during the same period last year. FBR Spokesman Dr Muhammad Iqbal told the state-owned news agency that FBR has performed well in tax collection as it generated Rs1,501 billion revenues from the ... Read More »

China logs, lumber imports drop by 25%

BEIJING: The reduction in house construction in China has resulted in a substantial decline in the importation of forest products during 2015, reports the Wood Resource Quarterly (WRQ). The total value of imported softwood logs and lumber has fallen 25% and import prices have declined almost 30% that past 12 months. China imported softwood logs and lumber valued at 498 ... Read More »

Pak rupee loses value by 10 paisas in open market

KARACHI: The Pakistani currency Thursday continued to weaken against the US dollar in open market. As per the local money market, the greenback added 10 paisas for selling at 106.75 and remained unchanged in interbank for selling at 104.70. On Wednesday, the dollar gained five paisas to reach 106.65 and remained firm in interbank at 104.70. Read More »

Australian-Chinese exports to be customs cleared locally

CANBERRA: An agreement between CCIC Australia and Gfresh will be signed in Sydney to assist Australian seafood exports to China. With CCIC’s Pre-Shipment Inspection (PSI) system and Origin Traceability services, Australian seafood exporters on Gfresh and their Chinese consumers will be given greater confidence in foreign trading. Seafood exports from Australia traditionally need to go through a lengthy and complicated ... Read More »

Indonesia’s Bulog to import 100,000 tons of corn

JAKARTA: Indonesia’s Bulog will import 100,000 tonnes of corn this month, a director at the state food procurement agency said on Tuesday, in its first shipment of the maize in a decade. Southeast Asia’s largest economy, which imports corn mainly from Argentina and Brazil, temporarily stopped issuing corn import permits to feedmills last year, with the government making a broad ... Read More »

Scottish manufactured exports down 0.4% in Q3

EDINBURGH: Scottish manufactured export volumes dipped 0.4 per cent “in real terms” during the third quarter of 2015, new official figures show. The latest Index of Manufactured Exports for Scotland report, covering Q3 – July to September – of 2015, suggest the volume of manufactured exports returned to negative territory after three consecutive quarters of growth. The figures, compiled by ... Read More »

UK’s £1 trillion export target by 2020, says trade minister                                              

LONDON: The Government’s ambition of doubling UK exports to £1 trillion by 2020 is a “big stretch”, Lord Maude admits. He said UK Trade and Investment, the Government’s trade arm, was “too insulated” from the rest of Government and must work more closely with other departments to promote UK Plc abroad. Various trade bodies and business groups have in the ... Read More »

Canada signs double tax agreement with Taiwan

OTTAWA: Under the deal, the withholding tax rate for dividends will be capped at 15%. A 10% rate will apply to dividends paid to a company that holds directly or indirectly at least 20% of the capital of the dividend paying company, reports Tax News. Payments of interest and royalties will be subject to a maximum withholding tax rate of ... Read More »

‘Planet X’ is ninth planet of our solar system, claims astronomer

CALIFORNIA: An astronomer has claimed to have strong evidence for Planet X as our solar system’s ninth planet. The gas giant is thought to be almost as big as Neptune and orbiting billions of miles beyond Neptune’s path – distant enough to take 10,000 to 20,000 years to circle the sun. This Planet 9, as the two Caltech researchers call ... Read More »

Turkey targets $155.5bn exports in 2016

ANKARA: Turkish businesses are targeting $155 billion in exports in 2016, an 8 percent increase on last year, the head of the Turkish Exporters’ Assembly said. Exports in 2015 were $144 billion, Mehmet Buyukeksi, the head of TIM, told a news conference. Turkey’s main exports markets are the EU, Iraq, Russia, US, UAE and Iran. Turkey major exports are: textiles ... Read More »

Sri Lanka to resume petroleum imports from Iran

COLOMBO: The Sri Lankan government said on Wednesday that it will begin discussions on trade and petroleum sales with Iran next month after economic sanctions were lifted on the country last week. A statement from the Ministry of Industry and Commerce said a high level delegation from Iran will be arriving in Sri Lanka in February as Sri Lanka looks ... Read More »

World Bank says Japan to enjoy 23% export boost from TPP

TOKYO: A Pacific Rim free trade initiative would give a double-digit boost to exports from Vietnam, Japan and Malaysia by 2030, according to a recent estimate by the World Bank. It expects the 12-country Trans-Pacific Partnership deal to increase exports from Vietnam by 30.1 percent, from Japan by 23.2 percent, and from Malaysia by 20.1 percent. The agreement has yet ... Read More »