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Author Archives: CT Report

PM sign off on $97.6m investment package for roads development

HANOI: The Prime Minister Nguyen Tan Dung signed off on a VND2.2 trillion (US$97.6 million) investment package for infrastructure development of the Cam Khe Industrial Park in Phu Tho Province, the baochinhphu.vn (Government news website) reported. Viglacera Corporation, the investor in the industrial park project, will help the park increase efficiency and facilitate its management and operation. The hope is that ... Read More »

Hi-Tech Park grants investment licences to new projects

HANOI: The Saigon Hi-Tech Park (SHTP) in HCM City yesterday granted investment licences to new projects of two South Korean enterprises operating in supporting industry worth a total more than US$110 million. Platel Vina, a project of Intops Viet Nam Limited Company, will build a factory to manufacture electronic components, with an investment capital of $80 million on a 40,000 ... Read More »

Vietnamese shares rise for third day on investor expectations

HANOI: Vietnamese shares yesterday rose for a third day on investor expectations that the market will likely continue this week’s gains for the rest of this year after the US central bank raised interest rates for the first time in nine years. The benchmark VN Index on the HCM Stock Exchange gained 0.8 per cent to close at 577.11 points ... Read More »

Pakistan to support Palestine for WTO observer status: Dastgir

ISLAMABAD: Minister for Commerce Engineer Khurram Dastgir Khan has assured Palestinian Minister for National Economy Abeer Odeh of Pakistan’s support to Palestine for WTO observer status. Both the minister met on the sidelines of 10th WTO Ministerial Conference in Nairobi, Kenya. Khurram Dastgir also delivered Pakistan’s country statement in the conference, said a statement issued by the Ministry of Commerce. ... Read More »

Malaysia wants to narrow large trade gap with Kenya

PETALING JAYA: Malaysia wants to narrow the large trade gap with Kenya as it seeks to boost economic ties with the east African country. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the amount of exports to Kenya had exceeded its import ­figures. Last year, Malaysia’s exports to Kenya stood at US$737mil (RM3.18bil) while imports from the country only ... Read More »

SBP’s reserves up by $278m to over $15.7b

KARACHI: The country’s total liquid foreign reserves have reached $20,709.3 million (over $20.7 billion) on the week ended December 11. According to the central bank, the reserves held by the State Bank of Pakistan (SBP) stood at $15,719.3 million, while net foreign reserves held by other banks are $4,990.0 million. During the corresponding week, the SBP’s reserves increased by $278 ... Read More »

Kenya’s central bank proposes 2 bln shillings in reverse repos

NAIROBI: Kenya’s central bank sought to inject 2 billion shillings ($19.58 million) into the money markets on Friday, saying liquidity was skewed. The central bank has been using reverse repurchase agreements (reverse repos) in recent months to provide liquidity to banks that might struggle to get funding on the interbank market. Read More »

Six development projects worth Rs87b approved for Punjab

LAHORE: The Provincial Development Working Party (PDWP), in its 18th meeting of current fiscal year 2015-16, has approved six development projects of different sectors worth Rs86.946 billion. P&D Board Punjab Chairman Muhammad Jahanzeb Khan presided over the meeting, while provincial Secretary P&D Iftikhar Ali Sahoo, members of the Planning & Development Board, provincial secretaries concerned and other senior representatives of ... Read More »

SECP amends conditions of granting licence to NGOs

ISLAMABAD: In a bid to minimise ambiguities, the Securities and Exchange Commission of Pakistan (SECP) through a circular has made further modifications in conditions regarding grant of licence to Non-Governmental Organisations (NGOs). The modifications were made for NGOs registered under Section 42 of the 1984 Companies Ordinance.  It has been felt that existing conditions were prone to misuse in certain ... Read More »

Safari operations suffer 30% reduction in revenue

HARARE: Safari operations this year suffered a 30% reduction in revenue owing to, among other things, the continued ban on ivory hunting and the killing of the famous lion, Cecil, businessdigest has learnt. Safari Operators Association of Zimbabwe (Soaz) chairman Emmanuel Fundira told businessdigest that the continued ban of the importation of sport hunted elephant trophies from Zimbabwe imposed in ... Read More »

Turkey’s TiKA, Tevta join hands for promoting technical edu

LAHORE: The Technical Education & Vocational Training Authority (Tevta) has joined hands with Turkish Cooperation and Coordination Agency (TiKA) for the promotion of technical education and vocational training system. Tevta Chairman Irfan Qaiser Sheikh said this while addressing the Authority’s officers after successful visit of Turkey. The TiKA will provide technical assistance to Tevta for the promotion of technical education ... Read More »

US drop in exports increase 3Q trade deficit

WASHINGTON: A drop in exports of petroleum and other U.S. goods increased the deficit in the broadest measure of U.S. trade in the July-September quarter. The Commerce Department said Thursday the current account deficit increased to $124.1 billion from $111.1 billion in the second quarter. The current account tracks trade in goods and services and investment flows. Cheaper oil weighed ... Read More »

Tea exports 7.25% increase by volume in 2015

NEW DELHI: Tea exports have registered a 7.25 per cent increase by volume and a 4.2 per cent increase by value between April to October 2015, as compared to a year ago according to provisional data released by the Tea Board of India. The increase came at a time when tea production had suffered a marginal decline, standing at 946.97 ... Read More »

Indian cashew exports fall 31% in Nov 2015

KOCHI: A combination of factors like high cost of the imported raw cashew cut in export incentive and rise in wages in Kerala has pulled down cashew exports during this fiscal. The shipments have plunged 37 per cent in volumes and 31 per cent in value in November 2015 from a year ago. As per the data of The Cashew ... Read More »

Jordan’s Nepco says LNG import terminal back at full capacity

AMMAN: Jordan’s National Electric Power Company (Nepco) said its floating liquefied natural import terminal was back working at full capacity after adverse weather disrupted operations earlier this month. Nepco declared force majeure on the terminal on December 5 due to strong winds requiring the floating, storage and regasification unit (FSRU) to be moved away from the jetty, a spokeswoman for ... Read More »

Zambian Govt plans to launch EXIM bank to provide financial support

LUSAKA: The Zambian government is planning to establish an export-import bank (EXIM bank) to provide financial support for trading companies. An EXIM bank is a government agency which provides insurance to protect exporters against losses from non-payment by foreign importers. The agency also works to promote exports, provides transport insurance, and finance for exporters. The Zambia Development Agency (ZDA) has recommended ... Read More »

Police seizes 62.5kg of cannabis at Bouley Bay

PARIS: Two Frenchmen have been jailed for importing drugs with a street value of £1.2m into Jersey. Police seized 62.5kg (9st 8lbs) of cannabis at Bouley Bay as a result of what they called a “long-term intelligence led operation”. At the Royal Court, Emmanuel Halais, 38, was sentenced to six-and-a-half years in prison and Emmanuel Gautier, 28, to five-and-a-half years. ... Read More »

FDI up by 8.7% to $540.2m in five months

KARACHI: The country’s foreign direct investment (FDI) surged by 8.7 per cent in the first five months of 2015-16 on a year-on-year basis. According to statistics released by the State Bank of Pakistan (SBP), Pakistan received FDI of $540.2 million in July-November, which is $43 million higher than the FDI received in the same five-month period of the preceding fiscal ... Read More »

China sees high prices to import cherries

BEIJING: At the Nanjing fruit and vegetable market 1,600 tons of fresh produce have been traded in 2015 so far. Seasonal fruits such as apples, citrus and pears are selling at low prices. It is expected that prices go up in the weeks towards the Chinese New Year and Spring festival. However, sudden oversupply could bring prices down. Cherries and ... Read More »

China launches toilets loaded with Wi-Fi, ATMs TV screens

BEIJING: The world’s largest economy has launched the latest toilets loaded with Wi-Fi, ATM and television screens in a bit to overhaul its public sanitation system. People don’t usually like to linger in public restrooms; in China, with the squat toilets, shortage of toilet paper, and sometimes unsanitary conditions, the bathroom experience can be daunting. Now, high-tech restrooms could turn ... Read More »