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Al-Mazaya reports KD9.32m net profit for 2015 – Operating revenue jumps 258.9% to KD 59.82m

KUWAIT: Al-Mazaya Holding has announced its financial results for the fiscal year ended December 31, 2015. The announcement was made following a meeting of the board of directors that was held January 28, 2016. The meeting was chaired by Chairman Rashid Al-Nafisi and attended by members of the board and the group’s CEO. Addressing the meeting, Rashid Al-Nafisi said: “The ... Read More »

GCC sovereigns to tap global loan market

DOHA: Key GCC sovereigns, including Qatar, are looking to issue syndicated loans financed by international banks. Qatar is seeking $10bn, while Oman is looking to tap $1bn. GCC sovereigns have increasingly issued syndicated loans in 2015 in an efforts to tap international markets. The sovereigns mainly looking to tap this market are Qatar and Oman, NBK’s economic update on GCC ... Read More »

South Africa exports 6.95 mln mt of thermal coal in Dec

CAPE TOWN: South Africa exported 6.95 million mt of thermal coal in December, meaning the total volume for 2015 was up 1.3% to a record 75.39 million mt, customs data showed Monday. That was in-line with the Richards Bay Coal Terminal’s (RBCT) annual export volume of 75.4 million mt, reported mid-January. The December volume 6.2% below the same month in ... Read More »

Trade between Qatar and India set to increase this year

DOHA: The trade figures between Qatar and Indian are likely to rise in current year, despite sharp decline in oil prices. The recent pact for additional supply of Liquefied Natural Gas (LNG) between inked between the two countries will give boost to bilateral trade. “Qatar is an extremely important partner of India. The trade between the two side two years ... Read More »

Housing deals fall 40% last month

TAIPEI: Housing transactions in the nation’s major municipalities plummeted 40 percent last month from a year earlier, as cold weather and policy uncertainty drove buyers to the sidelines until a government transition is completed, brokers said yesterday. Existing home sales totaled 11,565 units in the six special municipalities, representing a 40 percent drop from a year earlier and a 68 ... Read More »

Waskita set to double revenue, profits

JAKARTA: State-run construction company Waskita Karya is planning to double both its revenue and net profits this year, thanks to a number of prospective infrastructure projects that are expected to help the company see a surge of new contracts. Waskita Karya president director M. Choliq said over the weekend that his company wrapped up last year with Rp 14.1 trillion ... Read More »

Pelindo III allocates $72.4m to renovate 7 ports in eastern Indonesia

JAKARTA: State-owned port operator PT Pelabuhan Indonesia (Pelindo) III has allocated at least Rp 1 trillion (US$72.4 million) to revamp seven seaports in the country’s eastern region. Pelindo III president director Djarwo Surjanto said three ports were located in East Nusa Tenggara (Kalabahi Port, Lorens Say Maumere Port and Waingapu Port), while one was in West Nusa Tenggara (Sape Port ... Read More »

Govt clips PIA union’s wings thru invoking services act

  ISLAMABAD: The federal government has banned all labour union activities in public institutions through invoking services act with aim to restrict the PIA workers’ union that has called a strike on Tuesday (today) against the proposed privatisation of the national-flag carrier. According to a statement issued by the PM Office, Prime Minister Nawaz Sharif approved the extension of the ... Read More »

Nepra imposes Rs1m fine on CPPA

  ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has imposed a fine of Rs 1 million on the Central Power Purchasing Agency (CPPA) for falling short of a rule on fuel price adjustment, which delayed a downward revision in consumers’ electricity bills. The power regulator makes fuel price adjustments (FPA) every month within seven days after the CPPA submits ... Read More »

Zimbabwe’s annual raw milk output increase 5%

HARARE: Zimbabwe’s annual raw milk output for 2015 increased by a five percent margin to record 58 million litres, up from the previous year’s 55 million litres, as production continues to increase. Latest statistics from the Dairy Services Unit in the Ministry of Agriculture, Mechanisation and Irrigation Development shows that the total monthly milk production rebounded to 5.3 million litres ... Read More »

Laugfs breaks ground for $30mn pharmaceutical manufacturing plant

COLOMBO: One of the youngest  conglomerates in Sri Lanka, Laugfs Holdings PLC, broke ground on one of South Asia’s largest pharmaceuticals manufacturing plants in Koggala recently, making a grand entrance to the country’s health sector. “This is one of the largest pharmaceutical production investments not only in Sri Lanka, but also in South Asia. The initial investment is US$ 30 ... Read More »

Swiss say $4bn misappropriated from Malaysian state firms

GENEVA: Switzerland’s chief prosecutor said a criminal investigation into state fund 1Malaysia Development Berhad (1MDB) had revealed that about US$ 4 billion appeared to have been misappropriated from Malaysian state companies. The office of Swiss Attorney General Michael Lauber said it ha d formally asked Malaysia to help with its probes into possible violations of Swiss laws related to bribery ... Read More »

Belarus goods imports down 25.2% in 2015

MINSK: In 2015 Belarus reduced its commodity imports by 25.2% to $30.3 billion as compared to 2014, BelTA learnt from the National Statistics Committee. Last year Belarus’ foreign trade in goods fell by 25.6% from a year earlier to almost $57 billion. Export was down by 26% to total nearly $26.7 billion. Belarus had a $3.6 billion deficit in the ... Read More »

South African banks earnings to drop in 2016

CAPE TOWN: South African banks’ earnings will be lower in the year ahead after interest-rate increases cut consumers’ ability to repay loans and their appetite for debt, according to Moody’s Investor Service. “Borrowers’ reduced debt affordability will have a knock-on effect on banks’ asset quality, reversing the improving trend of non-performing loans during the past few years,” the ratings company ... Read More »

NAB recovered Rs265.977b so far

ISLAMABAD: The National Accountability Bureau (NAB) has recovered Rs 265.977 billion looted public money since its inception through prosecution of corrupts. This was revealed by NAB Chairman Qamar Zaman Chaudhry, while chairing a meeting held here to review overall performance of the Bureau at its headquarters on Monday. “This is a great achievement. The allocation to NAB for its working ... Read More »

MCB wins SAFA Award

LAHORE: MCB Bank Ltd has won the SAFA Award in the category of Private Sector Banks at the SAFA Conference 2016. The Award was presented to MCB President Imran Maqbool by Federal Minister for Finance Mohammad Ishaq Darin recognition of the bank’s excellence in financial reporting, management best practices and corporate governance disclosures. MCB Bank Ltd has always been an ... Read More »

Rolls-Royce secures $2.7b contract from Norwegian

LONDON: Rolls-Royce, the British aircraft engine maker, Monday said that it has won a lucrative engines contract from Scandinavian carrier Norwegian in a deal worth $2.7 billion (2.5 billion euros). “Rolls-Royce has won a $2.7 billion order from Norwegian for Trent 1000 engines… for 19 new Boeing 787 Dreamliner aircraft,” it said in a statement adding that the deal included ... Read More »

Nepal Oil Corporation increases fuel supply to Kathmandu in last weeks

KATHMANDU: Motorcyclists and motorists in the Kathmandu Valley will now get fuel every alternate week, as Nepal Oil Corporation has increased fuel supply to Kathmandu in the last few weeks. Based on the lot numbers of two-wheelers and four-wheelers, NOC will distribute fuel every alternate week beginning this week. “We are going to narrow down the gap of refuelling period,” ... Read More »

US fund sets for UAE deals on oil slump

DUBAI: Distressed investment opportunities in the UAE and the Arabian Gulf will rise this year as stock markets and companies in the region buckle under the pressure of oil trading at around $30 a barrel, according to Sancta Capital Group. “We’re expecting compelling opportunities as equity prices collapse, credit spreads continue to widen, and companies struggle to raise capital from ... Read More »

Polish parliament accepts 2016 budget

WARSAW: In a vote early on Sunday, the lower house of the Polish parliament accepted the 2016 budget, which foresees a GDP growth of 3.8 percent this year. According to the finance ministry, which drew up the budget, the deficit this year will not exceed PLN 54.7 (EUR 12.4, USD 13.4) billion, while inflation is predicted to stand at 1.7 ... Read More »