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Author Archives: CT Report

Korea’s tax receipts hit surplus in 2015

SEOUL: Korea’s tax receipts in 2015 hit a surplus for the first time in four years. The finance ministry says the country collected roughly three-hundred billion U.S. dollars, putting the gap between revenue and expenditure at around eight billion. The surplus comes on the back of improved domestic consumption and favorable asset market conditions coupled with a revised tax law ... Read More »

Finance Ministry directed to release funds for development projects

ISLAMABAD: The Finance Ministry has been directed by the Senate Standing Committee on Industries to release funds for the current development projects on time. The committee took notice of delays in payments of provident fund and gratuity to Pakistan Steel Mill employees and said that rights of temporary employees should also be safeguarded. The committee was informed that the ECC ... Read More »

India’s IT services exports to cross $100 bln

NEW DELHI: IT industry body Nasscom said on Wednesday that India’s IT services exports would cross the $100 billion mark in 2015-16 and the sector would clock double digit growth in 2016-17. The optimism comes despite concerns about the impact of the election campaign in the United States, which accounts for half of India’s IT exports and the rise of ... Read More »

Facebook’s Zuckerberg becomes 4th richest person

WASHINGTON: Mark Zuckerberg has become the fourth-richest person in the world by crossing Jeff Bezos. The 31-year-old, who is currently on paternity leave, saw his fortune climb to $50 billion once stocks closed, continuing a surprisingly successful start to 2016 for the social network. Facebook has risen 9.5 percent in the past month despite a rocky few weeks for US ... Read More »

Turkey seeks new markets for fresh produce exports

ANKARA: Turkey is seeking new markets for exports of fresh produce, which took a hit following the dispute with Russia over downed plane, a Turkish Fresh Produce Union head said Thursday. During a fair called “Fruit Logistica” in Berlin, Mediterranean Fresh Produce Union Chief Ali Kavak addressed the issue. “We declared a state of emergency in the fresh produce sector. ... Read More »

Karachi NAB tops regional bureaus with 88% efficiency, KP at second

ISLAMABAD: National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry has reviewed the performance of three main bureaus i.e. Karachi, Rawalpindi and Khyber Pakhtunkhwa and lauded the Karachi bureau for taking highest rating in 2015. The performance of all NAB’s regional bureaus is being evaluated during January and February 2016 at uniform criteria. The Karachi bureau’s performance has been rated as ... Read More »

Kazakhstan double linseed exports

KAZAKHSTAN: Kazakhstan has almost doubled linseed exports this season. In September-December of the 2015/16 season the country exported 125 KMT (including 41 KMT in December), while only 76 KMT were exported during the same period in the 2014/15 marketing year. Europe remains the main importer of linseed from Kazakhstan with a share of more than 80% during the reporting period. Read More »

BISP joins hands with AHAN, TCS to facilitate beneficiaries

ISLAMABAD: Benazir Income Support Programme (BISP) has signed a memorandum of understanding (MoU) with Aik Hunar Aik Nagar (AHAN) and TCS for promotion of handicraft skills of BISP beneficiaries. According to the MoU, TCS has offered a separate page for products of BISP beneficiaries on its website. TCS will upload all BISP beneficiaries’ products on that page and make it ... Read More »

News Corp’s revenue falls for fourth quarter in a row

NEW YORK: News Corp’s revenue fell for the fourth quarter in a row, hurt by a stronger dollar and dwindling advertising revenue in its core news and information business, which includes the Wall Street Journal. Newspaper and magazine publishers have been under unabated pressure to offset a decline in print advertising dollars by shoring up their digital business to attract ... Read More »

SBP’s reserves decrease by $212m to $15.43b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves declined by 1.3% or $212 million to $15,435 million ($15.43 billion) on a weekly basis on January 29 as compared to $15,647 million in the previous week. According to data released by the central bank, the country’s total liquid foreign reserves stood at $20,275.8 million ($20.27 billion), while net reserves ... Read More »

Greeks own one-fifth of global fleet

ATHENS: The share of Greek-owned ships in the global fleet continued to grow in 2015, as they numbered almost 4,500 vessels – i.e. 19.63 percent of the world’s entire capacity in deadweight tons – and almost 50 percent of the fleet of the European Union, as Theodoros Veniamis, the president of the Union of Greek Shipowners, told the entity’s annual ... Read More »

Flour, fuel prices down in Kabul markets

KABUL: The prices flour and fuel declined during the outgoing week in Kabul, but of other food items remained unchanged, market sources said on Thursday. Abdul Hadi, a filling station worker in Wazirabad locality, told Pajhwok Afghan News one liter of petrol’s rate declined from 40 afghanis to 38 afs this week and the same amount of diesel fell from ... Read More »

Rs 480b payment to IPPs declared illegal

ISLAMABAD: The Public Accounts Committee (PAC) has declared the payment of Rs 480 billion to IPPs (Independent Power Producers) under the circular debt illegal The PAC meeting, held the chairmanship of National Assembly opposition leader Khursheed Shah, directed the water and power secretary to conduct an audit for productive capability of private power companies and ensure the return of billions ... Read More »

Irish service sector reports sharpest rise in activity in a decade

DUBLIN: Ireland’s services sector enjoyed its sharpest rise in activity for a decade last month. One of the biggest rises in new business in the survey’s history helped to support the fastest expansion in activity since the prior to the financial crisis, the latest Purchasing Managers’ Index for the sector showed. Philip O’Sullivan, chief economist with specialist bank Investec, said ... Read More »

Shell delays Canada gas export plans

OTTAWA: The crude oil slump is throwing a wrench into Canada’s ambition to be a global natural gas market player. Royal Dutch Shell Plc, one of the front-runners among almost two dozen liquefied natural gas export proposals along the nation’s Pacific Coast, on Thursday delayed plans to make an investment decision on the megaproject to the end of 2016, as ... Read More »

ING profit soars, dividend payment set at 65 cents

AMSTERDAM: Dutch banking group ING booked net profit of €4bn in 2015, almost four times as much as in 2014. The underlying net result was €4.2bn, a rise of 23% on the previous year. The bank said in a statement it had benefited from the economic recovery, lower costs and 1.4 million new account holders. The bank has also agreed ... Read More »

Colombia’s exports decrease 34.9% in 2015

BOGOTA: Colombia’s exports decreased by a whopping 34.9 percent in 2015, the El Tiempo daily network reported on Thursday citing government data. The decline is mainly attributed to the reduction in foreign sales of fuel products, including oil and all petroleum derivatives, resulting from a 47-percent drop in international oil prices, a report from the National Statistic Department revealed. The official ... Read More »

Rolls-Royce wins large Norwegian deal

OSLO: Rolls-Royce has announced a $2.7bn (£1.9bn) order to manufacture and service 19 new Boeing 787 Dreamliner engines for the low fare airline, Norwegian, BBC reports. The order also includes TotalCare for Trent 1000 engines that will power 11 previously-announced leased Boeing 787s yet to enter service. Rolls-Royce will provide TotalCare with a fully comprehensive Availability Service Solution for all ... Read More »

PM chairs PIA crisis meeting, flight operations remain suspended

ISLAMABAD: Prime Minister Nawaz Sharif has chaired an important meeting to review crisis of Pakistan International Airline (PIA) and progress on privatisation of the national-flag carrier as flight operations remained suspended for the fourth consecutive day. The protest and sit-ins of PIA employees could not impact on the determination of the federal government to privatise Pakistan International Airline (PIA). A ... Read More »

Dong Energy announces biggest loss in Denmark’s history

COPENHAGEN: DONG Energy has announced the largest financial loss of any Danish company in the history of Denmark, reports Berlingske. DONG posted a 12.1 billion kroner net loss for 2015, following a 5.3 billion loss in 2014. It took a massive hit in the form of an impairment loss of 15.8 billion kroner after tax – 14.8 billion of which ... Read More »