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Author Archives: CT Report

Pineapple farmer sees export crisis in West Bengal

WEST BENGAL: Reeling under heavy losses, the pineapple farmers in West Bengal have urged the authorities to take steps to improve the functioning of a recently constructed export zone. The pineapple growers have suffered huge losses of late even after a bumper yield of the crop in Bidhannagar. Secretary of North Bengal Pineapple Growers Welfare Society, Animesh Mandal, said the ... Read More »

Nordic central banks to continue with low interest rates rule

OSLO: Just as there are differences in their economic outlooks, interest-rate projections also vary across the Nordic countries. Denmark appears to be on track for a minor unilateral rate hike from its central bank (Danmarks Nationalbank) to slow the fall in the currency reserve, which has dropped back to the level prior to the major currency inflow in the opening ... Read More »

Nigerian Customs seizes illegally imported goods worth N2, 7b in 2015

ABUJA: The Nigeria Customs Service (NCS) arrested some 316 suspects and intercepted illegally imported goods worth N2, 7 billion during the past year, a senior official disclosed. David Dimka, the NCS Controller in the Southeast and South-South Zones, said 467 seizures were made during the period. Of the suspects arrested for smuggling, one was convicted, 23 cases are now in ... Read More »

NZ Fonterra announces record export volumes in Dec 2015

WELLINGTON: New Zealand dairy giant Fonterra has announced it exported record volumes for the month of December 2015. Export data for the Co-operative in December shows the new record for a single month’s volume, with more than 300,000m tonnes shipped to its global markets. December’s volume was approximately 10% higher than Fonterra’s previous record month in December 2014. Fonterra Managing ... Read More »

Russian currency falls to 2.15 of Azerbaijani gapik

MOSCOW: The bi-currency basket, revived by the Central Bank of Azerbaijan, does not describe fully the disposition of currencies of the main consumer good suppliers in the country, but is much higher than the real import currency basket. According to customs statistics, the main suppliers of consumer goods in the country are Russia, Turkey and the EU (euro zone), but ... Read More »

Nigeria’s plans to acquire first JF-17 export operator

ABUJA: Nigeria’s plans to acquire three CAC/PAC JF-17 Thunder multirole fighters in 2016, Nigeria’s Punch newspaper reported on 6 January. Citing a leaked copy of the budget, Punch reported that NGN5 billion (USD25 million) has been allocated for the acquisition of the three JF-17s, NGN2.06 billion for 10 PAC Super Mushshak basic trainers, and NGN11.6 billion for two Mi-35M helicopters. ... Read More »

Sri Lanka’s earnings from exports decline 6.0% in Oct

COLOMBO: Sri Lanka’s earnings from exports declined by 6.0 per cent in the month of October to US dollars 847.3 million, year-on-year, reflecting lower earnings from exports of all major categories mainly due to weak global demand. On a cumulative basis, earnings from exports declined by 3.9 per cent to US dollars 8,843 million during the first ten months of ... Read More »

Italian rubber, plastic equipment exports increase in 2015

MILAN: Assocomaplast, the Italian trade association for plastic and rubber processing equipment makers, has said the 2015 full-year forecast is optimistic, with exports for the first three quarters of 2015 nearly equalling exports for the whole of 2014. Assocomaplast’s research office, analysing Italian Central Institute of Statistics foreign trade data, says that 2015 may even break the 2007 export record ... Read More »

Malaysia’s GDP expected to grow at slower pace of 4.5% in 2016

PETALING JAYA: Malaysia’s gross domestic product (GDP) is expected to grow at a slower pace of 4.5 per cent this year, the lowest level since 2009, due to weaker consumer spending and drag from net exports. In its report, Hong Leong Investment Bank (HLIB) Research said the Malaysian economy is still surrounded by external downside risks including the China slowdown, ... Read More »

Saudi Customs seizes 101,296 banned religious items

RIYADH: Saudi customs officials have managed stop over 1,000 attempts to smuggle religious materials into the country over the past two years. Customs officials seized a total of 101,296 books and religious tapes that are banned from entry for containing violating content. In new figures released this week, Saudi officials also said that customs officers have also seized animals and ... Read More »

Hungary’s industrial output up 9.5%

Industrial output in Hungary increased by a year-on-year 9.5%, according to a first release of data published by Hungary’s Central Statistical Office (KSH) this morning. As compared to the same month of the previous year, the index adjusted for working days increased by 7.0%, KSH data show. Output was up by a year-on-year 7.3% in the first eleven months of ... Read More »

Polygon exploring opportunities in Greece

Polygon Global Partners’ European Equity Opportunity Fund returned 10.3 percent last year, according to two people with knowledge of the matter, as bets on acquisitions and restructuring helped it outperform peers. The fund is managed by Polygon founding partner Reade Griffith, 50, who declined to comment on the performance figures. “We were focused on restructurings in the periphery last year ... Read More »

Taiwan’s exports fall in 2015

TAIPEI: Taiwan’s exports in 2015 fell by a 10th compared to a year ago, the largest annual decline since 2009, largely on weak international demand, the government said on Friday. Shipments last year totalled $280.5 billion, down 10.6 per cent from 2014 — the steepest fall since 2009 when the export sector, the major engine of the economy, saw shipments ... Read More »

Indian Customs seizes 15kg gold at Delhi Airport

NEW DELHI:  About 15 kilograms of gold, valued about Rs. 4 crore, has been seized by the Customs department from passengers who were trying to smuggle them in at the Delhi airport, Customs officials said. On January 4, a passenger from Dubai was caught by the Customs officials with 2 gold bars weighing 2 kilograms following intelligence inputs. The same ... Read More »

FBR collects Rs 100m on Dec 31 from Sialkot, Gujranwala regions

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Portugal gets back 4 public holidays in anti-austerity drive

LISBON: Happy days are here again in Portugal — four of them, at least. The country’s new Socialist government got Parliament’s approval Friday to discard one of the most unpopular legacies of a recent austerity drive and bring back four public holidays that were cut two years ago. The decision means holidays this year on All Saints’ Day; Corpus Christi; ... Read More »

Finland’s Fortum bids $115 million for Polish utility

Finnish state-controlled utility Fortum said it has launched a public tender offer worth up to 106 million euro ($115 million) for Polish electricity and gas seller Duon DUOP.WA. Fortum said it had bid 3.85 Polish zlotys per share for the company, a 19.2 percent premium to Duon’s three-month weighted average share price. Duon’s shares jumped more than 11 percent. Fortum ... Read More »

S.Korea’s Daehan seeks 83,200 tons of Canadian wheat

SEOUL: South Korea’s Daehan Flour Mill Co Ltd issued an invitation to bid seeking 30,100 tonnes of Canadian wheat for arrival in May and 53,100 tonnes of U.S wheat for arrival between April 20 and May 20 via tenders. The tenders will close at 11 a.m.(0200 GMT) on Friday, according to the ITB. Read More »

Prospex agrees to acquire 49% stake in Hutton Poland

Prospex Oil and Gas plc announced Friday that it has conditionally agreed to acquire a 49 percent stake in Hutton Poland Ltd, from Hutton Energy Ltd, for £620,000 ($906,781) in cash. As part of the deal, Prospex will pay an initial amount of £130,000 ($190,079) with the remaining £490,000 ($716,649) deferred up to August 31, 2016. Hutton has been active in ... Read More »

Oman receives new Patrol Vessel

Interim delivery and acceptance of the third Patrol Vessel built by Singapore Technologies Marine for the Royal Navy of Oman (RNO) has taken place, the company announced on 7 January. ST Marine is working under contract a signed in 2012 to design and build four Al-Ofouq class Patrol Vessels to replace the RNO’s four Seeb class vessels. The Patrol Vessels measure ... Read More »