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Author Archives: CT Report

China’s factory activity shrinks for 10th straight month in Dec

BEIJING: China’s factory activity shrank for a 10th straight month in December as surveys across Asia showed industry struggling with slack demand even as the policy cupboard is looking increasingly bare of fresh stimulus. Uncertainty over the economic outlook was exacerbated by a flare up in tensions between Saudi Arabia and Iran, that has sent investors scurrying from stocks to ... Read More »

Iran says rising oil exports depends on future demand

TEHRAN: A rise in Iran’s crude oil exports once sanctions against it are lifted depends on future global oil demand and should not further weaken oil prices, senior officials were quoted as saying. Oil Minister Bijan Zanganeh said Iran did not plan to exacerbate an already bearish oil market. “We are not seeking to distort the market but will regain ... Read More »

Ukraine curbs import of Russian food

KIEV: The decree published on Ukraine’s government website on Saturday said that the imports from Russia would be banned as of January 10. The sanctions include meat, fish, and dairy products as well as vegetables and fruit. A similar Russian ban came into effect on New Year’s Day. The tit-for-tat move came after Ukraine decided to implement a free trade ... Read More »

First crude oil shipment exports from US

WASHINGTON: The first crude oil shipment exported from the United States, after a 40 year ban, left from Corpus Christi, Texas last Thursday. NuStar Energy and ConocoPhillips loaded a vessel with light crude oil pumped from the Eagle Ford Shale of South Texas at NuStar’s North Beach Terminal at Port Corpus Christi. The crude is to be sold to the ... Read More »

S. Korea’s electronics exports fall 13.8% YOY in Dec

SEOUL: Exports fell by 13.8% y/y in December, much weaker than expected (consensus: -11.7%), following a one-time vessel delivery lift in November (Nov: -4.8% y/y; Oct: -16.0%). The release marked the weakest annual export performance in level terms since 2010, with exports falling by 7.9% y/y in 2015 (2014: 2.3%; 2013: 2.1%). On a seasonally adjusted m/m basis, exports gave ... Read More »

Bajaj Auto sales flat YOY at 2.89L in Dec

NEW DELHI: Bajaj Auto   said it had clocked 2.89 lakh unit sales in December 2015, flat compared to a similar figure in December 2014. The company’s two-wheeler sales rose 1 percent to 2.47 lakh while commercial vehicle sales fell 4 percent to 41,221. Out of this, exports sales stood 1.45 lakh, down 12 percent from 1.66 lakh year-on-year (YoY), the ... Read More »

Agricultural Bank of Taiwan to maintains farm exports

TAIPEI: Agricultural Bank of Taiwan (ABT), the only financial institution in the country dedicated to serving Taiwan’s farm sector, set up an international banking department recently to help local farmers sell their products overseas. At the department’s opening ceremony, ABT Chairman Chen Chao-hui said the local agricultural sector needs more financial support at a time when many farmers are seeking ... Read More »

Korea’s petrochemicals export volume continuously increases 5.4% in 2015

SEOUL: Korea’s petrochemicals export volume is continuously rising on a series of free trade agreements (FTA). According to a report published by the Korea International Trade Association (KITA) on Dec. 31, the country’s petrochemical export volume from January to October 2015 stood at 27.9 million tons, up 5.4 percent from the total export volume in 2014. When adding exports in ... Read More »

Agricultural exports from Russia may reach $20b in 2015

MOSCOW: In spite of sanctions and its food embargo against the West, Russia remains a top agricultural exporter. In 2015, agricultural exports from Russia could reach $20 billion – $5bn more than in 2014. Russia’s key trading partners include the EU, in particular Germany and the Netherlands, as well as African countries and China. In total, Russia exports its products ... Read More »

South Africa records first trade surplus in 5 months for Nov

WASHINGTON: SA recorded its first trade surplus in five months for November, as exports grew 10.3% compared with October and imports fell 13.5%, according to figures from the South African Revenue Service (SARS). The recent weakening of the rand should be positive for the manufacturing sector as it makes SA’s goods more competitive in global markets, while making imports more ... Read More »

Pakistan Post collected Rs3.8b revenue in 2014-15

ISLAMABAD: Pakistan Post has collected revenue of Rs3,774.343 million (about Rs3.8 billion) in provision of various services including utility bills, collection of income tax on motors, provisional tax collection during fiscal year 2014-15. Official sources said that the Pakistan Post collected Rs347.413 million for collection of utility bills on behalf of Pakistan Tele Communication Limited (PTCL), Sui Southern Gas Pipeline ... Read More »

Businessmen laud tax amnesty scheme

ISLAMABAD: The United International Group Sunday lauded the tax amnesty scheme for non-taxpayers which will help the government raise Rs50 billion. The government had addressed the issue of traders who were not willing to be filers after the announcement of 0.6 percent withholding tax, United International Group Chairman Mian Shahid said, in a statement on Sunday. He said that the ... Read More »

Web portal being developed for PM Youth Schemes

ISLAMABAD: Prime Minister’s Youth Programme is in process of developing a web portal to compile beneficiaries’ data and facilitate applicants through provision of comprehensive information and impact about its six schemes. Prime Minister’s Youth Programme Chairperson Leila Khan Sunday said it would be the first of its kind portal providing single window for eligible youth to access information and make ... Read More »

FBR collects Rs785b in Q2 against Rs750b target

ISLAMABAD: Federal Board of Revenue (FBR) collected around Rs785 billion against the target of Rs750 billion fixed for the second quarter (October to December) of current fiscal year 2015-16. The target for the second quarter has therefore been surpassed by around 35 billion. The revenue collection trend during the quarter Oct-Dec, 2015 augurs well for the efforts of FBR towards ... Read More »

CDA’s anti-encroachment drive in full swing

ISLAMABAD: The anti-encroachment drive in the federal city, launched by the Capital Development Authority (CDA) is in full swing. The operation is being executed by Enforcement Directorate, Directorate of Municipal Administration and Building Control Section of the CDA. CDA Chairman Maroof Afzal has directed the concerned formations of the Authority to continue the operation against the illegal structures and encroachments ... Read More »

Pakistan self-sufficient in developing quality defence products

ISLAMABAD: Pakistan is self-sufficient in developing quality defence products and meeting requirements of its Armed Forces indigenously. This was revealed by Senate Standing Committee on Defence Production Chairman Lt General (R) Abdul Qayyum while speaking at the APP Forum. “Pakistan’s defence production quality is second to none in the world, which is evident from the fact that two AWACS aircraft ... Read More »

Pakistan Railways removing technical hitches from online tracking

ISLAMABAD: Pakistan Railways is removing technical hitches from the software for smooth implementation of a project, launched for computerised tracking of the locomotives. Besides installation of tracking devices on locomotives, matching equipment is being installed in central control office at Lahore and seven operational divisions at Karachi, Sukkur, Multan, Lahore, Rawalpindi, Peshawar and Quetta, an official in the Ministry of ... Read More »

Pakistan adopts 16 targets, 41 indicators against 8 goals, 34 indicators of MDGs

ISLAMABAD: Pakistan, as part of endeavours to achieve Millennium Development Goals (MDGs), has introduced environmental monitoring system through stationary and mobile labs to monitor pollution levels in air, surface, ground water and soils. Promoting environment friendly technologies with special focus on clean energy and studying of general public concerning environmental issues to suggest rectification and mitigation were amongst the numerous ... Read More »

Petroleum ministry claims 65 oil, gas discoveries in current tenure

ISLAMABAD: The Ministry of Petroleum and Natural Resources has claimed 65 new oil and gas discoveries from record 227 wells drillings during current tenure of the government. Official sources in the ministry told APP, with new discoveries, over one trillion cubic feet (TCF) of gas and 16 million of barrels of new oil reserves had been added to the system. ... Read More »

Govt regulating LPG prices to give masses relief

ISLAMABAD: With the aim to give masses relief, the federal government is striving to regulate prices of liquefied petroleum gas (LPG), said LPG Distributor Association Chairman Irfan Khokar. Talking to APP, he said, “A summary spelling out an approach to offset shocks in LPG market and maintain the commodity’s price at affordable range for the consumers throughout the year is ... Read More »