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Author Archives: CT Report

Port Qasim witnesses busy day

KARACHI: The Port Qasim Friday witnessed activity as three ships carrying containers and Soya been seeds were berthed at Qasim International container terminal and FAP terminal respectively. Meanwhile, three more ships carrying containers and coal also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was 65% at the port on Friday where a total seven ... Read More »

Iraq’s Kurds to continue exporting crude in 2016

IRBIL: Authorities in Iraq’s cash-strapped Kurdish region will withhold delivery of oil to the central government and export crude independently in 2016 to ensure revenue amid a global price slump, according to a senior lawmaker in the territory’s parliament. The central government in Baghdad wasn’t committed last year to paying the self-ruled Kurdistan Regional Government its 17 percent share of ... Read More »

Panel plans 18% climb in power tariff

KATHMANDU:  The Electricity Tariff Fixation Commission on Thursday informed the parliamentary Public Accounts Committee that it was mulling hiking the electricity tariff by 18 percent. Chairman of the commission Jagat Kumar Bhusal told lawmakers that they had concluded a study to jack up the rates. He added that the new tariff would be implemented as soon as the current political ... Read More »

Turkey auto production exports rise by 16% in 2015

ANKARA: Turkey broke an all-time automobile production and exports record last year, Automotive Industrialists’ Association (OSD) head Kudret Onen said in a statement on Thursday. Onen said the country’s automobile producers manufactured 1.4 million cars in 2015, an increase of 16 percent from 2014. The OSD’s figures include automobiles, light commercial vehicle and tractor figures. Onen said that the sector’s ... Read More »

Shipping intelligence report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier): OP-II Quetta D.Crude Oil PNSC 08/01/16 OP-III Grazia L.Naptha Alpine 06/01/16 ALONG SIDE (East Wharves): 1 EL Zorro D.Steel Alpine 05/01/16 11/12 Jin Yue D.Steel AARAS-SH, 07/01/16 12/13 Amber Berverly D.Steel AARAS-SH, 07/01/16 ALONG ... Read More »

KPT’s shipping movement report

KARACHI: Following were the movements of ships at Karachi Port during the last 24 hours, ending at 0700 hours on Friday. SHIPS SAILED: YM Express Kavala Seas M.T Karachi Pacific Sky Salzgitter Abu Al Abyad Seapace Bunga Laurel SHIPS BERTHED: Hyundai Colombo Container Ship Xin Nan Tong Container Ship Salzgitter Car Carrier Hansa Centurion Container Ship Bunga Laurel Tanker Sima ... Read More »

Afghanistan seeking to import 1m tons of gas, oil from Iran

KABUL: Afghanistan is willing to import one million metric tons per annum of gas oil from Iran, Iranian Oil Minister Bijan Zanganeh said. Speaking after a meeting with Afghan Minister of Trade and Industry Homayoun Rasa in Tehran, Zanganeh said the two countries will continue talks about the prices of oil products, SHANA news agency reported here the other day. ... Read More »

Malaysia’s exports rise 6.3% last November

PETALING JAYA: Malaysia’s exports rose 6.3% to RM67.6bil last November compared with the same month in 2014 on a rise in refined petroleum products and higher crude palm oil shipments. However, November exports came in lower than economists’ expectations of a median 12% gain in a Bloomberg survey and a contrast to October exports, which had jumped 16.7%. Alliance Research ... Read More »

PIA unearths Rs12m scam

KARACHI: The national flag-carrier, Pakistan International Airlines (PIA), has unearthed irregularities worth Rs12 million while reconciling the accounts of its travel agents. According to a statement issued by the airlines, involvement of a PIA official is suspected in the case and was taken into custody. It said that the accused confessed to embezzlement, adding that the case has been referred ... Read More »

Iran bans import of S.Arabia goods

TEHRAN: Iran has banned the import of goods from Saudi Arabia after the kingdom cut diplomatic ties over attacks on the Saudi embassy following the execution of a Shiite cleric. Iranian state television made the announcement Thursday. It said the decision came during an emergency meeting of the Cabinet of President Hassan Rouhani. Annual imports from Saudi Arabia total about ... Read More »

Tripura opens new land customs station along Bangladesh border

DHAKA: A new land customs station has been opened in Tripura along Bangladesh-India border to facilitate two-way trade. Indian Minister of State for Commerce and Industry Nirmala Sitharaman along with Chief Minister of Tripura Manik Sarkar inaugurated the station on Wednesday at Srimantapur, the Indian High Commission said on Thursday. This station is located at Sonamura in Sepahijala district of ... Read More »

Nepal Stock Exchange market increase 14.25 points

KATHMANDU: Nepal Stock Exchange (Nepse) on Thursday posted a double-digit growth of 14.25 points to close at 1,164.14 points. Stockbrokers attributed the rise to the issuance of handsome dividends by a number of companies, including commercial banks and insurance companies. “Besides, a possible political consensus also boosted the investor confidence,” said Priya Raj Regmi, president of Stockbrokers’ Association of Nepal. Except ... Read More »

Export of soybean meal falls 97% in Dec 2015

KATHMANDU: Export of soybean meal (mostly used as animal feed abroad) plummeted by 97 per cent to 5,667 tonnes in December 2015.  Soybean meal export stood at 1,94,012 tonnes in December 2014, registering a sharp fall of 97 per cent, according to an official release. On a financial year basis, exports during April to December 2015 stood at 61,559 tonnes, ... Read More »

Oil prices to hit GCC sukuk market

DOHA: The global market for sukuk will remain at below-peak levels in 2016, Standard & Poor’s said yesterday. The ratings services expects issuance to reach $50bn-$55bn in 2016, compared with $63.5bn in 2015 and $116.4bn in 2014. The correction started last year, mainly because the central bank of Malaysia (Bank Negara Malaysia; BNM) — the largest issuers of sukuk worldwide ... Read More »

Sri Lanka heading towards a debt crisis

COLOMBO: Sri Lanka is likely heading down the path of a foreign debt crisis, which the country’s foreign reserves cannot absorb, a former Central Bank Deputy Governor said. “If we look beyond the statistics that were published, we find a gloomy situation in Sri Lanka today because we are heading towards a foreign exchange crisis,” Dr. W.A. Wijewardena said. He ... Read More »

Ukraine Govt passes legislation to reduce gas production tax

KIEV: JKX Oil & Gas said on Thursday that the Ukraine government has passed legislation to reduce the gas production tax there from 55% to 29%, with effect from 1 January 2016. The oil and gas exploration and production company has been at the forefront of campaigning for the reduction, which it said should restore the viability of new capital ... Read More »

Philippines police seize shabu worth P6 million

ILOILO CITY: Police arrested two suspected drug smugglers on Wednesday, and seized substance believed to be shabu (methamphetamine hydrochloride) worth P6 million in operations in Barangay Tiolas in San Joaquin town in Iloilo province. Chief Insp. John Ray Doseo, chief of the Provincial Anti-Illegal Drugs Special Operations Task Group of the Iloilo Provincial Police Office (IPPO-PAIDSOTG) identified the suspects who ... Read More »

Oil prices recover by 2% to $34.72 from 12-yr low

BEIJING: The oil prices in the international market Friday surged by more than two per cent after hike in China shares. Oil prices plunged to 12-year lows in the previous session after China allowed its yuan currency to slip, sending stock markets tumbling globally. Beijing then suspended equities trading as the sharp falls triggered the circuit-breaking mechanism for a second ... Read More »

State Bank injects Rs334.95 billion into banking system

KARACHI: The central bank has injected Rs334.95 billion into the banking system to streamline the liquidity requirement. According to a statement issued by the State Bank of Pakistan, the central bank injected the amount in eight days through open market operation at the 6.03 percent rate of return. The amount accepted for the operation against 12 offers. Read More »

Taiwan’s Grand Mayfull eyes NT$1.2bn revenue

TAIPEI: Grand Mayfull Hotel Taipei, a domestic hotel brand, is to have its soft opening tomorrow and aims to break even with revenue of NT$1.2 billion (US$35.79 million) in its first year of operations, company chairman Chen Chun-tung said on Wednesday. Unlike its peers, the new hotel expects its dining facilities to drive 70 percent of sales, even though it ... Read More »