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Author Archives: CT Report

PM approves plan to raise Viettel’s charter capital

HANOI: The Prime Minister has approved a plan to raise military-run Telecommunications Group’s (Viettel’s) charter capital. Accordingly, the company’s charter capital will triple to VND300 trillion (US$13.3 billion) for the 2015-20 period. Viettel is the country’s leading telecommunications group with revenues of VND193.1 trillion ($8.6 billion) last year, a three-time increase compared to 2009. Last year, the company posted a ... Read More »

Oil producers to cut investments again in 2016

DUBAI: With crude prices at 11-year lows, the world’s biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors. At around US$37 a barrel, crude prices are well below the US$60 firms such as Total, Statoil and BP need to balance their ... Read More »

Airbus wins contract for 3 A380 jets to Japan’s ANA

TOULOUSE: European planemaker Airbus has won a deal to sell three A380 superjumbo jets to Japan’s biggest carrier ANA Holdings Inc in a deal valued at about 150 billion yen (US$1.25 billion), the Nikkei said here the other day. The planes are to be introduced in fiscal 2018 on routes to Hawaii and elsewhere, the paper said. Orders for Airbus ... Read More »

Oil prices to stay low for 2 years

LONDON: Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP Chief Executive Bob Dudley warned. “A low point could be in the first quarter,” Dudley told BBC radio on Saturday. Oil prices fell by 34 percent in 2015, battered by prolonged global oversupply and a slowdown in energy-hungry China’s economy. Dudley ... Read More »

North Korea spends quarter of GDP on military during 2002-2012

SEOUL: North Korea spent nearly a quarter of its gross domestic product on the military on average between 2002-2012, making the communist nation the world’s No. 1 in terms of military expenditures relative to its GDP, according to U.S. data. According to the State Department’s World Military Expenditures and Arms Transfers 2015 report, the North’s military expenditures averaged about $4 ... Read More »

Ford ready to invest $4.5b in electric cars

NEW YORK: US automaker Ford said it will invest $4.5 billion in electrified vehicle solutions by 2020, its largest-ever electrified vehicle investment in a five-year period. The investment will add 13 new electric and hybrid vehicles to Ford’s portfolio by 2020, which means more than 40 percent of the company’s lineup will come in electrified versions, the company said. One ... Read More »

Record number of car recalls in China in 2015

BEIJING: A record number of vehicles have been recalled this year in China since the system was initiated in 2004, according to the country’s top quality watchdog. A total of 76 automakers or dealers had announced 226 recalls by Dec 18, involving 5.54 million vehicles, a 17 percent rise from the same period last year, said Yan Fengmin, an official ... Read More »

China’s high-tech exports beat Japan, S.Korea

BEIJING: China has surpassed Japan and South Korea as Asia’s No 1 high-tech exporter in 2014, a latest report showed. According to the 2015 Asian Economic Integration report released by Asian Development Bank (ADB), China’s share of Asia’s exports of high-tech goods rose to 43.7 percent in 2014 from 9.4 percent in 2000. China’s high-tech products, such as high-speed railway, ... Read More »

Rainbow Tourism Group online platform increases tourism growth

HARARE: Rainbow Tourism Group (RTG) says the RTG Online Auction platform has since inception in June last year contributed positively to the group’s domestic tourism growth. RTG auctions enable customers to bid and pay for accommodation, conferencing and banqueting packages online at affordable prices. At the launch in June, RTG chief executive Tendai Madziwanyika said the auction concept is aimed at ... Read More »

Zimbabwe to increase number of live wildlife exports to China

HARARE: Zimbabwe will increase the number of live wildlife exports to China and will not apologise to anyone for taking that decision, Minister of Environment, Water and Climate, Cde Oppah Muchinguri-Kashiri has said. Addressing journalists after touring the National Ex-Situ Conservation Base for World Endangered Wild Plants and Animals at Quingyuang Chimelong near Guangzhou in China yesterday, Minister Muchinguri-Kashiri said ... Read More »

KIOCL Ltd sets to export 65,000 MT of iron ore pellets to Iran

MNGALURU: High grade Brazilian iron ore fines processed by KIOCL Ltd at its pellet plant here is all set to be shipped to Iran. With the Islamic Republic presenting a market of around 10 million tonnes of high grade pellets (with iron content of above 66%) they prefer, KIOCL Ltd under PM Narendra Modi’s flagship scheme Make In India made ... Read More »

Lebanon Customs foils attempt for smuggling 14kg cocaine

BEIRUT: Customs agents working in cooperation with the Internal Security Forces foiled a cocaine smuggling attempt at the Rafik Hariri International Airport Sunday. Two days ago, a Lebanese national holding a Saudi passport, identified as D.J.J., born in 1973, was apprehended by authorities acting on a tip-off. He came to Beirut from Brazil, after traveling to Morocco and Egypt. Customs ... Read More »

Nigeria’s Katsina Customs generates in Jan-Nov

ABUJA: The Kaduna/Katsina command of the Nigerian Customs Service has generated N4.9 billion from January to November in 2015. Customs Area Comptroller, Gidado Bala Muhammad who disclosed this while addressing newsmen said the figure was a little above the sum of N4.5 billion realised by the command last year. He said the command also seized goods that included rice, cooking ... Read More »

Wheat farmers want to raise taxes on imports to 35% in Narok

NAROK: Wheat farmers in Narok want the government to raise import duty to 35 per cent to stabilise the grain market. They say the Kenyan market has been flooded with imports, leading to compromise on quality and depressed prices. “The government has not done enough to safeguard our interests. The cost of production has gone up while prices in the ... Read More »

Indian authorities seize red sanders worth Rs 1.5 million

NEW DELHI: The forest officials of Puttur Range on Saturday midnight nabbed three red sanders smugglers and seized an SUV carrying red sanders logs worth over Rs.15 lakh during regular patrolling in Puttur town. The Forest Range Officer (Puttur) M. Reddappa said that while the beat party was on its job on the Tirupati-Chennai National Highway, an SUV with tinted ... Read More »

Chinese receives new round of tariff cuts on imports

BEIJING: Chinese residents have welcomed a new round of tariff cuts on imported products from Australia and South Korea. The cuts came into effect on New Year’s Day, the second round of tariff reductions after the free trade agreements were enacted days earlier. Under the new arrangement, import duties for Australian infant formula have been lowered to 9 percent, from ... Read More »

Indian excise team nab 6 liquor smugglers

NOIDA:  The district excise department today seized 38 cartons of smuggled liquor and six smugglers were arrested from various parts of the city. “The excise team comprising inspectors Upinder Singh, T R  Vaish and V P Singh raided several areas in the district and seized 38 cartons of smuggled liquor,” District Excise officer Kuldeep Yadav said today. “From Mohalla Thskuran, ... Read More »

Malaysian police nab two culprits with ganja

TAIPING: Police arrested two people, a 24-year-old youth and a 62-year-old woman, and recovered 513 g of ganja from them in a house in Taman Kaya, Taiping here today. Taiping district police chief ACP Harith Kam Abdullah said they acted on a tip off, and raided the house at 3am. 51 plastic packets containing drugs worth RM1,500, two motorcycles and ... Read More »

Indian Govt announces cut in import tariff value for gold

MUMBAI: The Indian Government today has announced cut in import tariff value for gold. However, import tariff value on silver has been increased. The import tariff value of gold has been reduced marginally by nearly over 0.5%, in accordance with prices of precious metals in the international market. Meantime, tariff value on imported silver has been increased marginally by less ... Read More »

Russia’s oil export surges 10.6% in 2015

MOSCOW: Russia’s oil export to far abroad countries grew 10.6% in 2015, year-on-year, to 220.267 million tons (4.423 million barrels a day), according to the operative report of Central Dispatching Department of Fuel Energy Complex (CDU TEK). Russia exported 17.997 million tons of oil in December 2015 (4.256 million barrels a day) – 26.0% more than in December 2014. Transneft ... Read More »