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Author Archives: CT Report

Customs seizes gold worth Rs. 7cr in Manipur

IMPHAL: Gold bars smuggled from Myanmar and worth over Rs.7 crore were seized by Assam Rifles in Manipur and two smugglers arrested, an official said. Assam Rifles spokesman Akhil Dhawan said a mobile check post of 2 Assam Rifles intercepted a truck near Lilong area in Thoubal district. During a search of the truck, gold bars weighing 28 kg and ... Read More »

Sri Lanka corporate profit falls 6% to Rs. 47.7bn in Sept

COLOMBO: Sri Lanka’s listed companies saw their total net profits sliding 6.2 percent year-on-year (yoy) to 47.7 billion in the September quarter, amid losses incurred by companies with larger market capitalizations, earnings update by an independent research arm said. Third quarter earnings demonstrates a reversal of the growth trend in corporate earnings as second (June) quarter earnings grew by a ... Read More »

Kenya hits Norway to develop local oil sector

NAIROBI: Kenya has entered into a long-term agreement with Norway to develop the local oil sector. Under the deal, Norway will help Kenya to improve management of its natural resources and protection of the environment through the through the Oil for Development programme. “The objective is for the oil and gas resources to benefit the country and its people,” said ... Read More »

Sri Lanka tea exports fall by 2.6m kg in Nov

COLOMBO: Sri Lanka’s tea industry continues to be depressed in November and December compared to 2014, with lower volumes and prices recorded in both exports and the Colombo Tea Auction, according to a report by Forbes & Walker Tea Brokers (Pvt) Limited. “Sri Lanka tea exports for November 2015 totalled 26.3 million kilogrammes (kgs), showing a decrease of 2.6 million ... Read More »

4,500 MW project: Construction of Diamir-Bhasha Dam to start from next year

ISLAMABAD: The government is starting construction work of Diamir-Bhasha Dam, one of the biggest energy projects of the country, from next year. The land acquisition process for the project has been finalised with a cost of Rs 104 billion, according to official sources in the Ministry of Planning, Development and Reforms. The project likely to be part of second phase ... Read More »

Qatar’s exports fall by 36.7% to QR21.3bn in Nov

DOHA: The value of Qatar’s total export of goods, including exports of goods of domestic origin and re-exports, stood at QR21.3bn in November, a 36.7 percent decrease on year-on-year and a 5.9 percent on month-on-month decline. On other hand, the imports of goods in November touched QR10.4bn, showing an increase of 2.8 percent over November 2014. However, on a month-on-month ... Read More »

Dubai Police arrest 2 in heroin smuggling case

DUBAI: The Anti- Narcotic Department arrested a man and a woman from different nationalities who attempted to smuggle a large amount of heroin. Colonel Eid Mohammed Thani Hareb, Director of the Anti- Narcotic Department in Dubai Police said the first defendant AJH (33year-old) who was of African nationality and worked in a company was arrested in a park in Dubai. ... Read More »

Indian air Customs arrests Surat diamond trader in old smuggling case

MUMBAI: The air intelligence unit (AIU) of Customs has arrested two passengers, including a Surat based diamond merchant, for smuggling gold and other valuables collectively worth Rs 1.35 crore in separate instances. Customs officials intercepted the diamond merchant Priyank Morakhia on suspicion at the airport on early Saturday after he arrived from Hong Kong by Jet Airways flight. The Customs ... Read More »

UNIDO to help improve Kenya’s pharmaceutical industry

NAIROBI: The United Nations Industrial Development Organisation (UNIDO) says it will help Kenya’s pharmaceutical industry reach international standards in order to reduce the cost of medicines. Unido Consultant Wilberforce Wanyanga says the organisation plans to assist 34 pharmaceutical manufacturers meet World Health Organisation (WHO) pre-qualification standards in the next four years. “The aim is to make Kenyan medicines access the ... Read More »

Indonesia achieves $71bn tax reveneu

JAKARTA: Finance Minister Bambang Brodjonegoro claimed that tax revenue realization figure per December 25, 2015 had reached Rp1,000 trillion (US$71.5 billion); higher than last year’s achievement at Rp982 trillion (US$70.1 billion). “For the first time, Indonesia manages to achieve a tax revenue figure of Rp1,000 trillion,” Bambang said in Jakarta on Sunday, December 27. Bambang hopes that the tax revenue ... Read More »

Zimbabwe seeks to release investment to $900m

HARARE: Zimbabwe seeks to unlock investment and trade flow amounting to $900 million, once President Robert Mugabe signs the instrument of ratification for the country to join the African Trade Insurance (ATI). ATI is Africa’s export credit agency and provides political risk and trade credit risk insurance products, with the objective of reducing the business risk and cost of doing ... Read More »

KSA seizes 5m amphetamine tablets in biggest hit

RIYADH: Saudi authorities have seized more than five million amphetamine tablets and arrested 11 people in one of the kingdom’s largest drug busts. The suspects – nine Saudis and two Sudanese citizens – were arrested in Riyadh as an illegal deal was being completed, state news agency SPA quoted an interior ministry spokesman as saying. Three grams of heroin, a ... Read More »

Zimbabwe utility affects for power tariff hike in 2016

HARARE: Zimbabweans should brace for a massive hike in electricity charges in 2016 after the power utility approached the energy regulator for an increase. The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) announced in a statement on Sunday that it has applied to the Zimbabwe Energy Regulatory Authority (ZERA) seeking an increase in tariffs from US9.86 cents per kilowatt hour ... Read More »

Ajman tourism revenue shoot up by 47% to Dh80.05 million

AJMAN: Tourism revenue in Ajman reached Dh80.05 million during the third quarter of the year, jumping 47 per cent from Dh54.6 million in the same period in 2014, showed recent data. According to the latest tourism statistics released by the Ajman Tourism Development Department (ATDD), the big jump in the months of July, August and September can be attributed to ... Read More »

Cal-Maine revenue jumps by 44% to $546m

MISSISSIPPI: Cal-Maine Foods Inc. reported a surge in profit and revenue in its fiscal second-quarter, as the southern egg producer continues to benefit from higher egg prices. Still, the results came in below Wall Street expectations, and shares of Cal-Maine—up 12% over the past year—fell 4.2% to $47.50 in after-hours trading. The Jackson, Miss.-based company’s results have benefited in recent ... Read More »

Thailand’s exports fall 7.42% YOY in Nov

BANGKOK: Thailand’s exports fell 7.42 percent year-on-year in November, according to data released by the Thai Commerce Ministry Monday. Economists surveyed predicted a median fall of 5 percent. Exports contracted for an eleventh straight month, according to Bloomberg data based on previously reported numbers. Imports fell 9.53 percent from a year earlier, compared to an estimated drop of 14.5 percent. ... Read More »

New York cigarettes tax collection falls by $400m

NEW YORK: New York state cigarette tax collections have plunged by about $400 million over the past five years, according to figures and estimates from the office of New York State Comptroller Thomas DiNapoli. And New York has also lost $1.3 billion in uncollected state cigarette taxes each year from alternative sales, according to a separate study. The state is ... Read More »

Assist Commissioner Tehsin to retire on Jan 29

ISLAMABAD: Tehsin-ur-Rahman, an Inland Revenue Service officer of BS-17, is going to retire from the government service on attaining the age of superannuation. Tehsin-ur-Rahman, presently posted as an Assistant Commissioner, Regional Tax Office-III, Karachi will stand retired with effect from January 29, 2016. Read More »

Assist Director Nazim Khan mourned

ISLAMABAD: Federal Board of Revenue has expressed deep regret over the sad demise of Nazim Khan, Assistant Director (BS-17), posted at the Regional Tax Office, Hyderabad. Nazim Khan was born on June 15, 1962 and joined the government service on June 28, 1999. The Board appreciated the dedicated services rendered by the deceased officer. In expressing its sense of the ... Read More »

Union Bank revenue declines by 13%

CALIFORNIA: Union Bank faces the challenges of inability to grow revenue and that could lead to a drop in gross earnings for the bank at full year. Rising interest cost is hurting profit capacity and the bank isn’t likely to achieve up to one-half of its preceding year’s profit based on the third quarter growth rate. Revenue is constrained by ... Read More »