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Author Archives: CT Report

211 new development projects worth Rs1,675b added to PSDP

ISLAMABAD: As many as 211 new development projects have been included in the current financial year’s federal Public Sector Development Programme (PSDP) to achieve the targeted GDP growth. According to the media reports, the sources in the Ministry of Planning and Development said that Rs241 billion have been allocated for these projects against the estimated cost of Rs1,675 billion. In ... Read More »

Scientists detect magnetic field Just Outside black hole at Milky Way center

WASHINGTON: For the first time ever, scientists were able to detect a magnetic field just outside the event horizon of the black hole at the Milky Way center, known as Sgr A* (Sagittarius A-star). The majority of people believe that black holes are massive vacuum machine-like cosmic objects that engulf everything that comes close to them. The truth is that ... Read More »

U.S sees decrease in construction machine exports

WASHINGTON: Exports of US construction equipment are still in decline according to the latest Association of Equipment Manufacturers (AEM) market update. The AEM report shows that exports of US-made construction equipment dropped 17.6% for the first three quarters of 2015 compared to January-September 2014, for a total $10.8 billion shipped worldwide. All world regions experienced declines, led by Africa and ... Read More »

Researchers unveil secrets of Aussie ‘resurrection’ grass

LONDON: A native Australian grass that “plays dead” during droughts and selectively culls its own cells to survive could provide genetic keys to help world food crops like chickpea withstand global climate change. QUT researchers have been studying the native grass, Tripogon loliiformis, because of its amazing ability to survive extreme environmental stresses. Like other so-called ‘resurrection plants’, the grass ... Read More »

Study exposes new details on matters that make up the Universe

HONG KONG: Matter as we know it – or that which composes everything known – is a mere 5 percent of the great and mighty universe, and about half of that is still undetected. Researchers from the University of Geneva and the Ecole polytechnique fédérale de Lausanne (EPFL) found that a major part of the ordinary matter unaccounted for is ... Read More »

Australian dollar jumps after US jobs data

SYDNEY: The Australian dollar is higher after US data showed a stronger than expected rise in the number of people with jobs in the world’s largest economy. At 7.21am (AEDT), the currency was trading at US72.39 cents, up from US73.30 cents on Friday. Meanwhile, European Central Bank president Mario Draghi, speaking in New York, said there was no limit to ... Read More »

China’s yuan falls agianst USD

  SHANGHAI: China’s yuan fell against the dollar on Monday after the central bank set a weaker midpoint to reflect dollar strength on rising expectations of a US interest rate hike this month. “Dollar demand in the market was higher than supply as investors expected the dollar to strengthen further,” said a trader at a Chinese commercial bank in Shanghai. ... Read More »

US dollar stables above 123yen in early trade

LONDON: The U.S. dollar remained steady above the 123 yen line Monday morning in Tokyo after upbeat U.S. payrolls data bolstered the case for the Federal Reserve to raise interest rates this month. At noon, the dollar fetched 123.30-31 yen compared with 123.04-14 yen in New York and 122.77-78 yen in Tokyo at 5 p.m. Friday. Read More »

New Zealand dollar retreats against major currencies in Asian trade

WELLINGTON: The New Zealand dollar weakened against the other major currencies in the Asian session on Monday. The NZ dollar fell to 0.6699 against the U.S. dollar and 82.57 against the yen, from Friday’s closing quotes of 0.6743 and 83.01, respectively. Against the euro and the Australian dollar, the kiwi dropped to 1.6208 and 1.0939 from last week’s closing quotes ... Read More »

Banking sector’s profit soars by 19% in Q3

LAHORE: The country’s banking sector’s profit soared by 19 per cent to Rs46.6 billion in third quarter of current calendar year 2015, mainly due to 19 per cent growth in net interest income (NII). Amongst top banks, Bank Alfalah (BAFL), Habib Bank (HBL) and United Bank (UBL) enjoyed the highest profitability growth of 67 per cent, 38 per cent and ... Read More »

Indian rupee surges 7 paisa against US dollar

MUMBAI: The Indian rupee was trading higher by 7 paise at 66.62 against the US dollar in early trade on fresh selling of the American currency by exporters and banks. Forex dealers said a strong opening in domestic equity markets too supported the rupee, but dollar’s strength against other currencies overseas on upbeat US jobs report capped gains. The rupee ... Read More »

KDS Accessories to import machinery of $1.6 mln

WASHINGTON: KDS Accessories will import capital machinery worth $1.6 million (about Tk 12.50 crore) to set up a new packaging unit as part of its business expansion plan. The board of directors of the company took the decision at a meeting while approving the expansion project, it said in a posting on the Dhaka Stock Exchange’s website yesterday. KDS Accessories, ... Read More »

Zimbabwe sets up special committee to review of Insolvency law

HARARE: Zimbabwe has set up a special committee to fast-track the review of the Insolvency Act as part of measures to stimulate investment in the country. The legal reform is part of the on-going “ease of doing business” programme, which is spearheaded by the Office of the President and Cabinet in conjunction with the World Bank. In an interview on ... Read More »

Hong Kong stocks surge at open, Hang Seng soars 0.51%

HONG KONG: Hong Kong stocks kicked off the week on an upbeat note, tracking gains in US markets on Friday following the release of the November jobs report that showed continuing labour market improvement. In early trades, the Hang Seng Index was up 0.51 per cent or 112.36 points at 22,348.25. The Hang Seng China Enterprises Index rose 0.56 per ... Read More »

Australian stocks set to open lower, S&P 200 down 76.1pts

SYDNEY: The Australian market looks set to open flat despite solid gains on Wall Street following a decent US jobs report. At 0645 AEDT on Monday, the December share price index futures contract was unchanged at 5,155. US non-farm payrolls increased 211,000 in November, the US Labor Department said, while September and October data were revised to show 35,000 more ... Read More »

Almost 17,000 marine species unprotected in natural habitat, scientists

CANADA: An international team of scientists revealed that more than 17,000 species of marine life worldwide are still largely unprotected in their respective natural habitats. Among nations with highest rates of unprotected species, the United States ranks low in terms of suppporting proper marine protected areas (MPAs), experts found. This emphasizes the need for more formal MPAs to safeguard the ... Read More »

Seed Co receives $50 mln from regional banks for local, foreign operations

HARARE: Seed Co Limited has received $50 million from regional banks for its local and foreign operations so far this year, the group chief executive officer, Morgan Nzwere has said. He said foreign businesses now contributed 60% of the group’s revenue across the board and from the company’s regional operations in Botswana, Kenya, Malawi, Zambia, Tanzania, Nigeria, Rwanda, the Democratic ... Read More »

Singapore stocks jump at start, STI up 0.87%

SINGAPORE: Singapore shares opened higher on Monday (Dec 7), with the benchmark Straits Times Index at 2,904.09 in early trade, up 0.87 per cent, or 25.04 points. Around 111.3 million shares exchanged hands. Read More »

Taiwan stocks ascend at start, TAIEX upgrades 1%

TAIPEI: Taiwan stocks posted broad gains on Monday in line with overseas markets. Asian share markets bounced on Monday after Wall Street welcomed an upbeat U.S. jobs report that suggested the world’s biggest economy was well placed to handle an expected first increase in interest rates in almost a decade. As of 0306 GMT, the main TAIEX index rose 1 ... Read More »

Cement sale increases by 15.64%

LAHORE: The domestic cement sale has increased by 15.64 per cent during July to November 2015 as compared with the same period of last fiscal year. Domestic dispatches rose to 12.2 million tons during this period against 10.56 million tons during same period of last fiscal. The overall situation during first five months of current fiscal year showed a growth ... Read More »