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Author Archives: CT Report

More than 100 countries participate in WCO in Dominican Republic

SANTO DOMINGO: Delegates from over 100 countries analyze today new security measures at the World Customs Organization (WCO) Summit in Punta Cana, Dominican Republic. The meeting of the WCO General Policy Commission, which is on its 2nd day on Thursday, was inaugurated by council Secretary General Kunio Mikuiya and the chairman of the Customs Cooperation Council Zouhair Chorfi. The Dominican ... Read More »

Philippines BIR, Customs miss collection targets in Oct

MANILA: Faster growth in public spending against revenue generation resulted in a P27-billion budget deficit in October, although the government continued to underspend at the start of the fourth quarter. Treasury data released yesterday showed that expenditures last October jumped 23 percent to P190 billion from P154.8 billion a year ago, although disbursements that month were 8-percent lower than the ... Read More »

China’s yuan falls against US dollar

BEIJING: The Chinese yuan fell against the US dollar on Thursday’s Asian deals, as the Chinese central bank set a weaker midpoint for the yuan to dollar exchange rate. The yuan slipped to a 4-month low of 6.4408 against the greenback, from Wednesday’s closing quote of 6.4162. If the yuan extends slide, it may locate support around the 6.45 mark. ... Read More »

RBZ must needs banks to disclose interest rates

HARARE: RBZ must require banks to disclose the interest rates that they charge upfront, and to declare to borrowers in writing that they are compliant with any interest rates set by the RBZ. The Mid-term Monetary Policy Statement (MPS) of July 2015, issued by the Reserve Bank of Zimbabwe (RBZ) brought hope for those economically savvy borrowers, when it ushered ... Read More »

Gabon authorities seize 200kg of ivory

GABON: Home to half of Africa’s endangered forest elephants – has impounded more than 200kg of ivory in what may be one of the largest hauls ever recorded. Gabon’s 50,000 forest elephants are particular popular with ivory poachers because of their hard, straight tusks. “We can confirm the seizure of around 200kg of ivory, which represents about 20 elephants,” said ... Read More »

Zimbabwe’s finance minister forecast 2.7% growth for 2016

HARARE: Zimbabwe’s finance minister forecast a 2.7 per cent growth for next year, but analysts fear this is too ambitious, as they project an economic depression. With commodity prices on a downward trend, Zimbabwe is banking on improved prices for gold and other minerals. But a certain drought, due to poor rains, could paid to any significant economic growth for ... Read More »

Zimbabwe JA Solar wins $179m contract to supply

HARARE: Nasdaq Stock Exchange-listed JA Solar has won a $179 million contract to supply photo voltaic panels for Munyati solar farm project. JA Solar Holdings, one of the world’s largest manufacturers of high-performance solar power products, made the announcement yesterday. It said, it has won the contract to supply 100MW of photovoltaic modules to one of the first three large-scale ... Read More »

US Border Patrol agents seize 150 pounds of marijuana worth $89,000

CALIFORNIA: Border Patrol agents seized almost 150 pounds of marijuana Wednesday after discovering the drugs hidden in a truck trying to pass through the Highway 86 checkpoint near the Salton Sea. At 10 a.m., drug-sniffing dogs alerted to a 25-year-old woman approaching checkpoint in a Chevrolet Silverado, according to the Border Patrol. Her car was then searched by agents, who ... Read More »

Garments manufacturers call for textile package

KARACHI: The representative of garments manufacturers has called for early announcement of textile package as the delay is further deteriorating the largest industrial sector of the country. Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) acting Chairman Arshad Aziz said this in a statement. He said that he current scenario is extremely worrying the precious foreign-exchange earning industries and the ... Read More »

Australian dollar bounces back above US73 on jobs data

PERTH: The Australian dollar has spiked back above US73 cents on a stunningly strong jobs report. At noon (AEDT), the currency was trading at US73.27 cents, up from 72.15 cents yesterday. The Aussie had jumped to US73.33 cents by 11.41am (AEDT) on the news that Australia’s unemployment rate fell to 5.8 per cent in November. The total number of people ... Read More »

Singapore’s CNB nails down drug racket

SINGAPORE: Drugs worth more than S$103,000 were seized yesterday in a Central Narcotics Bureau (CNB) operation. A suspected drug syndicate leader and three other suspected drug offenders were also arrested. The alleged drug syndicate leader, a 55-year-old Singaporean man, was arrested when CNB officers raided a unit along Hamilton Road yesterday evening. They recovered a total of more than 900g ... Read More »

Food prices inflation rise by 4% in 2016

OTTAWA: Food prices are set to outpace overall inflation and rise by as much as 4 per cent in 2016 as the low Canadian dollar drives up the price of imported fruits and vegetables, according to the Food Institute at the University of Guelph’s forecast. The jump of about $345 in the average household’s annual food bill to $8,600 follows ... Read More »

India will set up observatories to monitor climate change impact

MUMBAI: India announced Monday that it will open eight long-term observatories across the islands, deserts, and the Himalayas to monitor the effects of climate change. Environment minister Prakash Javadekar revealed the plan at COP21 – the United Nations climate change conference currently held in Paris, France – saying the ecological observatories will help the country better understand climate change impact ... Read More »

Govt urged to pay attention to citrus industry

SARGODHA: Pests and diseases are main causes of low production of citrus, which need government attention to boost this profitable business. Kinno Growers Association President Hamid Saleem Waaraich said this in a statement. He said that citrus production is more than 30 fruits grown throughout the country with Punjab dominating in production as about 59 per cent of the total ... Read More »

UK court sentences man 20 month jail for smuggling heroin

LONDON: A 37 year old man who was caught with heroin worth around £7,000 at Lerwick’s NorthLink ferry terminal has been sent to prison for 20 months. Gregor Manson, whose address was given as Carradale Guest House on Lerwick’s King Harald Street, previously admitted being concerned in the supply of the Class A drug at the Holmsgarth terminal and elsewhere ... Read More »

Indian rupee up 4 paisa against US dollar in early trade

MUMBAI: The Indian rupee rose marginally by 4 paise to 66.79 against the US dollar in early trade today at the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks. Forex dealers said apart from selling of the US currency by exporters and banks, a higher opening in domestic stock markets, supported the rupee. They ... Read More »

Google’s quantum computer 100m times faster than a regular computer chip

WASHINGTON: Tapping into the ostensibly “magical fount” of quantum mechanics could possibly result to an outpouring of new and ground-breaking advancements in material science. A team of Google and NASA engineers is at the heart of an incredibly significant finding that may someday lead to precisely that. Deep within the space agency’s Advanced Supercomputing center in Silicon Valley is a ... Read More »

Egypt authorities arrest man with archaeological currencies

CAIRO: Cairo Airport thwarted the smuggling attempt of 177 Egyptian, Libyan, Saudi and Iraqi archaeological currencies by an Egyptian passenger here the other day. The passenger was heading to Ta’if, Saudi Arabia. A security source said during a press statement that airport security had suspicions about the passenger’s luggage. Upon searching the bags, security authorities found 177 archaeological currencies from ... Read More »

HONG KONG: Scientists previously thought that dinosaurs evolved from their smaller ancestors over a period of at least 10 million years but findings of a new study suggest that the evolution occurred in less than five million years. For the new study published in the Proceedings of the National Academy of Sciences on Dec. 7, Randall Irmis, from the Natural ... Read More »

Indonesia to import up to 1 million metric tons of Pak rice

JAKARTA: Pakistan and Indonesia have signed memorandum of understanding (MoU) on rice import. The MoU was signed by Indonesian Trade Minister Thomas Trikasih Lembong and Ambassador of Pakistan to Indonesia Mohammad Aqil Nadeem, said a Pakistan Embassy’s message received here Wednesday. Indonesian government will import up to 1 million metric tons of white rice from Pakistan from 2016 to 2019, ... Read More »