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Author Archives: CT Report

Iran is the new market for Kenyan tea: Kenya Tea Agency

Kenya black tea to Iran

NAIROBI: The Kenya Tea Development Agency says it has found new market for tea in Iran following the lifting of UN sanctions. According to KTDA national chairman, Peter Kanyago, the agency will continue to expand the orthodox tea market to dislodge India and Sri Lanka that have dominated the Iranian market over the years, Kenyan news portal reported. Orthodox teas ... Read More »

Sri Lankan rupee falls on importer dollar demand

Sri Lankan rupee

COLOMBO: The Sri Lankan rupee ended weaker on Thursday for a second day due to dollar demand from importers as the market braced for further declines in the local currency in the absence of intervention from the country’s central bank, dealers said. The rupee has been under pressure due to rising imports and net selling of government securities by foreign ... Read More »

Nigeria raises local currency bonds at yields below inflation


ABUJA: Nigeria has raised 214.95 billion naira ($704.18 mln) in local currency bonds at its first auction this year, with the debts sold at yields below galloping inflation, the Debt Management Office said on Thursday. Though yields were higher than at its last auction in December, the debt office said it received subscription of 235.05 billion naira for the bonds ... Read More »

Transfer, posting of eight IR officers cancelled


ISLAMABAD: The Federal Board of Revenue has cancelled transfer/posting of eight Inland Revenue Service officers. The officers, including Raisul Hassan, Muhammad Kashif Ahmed, Shahid Nawaz, Hina Mustafa,Ghulam Nabi Shaikh, Mujahid Altaf Siddiqui, Roshan Ali and Syed Nawab Hussain Zaidi, who were transferred vide Board’s Notification No. 0092-IR-V/2017 dated 11-01-2017. Read More »

Senior Preventive Officer Idress to retire on May 1

Retirement 1

ISLAMABAD: Muhammad Idress, a BS-16 officer of Customs Department, will stand retired from the government service on attaining the age of superannuation. The officer, presently posted as Senior Preventive Officer at Model Customs Collectorate of Preventive, Karachi, will stand retired from the government service with effect from May 01, 2017. Read More »

IFC to oversee Masdar solar project funding in Jordan


AMMAN: Abu Dhabi’s renewable energy company Masdar has selected International Finance Corporation (IFC), a member of the World Bank Group, to oversee the funding of the largest solar power plant in Jordan. The announcement follows the signing of a power purchase agreement (PPA) in October between Masdar and National Electric Power Company, Jordan’s state electricity provider, for the 200-megawatt (MW) ... Read More »

NRB cancels bids for its bond offer


KATHMANDU: Nepal Rastra Bank (NRB) today cancelled all the bids submitted by banks and financial institutions (BFIs) to purchase NRB bond as the BFIs quoted an interest rate that was lower than the interbank rate. NRB had issued NRB bond worth Rs 40 billion with a maturity period of 177 days due to the acute liquidity crisis in the financial ... Read More »

Finland stocks higher at close of trade; OMX Helsinki 25 up 0.54%


HELSINKI: Finland stocks were higher after the close on Wednesday, as gains in the Healthcare, Oil & Gas and Utilities sectors led shares higher. At the close in Helsinki, the OMX Helsinki 25 rose 0.54%. The best performers of the session on the OMX Helsinki 25 were Valmt (HE:VALMT), which rose 3.90% or 0.53 points to trade at 14.12 at ... Read More »

Al Anwar Holding agrees to sell Falcon Insurance stake


MUSCAT: Al Anwar Holding and thirteen other minority stake holders of Falcon Insurance Company (FIC) have decided to sell their stake in FIC to Arabian Insurance Company (AIC) and Lawrence Investment. Both parties have entered into an agreement for sale and purchase of shares for divesting the stake. According to the agreement, Al Anwar Holding will be selling 20.35 per ... Read More »

Polish private sector employment, wages up

Malta employment

WARSAW: Average employment in Poland’s private sector in December was 3.1 percent up on the same month a year earlier, the country’s Central Statistical Office said on Wednesday. The employee count in private businesses stood at 5,798,900 last month. Meanwhile, the average monthly gross salary in the business sector climbed 2.7 percent year on year to PLN 4,635 (USD 1,130, ... Read More »

Dubai’s ENOC appoints new board for its subsidiary


DUBAI: Dubai-government owned Emirates National Oil Company Group (ENOC) announced that it has appointed a new board of directors for its wholly-owned subsidiary, Dragon Oil. Sheikh Hamdan bin Rashid Al Maktoum, Dubai’s deputy ruler and UAE Minister of Finance has been selected as the company’s new chairman, a statement said. Saeed Mohammed Al Tayer, managing director and CEO of DEWA, ... Read More »

Pak rupee recovers by 20 paisas

Pak rupee (4)

KARACHI: The Pakistani rupee Thursday further gained value against the US dollar in open market and remained firm in interbank. As per the local money market, the dollar dropped 20 paisas in open market for buying at 108.10 and for selling at 108.40. The US currency remained unchanged in interbank for buying at 104.40 and for selling at 104.60. On ... Read More »

Italy set for unveiling of several architecture projects in 2017


ROME: Several Italian architectural projects are due to be unveiled in 2017, following three main themes: restoration with new functions, spaces that meet productive needs, and post-earthquake reconstruction involving locations with high social value. A new location for Italian food marketplace Eataly was inaugurated on Tuesday in a former wine warehouse in Trieste in north eastern Italy, redesigned by Archea ... Read More »

Gas industry targets doubling output by year 2035


HANOI: The Vietnamese gas industry aims to double its exploitation output to reach as much as 21 billion cubic metres by 2035, according to a master plan approved by Prime Minister Nguyễn Xuân Phúc early this week. The current output of roughly 11 billion cubic metres will be maintained to 2020 and pushed up to 19 billion cubic metres by ... Read More »

Woman jailed in Dubai for smuggling 3.8kg marijuana in luggage


DUBAI: A jobless woman who was caught smuggling 3.8kg of marijuana in her luggage when she arrived at the Dubai International Airport has been jailed for 10 years. Law enforcement officers at the airport stopped the 31-year-old Malian woman as the scanning device detected two pieces of marijuana in her luggage in August. The Dubai Court of First Instance convicted ... Read More »

Iran, Germany sign co-op MOU on airport industry


TEHRAN: Iran Airports and Air Navigation Company signed an MOU with Fraport AG, Munich Airport, and Dornier Consulting International GmbH in Tehran on Tuesday to boost airport and aviation ties with Germany. According to IRNA, the MOU was penned between Chairman of the Executive Board of Fraport AG Stefan Schulte (1st L), Business Director of Dornier Company Michael Holzschneider (2nd ... Read More »

UK suggests an inter-governmental economic organization to tackle tax evasion


LONDON: The UK’s Treasury suggested that an inter-governmental economic organization could help tackle tax evasion across the Irish border after Brexit. According to details, the UK’s only land border with an EU state is in Northern Ireland. Without the European institutions, the Organization for Economic Co-operation and Development (OECD) could help facilitate dialogue with the Republic of Ireland. The DUP ... Read More »

Australian GDP forecast trimmed to 2.4%

gdp growth

CANBERRA: Analysts have downgraded forecasts for Australian economic growth after the resource-rich nation hit a pot hole in 2016, though a cash windfall from commodity exports should help drive a gradual pick up this year and next. A Reuters poll taken from January 9-17 found analysts estimated Australia’s $1.7 trillion of gross domestic product (GDP) grew 2.4 per cent last ... Read More »

Australian software firm raises $25 mln to expand Atlanta-based Americas HQ


SYDNEY: Australia-based software provider Deputy has raised $25 million — capital it will primarily invest in expanding its Atlanta-based Americas headquarters. Deputy, which raised its Series A financing from Boston-based OpenView, employs about 20 in Atlanta — its sales, marketing and customer service hub. The workforce management software maker employs about 100 companywide. Deputy expects to add about 40 jobs ... Read More »

Azerbaijan’s gas export revenues down 35.5%


WASHINGTON: Azerbaijan exported 6.754bn m³ of natural gas in 2016, about 19.9% less than the previous year, while revenues of $970mn were down 35.5% thanks to lower gas prices. According to statistics, released by the state customs committee it exported 8.432bn m³ in 2015. The customs committee pointed out that last year the gas exports accounted for 10.62% of the ... Read More »