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Author Archives: CT Report

Pakistan & China inked 46 MOUs in different segments of economy

DSC_0087

FAISALABAD. In new emerging economic scenario “One Belt-One Road” is a gigantic infrastructure of China to link up Asia with Europe and Africa and this project has already been successfully initiated from Pakistan, said  Wang Zihai President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Lahore. He was addressing a meeting in Faisalabad Chamber of Commerce and Industry (FCCI) ... Read More »

Jordan’s Arab Summit to address cooperation priorities

JORDAN

AMMON: Secretary General of the Arab League Ahmad Abul-Gheit will present three vital reports on cooperation priorities to the 28th Arab Summit in Jordan next Wednesday, said an Arab League official. A statement by the League’s spokesman Mahmoud Afifi indicated that the first report will focus on the Palestinian cause, the war in Syria, Yemen, and Libya, terrorism, as well ... Read More »

Qatar approves draft law on domestic workers

QATAR

DOHA: Qatar’s cabinet has approved a draft law specifying the rights and duties of domestic workers in an attempt to regulate the industry, the state news agency QNA announced. The new law is a significant step towards regulating the services of domestic workers as they are not currently covered by Qatar’s existing labour law. The law also sets out the ... Read More »

Jordan, Iraq seal economic protocols

IRAQ

BAGHDAD: Jordan and Iraq inked minutes of the Jordanian-Iraqi joint committee meetings which entails boosting trade exchange and speeding up construction of the oil pipeline between the two countries. The protocols also encompassed encouraging Iraqi investors in Jordan and opening the border post of Turabil, the main crossing point between Jordan and Iraq, and identifying fees exempted Jordanian products that ... Read More »

Domestic production may boost national economy

afghan

KABUL: In an attempt to find new markets for domestic products, 104 local companies exhibited their products at an expo in Kabul under the name of “It is the best, it is Afghan”. Members of the Afghanistan Chamber of Commerce and Industries (ACCI) said research was needed to find out exactly what people need in terms of products, so as ... Read More »

Gulf countries set to drive global 2017 sovereign debt issuance

KUWAIT

KUWAIT CITY: Gulf countries are forecast to drive the bulk of 2017 sovereign debt issuance, followed by Latin America, according to Bank of America Merrill Lynch. Its latest GEMs Macro Monthly report said it expects Saudi Arabia, Argentina, Qatar and Kuwait to be the largest gross and net debt issuers in 2017. It said these four issuers could account for ... Read More »

ABIC-Nepal interacts with commercial farmers

NEPAL

KATHMANDU: The newly established Agribusiness Innovation Centre Nepal (ABIC-Nepal) on Thursday held interactions with commercial farmers from various parts of the nation. As many as 47 farmers who have been implementing various agricultural projects with the grant of the Project for Agriculture Commercialisation and Trade (PACT) being run by the Ministry of Agricultural Development had participated in the programme held ... Read More »

Oman’s polypropylene plant to raise capacity to 340,000 tonnes per annum

OMAN

MUSCAT: Oman Refineries and Petroleum Industries Company (Orpic) said that the capacity of its polypropylene plant will be raised to 340,000 tonnes of high quality polypropylene per annum from 200,000 tonnes a year now. This is considered an achievement for the company, which started operations in 2006. Faisal Al Hajri, Orpic’s regional sales manager for Middle East, Africa and Europe, ... Read More »

Hungary adapts to changing economic climate, says foreign minister

HUNGARY

BUDAPEST: Hungary accepts and adapts to the changing economic climate brought about largely by the “more patriotic economic approach” pursued by the US, Foreign Minister Péter Szijjártó said at an event hosted by the American Chamber of Commerce in Hungary (AmCham) on Friday. In a move to turn Hungary into an ideal site for research and development, the government will ... Read More »

Bank of Ireland CEO Boucher to Retire After Crisis Comeback

BOI

DUBLIN: Bank of Ireland Plc Chief Executive Officer Richie Boucher, who took over amid the nation’s worst economic crisis in living memory and helped the lender recover from a bailout, intends to step down. Boucher, 58, will remain in charge of Bank of Ireland while the board seeks a new CEO, the Dublin-based company said in a statement Friday. He ... Read More »

Dubai Police sign MoU with bank for fine collection

sign

DUBAI: The Dubai Police have signed a Memorandum of Understanding (MoU) with Commercial International Bank (CIB) to collect the traffic fines from bank’s credit card holders in interest free installments over 3, 6, or 12 months, with a minimum of Dhs500 for the one file. The service is reported to be activated within a maximum of two weeks. Acting Director ... Read More »

Hong Kong developer NetDragon boosts revenues by 120% following strong mobile growth in 2016

revenues

HONG KONG: Hong Kong-based developer NetDragon has released its financials for Q4 FY16 and its full year financials for the year ending December 31st 2016. The company posted overall revenues of $359.6 million for the year, an impressive increase of 119.5% year-on-year. Gross profit for the year was up 66% to $204.7 million. Breaking this down, game revenues were $155.8 ... Read More »

Live cattle exports in 2017 up 35% on this time last year

exports

DUBLIN: Live cattle exports in 2017 have increased by 35% on this time last year, according to the Minister for Agriculture, Food and the Marine. An additional 10,689 head of cattle have been exported from Ireland so far this year, compared to the same period in 2016, Minister Creed added. 2017 has been a positive year so far for live ... Read More »

HK-mainland trade slumps in first month

trade

HONG KONG:  The Chinese mainland’s trade with Hong Kong totaled $19.81 billion in the first month of this year, down 18.8 percent year-on-year, according to the Ministry of Commerce. The value accounted for 6.3 percent of the mainland’s total overseas trade in January, the ministry’s figures show. The mainland’s exports to Hong Kong hit $19.24 billion, a decrease of 15.4 ... Read More »

SBP keeps policy rate unchanged at 5.75%

SBP

KARACHI: The Monetary Policy Committee of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 5.75 percent.  The announcement to this effect was made in a statement of the SBP issued here on Saturday. It said the inflation expectations in the current fiscal year continue to remain well anchored. This has been largely due ... Read More »

Govt bans Brazil meat imports

ban

HARARE: Government has temporarily banned the importation of meat and related products from Brazil, with that country already investigating rotten meat exports. In an interview on the sidelines of Vice President Emmerson Mnangagwa’s tour of Pamene Farm in Alaska, Agriculture, Mechanisation and Irrigation Development Minister Dr Joseph Made said the position was precautionary. Sanitary and quality levels have come into ... Read More »

UAE halts imports of food products from six Brazilian companies

imports

DUBAI: UAE has taken precautionary measures on imported food products from Brazil, after the Brazilian authorities suspended the activity of number of Brazilian companies on the grounds of unhealthy practices in the production processes. The Ministry of Climate Change and Environment said that their notification system on food products identified six facilities which export its products outside of Brazil. Preliminary ... Read More »

Sri Lanka, Pakistan should utilize the full potential of FTA

FTA

COLOMBO: Pakistan’s Prime Minister Nawaz Sharif has said that Pakistan and Sri Lanka can collaborate to achieve the objectives of the South Asian Association for Regional Cooperation (SAARC). Prime Minister Sharif made this remark when President Pakistan-Sri Lanka Friendship Trade & Investment Association Iftikhar Aziz, called on the Prime Minister at PM House in Islamabad on Friday. While recalling a ... Read More »

Sri Lanka’s Pan Asia Coloured Yarns awarded OekoTex Standard 100 and ISO 9001:2008 Certification

panasia

COLOMBO: Sri Lanka’s leading producer of Polyester and Nylon Yarn, Pan Asia Coloured Yarns (PACY) was awarded the highest grade of OekoTex Standard 100 certification following a series of stringent tests carried out at the Hohenstein Textile Testing Institute, Germany. At the same time the company was also awarded the only Independent Yarn Dyeing Plant to be certified by ISO ... Read More »

Unpaid, Laing quits troubled $34bn Australian LNG project

lng

CANBERRA: UK-based contractor Laing O’Rourke has become the second major contractor this year to quit a project to build a gargantuan liquid natural gas (LNG) processing facility in Darwin, Australia. Saying it had not been paid in months, the company announced last week that it had demobilised approximately 800 of its people from the US$34bn Ichthys scheme, being developed by ... Read More »