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Author Archives: CT Report

BOI inks agreement with edotco to equip Sri Lanka with Smart City Solutions

BOI-edotco

July (LBO) – The Board of Investment (BOI) and edotco Sri Lanka, an integrated telecommunications infrastructure services company today entered into an agreement to invest in the latest Smart City solutions and energy-efficient systems. Under this agreement, the BOI grants edotco Sri Lanka the approval to deploy urban smart solutions throughout the country over the next 3 years. The BOI ... Read More »

Castletownbere’s Shellfish Ireland secures €500,000 contract for Lidl stores in Spain and Portugal

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A Castletownbere based seafood company is celebrating after landing a €500,000 deal with Lidl to supply brown crabs to 800 of its stores in Spain and Portugal. Shellfish Ireland, which employs around 150 people in Castletownbere, landed the deal due to their relationship with Lidl Ireland, and will now see its produce shipped from West Cork to depots all over ... Read More »

Australia’s Port Hedland iron ore shipments to China jump 11% in June

iron-ore

SYDNEY, : Iron ore shipments to China from Australia’s Port Hedland terminal rose more than 11% in June from a month earlier, port data released on Wednesday showed. Iron ore shipments to China from the world’s biggest iron ore port totalled 42 million tonnes in June, compared with May’s 37.8 million tonnes, the Pilbara Ports Authority said. Port Hedland is ... Read More »

Effects of U.S.-China Trade War: ‘The Proof’s In The Ports’

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U.S. trade with the world is up a sliver this year, 0.47%, down from a slice just a couple months ago. According to the latest U.S. Census Bureau data, five of the nation’s top 10 ports — five are seaports (with as asterisk), three airports and two border crossings — are showing trade increases, five are showing decreases. As you ... Read More »

Turkey’s economy to contract in 2019, limited growth ahead

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ISTANBUL: Turkey’s economy is expected to contract in 2019 for the first time in a decade and to see only modest growth in the following two years, a Reuters poll showed on Wednesday. The poll of more than 40 economists showed the Turkish economy shrinking 1.5% this year, according to the median forecast. The government’s own sharply-lowered forecast for this ... Read More »

Oil slips as Trump, Pompeo signal Iran tensions may ease

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Oil slipped over 3 percent as President Trump and Secretary of State Mike Pompeo both signaled potential progress with U.S. – Iranian relations in the Middle East Opens a New Window. . “We will work with them in any way we can, but they can’t have a nuclear weapon,” Trump said in a Cabinet meeting. “They can’t be testing ballistic ... Read More »

Saudi Arabia approves 24-hour trading for retail, restaurants

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The cabinet decision ‘doesn’t include carrying out commercial activities during prayers and it doesn’t touch any previous decision related to prayer times,’ said Khalid Al-Degaither, a deputy at the ministry implementing the change Saudi Arabia said it will allow some businesses to stay open 24 hours a day, an announcement that triggered puzzlement over whether it was ending rules that ... Read More »

France to vote on ratifying contentious EU-Canada trade deal

European-Parliament

French lawmakers in the National Assembly will vote on Wednesday on whether to ratify a controversial trade deal between the European Union and Canada. The EU-Canada Comprehensive Economic and Trade Agreement (CETA) was approved by the European Parliament two years ago, but it must also be ratified by each of the member states of the European Union to become permanent. ... Read More »

Singapore exports drop most in 6 years as electronics slump

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SINGAPORE: Singapore’s exports fell more than expected in June, marking their biggest decline in six years, as it struggles against tepid global demand and the Sino-US trade war. The grim trade numbers add to a slew of weak economic data and reinforce economists’ expectations that the central bank could ease monetary policy at its October meeting. Non-oil domestic exports (NODX) ... Read More »

Russia Eyes 2035 Grain Crop Boom With $70 Billion Investment Plan

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The Agriculture Ministry said on Tuesday it saw Russia’s grain crop rising as high as 150.3 million metric tons by 2035 in an “optimistic scenario” as it outlined a draft strategy to invest billions of dollars in grain infrastructure and logistics. The 2035 strategy, which has been sent to the government for discussion, would cost more than 4.4 trillion rubles ... Read More »

Crypto foundations continue to thrive in Switzerland

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Yet more overseas blockchain firms are coming to Switzerland to set up foundations. British company Atlas City will establish a non-profit entity for its Catalyst project. But what’s in it for commercial enterprises that develop cutting-edge technologies? The Swiss foundation model looked to be faltering with disputes at Tezos and Cardano last year. But 18 crypto foundations were set up ... Read More »

Cheaper energy pulls Canada’s inflation rate down to 2% in June

Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011.  World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed.                                        AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

Canada’s consumer price index rose at a two per cent annual pace in June, as the price of just about everything except energy went up. Statistics Canada reported Wednesday that prices for food, shelter, clothing, home furnishings, services, insurance, new cars, to name a few, have risen in the past year. But the overall inflation rate fell to two per ... Read More »

Amazon wants to source products from Bangladesh under a new business model

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Under the proposed mode of financial transaction, Bangladeshi exporters have to keep their goods at Amazon warehouses in the USA Amazon, an American e-commerce giant, yesterday formally wanted to source goods from Bangladesh for its global buyers with flexible terms that will require amending a number of regulations on external trade including the foreign exchange regulations. In making the sourcing ... Read More »

Only 300 companies paying 70pc tax in Pakistan: PM Imran

ISLAMABAD: Prime Minister Imran Khan giving away Award to best performers during the Award Distribution Ceremony of Gujranwala Chamber of Commerce. INP PHOTO

ISLAMABAD: Around 70 percent of Pakistan’s tax comes from 300 companies, says Prime Minister Imran Khan. He said FBR chief Shabbar Zaidi gave him this figure. The premier was speaking to members of the Gujranwala Chamber of Commerce an Industry in Islamabad on Wednesday. He said the service sector accounts for over 20% of the economy, but only 1% pays ... Read More »

NAB directs to freeze Shehbaz Sharif family’s assets

Shahbaz Sharif

ISLAMABAD: The National Accountability Bureau (NAB) has ordered that all moveable and immoveable assets belonging to Shehbaz Sharif and his family members should be frozen with immediate effect. In separate letters written to various departments including excise and taxation, revenue and district governments on Wednesday, the anti-graft watchdog banned sale, purchase and transfer of all properties belonging to former Punjab ... Read More »

Stock market ends flat despite positive opening

A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

KARACHI: The stock market ended with gain of nominal 10 points on Wednesday despite positive trading of over 400 points earlier in the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,982 points as against 32,972 points showing an increase of 10 points. Analysts at Arif Habib Limited said that the market opened on a positive ... Read More »

Collector Preventive Ahmad Rauf transfers 42 inspectors with immediate effect

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LAHORE: Collectorate of Customs Preventive Collector Ahmad Rauf issued order for transfer and posting of following inspectors with immediate effect and until further orders. All the inspectors stand relieved from their duties with immediate effect with the direction to report at their new place of posting.   Read More »

NAB’s executive board approves inquiries into two corruption references

NAB

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (r) Javed Iqbal has chaired meeting of Executive Board in Islamabad today (Wednesday). According to details, the members have approved corruption inquiries against former DG Sindh Building Control Authority (SBCA) Manzoor Qadir and ex-Sindh Chief Minister Liaquat Jatoi. The participants also agreed to close investigation against Zia-ud-Din Hospital administration. Meanwhile, NAB chairman said ... Read More »

Karachi Port Trust Shipping Intelligence Report

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Wednesday. ALONG SIDE (Bulk Oil Pier) OP-II Attlcus D. Chemical Transtrade 16/07/19 ALONG SIDE (East Wharves): 1 Tsm Pollux D. Chemical East Wind 16/07/19 2 Mandala D. Chemical East Wind 16/07/19 5 Marrianne Danica L. Gen. Cargo Noble-Sh. 16/07/19 12/3 ... Read More »

CPEC provides companies opportunity to adopt latest technology

CPEC

FAISALABAD: The China-Pakistan Economic Corridor (CPEC) has provided an opportunity to Pakistani companies, particularly in the Faisalabad region, to reconfigure their operations and re-strategise their product-based competencies to be able to serve national and global markets in a better position, said University of Cambridge Institute for Manufacturing (IfM) Industrial Associate Dr Arsalan Ghani. He was speaking to a delegation of ... Read More »