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Author Archives: CT Report

Ford under criminal investigation in US over auto emissions

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The US Department of Justice has launched a criminal investigation into Ford’s emissions certification process. Ford said on Friday it was fully cooperating with government agencies, as it became the latest car manufacturer to be investigated over emissions. However, Ford said the concerns did not involve the use of defeat devices – the cheat software used to deliberately lower emissions ... Read More »

Customs data shows China’s greater efforts on fighting IPR violations

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BEIJING: Chinese customs reinforced the crackdown on intellectual property right (IPR) violations, with the number of seized goods suspected of infringing IPR rising significantly in 2018. A total of 47,200 batches of suspected goods were seized last year, surging around 146 percent year on year, according to the General Administration of Customs. Most of the seized goods were found in ... Read More »

Saudi Arabia said to mull relaxation of foreign ownership limits

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Saudi Arabia is reportedly considering relaxing a 49 percent limit for foreign strategic investors in shares of listed companies. Mohammed El-Kuwaiz, chairman of the Capital Market Authority told Reuters that the move is being considered due to increased demand. Foreigners currently own 5.5 percent of Saudi equities but that could nearly double by the end of 2020, Mohammed El Kuwaiz ... Read More »

Russia says it can fix tainted oil affecting Europe supplies soon

Representatives of Russian Transneft, Ukranian Ukrtransnafta, Polish Pern and Belarusian Belneftekhim gather to hold talks on fixing tainted oil supplies to Europe, in Minsk, Belarus April 26, 2019. REUTERS/Vasily Fedosenko

MOSCOW/MINSK (Reuters) – Russia is confident it can soon resolve a problem of polluted Russian oil contaminating a major pipeline serving Europe and affecting supplies as far west as Germany, a senior official said on Friday at talks with importers about the issue. Russian Deputy Energy Minister Pavel Sorokin did not give a precise timeframe but Moscow has previously said ... Read More »

P&O sues UK government over no-deal Brexit ferry case

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Ferry firm P&O is taking legal action against the UK government, claiming a rival was unlawfully handed £33m of taxpayers’ money. Last month, the Department for Transport (DfT) was forced to settle with train operator Eurotunnel, which had challenged the procurement of no-deal Brexit shipping contracts. As part of the deal, Eurotunnel agreed to make improvements to its terminal. P&O ... Read More »

Turkey aims to become key player in global grain sector

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Turkey is poised to become a major player in the global grain industry, thanks to its growing flour and licensed warehousing sector, the head of Turkish Flour Industrialists’ Federation (TFIF) Günhan Ulusoy said Friday. Turkey needs more licensed warehousing infrastructure to shine in agricultural products export, Ulusoy told the 15th TFIF International Congress and Exhibition held in the southern resort ... Read More »

Switzerland to join BRI, boost business ties

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Switzerland and China will sign a Memorandum of Understanding (MOU) on cooperation with third markets under the Belt and Road Initiative (BRI) on Monday, Swiss President Ueli Maurer said in Beijing. The move is expected to inject new momentum into bilateral relations, Maurer said. Maurer will be in China through April 30, accompanied by a finance and business delegation. President ... Read More »

Marriot to open 7 luxury hotels in Bangladesh in next 5 years

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Banking on great success of hotel Le Meridian Dhaka, Marriot International has drawn out plans to open seven new hotels in the capital and other cities in next five years to firm its grip on the country’s growing luxury hospitality industry. At least 2,000 trained staffs would be chosen from home and abroad to operate the hotels, said general manager ... Read More »

London, Dublin bid to restore N Ireland government: reports

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London and Dublin were set to announce a fresh attempt to revive Northern Ireland’s power-sharing devolved administration, reports said Friday, following the killing of a journalist by nationalist paramilitaries. Northern Ireland, part of the United Kingdom, has been without its semi-autonomous government since January 2017 following a breakdown in trust between the main parties. In a rare joint statement, politicians ... Read More »

Malaysia’s Proton to get $455 million financing from China Construction Bank

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KUALA LUMPUR : Malaysia’s national carmaker Proton has secured 1.88 billion ringgit ($455.10 million) in banking facilities from China Construction Bank to fund expansion around the region, it said in a statement late Friday. The loans are earmarked for Proton’s growth plans to be the number one automotive brand in Malaysia and number three in ASEAN by 2027, the company ... Read More »

South Korea to sweep world for Iran oil replacement

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SEOUL: South Korea will likely return to a familiar game plan to replace Iranian oil it will no longer have access to after May now that the US intends to tighten sanctions on Iranian exports. South Korea is the biggest buyer of Iranian condensate, an ultra-light oil prized by the country’s refiners as a raw material for petrochemicals manufacturing. SK ... Read More »

Customs uncovers P60-M sugar shipment from Hong Kong

Customs Commissioner Rey Leonardo B. Guerrero (middle), Subic District Collector Maritess Martin (right) and a customs official present to the media the container full of smuggled Thailand refined sugar at the New Container Terminal 1 in Subic Bay Freeport on Friday. (Jonas Reyes)

Customs Commissioner Rey Leonardo B. Guerrero (middle), Subic District Collector Maritess Martin (right) and a customs official present to the media a container full of smuggled Thailand refined sugar at the New Container Terminal 1 in Subic Bay Freeport on Friday. (Jonas Reyes / MANILA BULLETIN) Due to derogatory information, a total of 34 containers of sugar and one container ... Read More »

UAE, China eye closer ties to drive $70bn trade in 2020

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The UAE and China are keen to expand economic collaboration with trade set to hit $70 billion next year. The trade boost was announced during a meeting between Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Chinese President Xi Jinping in Beijing. The meeting was held on the sidelines ... Read More »

Ministry of Design completes futuristic sports store in Singapore Airport

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Architecture and interiors firm Ministry of Design has completed an immersive ultra-performance Durasport store within Singapore’s recently completed Jewel Changi Airport. Designed to resemble a futuristic research and development lab environment, the store is tailored to sports enthusiasts who want to try out sportswear and equipment in simulated environments before buying them. Singapore studio Ministry of Design was invited to ... Read More »

Sri Lanka fears up to $1.5 billion tourism losses

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“We expect a 30 per cent drop in arrivals and that means a loss of about USD 1.5 billion in foreign exchange.” Samaraweera said the country could take up to two years to fully recover from Sunday’s attacks, which devastated three luxury hotels and three Christian churches and killed 253 people killed, among them many foreigners. The government has blamed ... Read More »

Canada’s Saputo buys Kirin’s cheese business in Australia for $179 million: Nikkei

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SYDNEY : Canada’s Saputo Inc. has purchased the Australian cheese business of Japan’s Kirin Holdings for about 20 billion yen ($179 million), the Nikkei reported on Friday, citing anonymous sources. Japanese beer and beverage maker Kirin Holdings said last September it was reviewing its Australia-based subsidiary Lion Pty Ltd’s dairy and drinks business, and was considering a possible sale. The ... Read More »

Canada to enact final tariffs for two types of steel

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Canada said on Friday it would enact final special tariffs, called safeguards, to protect Canadian steel workers’ jobs in the face of foreign steel being dumped on the Canadian market. The Department of Finance said that based on a Canadian International Trade Tribunal (CITT) report the government would enact final safeguards for imports on heavy plate and stainless steel wire. ... Read More »

2nd Belt & Road Forum ends with pledge on high-quality cooperation

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BEIJING: A joint communique of the Leaders’ Roundtable of the second Belt and Road Forum for International Cooperation issued on Saturday. In all, heads of state/government of some 40 countries participated in the Leaders’ Roundtable of the second Belt and Road Forum for International Cooperation, themed on Belt and Road Cooperation: Shaping a Brighter Shared Future, according to the joint ... Read More »

National Aviation Policy to boost aviation sector’s growth

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KARACHI: Secretary Aviation Shahrukh Nusrat Saturday said that National Aviation Policy (NAP) 2019 prepared in line with the directions of Prime Minister Imran Khan and recently approved by the federal cabinet would help boost the industry. The NAP will also help overcome the challenges being faced by the Aviation industry in the country. Addressing a press conference at Civil Aviation ... Read More »

NAB sends Hamza questionnaire ahead of appearance on April 30

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LAHORE: The National Accountability Bureau (NAB) has sent Opposition Leader in the Punjab Assembly Hamza Shehbaz a questionnaire ahead of his scheduled appearance before the bureau’s probe team on April 30. The PML-N leader has been summoned in connection with a probe into his alleged assets beyond known source of income. The bureau had previously summoned and interrogated him twice ... Read More »