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Oil prices surge in Asia as Riyadh cuts ties with Tehran


SINGAPORE: The oil prices once again surged on Monday in Asia as the world’s largest oil producer, Saudi Arabia, cut ties with Iran after the Saudi embassy attack in reaction over a Shia cleric’s execution by Riyadh. Saudi Arabia cut ties with Iran a day after protesters ransacked its embassy in Tehran over the execution of the cleric, Sheikh Nimr ... Read More »

Action being taken against profiteers, adulterators: Bilal Yasin


LAHORE: Almost all the items of daily use are available at reasonable prices in Sunday Bazaars, claimed Provincial Minister for Food Bilal Yasin. He said this while talking to media during visit to Shadman Sunday Bazaar. The minister was also accompanied by Data Ganj Bakhsh Town TMO. Talking to the consumers, Bilal Yasin said that on the instructions of Chief ... Read More »

Rubina relinquishes charge as DG of Karachi Customs Internal Audit

Karachi Customs

ISLAMABAD: Rubina Wasti, a Pakistan Customs Service officer of BS-21, has relinquished the charge of the post of Director General, Directorate General of Internal Audit (Customs), Karachi. The officer, in pursuance of Establishment Division Notification F No 34/4/2015-E-I, dated 19.11.2015 relinquished the charge of the said post with effect from December 31, 2015. Read More »

VN shares expect to large improvements on both local markets in 2016


HANOI: The stock market will see large improvements on both local markets this year, despite many problems in both local and global economic conditions, said a Viet Nam Investment Securities Company analyst. Nguyen Huu Binh, the analyst, said the benchmark VN Index on the HCM Stock Exchange might reach 670 points by the end of this year. The southern index ... Read More »

China Customs seizes 5,640 infringing auto parts


SHANGHAI: A few days ago, Dalian Customs District seized 5,640 automotive parts suspected of infringing the trademark “CHERY”. The seized parts, worth USD 60,000, made up the largest infringement on Chinese intellectual property rights seized by Dalian Customs both in recent years and since Customs campaign “Breeze” for protecting overseas image of China-made products. On that day, a company from ... Read More »

Singapore’s private residential properties dip 3.7% in 2015

sales fall

SINGAPORE: Singapore’s private residential property prices fell by 3.7 percent in 2015, following the 4.0 percent decline in 2014, said Urban Redevelopment Authority (URA) in a flash estimates on Monday. URA said private home prices fell 0.5 percent in the fourth quarter of 2015, compared with the 1.3 percent decline in the previous quarter, as the Private Residential Property Index ... Read More »

Consumption taxes to boost revenue collections in Kenya


NAIROBI: The Kenya Revenue Authority is banking on consumption taxes to boost revenue collections in the second half of the present financial year to June as income tax streams lag due to a “temporary” economic downturn. Commissioner-general John Njiraini is optimistic the performance of the consumption taxes – Excise duty and Value Added Tax – will be even robust in ... Read More »

Resale prices of Singapore’s public housing units down 1.5% in 2015

shares fall

SINGAPORE: Resale prices of Singapore’s public housing units built by the Housing and Development Board (HDB) fell 1.5 percent in 2015, the HDB said in its flash estimates released on Monday. HDB resale prices in the fourth quarter of 2015 edged up for the first time since the third quarter of 2013, with the Resale Price Index, which provides information ... Read More »

China’s logistics sector slows in Jan-Nov

Cardboard Box with Flag of China and Made in China Slogan on Hand Truck White Background. Free Shipping Concept.

BEIJING: China’s logistics industry grew at a slower pace in the first 11 months of 2015 than a year ago, new data showed Sunday. In the January-November period, the total value of goods carried by the logistics sector rose 5.8 percent year on year to 202.4 trillion yuan (31.17 trillion U.S. dollars), the National Development and Reform Commission said in ... Read More »

Ha Noi to attract investment capital in 2016


HANOI: This year, Ha Noi will see breakthroughs in attracting investment capital, according to deputy director of the municipal Department of Planning and Investment Tran Ngoc Nam. In 2015, Ha Noi saw significant improvements in its investment and business environments. The city took initiatives to reduce the time needed for establishing new business, falling from five to three days, while ... Read More »

Pak, Sri Lanka to sign several trade ties as PM leaves for Colombo

Nawaz 2

ISLAMABAD: Prime Minister Nawaz Sharif to oversee signing of several bilateral trade agreements as he Monday left for Sri Lanka on a three-day visit. According to Radio Pakistan, PM Nawaz, invited by Sri Lankan President Maithripala Sirisena, will meet distinguished parliamentarians, religious leaders and businessmen during the visit. He will also address a gathering of ministers, parliamentarians, senior officials, top ... Read More »

China’s non-ferrous metal output downs by 6.5% in Nov

fall in revenue

BEIJING: China’s production of 10 major non-ferrous metals in November grew at a slower pace than a year ago, the top economic planner said Sunday. Output of non-ferrous metals grew 1.4 percent year on year in November, down by 6.5 percentage points from the growth posted last November, the National Development and Reform Commission said in a statement. In the ... Read More »

PM approves plan to raise Viettel’s charter capital


HANOI: The Prime Minister has approved a plan to raise military-run Telecommunications Group’s (Viettel’s) charter capital. Accordingly, the company’s charter capital will triple to VND300 trillion (US$13.3 billion) for the 2015-20 period. Viettel is the country’s leading telecommunications group with revenues of VND193.1 trillion ($8.6 billion) last year, a three-time increase compared to 2009. Last year, the company posted a ... Read More »

Oil producers to cut investments again in 2016


DUBAI: With crude prices at 11-year lows, the world’s biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors. At around US$37 a barrel, crude prices are well below the US$60 firms such as Total, Statoil and BP need to balance their ... Read More »

Airbus wins contract for 3 A380 jets to Japan’s ANA


TOULOUSE: European planemaker Airbus has won a deal to sell three A380 superjumbo jets to Japan’s biggest carrier ANA Holdings Inc in a deal valued at about 150 billion yen (US$1.25 billion), the Nikkei said here the other day. The planes are to be introduced in fiscal 2018 on routes to Hawaii and elsewhere, the paper said. Orders for Airbus ... Read More »

Oil prices to stay low for 2 years

Oil Well Pumps --- Image by © Craig Aurness/CORBIS

LONDON: Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP Chief Executive Bob Dudley warned. “A low point could be in the first quarter,” Dudley told BBC radio on Saturday. Oil prices fell by 34 percent in 2015, battered by prolonged global oversupply and a slowdown in energy-hungry China’s economy. Dudley ... Read More »

North Korea spends quarter of GDP on military during 2002-2012


SEOUL: North Korea spent nearly a quarter of its gross domestic product on the military on average between 2002-2012, making the communist nation the world’s No. 1 in terms of military expenditures relative to its GDP, according to U.S. data. According to the State Department’s World Military Expenditures and Arms Transfers 2015 report, the North’s military expenditures averaged about $4 ... Read More »

Ford ready to invest $4.5b in electric cars


NEW YORK: US automaker Ford said it will invest $4.5 billion in electrified vehicle solutions by 2020, its largest-ever electrified vehicle investment in a five-year period. The investment will add 13 new electric and hybrid vehicles to Ford’s portfolio by 2020, which means more than 40 percent of the company’s lineup will come in electrified versions, the company said. One ... Read More »

Record number of car recalls in China in 2015


BEIJING: A record number of vehicles have been recalled this year in China since the system was initiated in 2004, according to the country’s top quality watchdog. A total of 76 automakers or dealers had announced 226 recalls by Dec 18, involving 5.54 million vehicles, a 17 percent rise from the same period last year, said Yan Fengmin, an official ... Read More »

China’s high-tech exports beat Japan, S.Korea


BEIJING: China has surpassed Japan and South Korea as Asia’s No 1 high-tech exporter in 2014, a latest report showed. According to the 2015 Asian Economic Integration report released by Asian Development Bank (ADB), China’s share of Asia’s exports of high-tech goods rose to 43.7 percent in 2014 from 9.4 percent in 2000. China’s high-tech products, such as high-speed railway, ... Read More »