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Author Archives: CT Report

Cuba eager to speed up foreign investment in key sectors


HAVANA: Cuba must cut red tape to ease foreign investment in the productive sector and promote its investment law to spur capital flow in key economic sectors, an official said Tuesday. “We have to be quicker when working with foreign capital,” Rodrigo Malmierca, minister of foreign trade and investment, told a parliamentary session held to review the results of socio-economic ... Read More »

Global markets end 2015 with whimper


LONDON: World stock markets ended 2015 with a whimper after sharp volatility sparked by China’s slowdown, eurozone stimulus, the Greek crisis, rising US rates, and a commodities rout. “After a year that began so promisingly, the markets are wrapping up 2015 in the limpest way possible, a collective sigh instead of any attempt at New Year’s Eve fireworks,” said Spreadex ... Read More »

Jamaica teas sees 40% rise in profit


KINGSTON: On the back of improved revenues from exports, local manufacturing sales and sale of housing units, the Mahfood family-run Jamaica Teas group posted a 40 per cent rise in net profit for the year ended September 30, 2015. Net profit for the year was $71.69 million when compared to $51 million the year before. Total group revenue improved 16.67 ... Read More »

Cuba praises relations with Arab World


HAVANA: Cuban ambassador to Saudi Arabia, Enrique Enriquez stressed in the capital Riad his country´s relations with this nation and with the Arab world in general, which Havana has always extended its solidarity. During an interview with Saudi 24 television, the diplomat recalled aspects of relations of the Cuban Revolution with Arab nations and also addressed the ongoing process to ... Read More »

US Customs arrests 2 men wanted for alleged child sex offenses


EL PASO: U.S. Customs and Border Protection Office of Field Operations officers working at El Paso area ports of entry apprehended five NCIC wanted subjects Wednesday. Two of the people were sought on warrants related to alleged sex crimes committed against children. “Homeland security is our primary mission.” said Francis Brown, CBP El Paso Assistant Director of Field Operations. “The ... Read More »

US border agents arrest possible MS-13 murder suspect


DEL RIO: U.S. Border Patrol agents assigned to the Comstock Station arrested a Salvadoran national fitting the description of a man wanted by authorities in El Salvador for murder. “The apprehension of this individual highlights the cooperation between foreign governments in bringing dangerous criminals to justice,” said Del Rio Sector Chief Patrol Agent Rodolfo Karisch. “I commend our agents for ... Read More »

US Customs finds previously deported man attempting to board ferry


SAN JUAN: U.S. Customs and Border Protection (CBP) Field Operations officers arrested yesterday a previously deported undocumented man attempting to board the San Juan-Santo Domingo ferry. Yudy Andres Sambo, 40, a citizen of the Dominican Republic will appear today before US District coThe ferry traverses 3 times a week between Puerto Rico and the Dominican Republic transporting passengers, cargo and ... Read More »

US Rep proposes total ban on steel imports


WASHINGTON: U.S. Rep. Rick Nolan, a Democrat who represents Minnesota’s Iron Range, which provides iron ore to the steel industry, is calling for a five-year ban on any steel imports. The United States currently imposes 157 anti-dumping and countervailing tariffs against foreign-made steel, but they’re often too low, and trade agreements are too riddled with loopholes for them to matter, ... Read More »

USDA trade mission spurred ethanol exports to China


NEW YORK: The U.S. Department of Agriculture (USDA) announced last week a significant jump in ethanol exports to China this year. The USDA led a trade mission to China previous year where representatives from nine state departments of agriculture and 28 USA companies, including renewable fuels businesses, traveled to northeast China to explore opportunities for trade in the region. USA ... Read More »

Amnesty scheme: 1% tax turns black money into white

LAHORE: Government announced yet another tax amnesty scheme for the tax defaulters to broaden the tax net. The scheme will allow the tax-payers to broaden the tax net by simply paying 1% tax on their black money and turning it into white. The government has decided to reward the tax evaders yet again by offering them another tax amnesty scheme. ... Read More »

E-commerce market likely to touch $38 bln in 2016


NEW DELHI: The country’s e-commerce market is likely to touch $38 billion mark in 2016, a massive jump over the $23 billion revenues clocked by the industry in 2015, according to an Assocham study. “Increasing internet and mobile penetration, growing acceptability of online payments and favourable demographics have provided…the unique opportunity to companies to connect with their customers,” said the ... Read More »

Mexico’s oil revenues fall 36.7% YOY in 2015

rude oil

Mexico: Mexico’s oil revenues fell 36.7 percent year-on-year during the first 11 months of 2015 to 724.1 billion pesos ($40.71 billion), the Finance and Public Credit Secretariat said. “This result is explained by the 49.2 percent drop in the price of the Mexican export petroleum blend, which fell from $91.50 per barrel in 2014 to $46.50 in 2015,” the secretariat ... Read More »

Huawei expects to report 2015 revenues of $60.1 bln


LONDON: Huawei expects to report full year revenues of 390 billion yuan renminbi (US$60.1 billion), a staggering year-on-year increase of more than 35%. The news came in a letter to Huawei Technologies Co. Ltd. staff from current acting CEO Guo Ping. You can read the letter here. No further financial details were given: A full audited annual report is usually ... Read More »

Macau gambling revenue falls 34% in 2015

fall in revenue

HONG KONG: Gambling revenue in the Chinese territory of Macau fell for the second year in a row in 2015 as a prolonged anti-corruption campaign and slowing economic growth battered the world’s largest casino hub. Gambling revenue fell 34.3 percent to 230.84 billion patacas ($28.93 billion) last year, government data showed on Friday, compared with analysts’ estimate for a 35 ... Read More »

China-led Asian Infrastructure Investment Bank releases in Beijing


BEIJING: The $US100 billion ($137bn) China-led Asian Infrastructure Investment Bank has opened its doors in Beijing with attention now focused on its first loan this year. After initial hesitation, Australia signed up as a founding member of the bank last year, one of 57. The bank is set to finance major infrastructure projects in the Asia region. The Philippines this ... Read More »

DRI seizes worth 15cr cigarettes from container

foreign cigarettes

NEW DELHI: Cigarettes of foreign brands worth Rs 15 crore have been seized by Directorate of Revenue Intelligence (DRI) officials on the new year eve from Inland Container Depot, Tughlakabad near here. About 1.52 crore cigarette sticks, which have been seized, were of mixed brands including Mond of UAE origin, and Indonesia-made Djarum Black and Gudang Garam brands. “These were ... Read More »

Iranian oil ports surge 50.8% in 9 months

Azerbaijan oil exports Customs

TEHRAN: Iran’s Ports and Maritime Organization has announced that 97.609 million tons of commodities have been loaded and unloaded in the first nine months of the current Iranian calendar year(March 21- December 21), down 10.6 percent against the same period of the last year. In the 9-month period, oil imports through Iranian ports surged by 50.8 percent, Tasnim News Agency ... Read More »

New cars import declines 67% in Nigeria


ABUJA: Nigeria has recorded a drop of 67 per cent in new cars importation in 2015 as only 15,031 new vehicles were imported down from   45,618 this year, compared to the 2014 figure, Toyota Nigeria Limited (TNL) has said. TNL said 15,031 new vehicles were imported into the country by various dealers in 2015 as against 45,618 new cars imported in ... Read More »

S. Korea’s trade surplus hits record high in 2015

trade surplus

SEOUL: South Korea’s trade surplus hit a record high of more than 90 billion U.S. dollars in 2015 thanks to faster fall in imports than exports, a government report showed Friday. Exports came in at 527.2 billion dollars in 2015, down 7.9 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. Imports declined at a ... Read More »

Container hits 20 million TEUs in east China port


BEIJING: Container throughput hit 20 million Twenty-foot Equivalent Units (TEU) for the first time at Ningbo-Zhoushan Port in east China’s Zhejiang Province in 2015, local authorities announced. It ranked as the fifth port globally to exceed annual container throughput of 20 million TEUs, following the ports of Shanghai, Singapore, Shenzhen and Hong Kong. Integration of Ningbo Port and Zhoushan Port ... Read More »