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Author Archives: CT Report

Alibaba ready to expand e-commerce business in Russia

alibaba

WUZHEN: Alibaba founder Jack Ma said Wednesday that he is willing to increase e-commerce business in Russia, where his company saw its most rapid growth among all overseas markets. “Alibaba is ready to help Russian companies build a complete e-commerce system,” said Ma on the sidelines of the second World Internet Conference in Wuzhen, Zhejiang Province. “There is great trade ... Read More »

China’s VAT policy expected to complete in first half of 2016

Stacks of coins with the letters VAT isolated on white background

BEIJING: Changes to China’s value-added tax (VAT) policy are expected to be complete by the first half of 2016, ending industry’s dual tax system, a report said Wednesday. The two systems are business tax, which refers to a levy on the gross revenue of a business. While VAT refers to a tax levied on the difference between a commodity’s price ... Read More »

Nepra cuts tariff by 27% for new solar plants

solar system

ISLAMABAD: After decrease in solar photovoltaic (PV) prices in the global market, the upfront tariff for new solar power plants has been cut by more than 27 per cent. The National Electric Power Regulatory Authority (Nepra) has set two different upfront rates for solar plants in the country’s South and North regions with generation capacity ranging between 1 and 100MW. ... Read More »

Indonesia to import 600,000 tons of corn in Q1 of 2016

CORN IMPORT

JAKARTA: Indonesia will import 600,000 tonnes of corn in the first quarter of 2016, the chief executive of the state procurement agency Bulog said on Wednesday. Djarot Kusumayakti said Bulog has only prepared for corn imports up to March and that it is currently preparing a business model. Earlier on Wednesday, an industry ministry official said Indonesia would import 2.4 million ... Read More »

Russian to invest $2b in 1,100km long LNG pipeline

pipeline

LAHORE: Russia has announced to invest $2 billion in 1,100-km-long pipeline for transporting liquefied natural gas (LNG) from Karachi’s port to Lahore. Ambassador Alexey Y Dedov revealed this during a meeting with the Punjab Board of Investment officials. The project is expected to begin in January and would complete in 2020, delivering an extra 12.4 billion cubic metres of LNG ... Read More »

CDA for completing D-12 development work in three months

CDA

ISLAMABAD: The leftover development work in the federal capital’s sector D-12 would be completed in three months. The Capital Development Authority (CDA) has directed the authorities concerned to complete the work in time. It has also been decided to connect D-12 link road with under-construction second carriage way of sector G-10, being constructed from the roundabout of service road (West) ... Read More »

Pier 1 Imports shares fall 14% in comprehensive session

pier 1 imports

WASHINGTON: Pier 1 Imports Inc. PIR, +4.02% shares fell in the extended session Wednesday after the specialty retailer’s quarterly sales and outlook fell short of Wall Street estimates. Pier 1 shares dropped 14% to $5.12. For the fourth quarter, the company forecast earnings of 18 cents to 22 cents a share. Analysts surveyed by FactSet had estimated 36 cents a ... Read More »

China central bank forecasts 6.8% growth in 2016

ECO GROWTH

BEIJING: China’s central bank projected its baseline forecast for 2016 growth at 6.8 percent on Wednesday, expecting the number of positive factors to gradually increase despite downward pressure on the economy. The rate is slightly lower than the central bank’s forecast of 6.9-percent expansion for 2015, according to a working paper by the People’s Bank of China. Citing overcapacity, profit ... Read More »

Singapore’s NODX falls 3.3% in Nov

shares fall

SINGAPORE: Singapore’s non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, dipped 3.3 percent in November on a year-on-year basis, compared to the flat growth in October, said the International Enterprise (IE) Singapore on Thursday. The decrease was mainly due to a contraction in non-electronic NODX which outweighed the increase in ... Read More »

Germany’s imports of natural gas jump 22% in 2015

natural gas

FRANKFURT: Germany’s imports of natural gas jumped 22 percent in the first ten months of 2015, though lower crude oil prices, to which the contracts are linked, meant costs rose by a more modest 8 percent, official data showed. The January-October gas import bill was 20.2 billion euros  ($22.1 billion), with the volume at 3,502,116 terajoules (TJ)*, data from trade ... Read More »

Japan trade deficit stands at $3.11bn in Nov

130528093141120517100305deficit

TOKYO: Japan logged a goods trade deficit of 379.72 billion yen (about 3.11 billion U.S. dollars) in November after a surplus in the previous month, a government report said Thursday. The Finance Ministry said in a preliminary report that, on a customs-cleared basis, exports of the world’s third largest economy fell 3.3 percent year-on-year, while imports decreased 10.2 percent. Read More »

Hong Kong Customs seizes smuggled cigarettes worth HK$52m

cigarettes

HONG KONG: Untaxed European Union-made cigarettes worth HK$52 million have been confiscated in Hong Kong during a joint operation between British and Hong Kong customs officials while en route to Greece, a senior official said this afternoon. The consignment was the city’s largest seizure of dutiable cigarettes over the past few years, according to Superintendent Cecilia Yeung Kai-fei of the ... Read More »

Exports increases imports at Port of Indiana-Burns Harbor for first time

port of indian

PORTAGE: Exports topped imports at the Port of Indiana-Burns Harbor for the first time in several months as the Great Lakes shipping season wound down. “We saw increased exports of grain and other bulk products moving to Quebec in recent shipments,” Port Director Rick Heimann said. “Quebec is a key trading partner for us because that region serves as a gateway ... Read More »

NZ’s Customs clutches drug racket

ireland arrest

WALLINGTON: A 22-year-old Hamilton man has been sentenced to two years and seven months’ imprisonment for importing and possessing drugs. This is Customs’ eighth conviction under Operation Ruckus, which dismantled a drug syndicate importing methamphetamine precursors. Hayden Bacon was convicted on four charges including possessing pseudoephedrine (Contac NT), importing a psychoactive substance, and importing and supplying ecstasy (MDMA). Operation Ruckus ... Read More »

Ukraine imports to Russia face Customs tax

russia

MOSCOW: The Russian presidential decree to suspend the implementation of the Commonwealth of Independent States free trade deal in regard to Ukraine means introduction of customs duties in the most favorable regime, Russian First Deputy Economic Development Minister Alexei Likhachev said Wednesday. Earlier in the day, Russian President Vladimir Putin signed the decree suspending the free trade zone with Ukraine ... Read More »

Imports drop by 59% from customs points in 2015

declines

KATHMANDU: Imports from major Nepal-India customs points dipped by as much as 59 per cent in the first four months of the current fiscal year, as trade disruption continued along the bordering areas of the two countries. Imports from Birgunj, the largest trading point between Nepal and India, slumped by 59 per cent in between mid-July and mid-November to Rs ... Read More »

India’s NCB destroys 511 kg of seized heroin

heroin

CHANDIGARH: In its largest destruction of seized heroin ever, a high-level drug disposal committee of the Narcotics Control Bureau (NCB) gathered at M/s Rainbow Environments Pvt Ltd here today for the disposal of seized drugs, mainly heroin and opium. After physical verification of the seized drugs, the committee destroyed 511 kg of heroin by way of burning it in an ... Read More »

Algeria’s ANP seize over 5,700 smuggled mobile phones

cell phone

ALGIERS: More than 5,700 smuggled mobile phones were seized Monday, by a detachment of the People’s National Army (ANP), coming under the operational sectors of Biskra and Al Oued said, Wednesday, the Ministry of National Defence in a communiqué. “As part of the fight against organized crime, detachments of the People’s National Army, coming under the operational sectors of Biskra ... Read More »

UK authorities seize 130kg heroin, cocaine

drugs

LONDON: A whopping 130 kilos of cocaine and heroin – with a street value of £8million – has been seized at the Eastern Docks in Dover. The drugs were discovered in the early hours of Friday, December 11, when Border Force officers stopped a Dutch-registered van. After questioning the driver, Ricardo Augusto Prestes Scerni, 33, officers searched the vehicle discovering ... Read More »

Malaysian authorities seized over 1,400 smuggled tortoises

tortoise

PETALING JAYA: More than 1,400 smuggled tortoises bound for Malaysia have been seized worldwide from July to Sep­tember this year. A report by Paris-based wildlife group Robin Des Bois compiled reports showing that most of these seizures were in India. Yet these paled to the raid by Madagascar authorities in Sep­tember, where 771 radiated tortoises headed for Malaysia were found. ... Read More »