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Author Archives: CT Report

India’s first private container terminal set to change track


BENGALURU: The Union government-owned Jawaharlal Nehru Port Trust (JNPT) is weighing a plan to shift the terminal run by Dubai’s DP World Ltd since 1997 to a revenue-share model from a royalty format as a sharply rising royalty and stagnant rates hurt the viability of the project. The Nhava Sheva International Container Terminal Pvt. Ltd (NSICT) is the first private ... Read More »

Import, export dip through Indo-Pak Int’l border


NEW DELHI: Import and export of merchandise through the integrated check-post at the India-Pakistan international border (IB) has dipped considerably in the last two months. Festive season and the intense cold wave in north India have failed to lift the sluggish demand for dry fruit from Afghanistan and Pakistan. Sources in the Customs Department intimated that about 20 trucks of ... Read More »

African Export-Import Bank provides $500m funds to facilitate trade


CAIRO: The African Export-Import Bank (Afreximbank) will provide $500m in funding to facilitate trade between Egypt and other African member countries of the bank, according to the Minister of Industry and Foreign Trade Tarek Qabil. Qabil said the funding represents a great opportunity for Egyptian exporters and investors in the African market to increase their exports and investments among the ... Read More »

India plans to reduce 10% import duty on gold

Travelers to India under import duty exemption, Frequently Asked Questions û Part 2_thumb

NEW DELHI: The All India Gem and Jewellery Trade Federation feels the time is ripe to reduce the 10 per cent import duty on gold with the substantial fall in prices leaving little impact on current account deficit. Speaking to BusinessLine, Sreedhar GV, Chairman, GJF, said on the back of robust demand, the country is expected to import 1,000 tonnes ... Read More »

Port Los Angeles recives huge new cargo ship

cargo fee hike

LOS ANGELES: A huge new cargo ship is scheduled to arrive at the Port of Los Angeles this weekend. The CMA-CGM Benjamin Franklin will be the largest container ship ever to call at a North American port when it arrives Saturday. Recently delivered to the French shipping line CMA-CGM, the ship is 1,300 feet long, 177 feet wide and has ... Read More »

Twinsburg chamber names business person of 2015


TWINSBURG: Business leadership is not just about rising stocks or a successful bottom line, says 2015 Twinsburg Chamber of Commerce Business Person of the Year Peter DeSouza. It is about extending a welcoming hand, then paying it forward through community service, leaving a similar lasting impression on others. When DeSouza and his wife, Dr. Violet Barbosa of Violet Orthodontics, opened ... Read More »

BOE large size panel shipments to increase 43% in 2015

economy increases

WASHINGTON: While global large-size TFT-LCD panel shipments and revenues in 2015 are expected to decrease on year, China-based maker BOE Technology will see its large-size panel shipments and consolidated revenues for the year increase 43% and 37% respectively, according to Digitimes Research. BOE’s growth has been driven by expansion in production capacities for large-size and small- to medium-size panels and ... Read More »

Egypt’s central bank provides $8.3b for imports, investors


CAIRO: Egypt’s central bank and banking sector provided $8.3 billion for imports and investors in recent weeks, Central Bank Governor Tarek Amer told reporters on Thursday. He denied that Egypt is struggling to pay for US dollar-priced oil product and liquefied natural gas (LNG) imports. The Arab world’s most populous state, which depends on imports for food and energy, has ... Read More »

Mexico oil exports fall 7.9% in Nov

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

MEXICO: Crude oil exports from Mexico’s state oil company Pemex dipped 7.9 percent in November from the previous month, while production was virtually unchanged, the company said on Thursday. Average exports fell to 1.179 million barrels per day (bpd) from 1.280 million bpd in October, as a drop in shipments to Europe and the Far East more than offset an ... Read More »

Nepal Rastra bank requires MFIs to make client protection fund

nrb presents

KATHMANDU: Nepal Rastra Bank (NRB), the country’s central bank, recently announced that it is requiring microfinance institutions (MFIs) in the country to establish a “Client Protection Fund”[1] to which they must deposit 1 percent of their annual net profit. In cases in which the annual dividend payout of an MFI reaches 20 percent of the organization’s annual net profit, it ... Read More »

Serinus Energy signs agreement to sale of 70% Ukraine interests

serinus energy

KIEV: Serinus Energy Inc. has entered into an agreement for the sale of all of the 70% of the outstanding shares of KUB-Gas Holdings Limited currently owned by Serinus. KHL in turn, owns 100% of the shares of KUB-Gas LLC. KUB-Gas (directly and indirectly through its subsidiary, KUB-Gas Borova LLC) owns 100% of and operates the six licences/permits in Ukraine ... Read More »

Ukraine sunflower oil production minimum over 3 year period

sunflower oil

KIEV: According to official data of the State Statistics Service, 353 KMT of sunflower oil had been produced at large and medium-sized enterprises of Ukraine in November against 393 KMT in October and 395 KMT in November 2014. 1042 KMT of sunoil had been produced within three months of the season that is the minimum volume for the current period ... Read More »

Ukraine exports 5.6 MMT of wheat in 2015


KIEV: According to Ministry of agrarian policy and food of Ukraine, 5594.8 KMT of wheat had been exported since the beginning of the marketing period. During the period December 01-17, 425.6 KMT of wheat had been exported, and 38.8 KMT had been prepared for exports. According to the signed Memorandum, wheat shipments for November 01 – December 31 were agreed in ... Read More »

Indian onion exports fall 18% in H1


NEW DELHI: Onion exports declined by 18 per cent to 4.86 lakh tonnes in the first half of the fiscal on the government’s steps to curb outbound shipments. The exports stood at 4,85,930.51 tonnes during April-September period of the current 2015-16 fiscal compared with 5,89,900.89 tonnes in the corresponding period of the previous year, according to data compiled by National ... Read More »

Energy stocks fuel market expand

energy stocks

NEW YORK: Wall Street rallied for the third straight session, led by sharp gains in energy stocks as a rebound in oil prices boosted sentiment heading into the Christmas holiday. ON VACATION: Wednesday is the last full day of trading for US and European markets, with most markets closing early on Thursday for Christmas Eve. The Dow Jones industrial average was ... Read More »

Japan’s Jera to sell LNG to Shizuoka Gas for 5 years


TOKYO: Japan’s Jera Co, set to become the world’s biggest buyer of liquefied natural gas next year, said on Friday it had signed a basic agreement to sell about 70,000 tonnes of LNG per year to Shizuoka Gas for five years starting in April 2022. The deal marks the first LNG contract for Jera, a joint venture set up by ... Read More »

JOGMEC seeks 22,000 tons of propane for stockpiling


TOKYO: State-run Japan Oil, Gas and Metals National Corp (JOGMEC) did not award a tender on Friday to buy liquefied petroleum gas (LPG) to store in its national reserves, a trade ministry official said. The lowest price bidder and JOGMEC would meet on Monday to negotiate the price, the official said, adding that re-bidding will take place if the two ... Read More »

Japanese stocks fall as exporters slid of gains for yen

fall in revenue

TOKYO: Japanese stocks fell as exporters slid on a fourth day of gains for the yen, while a measure of fishery and agricultural companies climbed. The Topix index lost 0.5 percent to 1,516.19 at the close in Tokyo, extending its decline for the week to 1.4 percent, a fifth straight weekly drop. The Nikkei 225 Stock Average slipped 0.1 percent ... Read More »

Customs recovers total 23.6kg gold at IGIA


NEW DELHI: Citing instances of theft of gold and high-value goods from strongrooms, the finance ministry has asked officers to stop these and also guard valuables seized from smugglers against rodents and insects. Gold worth crores seized from smugglers has been mysteriously disappearing from high-secured Customs vaults at Indira Gandhi International Airport (IGIA) here, and from a few other locations ... Read More »

Department of Customs reports jump in daily revenue


KATHMANDU: The Department of Customs has reported a jump in daily revenue to two-thirds of pre-embargo levels after hitting rock bottom. The upturn has been attributed to a relaxation of Nepal-India border restrictions at a number of transit points in the last few weeks. The daily revenue collection has increased to more than Rs400 million compared to Rs500-600 million during ... Read More »