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Author Archives: CT Report

Vietnam court sentences jail to 4 for smuggling luxury cars


HO CHI MINH: A Ho Chi Minh City court sentenced an immigration officer and three people to 9-16 years in prison Thursday for smuggling in luxury cars worth over US$5.3 million with the help of dozens of overseas Vietnamese. At the trial, the city People’s Court also ordered prosecutors to investigate the role played by other customs officers and overseas ... Read More »

Venezuela halts gas export to Colombia


CARACAS: Venezuela’s state oil company is temporarily halting gas exports across the border to Colombia, citing climate factors and the need to generate electricity, the Colombian Mining Ministry reported Friday. The ministry said that PDVSA notified it that supplies would be suspended as of Friday because of “the behavior of electrical energy generation due to climatic variability.”) A drought has ... Read More »

Fall in India’s exports projected to be worst since 1952-53

profit fall

NEW DELHI: Merchandise exports this fiscal are projected to fall around (-) 16 per cent over the previous financial year, high-level sources in the government told here the other day. This will be the second worst export performance since independence, according to official data. Only in 1952-53, exports had fared worse when it shrank (-) 18.7 per cent. In the ... Read More »

Nepal to import 90 MW power from India

electricity prices

KATHMANDU: Nepal, reeling under acute energy shortage, is set to import an additional 90 MW of electricity from India by January-end after the completion of a key inter-country transmission line. The country is currently facing daily 12-hour load-shedding in its major cities. Nepal is facing acute shortage of energy in the wake of the blockade of the Indo-Nepal border by ... Read More »

Uganda imported goods value fall by 9.2%

fall in revenue

KAMPALA: Uganda spent less in the first quarter of the financial year 2015 (from July to October) compared with the same period last year, due to the decline in oil prices and a reduction in imports, which saw the value of imported goods fall by $153.7 million. The Bank of Uganda said the value of imported goods fell by 9.2 ... Read More »

Huawei revenue jumps by 35.3% to $60bn in 2015


BEIJING: Huawei Technologies Co. said here the other day that its full-year 2015 revenue rose 35.3% from a year earlier to 390 billion yuan ($60.1 billion), aided by strong sales growth for smartphones. Huawei also saw a “solid increase in profits and cash flow” in 2015, rotating and acting Chief Executive Guo Ping told staff in an open letter. He ... Read More »

India’s e-commerce revenue likely to touch $38bn 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 »

Iowa’s alcohol sales revenue rise 5.5% to $320m


DUBUQUE: Revenue from alcohol sales in Iowa climbed about 5.5 percent in the last fiscal year to nearly $320 million, according to the Iowa Alcoholic Beverages Division. Liquor sales revenue for the fiscal year ending June 30 to the state was about $208 million, the Dubuque Telegraph Herald reported this week. Another $14.5 million was raised through the state’s beer ... Read More »

Japan estimates tax revenue to hit $476bn in FY2016


TOKYO: The Japan government maintained its downbeat assessment of exports, saying shipments are weak due to China’s economic slowdown and worries about emerging markets. The government plans to increase the issuance of 40-year Japanese government bonds by 400 billion yen. Japan’s annualized GDP expanded 1 percent in the quarter ended September 30 from the previous period, according to revised figures, ... Read More »

Sri Lanka Ports Authority raises Rs40 mln from vehicle sale

download (1)

COLOMBO: Sri Lanka Ports Authority has raised 40 million rupees from auctioning their unused vehicles, the authority said. 67 bidders have forwarded their bids to the auction held Wednesday which included 50 vehicles and 33 associated equipment. Sri Lanka Ports Authority said this was the first time such a large number of vehicles had been brought before an auction. The authority ... Read More »

Shaban Khalid takes over as President Commonwealth Alliance of Young Entrepreneurs-Asia‏


ISLAMABAD:M Shaban Khalid, former President, Islamabad Chamber of Commerce and Industry and Chairman, ICCI Young Entrepreneurs Forum has taken over the charge as President, Commonwealth Alliance of Young Entrepreneurs-Asia (CAYE-Asia) from 1st January for the year 2016. He was unanimously elected for this position during the 4th CAYE-Asia Summit held in Putrajaya, Malaysia from 30th October to 1st November 2015. ... Read More »

FPCCI urges non-filers to avail Voluntary Tax Compliance scheme


KARACHI: Abdul Rauf Alam, newly elected President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has hailed the decision taken during the meeting of the small and medium scale traders with the Prime Minister Mian Muhammad Nawaz Sharif and the Finance Minister Muhammad Ishaq Dar on Friday the 1st January, 2016 to launch a Voluntary Tax Compliance (VTC) ... Read More »

rotten meat

TAIF: Police found quantities of rotten meat from dead and sick goats being slaughtered and prepared by three expats before shipment to a number of restaurants. Three Syrian expats converted a farm near Souk Okaz as a place of slaughter and storage. The location was raided under the leadership of the head of the Taif Police, Brig. Abdulrahman bin Salem ... Read More »

Shipment of armor plating heading to Gaza intercepted

Shipment of armor plating

GAZA: According to information released to the media by Defense Ministry officials, a shipment of armor plating heading to Gaza was intercepted at the Kerem Shalom Crossing. An Israeli truck carrying car parts appeared suspicious to inspectors at the crossing. An inspection of the truck revealed that the car parts were intended to cover sheets of armor plating. The shipment ... Read More »

Production under way at Cheniere’s Sabine Pass terminal

Cheniere’s Sabine Pass terminal

HOUSTON: Cheniere Energy has begun production at its Sabine Pass liquefied natural gas terminal in Louisiana, according to Bloomberg. Previously Cheniere had intended to start shipping LNG from the new plant before the end of 2015 but it announced in October a delay to that schedule, meaning a likely date for first export shipment would be some time this month ... Read More »

Australia tobacco clash reverberates in EU trade talks

Australia tobacco

SYDNEY: The end of a complex court case on the other side of the world could wreak havoc on a campaign in Europe against a proposed trade deal between the EU and the United States. An international arbitration tribunal in December 2015 wound up a four-year dispute between the Australian government and tobacco company Philip Morris by announcing it was ... Read More »

South Korea exports fall for 6 years in 2015

crocodile product exports

SEOUL: South Korea’s exports fell last year at their fastest rate since the global financial crisis, with 12 straight monthly declines fuelled by a strong won and plunging oil prices. The government data published Friday is a grim annual report for a country whose exports account for roughly half of its economic output. The Ministry of Trade, Industry and Energy ... Read More »

Mexico’s central bank expects inflation rate of 3% in 2016


MEXICO CITY: Mexico’s central bank expects the inflation rate to rise to around 3 percent in 2016, up from a projected year-end rate of 2 percent in 2015. “In 2016, as the favorable supply shocks that occurred in 2015 fade and taking into account the shift in relative prices stemming from the exchange rate depreciation, a gradual increase (in prices) ... Read More »

Nigeria Customs boss stops NAGAFF’s public hearing on corrupt officers

hameed ali

ABUJA: The Customs Comptroller General (CGC), Colonel Hameed Ali (rtd) has asked the National Association of Government Approved Freight Forwarders (NAGAFF) to stop its attempt to probe some Nigeria Customs Service (NCS) officials alleged to be corrupt. NAGAFF had in a bid to bring sanity to the cargo clearing system made public its intention to probe some NCS officials, especially ... Read More »

China firms sure to win KL-Singapore rail job


KUALA LUMPUR: Chinese firms are certain to win the bid for the Kuala Lumpur-Singapore rail project given the part they played in 1Malaysia Development Bhd’s (1MDB) debt rationalisation plan, DAP’s Kluang MP Liew Chin Tong claimed today (Jan 1). Among other things, Mr Liew cited the China Railway Engineering Corporation and Iskandar Waterfront Holdings’ joint RM7.42 billion (S$2.43 billion) purchase ... Read More »