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Author Archives: CT Report

Tax revenue from coal production in Australian Queensland forecast to rise

TAX REVENUE

CANBERRA: Tax revenue from coal production in the Australian state of Queensland is forecast to rise to A$1.93 billion ($1.4 billion) in fiscal year 2016-2017 (July-June), based on assumptions that hard coking coal prices will average $100/mt in the next fiscal year and recover from $90/mt forecast for this fiscal year, said Queensland treasurer Curtis Pitt in his mid-year review ... Read More »

Assist Commissioner-IR Fawad’s performance allowance restored

FBR 11

ISLAMABAD: The performance allowance in respect of Fawad Ali Khan, a BS-17 officer of Inland Revenue Service, has been restored. The performance allowance (equivalent to 100 per cent of basic pay) in respect of the officer, currently posted as Assistant Commissioner-IR, Large Taxpayers Unit, Karachi, has been restored with effect from June 13, 2015. Read More »

Customs Superintendent to retire next year

retirement

ISLAMABAD: Muhammad Iqbal, a BS-16 officer of Customs Department, is going to retire from the government service on attaining the age of superannuation. The officer, presently posted as Superintendent Preventive Services, Model Customs Collectorate of Preventive, Karachi, will stand retired with effect from April 11, 2016. Read More »

Nepal garment imports drop 9.5% to Rs4.1b in first 4 months

garment producers

KATHMANDU: Nepal’s garment manufacturers have been cheered by the duty-free access granted by the US recently, but they are having a hard time getting raw materials because of the Indian embargo. Imports of both readymade garments and raw materials have plunged, said industrialists and traders. The Trade and Export Promotion Centre (TEPC) said that imports of clothes and clothing accessories ... Read More »

Kuwait police nab Asian liquor smuggler

arrest

KUWAIT CITY: An Indian taxi driver was arrested in Mangaf for smuggling 94 bottles of local liquor in his possession, reports Al-Rai daily. While patrolling the area, a team of securitymen noticed the agitated demeanor of the suspect when he asked him to pull over for routine inspection. This has prompted the security officers to thoroughly check the taxi, resulting ... Read More »

GSK Australia opens new $8 mln pilot vaccine facility

GSK

CANBERRA: GSK Australia has opened a new $8 million pilot vaccine facility which could boost the country’s pharmaceutical exports. Geoff McDonald, VP and general manager, GSK Australia, said if successful, the Victorian facility would be the first to commercially produce a vaccine delivered using blow-fill-seal technology. GSK Australia — a subsidiary of British pharma giant GSK — also hopes the new ... Read More »

Indian Ford to export cars from Kandla Port

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AHMEDABAD: American car maker Ford has firmed up plans to use the cost-effective sea route to reach out to the north Indian markets as well export cars to foreign countries. Ford India, which has plants in Chennai and Sanand near Ahmedabad, will be provided a dedicated berth at the central government-run Kandla port. Sources close to the development told TOI ... Read More »

Kenya’s shilling flat on expected US rate hike

kenya shillings

NAIROBI: Kenya’s shilling was little changed against the dollar on Wednesday, with traders looking for direction from an expected rate hike by the U.S. Federal Reserve later in the day. By 0805 GMT, the shilling was quoted at 102.20/30 to the dollar, unchanged from Tuesday’s close.”Volumes are very low. Christmas mood is already in,” said one Nairobi-based trader The U.S. ... Read More »

Sabah police seize meth worth up to RM885,000

drugs

KOTA KINABALU: Sabah police Criminal Investigation Department (Narcotics) made the biggest drug bust this year, seizing over 11 kilogrammes of crystal meth (syabu) in a raid yesterday. A 32 year-old-man and a 27 year-old-woman were also detained during the raid at a beauty parlor premise in Damai Plaza here. “The confisticated drugs are estimated to be priced up to RM885,000. ... Read More »

Amman Chamber registers 9% increase in export in 2015

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AMMAN: Amman Chamber of Industry (ACI) exports grew 9 per cent in the first 11 months of 2015 reaching JD3.8 billion, compared to JD3.5 billion it registered during the same period of 2014. Chemical industries and cosmetics topped the list of ACI exports during the January-November period with JD893 million, 14 per cent higher than the JD781 million in the ... Read More »

Chilean fruit exports down 2% in 2015

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SANTIAGO: In the period between January and November 2015, Chilean exports totalled 58.161 million dollars, which is 15% less than in the same period of 2014, as reported by the General Directorate of International Economic Relations (Direcon). Imports totalled US $ 53,869, which meant an annual reduction of 13%. Consequently, the trade balance closed with a surplus of 4.292 million ... Read More »

Malaysian authorities seize endangered species worth RM50,000

turtle

HULU TERENGGANU: Three smugglers, including a woman, were detained by the Terengganu Wildlife and Parks Department for being in possession of RM50,000 worth of endangered wildlife of various species, following three separate raids. Department deputy director Suhainah Pejalis@Farhana said that her officers seized 40 turtles and 20 frogs (katak demam) following two raids at a pig abbatoir at Wakaf Tapai ... Read More »

Mexican agriculture exports to China expects to reach $300m in 2016

agriculture exports

MEXICO: Mexican Agriculture Minister Calzada said that there are broad prospects for Chinese Mexican cooperation in agriculture. It is estimated, Mexican agriculture exports to China will reach 300 million American Dollars in 2016. Mexico will sell dairy products with a value of 1.5 million American dollars and tobacco with a value of 10 million to China. According to Calzada, Mexico ... Read More »

Zimbabwe’s inflation rate for Nov gains 0.83%

inflation

HARARE: Zimbabwe’s inflation rate for November gained 0,83 percent, but remained in the negative due to the continued fall of the rand against the US dollar and weak consumer demand. Year-on-year inflation rate as measured by the all items CPI stood at -2,46 percent, gaining 0,83 percentage points on the October 2015 rate of -3,29 percent, Zimstat said yesterday. Economic ... Read More »

Samsung Zimbabwe targets 50% market share on television sets

SAMSUNG

HARARE: Samsung Zimbabwe is targeting a 50 percent market share on television sets in the coming year. This comes after the company opened a television sets and refrigerator assembly plant in Zimbabwe at the Zimpost Complex along the Joshua Mqabuko Nkomo Express Way in Harare. The initial investment on the project was $10 million but there are plans to create ... Read More »

Maryland looks to boost exports

Commerce-crop

ANNAPOLIS: Maryland Department of Commerce has started a new program designed to increase the state’s exports. The Maryland Partners in International Trade program combines existing programs with new assistance from partners such as the University of Maryland’s Center for International Business Education and Research. The hope is to increase “awareness and usage” of the existing programs, which offer grants and ... Read More »

Zimbabwe reduces royalty fee on platinum maker from 10%

PLATINUM MINERS

HARARE: Zimbabwe should reduce the royalty fee levied on platinum producers from the current 10 percent to help mining firms offset the impact of low prices, the country’s mining chamber has said. Zimbabwe has the world’s second largest known deposits of platinum after South Africa but mines have struggled with low prices, a black empowerment law forcing mines to sell ... Read More »

Rolls-Royce to axe top job

cut

LONDON: British car and engine manufacturer Rolls-Royce is to axe senior staff and restructure its operations after a series of profit warnings, Britain’s Financial Times newspaper reported on Tuesday. The FT quoted the struggling company’s new chief executive Warren East as saying its “operating system” would be rewritten and that the “best place to start is the executive team that ... Read More »

Hong Kong stocks jump 2.2% to 21,749

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HONG KONG: Hong Kong stocks surged in a furious rally Wednesday ahead of the Fed decision on whether to raise U.S. interest rates. The Hang Seng Index jumped 2.2% to 21,749 by midday, led by gains in oil stocks. “Markets in Asia have been following the lead from Europe and the U.S. and relishing the bounce in oil prices,” says ... Read More »

Tokyo stocks recoup after recent tumble

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TOKYO: Stocks staged a sharp rebound on the Tokyo Stock Exchange Wednesday, backed by buybacks after their recent tumble. The 225-issue Nikkei average climbed 484.01 points, or 2.61 percent, to end at 19,049.91. On Tuesday, the key market gauge plunged 317.52 points. The Topix index of all first-section issues grew 38.17 points, or 2.54 percent, to close at 1,540.72, after ... Read More »