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Author Archives: CT Report

Yahoo Japan agrees to acquire Ikyu for $830m


TOKYO: Yahoo Japan Corp. agreed to acquire Ikyu Corp. for as much as 100.2 billion yen ($830 million), cutting its biggest-ever deal to bolster its online travel and dining businesses. Yahoo Japan is offering 3,433 yen per share, or 42 percent more than Tuesday’s closing price. Ikyu shares were untraded and poised to surge in Tokyo trading, while Yahoo Japan ... Read More »

Yuan deposits at Taiwanese banks fall by 0.75% in Nov


TAIPEI: Yuan deposits at Taiwanese banks fell for the fifth consecutive month to 316.71 billion yuan (US$48.9 billion) last month, down by 0.75 percent from October, as local investors cut holdings despite its recent inclusion as a reserve currency by the IMF, the central bank said yesterday. “Yuan deposit interest slipped further last month, as investors favored the greenback or ... Read More »

Pakistan, Iran businessmen urged to expedite bilateral trade


TEHRAN: Pakistani businessmen should expedite the process of joint ventures with their Iranian counterparts as both the countries have huge potential of touching the staggering trade figure of $10 billion. Talking to a group of exporters on Monday, former Lahore Chamber of Commerce and Industry (LCCI) senior vice president Mian Nauman Kabir said that Pakistan and Iran not only have ... Read More »

Iran urges Russia to facilitate food exports

export drop

MOSCOW: Moscow and Tehran have significantly accelerated the bilateral relations in various spheres in recent times. The two countries especially attach great attention to the development of trade and economic ties. After Russia imposed bans on Turkish exports to the country following the military helicopter incident, Moscow is now considering Tehran as one of the main source of food import ... Read More »

Angkasa Pura Retail targets Rp 200b revenue in 2016


JAKARTA: PT Angkasa Pura Retail, the retail subsidiary of state airport operator PT Angkasa Pura I (AP I), is aiming for Rp 200 billion (US$14.1 million) in revenue next year, 10 times its expected revenue this year. Angkasa Pura Retail president director Teges Prita Soraya said that she was optimistic about next year’s outlook after the company expanded greatly this ... Read More »

South Korean oil imports to Iran down 30% in Nov


TEHRAN: South Korea’s crude oil shipments from Iran fell around 30 percent in November from a year ago, with imports in the first eleven months of 2015 dropping 2.7 percent and meeting sanction requirements over Tehran’s nuclear programme. The world’s fifth-largest crude importer brought 395,132 tonnes of Iranian crude in November, or 96,544 barrels per day(bpd), compared with 567,611 tonnes ... Read More »

Qatar Chamber inks deal with Chinese firm


DOHA: The three-day high-profile ‘Made in China’ exhibition started here. The much-awaited event by the country’s private sector, was formally opened by Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada. About 100 Chinese companies from different sectors are showcasing their products and services at the exhibition, which will conclude tomorrow at Doha Exhibition & Convention ... Read More »

Saudi to sell $5.3bn worth currency bond issue next week

Modern Saudi Arabia Money, Banknotes Background

RIYADH: Saudi Arabia’s government contacted local banks on Monday to sell them local currency bonds worth SR20 billion riyals ($5.3 billion), which will be allocated next week, the Maaal financial website reported, citing unnamed sources. The new issues will bring to SR115 billion the amount of bonds issued by the government to local banks this year. It resumed issuing bonds ... Read More »

Top Glove Corp reports 164% jump in net profit


PETALING JAYA: Top Glove Corp Bhd reported a 164% jump in its net profit to RM128.34mil in the first quarter ended Nov 30, 2015 from RM48.68mil a year ago on the back of a strong US dollar and lower raw material prices. The glove maker’s revenue rose to a record high of RM800.3mil, a 41% growth against the same quarter ... Read More »

Pak rupee loses value gains dollar in open market

pak rupee 3

KARACHI: The Pakistani rupee Wednesday continued to depreciate against the US dollar in open market, however it remained firm in interbank. According to the local money market, the dollar gained five paisas in the cash-free market for selling at 105.35 and remained unchanged in interbank at 104.40. On Tuesday, the American currency gained five paisas in open market for selling ... Read More »

Saudi Arabia’s index fall 1.2% to a three-year low of 6,686pts


RIYADH: Saudi Arabia’s bourse slid in the last hour of trade on Monday to end lower for a third session as crude prices extended a slump, while markets in Egypt, Qatar and the United Arab Emirates made slight rebounds following sustained declines. Brent prices tumbled to $36.78 by 1233 GMT, dropping further towards 11-year lows. Saudi Arabia’s index fell 1.2 ... Read More »

Customs Dy Superintendent punished over inefficiency


ISLAMABAD: Muhammad Nizamuddin, Deputy Superintendent (BS-16), Model Customs Collectorate, Peshawar, has been punished over inefficiency. As per details, the disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against the officer vide Charge Sheet No.10(7)/2015-Cus-III dated 10.04.2015. Ziaullah Shams, Additional Director, Directorate of Intelligence & Investigation-FBR, Peshawar, was appointed as Inquiry Officer to investigate the matter on ... Read More »

Customs Inspector Sardar Miran acquitted


ISLAMABAD: Amir Sardar Miran, Inspector (BS-16), Model Customs Collectorate, Sialkot, has been acquitted after charges levelled against him were not proved in an inquiry. As per details, the disciplinary proceedings, under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against the officer vide Charge Sheet No.17(10)Cust-III/2014 dated 06.03.2015. Khawaja Khurram Naeem, Additional Collector (BS-19), MCC, Sialkot, was appointed as ... Read More »

Qatar food market stands at $1.3bn in 2014


DOHA: Qatar food services market stood at $1.3bn in 2014 whereas the GCC market was valued at $18.8bn. In a report released yesterday Al Masah Capital, predicted a growth rate, for GCC food services market, at Compound Annual Growth Rate (CAGR) of 6.8 percent to reach $24.5bn in 2018. The firm said food services sector continues to expand rapidly on ... Read More »

UEM Edgenta Bhd acquires 80% stake in integrated facilities


PETALING JAYA: UEM Edgenta Bhd is acquiring an 80% stake in integrated facilities management services company KFM Holdings Bhd for RM128mil, a deal that will expand its presence in Malaysia as well as reach into the United Arab Emirates (UAE). In a filing with Bursa Malaysia, the total asset solutions provider said it had signed a share sale agreement with ... Read More »

Qatar economy forecasts to touch 5.1% in 2015-17


DOHA: Qatar’s growth is forecast to average 5.1 percent during 2015-17, boosted by output against the gas sector and public investment. The latter will drive average non-hydrocarbon growth of 9.1 percent year-on-year during the period. Despite lower oil prices, high public investment in the country’s development plan and gas output gains linked to the launch of the Barzan production facility ... Read More »

Oman crude oil production up 3% to 29.87m barrels in Nov

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

MUSCAT: Oman’s crude oil production rose 3.05 per cent or by 995,708 barrels per day to 29.87 million barrels in November. Also, the country exported 24.61 million barrels during the same month, which shows a daily export average of 820,206 barrels. Crude oil exports edged up 0.15 per cent in November, from the previous month. China topped the list of ... Read More »

UAE, China bilateral trade crosses Dh500b trillion threshold in 4 years: Dubai Customs


DUBAI: The bilateral trade relations between United Arab Emirates and China are seeing more growth and prosperity as leaders of both countries are paying utmost attention to enhancing economic cooperation and coordination according to the Dubai Customs. In this context His Highness Sheikh Mohammad Bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE ... Read More »

Royal Oman police foil attempt to smuggle 1,495 bundles of Khat


MUSCAT: Royal Oman Police (ROP) officers in Dhofar foiled an attempt to smuggle 1,495 bundles of the (Khat) drug, which was being brought to the Sultanate from sea using a boat. “The three accused were Arab nationals,” ROP said. ROP has also advised citizens and residents to be wary and cautious and report any crime to the nearest police station. ... Read More »

Tax revenue from coal production in Australian Queensland forecast to rise


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 »