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Iraq’s southern oil exports may reach record

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BASRA: Iraq’s southern oil exports have been running at 3.45 million barrels per day (bpd) so far in December and could reach a monthly record by the end of the year, according to Basim Abdul Kareem, deputy chief for operations and production at the state-run South Oil Company (SOC). Southern crude exports should hit a record daily average, “if everything ... Read More »

Sri Lanka ponders special zone for Chinese investment

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COLOMBO: Sri Lanka is considering a special zone in the southern part for Chinese investors as China looks to expand its investment in the island nation, a top official said. Chairman of the Board of Investments (BoI) Upul Jayasuriya said the government had decided to set up the zone in the southern town of Hambantota. Sri Lanka has already conveyed ... Read More »

China’s central bank injects $15.4bn into market

china

BEIJING: China’s central bank offered a total of 100 billion yuan ($15.4 billion) in six-month medium-term lending facility (MLF) loans at 3.25 percent to 13 financial institutions. “The move is aimed at maintaining proper liquidity in the market,” said the People’s Bank of China (PBOC) in a brief online statement. The PBOC said it will guide banks to lend the ... Read More »

China grants 50b yuan RQFII quota to Thailand

currency

BEIJING: China has granted a 50 billion yuan ($7.8 billion) investment quota to Thailand under the Renminbi Qualified Foreign Institutional Investor (RQFII) pilot program, China’s central bank said Thursday. The decision, part of deepening financial cooperation between the two countries, will offer diversified investment products for Thailand’s investors, facilitate bilateral trade and investment while pushing China’s capital market to open ... Read More »

Chinese share of global exports set to reach 13% in 2015

exports

BEIJING: China is expected to account for 13 percent of the world’s total exports this year as the country shipped more high-value products to both developed and emerging markets between January and November, the Ministry of Commerce said on Thursday. China’s proportion of exports amounted to 12.4 percent of the global market last year. The country’s exports of rail equipment, ... Read More »

China expects to import 350,000 tons of liquid milk in 2015

milk

BEIJING: Imports of liquid milk into China are growing with European countries successfully tapping into the market, according to AHDB dairy. China is expected to import 350,000T of liquid milk in 2015, up nearly a tenth from last year and equalling its Whole Milk Powder imports, according to the USDA. The AHDB says two-thirds of China’s liquid imports came from ... Read More »

NASA to launch second crew mission for ISS

nasa

WASHINGTON: The American space research centre, NASA, has announced to launch its second crew mission from Boeing Space Exploration for the International Space Station (ISS). NASA’s Commercial Crew Program Manager Kathy Lueders, in a statement, said that once certified by NASA, the Boeing CST-100 Starliner and SpaceX Crew Dragon will each be capable of two crew launches to the station ... Read More »

Huawei smartphones sales in northeastern Europe rise by 125%

huawei

BEIJING: Huawei achieved gratifying results in 2015 year in Central-Eastern and Northern European regions as far as consumption of its products is concerned. The delivery amount of smartphones reached more than 3,46 million and observed an increase of 114 percent compared with the same period last year. The expected terminal business overall sales revenue grew more than 60 percent, out ... Read More »

1,242km new railway track to be installed, 1,872km upgraded under CPEC

railway line

ISLAMABAD: The government has decided to revamp railway tracks under the China-Pakistan Economic Corridor (CPEC) as new tracks will be laid from Gwadar to Quetta and Jacobabad via Besima. As per details, the railway track of 560 km will be laid from Bostan to Kotla Jam on Main Line-II via Zhob and Dera Islamil Khan, while 682 km of track ... Read More »

India imports 7.2% more oil in Nov

OIL IMPORTS

NEW DELHI: India’s shipped-in 7.2 per cent more oil in November compared with a year ago, ship tracking data obtained from sources and compiled by Thomson Reuters Oil Research & Forecasts showed, with Iran’s share in the overall imports declining to its lowest level in eight months. India has slowed down imports from Iran to restrict annual shipments to within the ... Read More »

Nepal approves $140m investment from Chinese firm

investment

KATHMANDU: Nepal has endorsed a Foreign Direct Investment (FDI) proposal worth 140 million U.S. Dollars made by China’s Huaxin Cement Company to establish a cement plant in Nepal in partnership with Narayani Cement Company. A high-level meeting of the Investment Board of Nepal (IBN) chaired by Prime Minister Khadga Prasad Sharma Oli made such a decision on Sunday evening in ... Read More »

Italy vows to enhance trade ties with Pakistan

Pakistan, Italy

ISLAMABAD: The Italian government has vowed to enhance economic ties with Pakistan, by supporting it in availing General System for Preference (GSP) facility. Italian Ambassador Stefano Pontecorvo expressed his desire while talking to APP about reopening of Trade Mission and future of Economic relations between Italy and Pakistan. To a question about the decision of Italian government to re-open Trade ... Read More »

9 wind power projects to produce 477MW in Sindh by Sept next

Wind_Energy

KARACHI: The Sindh government is striving for overcoming energy crisis in the province through wind power as nine wind energy projects are underway in coastal area of Sindh, which will produce 477 megawatts of electricity by September next year. According to a state-run Radio report, Sindh has almost 55,000 MW wind energy potential in Jamshoro and Thatta districts. Under Pakistan ... Read More »

Hong Kong Customs arrests 82 students for selling counterfeits items online

arrested

HONG KONG: More Hong Kong teenagers are selling fake products through social media for easy pocket money, customs officers warned, with the number of arrests in the first 11 month of this year double that for the whole of 2014. Officers arrested 54 secondary school pupils and 28 university students for allegedly selling counterfeits items online. This compared to only ... Read More »

Indonesia Customs dismantles illicit toys, porn worth Rp 125 million

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JAKARTA: The Pontianak Customs and Excise Office in West Kalimantan has destroyed Rp 125 million (US$8,910) worth of illegally imported sex toys and pornographic DVDs confiscated by the government between 2012 and 2014. Office head Noer Rusyidi said on Wednesday that the haul included 24 sex toys, 743 pornographic DVDs, 930 palm kernel expellers, one airsoft gun, eight bottles of ... Read More »

Experts ask govt to introduce agri reforms

AGRI SECTOR

FAISALABAD: The experts have asked the government to introduce reforms in agricultural policies especially in research-based analysis in line with modern trends. The experts highlighted the importance of agri reforms during a workshop, organised by Policy Chair, US-Pakistan Centre for Advanced Studies in Agriculture and Food Security, UAF here at NIFSAT (National Institute of Food Sciences and Technology) Conference Hall. ... Read More »

Chinese iron ore import volumes surge higher by 15% in Nov 2015

iron ore imports

BEIJING: The latest trade statistics released by the China Iron and steel Association (CISA) indicates that Chinese iron ore import volumes surged higher by over 15% in November this year to 105.6 million mt. This is when compared with the imports during the previous month. The number of Chinese companies importing iron ore increased to 545 in November when matched ... Read More »

Govt releases Rs22.78b for NHA

NHA

ISLAMABAD: The government has released Rs22,775 million (about Rs22.78 billion) for National Highway Authority under the Public Sector Development Programme 2015-16 (PSDP) so far. The government released Rs 4,000 million for Lahore-Abdul Hakeem Section (230km) of Karachi-Lahore Motorway (KLM), while Rs 1050 million have been released for 387km Multan- Sukkur Section of the KLM, an official source told APP. Rs ... Read More »

Nigeria ​Customs seizes ​​smuggled goods worth N23​ ​million​

nigeriacustoms

ABUJA: The Federal Operations Unit of the Nigeria Customs Service​,​ Ikeja, said it intercepted smuggled goods valued N23.07 million here the other day. A statement by the unit​’s​ spokesman, Uche Ejesieme, said the goods, which consist of frozen poultry products, schools and ladies’ bags, were intercepted on Thursday. “The anti-smuggling drive of the Federal Operations Unit Zone ‘A’, Ikeja, received ... Read More »

UK’s HM Revenue & Customs clamps down on errant finance directors

customs

LONDON: More than 150 fines were handed out to finance directors of some of Britain’s biggest companies last year as the tax authority clamped down on mistakes. The number of £5,000 penalties more than doubled over the year in a sign that HM Revenue & Customs has stepped up its enforcement of the 2009 “senior accounting officer” rules that made ... Read More »