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Author Archives: CT Report

FBR remembers second secretary Saeed Awan


ISLAMABAD: Federal Board of Revenue Monday expressed deep regret over the sad demise of Amjad Saeed Awan, a BS-18 officer of OMG. Amjad Saeed Awan was born on Dec 02, 1966 and joined the government service on Sep 18, 1986. At the time of his death, the officer was posted as Second Secretary, Federal Board of Revenue (HQ), Islamabad. FBR ... Read More »

Indian currency up 11 paise against dollar

13551_Indian currency

NEW DELHI: The rupee continued to move up against the American currency for the eighth straight session as it rose 11 paise to 66.10 in early trade at the Inter-bank Foreign Exchange on Monday. The local currency had appreciated by 12 paise to settle at 66.21 against the greenback on Wednesday. Forex market remained closed on Thursday and Friday on ... Read More »

Vietnam seafood exports fall 14% YOY

fall in revenue

HANOI: The country’s seafood exports fell to an estimated US$6.72 billion in 2015, down 14.3 per cent over 2014 and 10.4 per cent compared with this year’s target. Data from the Directorate of Fisheries under the Ministry of Agriculture and Rural Development detailed how total seafood output reached more than 6.56 million tonnes. Of this total, fishing output hit 3.03 million ... Read More »

Indian cotton purchases to plunge 89% as Pakistan raises imports


NEW DELHI: The Indian government’s purchases of cotton are set to plunge 89 per cent in the 2015-16 marketing year as local prices have jumped after crop failures forced neighbouring Pakistan to raise imports from the world’s biggest producer of the fibre. The increase in shipments to Pakistan, Bangladesh, and Vietnam will help India trim spending on cotton purchases by ... Read More »

Taiwan home loans up 3.2% to $182bn


TAIPEI: Taiwan’s home loans totaled NT$6.0277 trillion (US$182.6 billion) at the end of last month, up 3.2 percent year-on-year and 0.09 percent month-on-month, the central bank said on Friday. Renewed buying activity on the part of home buyers by the end of the year and ahead of a new housing policy next year accounted for the increase, the bank said. ... Read More »

Vietnam local shares face tough in this week


HANOI: The stock market will not see gains this week, due to uncertainty about the inflow of investments as investors enjoy the year-end holiday, resulting in lower market liquidity. Sai Gon-Ha Noi Securities Corporation (SHS) wrote in a report that market liquidity often lowers during the year-end period, compared to the average annual trading figure seen during the last five years. ... Read More »

Pak rupee remains steady against dollar

Pak rupee

KARACHI: The Pakistani rupee Monday remained unchanged against the US dollar both in interbank and in open market. According to the local money market, the dollar remained firm in both interbank and open market at 104.50 and 106.55 respectively. On Wednesday, the American currency shed five paisas in open market to be traded at 106.55 and remained unchanged in interbank ... Read More »

Customs seizes gold worth Rs. 7cr in Manipur


IMPHAL: Gold bars smuggled from Myanmar and worth over Rs.7 crore were seized by Assam Rifles in Manipur and two smugglers arrested, an official said. Assam Rifles spokesman Akhil Dhawan said a mobile check post of 2 Assam Rifles intercepted a truck near Lilong area in Thoubal district. During a search of the truck, gold bars weighing 28 kg and ... Read More »

Sri Lanka corporate profit falls 6% to Rs. 47.7bn in Sept


COLOMBO: Sri Lanka’s listed companies saw their total net profits sliding 6.2 percent year-on-year (yoy) to 47.7 billion in the September quarter, amid losses incurred by companies with larger market capitalizations, earnings update by an independent research arm said. Third quarter earnings demonstrates a reversal of the growth trend in corporate earnings as second (June) quarter earnings grew by a ... Read More »

Kenya hits Norway to develop local oil sector

local oil

NAIROBI: Kenya has entered into a long-term agreement with Norway to develop the local oil sector. Under the deal, Norway will help Kenya to improve management of its natural resources and protection of the environment through the through the Oil for Development programme. “The objective is for the oil and gas resources to benefit the country and its people,” said ... Read More »

Sri Lanka tea exports fall by 2.6m kg in Nov

tea sector

COLOMBO: Sri Lanka’s tea industry continues to be depressed in November and December compared to 2014, with lower volumes and prices recorded in both exports and the Colombo Tea Auction, according to a report by Forbes & Walker Tea Brokers (Pvt) Limited. “Sri Lanka tea exports for November 2015 totalled 26.3 million kilogrammes (kgs), showing a decrease of 2.6 million ... Read More »

4,500 MW project: Construction of Diamir-Bhasha Dam to start from next year

Dasu dam

ISLAMABAD: The government is starting construction work of Diamir-Bhasha Dam, one of the biggest energy projects of the country, from next year. The land acquisition process for the project has been finalised with a cost of Rs 104 billion, according to official sources in the Ministry of Planning, Development and Reforms. The project likely to be part of second phase ... Read More »

Qatar’s exports fall by 36.7% to QR21.3bn in Nov

export drop

DOHA: The value of Qatar’s total export of goods, including exports of goods of domestic origin and re-exports, stood at QR21.3bn in November, a 36.7 percent decrease on year-on-year and a 5.9 percent on month-on-month decline. On other hand, the imports of goods in November touched QR10.4bn, showing an increase of 2.8 percent over November 2014. However, on a month-on-month ... Read More »

Dubai Police arrest 2 in heroin smuggling case


DUBAI: The Anti- Narcotic Department arrested a man and a woman from different nationalities who attempted to smuggle a large amount of heroin. Colonel Eid Mohammed Thani Hareb, Director of the Anti- Narcotic Department in Dubai Police said the first defendant AJH (33year-old) who was of African nationality and worked in a company was arrested in a park in Dubai. ... Read More »

Indian air Customs arrests Surat diamond trader in old smuggling case


MUMBAI: The air intelligence unit (AIU) of Customs has arrested two passengers, including a Surat based diamond merchant, for smuggling gold and other valuables collectively worth Rs 1.35 crore in separate instances. Customs officials intercepted the diamond merchant Priyank Morakhia on suspicion at the airport on early Saturday after he arrived from Hong Kong by Jet Airways flight. The Customs ... Read More »

UNIDO to help improve Kenya’s pharmaceutical industry


NAIROBI: The United Nations Industrial Development Organisation (UNIDO) says it will help Kenya’s pharmaceutical industry reach international standards in order to reduce the cost of medicines. Unido Consultant Wilberforce Wanyanga says the organisation plans to assist 34 pharmaceutical manufacturers meet World Health Organisation (WHO) pre-qualification standards in the next four years. “The aim is to make Kenyan medicines access the ... Read More »

Indonesia achieves $71bn tax reveneu


JAKARTA: Finance Minister Bambang Brodjonegoro claimed that tax revenue realization figure per December 25, 2015 had reached Rp1,000 trillion (US$71.5 billion); higher than last year’s achievement at Rp982 trillion (US$70.1 billion). “For the first time, Indonesia manages to achieve a tax revenue figure of Rp1,000 trillion,” Bambang said in Jakarta on Sunday, December 27. Bambang hopes that the tax revenue ... Read More »

Zimbabwe seeks to release investment to $900m


HARARE: Zimbabwe seeks to unlock investment and trade flow amounting to $900 million, once President Robert Mugabe signs the instrument of ratification for the country to join the African Trade Insurance (ATI). ATI is Africa’s export credit agency and provides political risk and trade credit risk insurance products, with the objective of reducing the business risk and cost of doing ... Read More »

KSA seizes 5m amphetamine tablets in biggest hit


RIYADH: Saudi authorities have seized more than five million amphetamine tablets and arrested 11 people in one of the kingdom’s largest drug busts. The suspects – nine Saudis and two Sudanese citizens – were arrested in Riyadh as an illegal deal was being completed, state news agency SPA quoted an interior ministry spokesman as saying. Three grams of heroin, a ... Read More »

Zimbabwe utility affects for power tariff hike in 2016


HARARE: Zimbabweans should brace for a massive hike in electricity charges in 2016 after the power utility approached the energy regulator for an increase. The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) announced in a statement on Sunday that it has applied to the Zimbabwe Energy Regulatory Authority (ZERA) seeking an increase in tariffs from US9.86 cents per kilowatt hour ... Read More »