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Author Archives: CT Report

Petroleum prices to be reduced by Rs4.80 per litre

PETROLEUM PRODUCTS

ISLAMABAD: In wake of declining trend in international market, the government has also decided to decrease prices of petroleum products by up to Rs4.80 per liter from January 1. According to OGRA sources, reduction of Rs1.52 is expected in petrol price if the government agreed to reduce the additional GST. Price of high speed diesel is expected to reduce by ... Read More »

CCP collected Rs26b through imposing fines in 8 years

CCP

ISLAMABAD: With the aim to protect consumers from anti-competitive practices, the Competition Commission of Pakistan (CCP) has imposed total penalties of over Rs26 billion on different undertakings for various violations of the Competition Law since 2007. This was stated by CCP Member Cartels & Trade Abuses and Legal, Ikram Ul Haque Qureshi, while addressing a seminar at the Sargodha Chamber ... Read More »

Ukraine inks deal with Chinese bank to upgrade telecommunications network

global-deal

KIEV: Ukrainian major telecommunications operator Ukrtelecom said on Monday it has signed a deal with China Development Bank, under which it would receive financial support for the upgrade of telecommunications network in Ukraine. “At the first stage of the long-term partnership, Ukrtelecom expects to receive first export credit amounting $50 million,” the Ukrainian company said in a statement on its ... Read More »

China bond value rises by 170% in Nov

china stocks 1

BEIJING: The value of bonds issued on the Chinese mainland surged 170 percent in November from the same month of last year as authorities eased controls on their issues while lower yields prompted companies to turn to the debt market for funding. Last month saw 2.7 trillion yuan (US$417 billion) worth of bonds issued, the People’s Bank of China said ... Read More »

HK’s IPOs draw $31.8b in funds

IPO (Initial Public Offering) on coin stacks with white backgrou

HONG KONG: Funds raised through Hong Kong’s initial public offerings from January 1 to December 15 totaled HK$246.5 billion (US$31.8 billion), the world’s highest for the period, the Hong Kong Exchanges and Clearing Ltd (HKEx) said. There had been 125 new listings since the start of this year and the total funds raised from January 1 to December 15 were ... Read More »

India gold bar imports fall in Nov 2015

gold bar

MUMBAI: The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of November this year. According to data, the gold bar imports by the country during the month recorded substantial decline of over 57% over the previous year. The monthly import statistics released by GJEPC suggests ... Read More »

Chinese economy to hit $325b globally by 2025

economy increases

BEIJING: It’s a new dawn for transport, lodging — and pretty much every service under the sun — and it’s all about “sharing.” The so-called sharing economy gained traction across the globe in 2015 as Uber upended the taxi business, Airbnb disrupted the hotel sector and a host of online and mobile startups let people moonlight as chefs or handymen. ... Read More »

EU extends economic sanctions against Russia by 6 months

sanctions

BRUSSELS: The European Union (EU) on Monday said it prolonged the economic sanctions against Russia until July 31, 2016 in a statement. The sanctions were initially introduced for one year on July 31, 2014, in response to Russia’s actions in the east of Ukraine. The measures were reinforced in September 2014. They target certain exchanges with Russia in the financial, ... Read More »

Iceland’s wage index up 0.9% in Nov

Morocco’s auto industry exports likely to rise to $10b by 2020

REYKJAVIK: Iceland’s wage index reported a month-on-month increase of 0.9 percent in November 2015, according to Statistics Iceland on Monday. The figures showed that the wage index in November was 537.6, an increase of 0.9 percent compared with 532.9 in October. The index takes the wage in December 1988 as base number of 100. In the past 12 months, the ... Read More »

Spain’s fresh fruit, vegetable imports increase 5%

fruit veg

MADRID: Spain’s fresh fruit and vegetable imports between January and September 2015 stood at 1.8 million tonnes, of which 58% (1.07 million tonnes) came from the EU, representing an increase of 5% compared to the same period of 2014. Non-EU suppliers accounted for 42% of the total (784,271 tonnes), according to data from the Department of Customs and Special Taxes ... Read More »

Spanish home mortgages increase 7.1% in Oct

home loan

MADRID: The number of home mortgages granted to prospective buyers in Spain increased by 7.1 percent in October when compared with the same month in 2014, according to data released on Monday by Spain’s Statistical Office (INE). According to the INE a total of 19,195 home mortgages were granted to prospective buyers in October, which meant a 7.1 percent rise ... Read More »

Spain’s vehicles production surges by 13.5% in Jan-Nov

production

MADRID: The number of vehicles manufactured from January to November in Spain rose by 13.49 percent when compared with the same period of a year earlier, the Association of Car Manufacturers (ANFAC) reported on Monday. Spanish factories manufactured a total of 2,551,688 vehicles in the first 11 months, and 256,709 in November alone, which meant 21.42 percent more when compared ... Read More »

Wapda manages to save Rs500m in Kachhi Canal contract

Wapda

LAHORE: Wapda General Manager Ghulam Abbas Anjum has said the authority has also managed to save about Rs500 million in contract KC-06A (2R) – one of the components of Kachhi Canal Project – due to usage of silt deposited in the canal prism. The Wapda general manager revealed this during a meeting at Wapda House, which was presided over by ... Read More »

Vietnam allows Japanese apple imports after 4 year ban

apple imports

HANOI: After a four-year import ban, Japanese apples can again be sold in Vietnam according to the managing director of Aeon Vietnam Co., Ltd., Nagahisa Oyama. The fruits will be sold in Aeon’s 75 stores across the country, reported Oyama in a statement at a ceremony held in Aeon Mall Long Bien, Hanoi on December 19 to mark the event ... Read More »

Dr Ishrat warns against boost of untaxed economy in country

Dr Ishrat Hussain

KARACHI: Renowned economist Dr Ishrat Husain has said that the untaxed economy is flourishing in the country, which ultimately is making private sector wealthier the government. The Institute of Business Administration Director and former governor of State Bank of Pakistan said that if the government focused on the proper implementation of its plans and policies the country’s economic progress could ... Read More »

Azerbaijan’s oil exports fall by 1% in Jan-Nov

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

BAKU: Azerbaijan’s oil exports edged down by 1 percent in January-November compared with the same year-ago period, driven by a decline in oil production, a source at the State Customs Committee said on Monday. Azerbaijan exported 29.9 million tonnes of oil in the first eleven months of this year down from 30.2 million tonnes in the same period of 2014, ... Read More »

Indian exotic fruit imports increase 15-20% annually

economy increases

NEW DELHI: As more and more Indian consumers include rare and exotic fruits in their diet, the exotic fruit industry is growing at a healthy 15-20% per annum. The increasing popularity of fruits such as Sharon from Spain and horned melon and avocados from New Zealand mean that importers are making more investments in infrastructure. Even consumers from small places like ... Read More »

Philippines Customs seizes smuggled cigarettes  worth over P12 million

illegal cigarettes seized in West Yorkshire

MANILA: The Bureau of Customs (BoC) has seized more than P12 million worth of smuggled and counterfeit cigarettes in Davao City, its biggest haul of illegal cigarettes so far. On Dec. 3, the bureau’s Enforcement Group conducted a raid in warehouses across the city which yielded a haul worth P12.68 million of fake cigarette sticks posing as products of Philip ... Read More »

Nigeria Customs generates N26bn at Tin-Can Port in Nov

nigeriacustoms

ABUJA: The Tin-Can Island Port Command of the Nigeria Customs Service on Monday said it generated N26.3 billion in November, up from N24.7 billion generated in October. The spokesperson of the command, Chris Osunkwo, disclosed this to the News Agency of Nigeria (NAN) in Lagos. Mr. Osunkwo in his breakdown said the command generated N15.15 billion from import duty and ... Read More »

Qatar Customs foils attempt to smuggle 12.5 kg of marijuana

marijuana

DOHA: The customs officers at Hamad International Airport (HIA) foiled attempts to smuggle around 12.5kg of marijuana into the country in two separate operations. In the first operation, the customs officer-in-charge, suspected the luggage of an Asian traveller and ordered a full search resulting in the confiscation of 6.5kg of marijuana. In the second operation, another customs officer suspected the ... Read More »