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Author Archives: CT Report

MoU on EU Multi Indicative Programme 2014-2020 signed

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ISLAMABAD: A Memorandum of Understanding (MoU) for the EU’s Multi Indicative Programme (2014-2020) with a commitment of € 653 million was signed between the Government of Pakistan, through Secretary EAD, Tariq Bajwa and the European Union, through Ambassador of the European Union, H.E Jean-Francois Cautain. The signing of the MoU was witnessed by Senator Muhammad Ishaq Dar, Minister of Finance, ... Read More »

EU to give Pakistan 653m euro under Multi-Indicative Programme

EU to provide trade development grant for Nigeria

ISLAMABAD: The European Union (EU) has announced to give Pakistan financial assistance of 653 million euro under Multi-Indicative Programme 2014-16 for rural development, education, good governance, human rights and rule of law. In this regard, a memorandum of understanding was signed here Tuesday between EU and government of Pakistan to achieve the set objectives of the programme. Secretary Economic Affairs ... Read More »

Pak, China to further strengthen co-op in economic affairs, energy sector

Nawaz Sharif, Li Keqiang

ZHENGZHOU (China): The Pakistani and Chinese leaders Tuesday announced to further strengthen ties, especially in economic affairs and energy sector. Prime Minister Nawaz Sharif and his Chinese counterpart Li Keqiang discussed bilateral relations and regional situation as they met on the sidelines of 14th SCO Heads of Government meeting here. Implementation on Economic Corridor Project and energy and infrastructure development ... Read More »

State Bank of Vietnam’s credit growth positive 18%

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HANOI: Credit this year could reach roughly 18 per cent, meeting the capital demands of the economy, deputy director of the State Bank of Viet Nam’s Monetary Policy Department Nguyen Duc Long said. Long noted that the rise in credit was an indication of positive economic growth and improved consumption in the domestic market. Further, according to Long, the increase in ... Read More »

SBP launches 2nd Access to Finance Survey Report-2015

SBP

KARACHI: The State Bank of Pakistan (SBP) Tuesday launched 2nd Access to Finance (A2F) Survey Report-2015 entitled “State of Financial Access and usage in Pakistan” for encouraging all stakeholders (banks) to improve financial inclusion. Addressing at the launching ceremony of the Survey Report, SBP Governor Ashraf Mahmood Wathra said that the central bank was committed to achieve financial inclusion targets ... Read More »

Govt releases Rs5b for reconstruction of IDPs’ houses

National Assembly

ISLAMABAD: The government has released Rs5 billion for tribesmen whose houses were destroyed and damaged during military operation in Federally Administered Tribal Areas (Fata). Minister for States and Frontier Regions (SAFRON) Abdul Qadir Baloch Tuesday informed the National Assembly that the said amount was released to the Reconstruction Rehabilitation Units (RRUs). Responding to a calling attention notice moved by Muhammad ... Read More »

Gold smugglers regularly come up with unique operating methods

indiagoldsmuggling

AHMEDABAD: Gold smuggling had attracted Bollywood’s imagination the most. Filmmakers glamorised the activity, which was shown as a career preference of villains. Even those underworld dons, whose biopics projected various imaginative manners of gold smuggling, would rather enjoy the tricks — tearing a currency note somewhere in the Middle East and then matching two torn halves on Indian shore etc. ... Read More »

ASF recovers 400g hashish from passenger’s cricket bat

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PESHAWAR: The Airport Security Force (ASF) at Bacha Khan Airport Tuesday foiled narcotics-smuggling bid and recovered hashish from the possession of a Dubai-bound passenger. According to airport officials, the luggage of a passenger willing to go to Dubai was thoroughly searched upon suspicion and 400gm hashish concealed in cricket bat was recovered. The passenger belonging to South Waziristan Agency was ... Read More »

Taiwanese firms invest $1.11b into 154 projects in Vietnam

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HANOI: Taiwanese businesses have pumped US$1.11 billion into 154 projects in Viet Nam over past 11 months, making the territory one of the leading sources of foreign direct investment in the country, according to the Foreign Investment Agency’s year review. During the period, the processing and manufacturing sector attracted the largest share of investment with $890 million, about 80 per ... Read More »

Vietnam’s steel market growth in production, business

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HANOI: Viet Nam’s steel market showed growth in both production and business in the first 11 months of this year, according to the Viet Nam Steel Association (VSA). In the first 11 months of this year, total output of building steel gained a year-on-year increase of 30.1 per cent to reach 6.1 million tonnes, the association said. This was the ... Read More »

Pak rupee again depreciates vs dollar

Pak rupee 8

KARACHI: The Pakistani rupee Tuesday depreciated against the US dollar both in open market and interbank. According to the local money market, the American currency gained five paisas in open market for selling at 106.30 and 40 paisas in interbank for selling at 104.40. On Monday, the dollar gained 20 paisas in open market for selling at 106.25 and lost ... Read More »

Wildlife smuggling continues unabated in the Kathmandu Valley

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KATHMANDU: Miss Heritage International 2015, Victoria Pham of Vietnam, flanked by Ketisha Williams of Trinidad and Tobago and Chaw Yupar Tsets of Myanmar, Nisha Pathak of Nepal and Natasha Mogorosi of South Africa, waving to the audience after being crowned the winner in New Delhi, India, on December 12, 2015. Despite the police crackdown, wildlife smuggling and trade in parts ... Read More »

Police thwart attempt of smuggling thousands of Kapal Api coffee

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JAKARTA: Chief of Unit I Crime and Violence of Metro Jaya Police Department Commissioner Junardi said his unit has thwarted the smuggling of thousands of Kapal Api coffee concealed inside a container truck. “It was thwarted on November 29 at Kamal Muara III, Penjaringan, North Jakarta,” Junari said in a press conference at Metro Jaya Police office on Sunday, December ... Read More »

Vietnamese, Russian businesses to expand ties

vn index fall

HANOI: Besides traditional co-operation areas, Vietnamese and Russian businesses should take initiative in widening their relations, vice chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong told a business conference held yesterday in Ha Noi. Viet Nam was now a comprehensive strategic partner of Russia in the Asia-Pacific region. The bilateral relationship between the two ... Read More »

Indian Customs impounds 77 cargo trucks of Dabur Nepal in Birgunj

People work near cargo containers loaded from trucks at a port in Tokyo

NEW DELHI: A joint government team impounded at least 77 cargo trucks containing products of Dabur Nepal in Birgunj on Sunday on suspicion of irregularities. The container trucks carrying Dabur Nepal products were on their way to India from Sirsiya Dry Port in Birgunj. A team from the Commission for Investigation of Abuse of Authority, District Administration Office and the ... Read More »

Dell’s revenue falls by 6% YoY to $14bn

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CALIFORNIA: Dell Inc. on Monday publicly disclosed quarterly financial results for the first time since late 2013, when the company reverted from public to private ownership. The disclosure, which appeared in a regulatory filing to the Securities and Exchange Commission by Dell Holding Inc., owner of Dell, underlines a major question in Dell’s blockbuster $67 billion bid to acquire EMC ... Read More »

Micron Technology plans to purchase 67% stake in Inotera

micron

NEW YORK: US-based Micron Technology Inc — the world’s No. 3 DRAM chipmaker — yesterday said it plans to purchase the remaining 67 percent stake in its Taiwanese DRAM arm Inotera Memories Inc in a deal worth NT$130 billion (US$3.94 billion), aimed at boosting the efficiency of its operations long term. Micron, which holds a 33 percent stake in Inotera, ... Read More »

Taiwan GDP grows by 2.24% in 2016: CIER

gdp

TAIPEI: The Chung-Hua Institution for Economic Research (CIER) yesterday forecast the economy would grow by 2.24 percent annually next year, from a predicted 0.93 percent this year, suggesting a modest pickup in both domestic and external demand led by markets in developed countries would boost the nation’s recovery. Its estimate comes even though companies in a variety of sectors have ... Read More »

China’s fresh pears export in Israeli market

Digital StillCamera

BEIJING: On December 9th, the first batch of 21 tons of fresh pears was exported in containers from Botou Oriental Fruit Corporation to Israel. The pears from Hebei will arrive at its destination next month. The shipment marks ten years of great efforts; China’s fresh pears can finally enter the Israeli market. The economy of Israel is comparatively strong and ... Read More »

Sri Lanka’s bank employees protest against budget 2016

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COLOMBO: Thousands of employees from Sri Lanka’s banking sector held a demonstration on Tuesday against the government’s maiden budget for 2016. Over 10,000 employees from state and private sector banks protested in Colombo’s business hub, urging the government to review its budget proposals, Xinhua reported. Prime Minister Ranil Wickremesinghe on Monday said the administration is willing to consider alternatives to ... Read More »