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Author Archives: CT Report

Nepal CIAA seizes containers of Dabur products


KATHMANDU: Seventy-seven India-bound containers of Real Juice manufactured by Dabur Nepal, a subsidiary of Dabur India, were on Sunday seized by Nepal’s anti graft body after receiving complaints about their quality. The Commission for the Abuse of Authority (CIAA) confiscated the containers of Dabur Nepal that were being exported to India from Sirsiya Dry Port in Birgunj, officials said. A ... Read More »

Pak rupee witnesses mix trend

Pak rupee 9

KARACHI: The Pakistani rupee Monday witnessed the mixed trend as the local currency lost value against the US dollar in open market, but strengthened in interbank. According to the local money market, the dollar gained 20 paisas in open market for selling at 106.25 and lost 45 paisas in interbank for selling at 104. On Friday, the US currency gained ... Read More »

UAE’s Mashreq bank inks on $100m loan for Korean supplier


ABU DHABI: The UAE’s Mashreq bank has signed off on a $100m (AED367.2m) loan for Korean contractor, SK Engineering and Construction. The syndicated medium-term loan will finance SK Engineering’s general corporate requirements. A consortium comprising Mashreq, Al Ahli Bank of Kuwait (ABK), and Commercial Bank of Kuwait (CBK) were involved in financing the facility.Funding generated through the facility are likely to ... Read More »

S. Korean stocks tumbles 1.07% on expand oil rout


SEOUL: South Korean stocks tumbled 1.07 percent Monday as investors shunned risky assets out of fears that plunging crude oil prices will protract the global economic slowdown. The local currency sharply fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 20.80 points to 1,927.82. Trade volume was moderate at 425.67 million shares worth 4.02 trillion ... Read More »

Korea’s yello mobile lifts funds at $4 bln valuation

yello mob

SEOUL: Yello Mobile, a South Korean startup that has acquired more than 80 app and service providers since it was launched three years ago, raised capital in a funding round that it expects will bring its valuation to about $4 billion. The Seoul-based company said it has raised $47.2 million from new and existing investors through convertible debt and expects ... Read More »

Gas companies accused of preferring brokers’ interests over consumers


ISLAMABAD: Pakistan Economy Watch (PEW) President Dr Murtaza Mughal has accused the gas companies of preferring brokers’ interests over consumers. Dr Muraza, in a statement, said that gas distribution companies are reluctant to abide by the decisions of Ogra taken in the interests of masses. He said that all the directives to fix issues like overbilling have been ditched in ... Read More »

Australia, NZ sets to fill quotas for sheep meat exports to EU in 2016

sheep meat

WELLINGTON: Australia and New Zealand are set to fill their quotas for sheepmeat exports to the EU in 2016, according to a recent report from Meat and Livestock Australia. According to the MLA’s Market information and Industry insights report, it expects total exports of lamb and mutton to the EU to remain steady in 2016. It also says that this quota ... Read More »

‘Pakistan is producing world-standard cement’


LAHORE: Pakistan is producing world-standard cement as the local cement is being exported to the US, UK and South Africa. DG Khan Cement General Manager (Works) Khalid Mahmood, said this while talking to media. He said that the Khairpur cement plant has the capacity to produce more than 6,500 tonnes of cement per day and manufactures 2 different products, Ordinary ... Read More »

Norway’s PM dismiss calls for end to oil, gas exploration in Nordic

norway pm

OSLO: Norway’s Prime Minister has dismissed calls for a end to oil and gas exploration in Nordic nation, after nearly 200 countries signed a historic deal on Saturday to push for zero net emissions in the second half of the century. “We’re going to continue with oil and gas,” Erna Solberg said on Sunday, in comments echoed both by her ... Read More »

Gawadar Project is fascinating, says UK HC Philip Barton

British High Commissioner Philip Barton

LAHORE: Brain drain has reversed in Pakistan that will be proved a game changer for the country, said UK High Commissioner Philip Barton. The UK’s top official in Pakistan said this after inaugurating The Emporium Mall, the country’s largest shopping mall, in Johar Town, Lahore. Philip Barton said that a new Pakistan is emerging due to rapid development projects especially ... Read More »

Adobe’s revenue rises by 22% YoY to $1.31bn


CALIFORNIA: As we watch organizations like IBM, HP and EMC struggle to transform, Adobe is an interesting contrasting case. It went from selling boxed software to a cloud subscription model in shorter order, and judging from its financial report that came out last week, it’s done quite well making that leap. First, let’s have a look at the numbers. Adobe ... Read More »

Australia’s overall seafood consumption to rise by 5%


CANBERRA: Market research company IBISWorld said Australia’s overall seafood consumption will rise by 5% from 18.7 kilograms per capita in 2015 to 19.6kg per capita by 2021, reports Foodmagazine. Subdued growth is anticipated for the nation’s fishing and aquaculture industries, forecast to grow by an annualized 0.9%  and 2.7% respectively from 2015- 2021. The ongoing rise in disposable incomes and ... Read More »

Google Alphabet yearly revenue growth drops to 35%

shares fall

MUMBAI: The Indian unit of online search engine Google, now rebranded as Alphabet, has reported a 35% increase in yearly revenue. Although the company’s business has doubled over the past two years, the pace of revenue growth has slowed from 2014, when it was 47%. Analysts said social media and mobile applications diverted some of the advertising traffic that was ... Read More »

Italy plans to reactivate trade office in Karachi


ROME: Italy has decided to reactivate its trade commission in Karachi and trade offices in embassies of Islamabad. Italian Ambassador met Finance Minister Ishaq Dar in Islamabad, saying that Italian auto maker company is considering about investment in Pakistan to provide cheaper labor and develop centers in Pakistan due to the export potential. They had interest in important sectors including ... Read More »

Domestic forestry exports to reach $9.5 bln in 2020

forest products

HANOI: The domestic forestry sector expects to reach a total export value of wood and forestry products at US$9.5 billion in 2020, according to the Ministry of Agriculture and Rural Development. The ministry said it also expected a growth rate of production value at 7 per cent per year between 2016 and 2020, To gain the targets, during this period, the ... Read More »

Sri Lankan trade delegation visits Lahore Chamber

business delegation

COLOMBO: A high powered 17-member Sri Lankan delegation had B2B meetings with their Pakistani counterparts here at the Lahore Chamber of Commerce & Industry. The delegation was headed by Prasanna Jayasinghe while LCCI President Sheikh Muhammad Arshad, Vice President Nasir Saeed and Executive Committee Members also spoke on the occasion. LCCI President Sheikh Muhammad Arshad and Sri Lankan delegation agreed ... Read More »

Indonesia’s PT Waskita secures contracts worth Rp 100t for 2016


JAKARTA: State-owned construction firm PT Waskita Karya has secured contracts for projects worth Rp 100 trillion (US$7 billion) for next year. Waskita Karya president director M. Choliq said the majority of the contracts were for new toll roads, while some were for the continuation of existing projects that the company was already working on. The contracts, he added, were in ... Read More »

Sri Lanka trade deficit reduces 4.1% to $733m in Sept


COLOMBO: Sri Lanka’s trade deficit contracted by 4.1 percent to US$ 733 million in September 2015 from US$ 765 million a year earlier, according to the Central Bank data released in its External Sector Performance Review here the other day. However, on a cumulative basis, the trade deficit during the first nine months of 2015 increased by 3.8 percent to ... Read More »

500,000mt sugar to be exported till March 2016


ISLAMABAD: About 500,000 metric tons of sugar will be exported in a phased manner till March 31, 2016. In the first phase, 200,000 MT will be allowed to be exported up to December 31, 2015. By the end of January, an accumulative 350,000 will be allowed, while the cut of date for the total accumulative volume of 500,000 MT will ... Read More »

State Bank of Vietnam to reduce reserve requirement ratio


HANOI: The State Bank of Viet Nam (SBV) will reduce the reserve requirement ratio for banks that take part in the restructuring of the banking system. Under Circular 23/2015/TT-NHNN, which will take effect on January 28 next year, the SBV governor will consider reducing the ratio even to zero per cent for ailing banks that are under the central bank’s ... Read More »