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Author Archives: CT Report

Ministries seriously considering LCCI budget proposals: Haroon Akhter

LAHORE: Prime Ministers’ Advisor on Revenue Haroon Akhter Khan has said that the ministries concerned are seriously considering the budget proposals presented by the Lahore Chamber of Commerce (LCCI). While talking to the LCCI President Sheikh Muhammad Arshad on phone, Prime Minister’s Advisors said that the economy is moving in right direction and this fact is being recognized by international ... Read More »

ICCI shows concerns over rising inflation as it will impede economic growth‏

ISLAMABAD: The Islamabad Chamber of Commerce (ICCI) and Industry has shown concerns over the rising inflation in the country as the headline inflation has risen to 4.17 percent in April 2016 compared to 3.9 percent in the preceding month and called upon the government to take urgent measures to arrest this phenomenon as the rising inflation would hurt the investment ... Read More »

FIA arrests three accused involve in human trafficking

SIALKOT: Federal Investigation Agency (FIA) has busted an international gang of the human traffickers and arrested three big extortionists while collecting the extortion money forcibly from the heirs and grieved families of some youths.  They had been sent to Turkey via Iran illegally where some Pakistani agents detained them in their some private torture cells at various places in Turkey. ... Read More »

Saudi Arabia’s Stock Exchange Hires HSBC’s Saudi Unit for IPO

RIYADH: Saudi Arabia’s stock exchange, the biggest in the Middle East and Africa, hired HSBC Saudi Arabia Ltd. as a financial adviser for its initial public offering. “The appointment of a financial adviser is an important milestone,” the bourse said Thursday in a statement on its website as part of its initiative to boost transparency. The offering is scheduled to ... Read More »

Toyota 86 Shooting Brake Concept Teases the World from Australia

CANBERRA: Car enthusiasts have a strong affinity for the practical, sensible shape of a station wagon, so this Toyota 86 Shooting Brake concept is a huge tease. There are no plans to put it into production, even though the new bodywork would seriously increase the practicality of Toyota’s rear-wheel-drive sports coupe. The concept takes the body of a regular Toyota ... Read More »

Another 48-hour strike begins at Greek ports

ATHENS: Strikes have commenced at major commercial ports in Greece, which will stop work for up to 48 hours. The Seamen’s Union and the Crew Union of Towage and Salvage commenced industrial action at 06:00hrs (local time) today at the ports of Piraeus, Aspropyrgos, Eleusis, Pachi and Megara. The work stoppage is scheduled to terminate at 06:00hrs on May 8, ... Read More »

British researchers reveal engine for future nano-machines

LONDON: Researchers at the University of Cambridge have revealed recently in a new study that they have built the world’s smallest engine. The tiny engine, just a few billionths of a meter in size, uses light to power itself and could form the basis of future nano-machines that can navigate in water, sense the environment around them, or even enter ... Read More »

US productivity fell in Q1

WASHINGTON: US productivity declined at an annual rate of 1 percent in the first quarter, following a 1.7 percent decline in the fourth quarter of last year, the US Department of Labor reported on Wednesday. The weakness in productivity for the first quarter was not surprising since the US’ overall output, as measured by GDP, grew at a rate of ... Read More »

Dubai chamber recognizes efforts of support staff

DUBAI: The Dubai Chamber of Commerce and Industry recognized more than 60 support staff members Sunday, International Workers’ Day, for their work which is mostly completed behind the scenes and gets little praise. Monetary gifts were presented to the cleaners, security workers, waiters, gardeners and technicians who serve the chamber and its facilities to provide a healthy, safe and clean eco-friendly ... Read More »

Dubai Chamber of Commerce and Industry opens office in Mozambique

DUBAI: The Dubai Chamber of Commerce and Industry Thursday opened a representative office in Maputo, the third in Africa after the ones in Ethiopia and Ghana, the Chamber said in a statement. The statement said the office in Maputo would contribute to strengthening bilateral economic ties and, secondly, to increasing the confidence of investors in sectors with high potential in ... Read More »

First independent Chinese refiner trades DME Oman crude oil

MUSCAT: Shandong Chambroad Petrochemicals Co. has become the first independent Chinese refiner to trade Oman Crude oil futures on the Dubai Mercantile Exchange, the leading east of Suez energy exchange. The Chinese government allowed independent refiners to import crude oil for the first time earlier this year. So far 10 independent refiners have been granted approval by the Chinese authorities, ... Read More »

Dubai firms say expect economy to remain stable in Q2

DUBAI: Businesses in Dubai expect the economy to hold steady through the second quarter of 2016 after the first quarter saw strong performance across the manufacturing, services, transport and construction sectors, according to a new survey. The quarterly business survey conducted by the Department of Economic Development (DED) in Dubai showed 47 percent of respondents expect the situation to remain ... Read More »

Vingroup reports double sales, tripled profits in Q1

HANOI: Realty developer Vingroup (VIC) announced consolidated sales of over VNĐ15 trillion (US$671 million) in Q1 of this year, double last year’s sales in the same time period. The group also reported a gross profit of VNĐ4.3 trillion and a profit-after-tax of over VNĐ1 trillion, or a three-fold increase over the same period last year. Sales from real estate contributed VNĐ10.5trillion ... Read More »

Vietnam petrol price rises to VNĐ15,586

HANOI: The domestic retail price of petroleum increased by VNĐ646 to reach VNĐ15,586 (69 US cents) per litre on May 5, the Ministry of Industry and Trade (MoIT) said. The price of E5 RON 92 biofuel also rose by VNĐ634 to VNĐ15,076 per litre. The prices of diesel and kerosene went up by VNĐ650 and VNĐ550 to VNĐ11,023 and VNĐ9,455 ... Read More »

Commerce Ministry targets service-export growth

BANGKOK: The commerce Ministry has responded to the exports slowdown by strengthening its plan to promote service exports, in particular healthcare and wellness items, by adopting the South Korean model for their promotion. Chantira Jimreivat Vivatrat, deputy director-general of the International Trade Promotion Department, said the department would promote businesses such as spas, hospitals and cosmetic surgery as it foresees ... Read More »

Iran inaugurates customs terminal at border crossing with Azerbaijan

TEHRAN: Transit cooperation between Iran and Azerbaijan is expected to increase as the first phase of a new customs terminal at Poldasht border crossing has been inaugurated, Iranian envoy to Azerbaijan’s Nakhchivan Autonomous Republic said. “The new terminal at Poldasht border crossing will play a key role in boosting trade ties as well as transit cooperation between Iran’s West Azerbaijan ... Read More »

Pak rupee remains firm

KARACHI: Pakistani rupee Friday remained firm against the US dollar both in open market and interbank. According to the local money market, the greenback remained unchanged both in open market and interbank for selling at 105.25 and 104.60 respectively. On Thursday, the dollar added five paisas in open marker for buying at 105 and for selling at 105.25, while it ... Read More »

Australia orange exports hit 152,000 tons in 2015

CANBERRA: Orange exports hit 152,000 tonnes in 2015, an increase of 21 per cent over the previous year, according to Citrus Australia. The industry’s recently released export report found exports were worth $190.68 million last year, up 32 per cent on 2014. South Australia’s exports increased the most, up 15,000 tonnes or 32 per cent, while NSW lifted 25 per cent ... Read More »

South Korea’s Kangwon Land 1Q profit up 8%

SEOUL: Kangwon Land Inc, the operator of the only casino resort in South Korea where the country’s nationals are allowed to gamble, reported net income of KRW142.81 billion (US$122.1 million) for the first quarter of 2016, up by 7.9 percent from the prior-year period. Revenue increased 2.6 percent year-on-year to KRW436.57 billion in the three months to March 31. Operating ... Read More »

Nepal Rastra Bank’s cost for liquidity management soars to Rs 658m

KATHMANDU: The central bank’s cost to manage liquidity surplus jumped by nearly 245 percent in the first eight months of the current fiscal year 2015/16 compared to the amount that it spent in the last fiscal year. Nepal Rastra Bank spent a total of Rs 658.2 million to mop up Rs 469.37 billion over the period of eight months in ... Read More »