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Author Archives: CT Report

President urges exporters to pay taxes regularly

ISLAMABAD: President Mamnoon Hussain has urged the exporters to play their part in promoting tax culture in the country and asked them to pay regular taxes to generate more revenue. The president said this while addressing the fourth achievement awards ceremony of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at the Aiwan-e-Sadr. He said the government is ... Read More »

Transocean revenue drops to $1.34bn

ZEG: Oil driller Transocean Ltd. swung to a first-quarter profit as it slashed spending to offset a 35% revenue drop brought on by an oil rut amid a supply glut wreaking havoc through the sector. Rig utilization fell to 51%, from 60% in the previous quarter and 79% in the year-ago period. Contract backlog, meanwhile, fell to $14.6 billion as ... Read More »

Air France-KLM narrows loss in 1Q

PARIS: Air France-KLM Group has reported a first-quarter net loss of €155 million ($175.3 million), narrowed from a €559 million net loss in the year-ago period. “Air France-KLM is continuing to deliver a clear improvement of its financial indicators in the first quarter of 2016, leading to a significant increase of its operating result while continuing to reduce its net ... Read More »

Import of gold falls by 67.33% in India

NEW DELHI: Gold imports fell sharply by 67.33 per cent to 19.6 tonnes in April 2016 as jewellers’ strike opposing one per cent excise duty on non-silver jewellery significantly hit demand for the metal, according to gold and silver refiner MMTC Pamp. “Gold imports declined to 19.6 tonnes in April, 2016 as against 60 tonnes in the year-ago period due to ... Read More »

Indonesia, Saudi Arabia to double trade by 2020

RIYADH: Indonesia and Saudi Arabia have agreed to double their bilateral trade value by 2020 as the two countries believe they have a lot of potential for expansion. Trade Ministry expert for trade services Arlinda Imbang Jaya said the total trade between Indonesia and Saudi Arabia amounted to US$8.5 billion in 2015. Indonesian exports to Saudi Arabia amounted to $3.35 ... Read More »

Sri Lanka: Govt to redraft Inland Revenue Act

COLOMBO: Cabinet has approved a proposal to redraft the Inland Revenue Act in order to simplify and modernize it, the Government said today. According to the Government, the Inland Revenue Act No 10 of 2006 provides legal provisions to impose income tax in Sri Lanka, but it has been complicated due to periodical amendments made to the act since its ... Read More »

Indian utilities may import 48 mln mt coal in 2016-17

NEW DELHI: Indian power utilities that have plants based on imported thermal coal are likely to import around 48 million mt of coal in the current fiscal year, which began April 1, 2016, an official from the Central Electricity Authority told Platts Wednesday. CEA has not assigned any imported coal quantities to power utilities that used to import coal for blending ... Read More »

Malaysia’s March export, import growth seen slowing on weak demand

KUALA LUMPUR: Malaysia’s March exports likely grew at a much slower pace from the previous month as weak demand and commodity prices crimped shipments, a Reuters poll showed. The poll’s median forecast was for exports to be only 0.4% larger than a year earlier, while February shipments were 6.7% higher. Forecasts in the poll ranged from an annual decline of ... Read More »

Senate committee warns USC against corruption

ISLAMABAD: Senate’s Functional Committee on Less Developed Areas has directed the management of Utility Stores Corporation to improve its performance within six months. Committee Chairman Muhammad Usman Khan Kakar issued this warning to the USC managing director, adding that the department is involved in massive corruption and mismanagement. The chairman said most USC networks could not exist in less developed ... Read More »

Hong Kong Customs seizes suspected illicit cigarettes

HONG KONG: Hong Kong Customs yesterday conducted an anti-illicit cigarette operation in Sham Shui Po and Tsing Yi. In the operation, Customs smashed a suspected illicit cigarette storehouse and detained a cross-boundary private car suspected to be used in smuggling illicit cigarettes. A total of about 270 000 sticks of suspected illicit cigarettes were seized. Customs officers suspected a residential ... Read More »

Nigerian capital imports plunge 74% in Q1

ABUJA: The total value of capital imported into Nigeria in the first quarter plunged to $710.97 million, a 73.79 percent decline from the same quarter a year ago, the National Bureau of Statistics said on Wednesday. Nigeria, Africa’s biggest oil exporter, has been hit by its worst economic crisis in years, as low prices for crude cause government revenues to plummet. ... Read More »

Sri Lanka Ports Authority reviews gas storage terminal lease

COLOMBO: Sri Lanka Ports Authority (SLPA) is reviewing a 10-year lease of its liquid petroleum gas (LPG) storage terminal in the southern port of Hambantota.  The SLPA last year entered into a 10-year lease agreement with Litro Gas Terminal Lanka (Pvt) Ltd., part of Litro Gas, the largest importer and supplier of LPG to Sri Lanka. The lease was to ... Read More »

Singapore investigating large number of transactions in cross-border probe

SINGAPORE: The Singapore authorities yesterday said they are investigating a large number of complex transactions in a sweeping cross-border probe believed to be linked to the troubled state fund 1Malaysia Development Berhad (1MDB). This emerged at a state court hearing yesterday involving Kelvin Ang Wee Keng, who was charged on April 20 with corruptly giving a gratification of $3,000 between ... Read More »

Egypt’s Red Sea Ports Authority reopens ports

WASHINGTON: Egypt’s Red Sea Ports Authority reopened on Wednesday the Ain Sokhna Port in Suez for navigation after closing it for two days due to bad weather conditions, Ahram Arabic news website reported. According to Abdel Riham Mostafa, the official spokesperson for the authority, Ain Sokhna Port was reopened for navigation after the improvement in weather conditions. The Red Sea Ports ... Read More »

TripAdvisor revenue falls by 3%

LONDON: TripAdvisor Inc’s quarterly revenue fell 3 percent, missing analyst estimates, as a rise in hotel bookings on its websites hurt revenue from referrals to third-party sites.TripAdvisor has been allowing users in the United States and the UK to reserve hotels directly on its websites since 2014, charging hotels a fee for the bookings. The feature was rolled out globally ... Read More »

Yilport acquires 100% shares in Port of Gävle

LONDON: Yildirim Group subsidiary Yilport Holding has acquired 100% shares of Gävle Container Terminal and Baltic Sea Gateway, claiming the rights to operate container, bulk, general cargo, rail and CFS services in Port of Gävle terminals as part of a 40-year concession. Following an ambitious growth plan to be in the global top 10 port operators in the world by ... Read More »

Gazprom said to seek exemption from dividend rule to aid VEB

MOSCOW: Gazprom PJSC is asking the Russian government for a waiver from a new rule on dividends because the natural gas supplier may need to preserve cash to help bail out the state development bank, according to an official with knowledge of the matter. The energy company has asked the state to allow it to pay out less than 50 ... Read More »

US Customs seizes hard drugs worth $272k

TUCSON: Customs and Border Protection officers arrested three people during separate attempts to smuggle nearly 30 pounds of cocaine and methamphetamine through the Port of Nogales on May 3. Officers at the Dennis DeConcini crossing referred a 32-year-old Tucson woman for further inspection of her Volkswagen and found more than 20 pounds of cocaine, worth almost $230,000, in the rear ... Read More »

Port Authority responds to LaGuardia ideas

WASHINGTON: Dozens of readers accepted our invitation to name the one change that would fix the dreadful experience known as LaGuardia Airport. Here are your top questions, along with answers from the Port Authority aviation team planning the airport’s $4 billion overhaul who met with the editorial board Tuesday. Port Authority: Signage is the subject of two meetings a week. ... Read More »

Port of Houston authority to host first gulf shipping conference

HOUSTON: The Port of Houston Authority has entered into a host port sponsorship agreement with the Journal of Commerce (JOC Group, Inc.), a subsidiary of IHS Maritime and Trade, for the 2016 Gulf Shipping Conference. With the Panama Canal expansion underway, regional U.S. ports from Tampa, Fla. to Brownsville, Texas are striving to meet the growing demands and challenges of ... Read More »