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EC forecasts poor Finnish economic growth

HELSINKI: Finland’s growth outlook remains stubbornly behind the rest of the European Union, said the European Commission in its spring forecast. For this year and the next, Finland is predicted to have a 0.7 per cent economic growth. Next year, Finland is forecast to have the lowest growth in the EU. This year, only Greece remains behind Finland. The commission ... Read More »

Dollar depreciates to Rs105.20 in cash-free market

KARACHI: Pakistani rupee Wednesday further gained valued against the US dollar in open market and remained firm in interbank. According to the local money market, the American currency lost another five paisas in cash-free market for buying at 104.95 and for selling at 105.20, however, it remained unchanged in interbank for buying at 104.40 and for selling at 104.60. On ... Read More »

Abu Dhabi indefinitely delays Fujairah LNG plant

ABU DHABI: Abu Dhabi is indefinitely delaying construction of the UAE’s first land-based facility for importing liquefied natural gas in Fujairah, according to reports. Bloomberg cited two sources as saying the plans have been delayed after the emirate contracted a floating supply terminal. Mubadala Petroleum and International Petroleum Investment Corporation joint venture EmiratesLNG LLC planned to use the facility to ... Read More »

Dubai medical tourist numbers to hit 1.3m in 2021

DUBAI: A total of 1.3 million medical tourists are expected to visit Dubai in 2021, Dubai Health Authority (DHA) has revealed. Bolstering the medical tourism sector in Dubai is part of the Dubai Health Experience (DXH), launched by His Highness Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, ... Read More »

Pakistan’s economic growth remains below 5.5%, recovery to continue: WB

ISLAMABAD: The World Bank, in its latest report, has claimed that Pakistan’s modest economic recovery would continue, but the growth remained well below the 5.5 percent target envisaged in the country’s annual plan and the South Asia average of 7.5 percent. According to the report, the country’s fast growing remittances rising investments under the China Pakistan Economic Corridor (CPEC) have ... Read More »

SECP disposes of 36 show-cause proceedings in April

ISLAMABAD: The Securities and Exchange Commission of Pakistan disposed of 36 show-cause proceedings in April against companies, their auditors and directors for various alleged violations of provisions of the Companies Ordinance, 1984. Moreover, during the month the Corporate Supervision Department of the SECP initiated 20 fresh show-cause proceedings against the companies for various violations of the ordinance comprising non-holding of ... Read More »

Govt to generate Rs1,100b thru auction of T-bills, PIBs in three months

KARACHI: The federal government has decided to generate Rs1,100 billion through auctions of market treasury bills and Pakistan investment bonds during May-July. According to the State Bank of Pakistan (SBP), the central bank will auction treasury bills to raise Rs900 billion during the three months; out of which Rs592.54 billion will be required for repayment against the matured amount. Another ... Read More »

600-tonne patrol vessel given to Pakistan Maritime Security Agency

KARACHI: Federal Minister for Planning, Development and Reforms Ahsan Iqbal has said that has inaugurated a 600-tonne maritime patrol vessel for Pakistan Maritime Security Agency at Karachi Shipyard & Engineering Works (KS&EW). Speaking on the occasion, Ahsan congratulated the Karachi Shipyard and M/s China Shipbuilding Trading Company (CSTC) on timely completing construction of the vessel. He said that induction of ... Read More »

Vietnamese shares may continue to rise this week

HANOI: Vietnamese shares may continue to rise this week with improving investor confidence after they received positive news from the government and global markets, brokerage securities wrote in their weekly forecast. The benchmark VN Index on the HCM Stock Exchange on Friday gained 1.1 per cent to close the week at 598.37 points. The southern index struggled to rise 1 ... Read More »

RetailMeNot revenue declined 9.5% to $54.6m

AUSTIN: RetailMeNot Inc. shares fell Tuesday after the online coupon site reported a revenue decline and swung to a small loss as its number of web visitors from mobile phones declined for the first time ever. Shares declined 9.8% to $7.67 in afternoon trading. The number of mobile web visits fell 1% to 69.9 million, the first such decline since ... Read More »

Two 660MW Thar coal-based power projects approved

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has approved the installation of two 660MW coal-powered electricity projects in Thar. Hub Power Company Limited will build 330 MW power project at Block-II of Thar, Sindh while another 330 MW power project will be completed at the same block of Thar by Thal Power (Private) Limited, said a PPIB press release. ... Read More »

PH wants tariff on farm products scrapped

MANILA: The Philippines will seek this Friday the removal of quotas and tariffs on its key agricultural exports such as bananas and pineapples under the first review of the Philippines-Japan Economic Partnership Agreement (Pjepa). “We will seek additional concessions. We will push for the removal of tariffs on bananas, pineapples, yakitori, tuna and skipjack. Most of these products are of ... Read More »

Malaysia’s Westports posts 42% rise in Q1 profits

COLOMBO: Major Malaysian port operator Westports Holdings put in a good performance for the first quarter with net profit jumping 42% to MYR171.1m ($43.7m) from as ongoing expansion and modernisation of port operations in Port Klang boosted its cargo handling capacity, the company said in a stock market release. The rise in profits was driven by a one-off gain from ... Read More »

Greece’s OTE net profit falls 16% in Q1

ATHENS: Greece’s biggest telecoms operator OTE reported a 16 percent drop in first-quarter net profit on Wednesday, as bailout measures hit demand for its mobile services, and said it saw more challenges this year. OTE, which is 40 percent owned and managed by Germany’s Deutsche Telekom, has seen smaller rivals grab market share in fixed-line services in recent years amid ... Read More »

Philips to sell lighting arm

AMSTERDAM: Royal Philips NV announced yesterday that it is spinning off its iconic lighting division in an initial public offering so it can focus on its future as a health technology provider. The listing on Amsterdam’s Euronext exchange is to involve the company selling at least 25 percent of its stock in Philips Lighting, which had sales of 7.5 billion ... Read More »

CPEC road projects: Pak, China sign $4.2b agreement

ISLAMABAD: A $4.2 billion worth of contract has been signed between Pakistan and China to construct two main road projects of the eastern alignment of the China-Pakistan Economic Corridor (CPEC). Minister for Planning, Development and Reform Ahsan Iqbal signed the contract on behalf of Pakistan. Under the contracts, China would provide a concessionary loan of $1.3 billion for the 120-km ... Read More »

Taiwan’s PMI reaches 54.9 in April

TAIPEI: The nation’s official manufacturing purchasing managers’ index (PMI) registered 54.9 last month, above the 50 threshold indicating improvement in the sector, the Chung-Hua Institution for Economic Research (CIER) said yesterday. However, the institute said the result for last month had more to do with a low base of comparison in February than signs of a recovery, because the reading ... Read More »

Italian construction machine market growing

ROME: A slow but steady improvement in machine sales is being observed in Italy as the market recovers. Over the first three months of 2016, 1,977 construction machines have been sold into the Italian market, according to the country’s construction equipment manufacturing association, the UNACEA. This gain in sales represents an increase of 29% compared to the same period in ... Read More »

Dr Kamal takes charge as Post Clearance Audit Director

ISLAMABAD: Dr Kamal Azhar Minhas, a Pakistan Customs Service officer of BS-19, has assumed the charge of the post of Director, Directorate General of Post Clearance Audit, Islamabad. Dr Akmal, pursuing the Board’s Notification No. 0834-C-II/2016 dated 01.04.2016, relinquished the charge of the post of Collector, Model Customs Collectorate, Gilgit-Baltistan, with effect from April 1. Read More »

Dr Akhtar assumes charge as Islamabad Collector

ISLAMABAD: Dr Akhtar Hussain, a Pakistan Customs Service officer of BS-19, has assumed the charge of the post of Collector (OPS), Collectorate of Customs (Adjudication), Islamabad. The officer, in pursuance of Board’s Notification No. 0834-C-II/2016 dated 01.04.2016, relinquished the charge of the post of Additional Director, Directorate of Customs Post Clearance Audit, Lahore with effect from April 11. Read More »