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Author Archives: CT Report

Bombardier to cut workforce by 7,000

OTTAWA: Canadian aircraft and train maker Bombardier Inc said it would slash its workforce by about 7,000 over the next two years, while ramping up hiring to support production of its struggling CSeries commercial jet program. The company said yesterday it had signed a letter of intent with Air Canada for up to 75 CS300 aircraft for US$3.8 billion, based ... Read More »

Beijing police bust 3b yuan tax fraud

BEIJING: Beijing police have busted a tax fraud case involving more than three billion yuan ($460 million) and 1,500 firms across 29 provinces and cities. A police officer from Haidian district said that 20 suspects in the gang were caught during a joint operation by tax and police departments in November last year. Last October, Haidian police received a report ... Read More »

China approves 21 fixed-asset investment projects

BEIJING: China’s top economic planner approved 21 fixed-asset investment projects with total investment reaching 54.1 billion yuan ($8.3 billion) in January, an official said on Wednesday. The projects covered water conservancy, transportation, technology and energy, said National Development and Reform Commission spokesperson Zhao Chenxin at a press conference. Those projects will help coordinate regional development as well as strengthening water ... Read More »

China January consumer prices up 1.8%

BEIJING: China’s consumer prices rose for a third consecutive month in January thanks to rising food prices, signalling easing of deflationary pressure, official data showed on Thursday. China’s consumer price index (CPI), a main gauge of inflation, grew 1.8 percent year on year in January, up from a rise of 1.6 percent in December, the National Bureau of Statistics (NBS) ... Read More »

Sinopec to close four oilfields in Shandong

BEIJING: China’s second-largest oil major will shut down four oilfields in the country’s eastern Shandong province to stay afloat amid plummeting oil prices. China Petroleum & Chemical Corp, also known as Sinopec, will close the four oilfields in the Shengli oilfield, the nation’s second-largest oilfield, later this year, company sources said. It will be the first shutdown after the first ... Read More »

PH mulls over plans to hike sugar imports

WASHINGTON: Sugar regulators are considering additional imports to help keep prices stable amid expectations of lower-than-estimated domestic output due to the effect of the El Niño phenomenon. Currently, importers are allowed to bring in 1.25 tons of sugar for every ton of exports to the United States. For the present US fiscal year that would end in September, the Office ... Read More »

Spain’s Bankia to return money to small investors

MADRID: Spanish lender Bankia, which was rescued by European funds, Wednesday announced it would return money to small investors. The bank, Spain’s fourth largest lender, will reimburse small investors who bought shares when Bankia began listing on the stock exchange in 2011. In January, the Supreme Court said that Bankia had to return the money spent by two people on ... Read More »

Customs seizes $4.65M in fake $100 bills at airport

TEXAS: A Vietnamese couple’s inability to keep its story straight resulted in U.S. Customs and Border Protection agents seizing $4.65 million in funny money from the travelers at Detroit Metro Airport on Friday, the agency said in a release Wednesday. “The couple attempted to import the counterfeit U.S. $100 bills and Vietnamese Dong into the United States to be offered ... Read More »

Demerit system to check errant Customs agents

PUTRAJAYA: A new system for keeping tabs on Customs agents will see them earning demerit points every time they commit an offence like tax evasion to the wrong use of codes among others. The Customs Department is introducing the demerit system to ensure better compliance among agents. Its director-general Datuk Seri Khazali Ahmad said Customs agents who accumulated 20 demerit ... Read More »

Japan LNG imports fall 14% in Jan

TOKYO: Japan’s liquefied natural gas (LNG) imports fell 14.1 percent in January, its biggest drop in nearly seven years, as utilities curbed purchases on slowing demand and nuclear power output picked up after theFukushima disaster in 2011 drove LNG imports to record highs. Customs-cleared LNG imports by the world’s top consumer last month fell to 7.245 million tonnes from a ... Read More »

Ireland police seize heroin, cocaine worth 500,000 euro

DUBLIN: Heroin and cocaine with an estimated street value of half a million euro has been seized during a raid on a house in west Dublin. A 24-year-old man was arrested at the scene in Clondalkin and is being questioned about drug trafficking. Investigating gardai said they recovered 3kg of heroin and 1kg of cocaine during the planned search on ... Read More »

US Customs seizes liquid heroin worth $168,000

LAREDO: U.S. Customs and Border Protection (CBP) officers recently discovered liquor bottles spiked with an even more noxious ingredient than alcohol; approximately $168,000 in alleged liquid heroin. “We may have changed the location where we process our bus traffic but the resolve, inspection skills and experience of our frontline officers remains the same and that tenacity resulted in the seizure ... Read More »

US Customs nabs 14 Cuban migrants

AGUADILLA: U.S. Customs and Border Protection (CBP) Air and Marine Operations and Border Patrol Agents apprehended 14 undocumented immigrants from Cuba, after they landed Tuesday in Mona Island. Yesterday CBP issued a Spanish language warning, with the hope of dissuading ventures through the Mona Passage after a wooden vessel shipwrecked near San Pedro de Macoris in the southern coast of ... Read More »

US Customs seizes marijuana worth $8.5m

TUCSON: U.S. Customs and Border Protection officers at the Mariposa Commercial Facility seized more than $8.5 million in marijuana – approximately 17,060 pounds – from a Mexican national Feb. 12 when he attempted to enter the United States through the Port of Nogales.A narcotics detection canine alerted officers to a shipment identified as aircraft parts, which was determined to be ... Read More »

January exports down 6.6%, imports off 14.4%

WASHINGTON: The Ministry of Commerce says China’s trade numbers fell in January, suggesting sluggish demand at home and abroad. The ministry said Wednesday that total foreign trade value in January declined 9.8 percent year on year to 1.88 trillion yuan. That’s as exports fell 6.6 percent in January and imports plunged 14.4 percent. The decline widened China’s monthly foreign trade ... Read More »

Thailand scrap steel imports see sharp cut in 2015

BANGKOK: The latest import statistics indicate that the scrap imports by Thailand during December 2015 declined heavily over the previous year. The imports by the country totaled 67,000 tons during the month. This is significantly down by over 20% when compared with the imports during the same month a year before. Thailand had imported 85,000 tons of scrap steel during ... Read More »

Russia demands Ukraine to pay $3bln debt and interest since end of Dec

MOSCOW: Kiev owes Russia $3 billion in Eurobonds. The debt was secured by the government of then-President Viktor Yanukovych in late 2013. Moscow has repeatedly stated that Ukraine’s failure to pay back the debt by the December 20 deadline should be classified as a default. “In its lawsuit the Russian Federation demands that Ukraine pay the principal of the Eurobond ... Read More »

Moscow ready to fulfill loan obligations on Hungarian Paks NPP

MOSCOW: Earlier in the day, Putin held a meeting with Hungarian Prime Minister Viktor Orban. “The total amount of [Paks NPP] project financing is 12 billion euros [$13.4 billion], 80 percent of which should be provided by the Russian loan. I confirmed today to the [Hungarian] Prime Minister that the Russian side is fully ready to fulfill its obligations,” Putin ... Read More »

Small and medium businesses in Russia stepping up exports

MOSCOW: Contrary to popular belief, Russia exports more than just oil and gas. Domestic producers’ exports also include electronics, household goods and food products. A large part of these goods are produced by small and medium-sized enterprises (SMEs). As many as 13,500 of these companies are already exporting $5 billion worth of goods. However, the further development of export SMEs ... Read More »

South Africa’s Distell raises H1 profit

CAPE TOWN: South African wine and spirits maker Distell Group said on Wednesday half-year profit rose 18 percent, aided by higher earnings from exports markets due to the weaker rand currency. Distell, majority-owned by South African investment firm Remgro, said headline earnings per share came in at 529.7 cents in the six months to the end of December. Headline EPS ... Read More »