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Author Archives: CT Report

IMF programme on track: Ernesto Ramirez Rigo

ISLAMABAD: International Monetary Fund (IMF) Mission Chief Ernesto Ramirez Rigo on Tuesday said programme implementations by Pakistan have been on track for the first review under the Extended Fund Facility (EFF). In a statement Rigo said, “All the performance criteria for the targets of the first quarter were met or exceeded, in particular those on the external sector, foreign currency ... Read More »

Cement exports decline over 5pc during 5 months

ISLAMABAD: The cement exports witnessed decrease of 5.27 percent during the first five months of current financial year (2019-20) as against the exports of corresponding period of last year (2018-19). Pakistan exported cement worth $124.204 million during July-November (2019-20) against the exports of $131.118 million during July-November (2018-19), showing decline of 5.27 percent, according to the Pakistan Bureau of Statistics ... Read More »

APM Hafeez Shaikh chairs meeting regarding levy of fuel price adjustment on tube wells

ISLAMABAD: Adviser to Prime Minister on Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh presided over a meeting regarding imposition of fuel price adjustment on tube wells. The meeting was also attended by Federal Minister for Energy Umer Ayub Khan, Federal Minister for National Food Security and Research Makhdoom Khusro Bukhtiar. The participants of the meeting reviewed in detail different ... Read More »

Farrukh Hussain appointed as Pakistan Stock Exchange CEO

KARACHI: Farrukh Hussain Khan has been appointed as the Chief Executive Officer (CEO) of Pakistan Stock Exchange (PSX), the country’s stock exchange announced on Tuesday. “We would like to inform you that upon recommendation of the Board of Directors of Pakistan Stock Exchange Limited [PSX], the Securities and Exchange Commission of Pakistan has approved the appointment of Farrukh Hussain Khan ... Read More »

Ola unveils AI-enabled safety feature in 17 markets across India, Australia

Ride-hailing firm Ola announced the roll-out of its artificial intelligence-enabled safety feature, ‘Guardian’ in 17 markets across India and Australia. After running a successful pilot across multiple cities in India and international markets, Bengaluru-based Ola said the ‘Guardian’ feature is going live in 16 Indian cities as well as Perth in Australia. The SoftBank-backed company aims to take Guardian to ... Read More »

UK customs officers seize fake Chinese goods worth almost £3 million

British customs authorities have seized counterfeit items worth almost £3 million (£3.9 million) that had been shipped into the UK from China. In an operation intended to crack down on fake goods ahead of Christmas, officers from UK Border Force confiscated thousands of bogus items including counterfeit designer label scarves, sportswear and electrical equipment. At London Gateway Port alone, customs ... Read More »

Turkey’s service exports run surplus of $28 bln in 10 months

Turkey’s services sector exports ran a surplus of $28 billion in the first 10 months of this year with a 22 percent increase compared with the same term last year, the country’s trade minister has said. Speaking at an award ceremony in Istanbul on Dec. 21 to honor the pioneers of the service exporters, Ruhsar Pekcan said that the countries ... Read More »

NDF to allocate over $476m to support exports

Iranian government is going to allocate 2 trillion rials (about $476.19 million) from the county’s National Development Fund (NDF) to provide working capital facilities for production units which are exporting their products, ILNA reported Monday, quoting the head of Trade Promotion Organization (TPO) as saying. Speaking in a summit on solving the problems of exporters, Hamid Zadboum said: “According to ... Read More »

Switzerland drops case against Saudi- and UAE-linked aerospace firm Pilatus

GENEVA – Switzerland has dropped a case against aerospace firm Pilatus over charges that it failed to inform the government of its ties to Saudi Arabia and the UAE, which have been fighting Yemen’s Houthi rebels since 2015. The Attorney General (OAG) confirmed reports Sunday that it had closed its investigation into part of the matter, after determining the Swiss ... Read More »

Google Fined $167 Million in France Amid Crackdown on Online Ads

Google was fined 150 million euros ($167 million) in a French antitrust case involving online advertising as regulators throughout Europe criticize the tech giant’s business practices. The French authority found Google abused its dominant position in search when it set “opaque and difficult to understand operating rules” for its Google Ads advertising platform that it applied unfairly and randomly. It’s ... Read More »

Hong Kong drug seizures surge 74 per cent

Hong Kong customs and police seized nearly HK$1.9 billion in drugs in the first 11 months of 2019, a 74 per cent jump over the same period last year, with syndicates thought to be becoming more brazen as they assume the ongoing protests have undermined law enforcement. As the anti-government demonstrations rolled into their seventh month, officials uncovered two record ... Read More »

2nd Bangladesh bank to issue China’s UnionPay cards

Bangladesh Eastern Bank Limted (EBL) has become the second commercial bank in Bangladesh to issue China’s UnionPay card. A ceremony to launch the UnionPay credit card was held here on Sunday night in presence of local and foreign guests including Chinese Ambassador to Bangladesh Li Jiming. UnionPay QuickPass Credit Card is a contactless payment product that enables cardholders to make ... Read More »

Russian wheat up for sixth week on strong rouble

MOSCOW : Export prices for Russian wheat rose for a sixth straight week last week due to a stronger rouble against the dollar RUBUTSTN=MCX and demand ahead of Russia’s New Year holiday, analysts said. Black Sea prices for Russian wheat with 12.5% protein content for January delivery rose $6 to $218 per ton on a free on board (FOB) basis ... Read More »

Customs Dept: Suspects who shot at personnel in Semporna waters are smugglers

The suspects involved in a shootout with customs personnel in Semporna waters last Friday are believed to be fuel smugglers, according to the Royal Malaysian Customs Department. Its deputy director-general Datuk Abdul Latif Abdul Kadir (Enforcement and Compliance) said a five-man party from the Lahad Datu marine customs was conducting an operation when they encountered the suspected smugglers near the ... Read More »

Vaccination inaction is dereliction of duty by U.S. Customs and Border Protection.

The surge of influenza outbreaks in Minnesota schools this month is an alarming reminder of how quickly this virus can spread in places where people are gathered. During the first week of December, 14 schools around the state reported outbreaks, meaning 5% absenteeism or higher. A week later, the number of schools reporting this level of illness increased to 60. ... Read More »

China to cut import tariffs on 850 products starting January 1

China on Monday morning announced it would cut import taxes on a range of products starting January 1. According to the state news agency Xinhua, China’s Customs Tariff Commission of the State Council said the move was aimed at promoting a “high-quality development of trade.” “The adjustments will be made to expand imports, promote the coordinated development of trade and ... Read More »

Grab confirms application for Singapore banking license to tap SMEs and ‘gig’ workers

SINGAPORE — SoftBank Group-backed unicorn Grab will submit an application for a digital banking license in Singapore, the company has confirmed, as it sees the financial businesses as a driver for future growth. Read More »

Glnl Accredits Dubai Customs As First Innovative Customs Organization In UAE And Worldwide

Dubai : Dubai Customs has received a “Certified Innovative Organization”- Leader level certificate from the Global Innovation Institute to be the first customs organization in the UAE and worldwide to be graced with this accreditation. Certified Innovative Organization is a unique certification reserved exclusively for businesses and government agencies. Through a process of independent third-party review and assessment, the CInOrg ... Read More »

Gov’t simplifies procedures for EU-bound goods

THE GOVERNMENT has moved to simplify procedures for Philippine exporters to the European Union (EU), as the Bureau of Customs (BoC) released guidelines for self-certification of origin in order to avail of lower tariffs under the EU’s Generalized System of Preferences (GSP). In Customs Memorandum Order No. 50-2019, the BoC said the guidelines would simplify export processes by allowing exporters ... Read More »

Digital citizen rights need to have teeth for Canada to succeed in data-driven economy

Over the past decade, the world has steadily been shifting from a resource-based economy to a data-driven one. This transition is having major effects on countries all over the world. In many jurisdictions, the digital economy represents a massive growth opportunity. But at the same time, the common thinking is that it also poses significant risks to citizens – commercialization ... Read More »