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Author Archives: CT Report

Iraq’s energy sector projects top $90 bln

BAGHDAD: Iraq remains the Gulf’s third-largest project market with $358bn in active infrastructure projects, out of which more than $90 billion are in the gas, oil, and power sectors, according to experts. Over the past three years Iraqi oil exports have shown incredible resilience, hitting new highs as upstream energy sector projects increased the country’s capacity to produce and transport ... Read More »

UAE completes 767kW solar power project in Vanuatu

ABU DHABI: The recent completion of a solar power project for the Pacific nation of Vanuatu marks the latest stage of the ground-breaking United Arab Emirates-Pacific Partnership Fund (UAE-PPF). The installation of three new solar PV plants represents another milestone for an imaginative and innovative initiative that has captured international attention with its potential for developing countries. Mohamed Jameel Al Ramahi, ... Read More »

Turkey steel imports down 40% in 2016

ANKARA: Steel imports are down by 40 percent so far this year, in a hopeful sign the flood of dumped steel is finally abating, according to the U.S. Commerce Department’s most recent Steel Import Monitoring and Analysis. A tsunami of cheap steel imports captured nearly a third of the U.S. market last year, leading to the idling of East Chicago ... Read More »

Korea’s automobile exports shrink in Feb

SEOUL: Korea’s automobile exports shrank for four consecutive months in February due mainly to contracted demand from emerging markets amid fast-falling oil prices, the government said Wednesday. Outbound shipments of vehicles came to 192,276 units last month, down 8.1 percent from 209,148 units tallied a year earlier, according to the Ministry of Trade, Industry and Energy. The February figure narrowed from ... Read More »

Brazil exports of wood products drop 6.6% in Jan

BRASÍLIA: In January 2016, Brazilian exports of wood-based products (except pulp and paper) declined 6.6% in value compared to January 2015, from US$187.5 million to US$175.2 million. However, Brazil’s pine sawnwood exports increased 13.5% between January 2015 (US$17.8 million) and January 2016 (US$20.2 million). In terms of volume, exports increased 33.5% year on year in January from 76,400 cu.m to ... Read More »

Australian defence export licence figures revealed

CANBERRA: Australia’s defence equipment exports reached nearly AUD1.8 billion (USD1.3 billion) in 2015, according to figures provided to IHS Jane’s by the Australian Department of Defence (DoD) on 8 March. The figures, covering approved defence equipment exports, showed an increase in licence approval values by the Defence Export Controls Branch (DECB) from AUD677 million in 2013 to AUD1.2 billion in ... Read More »

Pak rupee depreciates by 10 paisas in open market

KARACHI: The Pakistani rupee depreciated against the US currency in open market and remained unchanged in interbank. As per the local currency market, the greenback added 10 paisas in the cash-free market for selling at 106.25 and remained firm in interbank at 104.50. On Tuesday, the dollar lost five paisas in open market for selling at 106.15 and remained unchanged ... Read More »

Seven Inland Revenue officers of BS 18-21 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted seven Inland Revenue Service officers of BS 18-21 with immediate effect. According to the notification, the officers who are drawing performance allowance, will continue to draw this allowance on the new place of posting. All the officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or by ... Read More »

Imperial Tobacco NZ full-year profit jumps 50%

WELLINGTON: Imperial Tobacco New Zealand, the local unit of the UK’s Imperial Brands Plc, posted a 50 percent jump in full-year profit by increasing Australian and domestic sales while keeping a lid on controllable costs. The maker of cigarette and tobacco brands including Horizon, JPS, Peter Stuyvesant, West and Drum reported profit of $30.7 million in the year ended Sept. ... Read More »

Audit Officer Mian Ibrahim punished

ISLAMABAD: Mian Muhammad Ibrahim, Inland Revenue Audit Officer BS-17, Regional Tax Office, Rawalpindi, has been punished for inefficiency, misconduct and corruption. As per details, the disciplinary proceedings were initiated against the officer under Government Servants (Efficiency & Discipline) Rules, 1973, while Nafeesa Satti, Additional Commissioner, RTO Rawalpindi was appointed as inquiry officer to investigate the issue. According to the inquiry ... Read More »

Romania exports EUR 360 mln worth of electricity

WASHINGTON: Romania’s electricity exports totaled EUR 360 million last year, according to the European Network of Transmission System Operators for Electricity. The energy produced in Romania accounted for 12% of Bulgaria’s consumption, 6% of the consumption in Serbia, and 3% of that in Hungary, reports local Ziarul Financiar. Romania exported 9.8 TWh worth of energy last year, down almost 5% ... Read More »

Australian exports face troublesome future

CANBERRA: Australia’s export concentration is posing an existential threat to its economy, according to a leading trade economist. Andrew Charlton, former senior economic adviser to the Australian government and director at AlphaBeta advisers, a consultancy, compares the local economic structure to that of an impoverished nation, such as Bolivia, Botswana or Peru. In the decade-long commodity price boom, which saw China ... Read More »

Foreign reinsurer expands business in Korea

SEOUL: According to industry sources, a lot of foreign reinsurance companies such as Asia Capital Reinsurance Group and Pacific Life Re are planning to start their business in Korea this year. They are expected to take the market share of Korean Re in the long term with peers like Munich Re, Swiss Re and Hannover Re, which are already in ... Read More »

Syed Imran takes charge as Customs Valuation Add Director

ISLAMABAD: Syed Imran Sajjad Bokhari, a Pakistan Customs Service officer of BS-19, has assumed the charge of the post of Additional Director of Customs Valuation, Customs House, Karachi. The officer, in pursuance of Board’s Notification No. 0515-C-I/2016 dated 23.02.2016, relinquished the charge of the post of Secretary, Federal Board of Revenue (HQ), Islamabad, with effect from February 26. Read More »

Kuwait bans poultry products from India over bird flu scare

NEW DELHI: In what could be a major setback for Indian exporters, the government of Kuwait has banned import of poultry products from India over fears of transmission of the H5N1, popularly known as bird flu, virus. Kuwait’s Public Authority for Agriculture Affairs and Fish Resources (PAAAFR) conveyed the decision in a notification to India’s Agricultural and Processed Food Products ... Read More »

Thailand’s low cost airline hub opens new terminal

BANGKOK: Don Mueang International Airport, Thailand’s hub for low-cost airlines, officially opened a second terminal on Tuesday to cope with soaring passenger traffic — but is likely to run out of capacity again before the end of the year. The new terminal raised the century-old airport’s annual passenger capacity to 30 million from 18.5 million, but actual traffic in 2015 ... Read More »

Fakhar Ul Islam assumes charge as Chief (OPS)

ISLAMABAD: Fakhar Ul Islam, a Cost Accountant (BS-19), has assumed the charge of the post of Chief (OPS) (Accounting wing), Federal Board of Revenue (HQ). The officer, in pursuance of Board’s Notification No. 0454-IR-III/2016 dated 16.02.2016, relinquished the charge of the post of Secretary, Accounting Wing, FBR (HQ), Islamabad, February 18. Read More »

Addl Commissioner-IR Behzad relinquishes charge

ISLAMABAD: Behzad Anwar, a BS-19 officer of Inland Revenue Service, has relinquished the charge of the post of Additional Commissioner-IR, Regional Tax Office, Sialkot. The officer, in pursuance of Board’s Notification No. 0539-IR-I/2016, dated 24.02.2016, relinquished the charge of the post of Additional Commissioner-IR, Regional Tax Office, Sialkot with effect from March 04. Read More »

FBR remembers Customs Superintendent Akhund Qadir

ISLAMABAD: Federal Board of Revenue has announced deep regret over sad demise of Akhund Qadir Dad, a BS-16 officer of Customs Department. Akhund Qadir Dad was born on November 05, 1969 and joined the government services on May 07, 1994. At the time of his death, the officer was posted as Office Superintendent, Directorate of Intelligence & Investigation-FBR, Range office ... Read More »

Rizwan takes charge as Additional Director (IPR)

ISLAMABAD: Rizwan Basharat, a Pakistan Customs Service office of BS-19, has assumed the charge of the post of Additional Director (IPR), Lahore. Rizwan, pursuing the Board’s Notification No.0515-C-I/2016 dated 23.02.2016, relinquished the charge of the post of Additional Director, Directorate of Intelligence and Investigation-FBR, Lahore with effect from March 04. Read More »