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Author Archives: CT Report

Release of seized items: SHC issues notice to deputy collector customs, adjudication

KARACHI: The Sindh High Court has issued notices to deputy collector of customs adjudication on the plea filed by Naseerullah, seeking release of goods which are seized by the customs authorities. Justice Munib Akhter also directed the respondents to file their comments on the next date of hearing. The petitioner submitted that he purchased consignment of 30 bundles of clothes ... Read More »

Indigenous technology must be developed to tap natural resources: LCCI

LAHORE: Lack of interest in developing indigenous technology is coming in the way of unearthing vast natural resources that could change the fate of Pakistan. The government should focus on this particular area and take private sector on board to play role in the development of technology in the country. The Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad, Senior ... Read More »

FIA arrests private airline’s employee on currency smuggling charges

LAHORE: The Federal Investigation Agency (FIA) has arrested an employee of Shaheen Air International allegedly involved in currency smuggling from Allama Iqbal International Airport. According to the details, a special team of FIA raided the Lahore airport and nabbed Yawar Rafiq, an employee of private airline following the charges of currency smuggling to different countries causing loss to national kitty. ... Read More »

Traders discuss extension in period of concessionary rate of withholding tax

ISLAMABAD: A delegation of traders and members of business community had a meeting with Federal Finance Minister, Ishaq Dar. Special Assistant to Prime Minister on Revenue, Haroon Akhtar, MNA Mian Abdul Manan and Chairman FBR, Nisar Mohammad Khan were also present. The delegation discussed matters with the Finance Minister regarding extension in period of concessionary rate of withholding tax and ... Read More »

ZJ Sunflower PV module shipments increase 30% in 2015

BEIJING: China-based PV manufacturer Zhejiang Sunflower Light Energy has reported a 30% increase in solar module shipments in 2015 as a result of the continued support by the Chinese government for solar deployment. ZJ Sunflower reported full-year 2015 PV module shipments of 474.88MW, primarily for the Chinese domestic market, with shipments to Japan totalling 79.94MW. The company reported 2015 operating ... Read More »

Xiamen customs seizes hundreds of tons of smuggled meat

WASHINGTON: A haul of 530 tons of smuggled meat, including contaminated or diseased chicken wings, from Brazil and the United States, was seized at a port in Zhangzhou City, Fujian Province. The meat was incinerated by customs in east China’s Xiamen City, according to police on Tuesday. The meat was destroyed by biomass power generation, which is much more environmentally ... Read More »

Bulgarian customs seizes 16.2 tons of cut tobacco at kulata crossing

LONDON: The Bulgarian customs have thwarted an attempt to smuggle 16.2 tonnes of cut tobacco for smoking across the country’s border with Greece and save BGN 2.5 M (EUR 1.27 M) in excise duty. The tobacco had been discovered by customs officers in a Bulgarian-registered truck at Kulata crossing on the border with Greece, the National Customs Agency said in ... Read More »

Abu Dhabi non-oil foreign trade hits $46 bln

ABU DHABI: The non-oil foreign trade volume through various customs ports in Abu Dhabi last year hit Dh169.11 billion ($46.04 billion), a 11 per cent increase as compared to the total volume in 2014. The volume of imports through various customs ports in the emirate was worth Dh119.34 billion, representing an 10.5 per cent increase, according to the General Administration ... Read More »

Ukraine SPVC imports rise 31% for 2016

MOSCOW: Imports of suspension polyvinyl chloride (SPVC) into Ukraine increased by 31% in the first two months of this year, compared to the same period in 2015 and reached about 18,700 tonnes, according to MRC DataScope. February SPVC imports into Ukraine seasonally increased to 14,600 tonnes, compared with 4,100 tonnes in January 2015. The main increase occurred for North American ... Read More »

Tarsus revenues rise 10%

WASHINGTON: Global event organiser Tarsus has posted 2015 revenues of £86.9m, a 10% *like-for-like revenue increase for the year, according to the group’s results for the year ending 31 December 2015. The results were a 15% uptick over comparable year 2013. “2015 was an important year for Tarsus,” said group MD Douglas Emslie. “We passed a significant milestone in the ... Read More »

Inogen revenues increase 40% in 2015

WASHINGTON: Inogen revenues increased about 40 percent during the fourth quarter and 2015 fiscal year because of strong business-to-business sales, the company said when it released fourth quarter and annual earnings results Mach 14. Inogen, a Goleta-based maker of direct-to-consumer respiratory products, said fourth quarter revenues increased 38.9 percent from $29.1 million in 2014 to $40.4 million in 2015. Net ... Read More »

Ukraine to increase exports of soybean meal in 2015/16

KIEV: Despite unsufficient demand on Ukrainian soybean meal/cake both on domestic and global markets, APK-Inform forecasts Ukraine to increase products output by 25% to 953 thsd tonnes in 2015/16 MY. Soybean meal/cake exports can reach record 370 thsd tonnes in 2015/16 MY, up 1.7 times on year. High carry-over stocks of soybean and by-products led to low demand on Ukrainian ... Read More »

Diesel shortage hits development projects

KATHMANDU: Shortage of the diesel continues to hit development projects. Though it has already been a month since border blockade was lifted, development projects are still facing fuel shortage, which, according to officials, has forced them to operate at low capacity. This has slowed government spending which will ultimately hit national economy. Ghanashyam Bhattarai, executive director of Melamchi Water Supply Project, ... Read More »

Himalayan Bank acquires 20% stake in SCT

KATHAMNDU: Himalayan Bank Ltd on Monday acquired 20 percent stake in Smart Choice Technology (SCT) Pvt Ltd. SCT provides integrated shared services network for ATMs and Point of Sale (PoS) terminals of various banks and financial institutions (BFIs). Himalayan Bank is the settlement bank of SCT Network for all transactions made through ATMs and POS terminals in Nepal. Issuing a ... Read More »

EVN signs deal on Vinh Tan 4 plant expansion

DA NANG: Electricity of Việt Nam (EVN) and a contractor consortium have signed an engineering, procurement and construction (EPC) contract for the Vinh Tan 4 plant expansion. The consortium comprises Doosan Heavy Industries and Construction (Korea), Mitsubishi Corporation (Japan), Power Engineering Consulting Joint Stock Company 2 (PECC2, Việt Nam) and Pacific Corporation (PAC, Việt Nam). A source from EVN said ... Read More »

Polish fruit, vegetables exports drop 10% last year

WARSAW: Last year saw a 10 percent drop in Polish fruit exports compared with 2014, and a 19 percent fall in exports of vegetables. Analysts have argued that the key factor is a Russian embargo that was introduced in August 2014. According to the Foundation of Assistance Programmes for Agriculture, Poland exported just short of 680,000 tonnes of fresh vegetables ... Read More »

Portugal leads slide in bonds of Europe’s lower-rated countries

LISBON: Portuguese bonds led a decline in the debt of Europe’s lower-rated nations, underperforming their German counterparts for the first time in five days as a slump in stocks reduced demand for higher-yielding assets. Spanish securities also fell amid the political turmoil facing the country. The bonds of the euro zone’s so-called peripheral members had been rallying since the European ... Read More »

India’s polished diamond exports increase 1.9% in Feb

NEW DELHI: India’s polished diamond exports increased 1.9 percent year on year to $2.34 billion in February, according to provisional data provided by the nation’s Gem & Jewellery Export Promotion Council. By volume, polished exports increased 8.2 percent to 3.3 million carats. Polished imports dived 45 percent to $222.1 million, leaving net polished exports up 12 percent to $2.12 billion. Rough ... Read More »

India’s vegetable oil imports increase 28% in Feb

NEW DELHI: India’s vegetable imports in February escalated by 28% as inbound shipments of edible oil grew up by a record margin. Last month, India imported 1.11 million tonnes of vegetable oil, comprising of 1.10 million tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, as compared to 868. 17 thousand tonnes imported in February 2015. “The overall ... Read More »

Oman salaries projected to grow in 2016

MUSCAT: Average pay rises in Oman and across the GCC are set to be lower in 2016 than at any time over the past 10 years, despite the rising cost of living caused by cuts in government subsidies, according to the latest research released by online recruitment firm GulfTalent. Stay ahead of the rest and download our free WhatsNews app ... Read More »