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Author Archives: CT Report

S.Korea’s Feb Iran crude oil imports surge over 90%

SEOUL: South Korea’s imports of Iranian crude oil surged 91 percent in February from a year earlier with the United States lifting sanctions on Tehran in January, customs data showed on Tuesday. Seoul brought in 1,064,337 tonnes of Iranian crude oil last month, or 269,020 barrels per day (bpd), almost two times higher than 557,174 tonnes imported a year earlier, the ... Read More »

Dane closes business in Thailand over visa issue

BANGKOK: Danish expat businessman Preben Pretzmann, has been living in Thailand for 16 years. He established FBI Real Estate in Udon Thani when he came to Thailand in 2000 and has been directing it since. Now issues related to his visa is forcing him to close the business, he claims. According to Preben Pretzmann, the Immigration Offices has given no ... Read More »

Inspector-IR Ata-ur-Rehman suspended

fbrISLAMABAD: Ata-ur-Rehman, Inspector-IR, Regional Tax Office, Peshawar, has been suspended for a period of three months. The competent authority, exercising the powers conferred under Rule 5(1) of the Government Servants (Efficiency & Discipline) Rules, 1973, suspended for three months with immediate effect. Read More »

Saudi lifts ban on imports of horses from Jordan

RIYADH: The Ministry of Agriculture lifted the ban on imports of horses from Jordan to participate in sporting events. According to a report in Arabic daily Sabq, the Ministry of Agriculture set several terms and conditions regulating the imports and advised the interested horse breeders to contact the Ministry of Agriculture for more information via the toll-free number 8002472220. Read More »

SL gov’t officially approves to restart China-funded multi-billion-dollar Port City project

COLOMBO: The Sri Lankan government on Monday informed the Chinese investors to restart a multi-billion-dollar port city project. The project which began its construction in September 2014 was suspended by the Maithripala Sirisena regime in March last year. The government had called for a review on the project.   Read More »

Saudi Arabia raises import taxes on cigarettes

RIYADH: The Saudi customs authority has raised import taxes on cigarettes, it said on Monday, days after some shop owners in the kingdom removed packs from their shelves in anticipation of price hikes. Saudi Customs changed its assessment of the value of certain types of cigarettes, causing tariffs assessed on each pack to rise, according to a statement on its website ... Read More »

China’s fixed-asset investment up 10.2% in Jan-Feb

BEIJING: China’s fixed-asset investment grew 10.2 percent year on year to 3.8 trillion yuan ($586 billion) in the first two months of 2016. Growth picked up slightly from the 10-percent increase recorded in 2015, according to the National Bureau of Statistics (NBS) here the other day. It marked an end to several years of continuous deceleration in the growth of ... Read More »

South Africa, Saudi Arabia to boost trade ties

CAPE TOWN: Trade and Industry Minister Rob Davies and his Saudi Arabian counterpart, Tawfig Fawzan Alrabiah, will co-chair the 7th session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) in Cape Town this week. The JEC starts on Monday with senior government officials and concludes on Tuesday with the signing of the joint communiqué by the two ministers, the ... Read More »

China retail sales rises 10.2% in Jan-Feb

BEIJING: China’s retail sales of consumer goods grew 10.2 percent year on year in the first two months of 2016, official data showed here the other day. The rate slowed from the 11.1-percent growth recorded in December 2015 and 10.7-percent for the entire 2015, according to the National Bureau of Statistics (NBS). NBS data showed that total retail sales of ... Read More »

IHC issues notice to finance ministry, PC in MCB Bank sale case

ISLAMABAD: The Islamabad High Court has issued notice to the Finance Ministry and the Privatisation Commission (PC) in a case of alleged irregularities in the privatisation process of MCB Bank. A division bench comprising Justice Aamer Farooq and Justice Miangul Hassan Aurangzeb issued the notice after the petitioner, MCB Bank, made the ministry and the commission respondents in the case ... Read More »

China property investment rises 3% in Jan-Feb

BEIJING: Investment in China’s property sector rose 3 percent year on year in the first two months of 2016, making notable improvement, official data showed here the other day. The growth rate was higher than the 1-percent increase for the entirety of 2015. It marks an end to a continuous deceleration over the past two years in the growth of ... Read More »

Salalah port signs Iran cooperation agreement

TEHRAN: The Port of Salalah, the biggest port in Oman, has signed a Memorandum of Understanding with the Iranian ports of Shahid Rajaee and Chabahar, through the Port and Maritime Authority (PMO) of the Islamic Republic of Iran. This landmark agreement envisages close cooperation in a diverse range of activities and aims to facilitate growth in shipping, trade and commerce ... Read More »

Eight cricketers yet to file tax returns

ISLAMABAD: Eight Pakistani cricketers have not yet filed their tax returns so far. According to a list issued by Federal Board of Revenue (FBR), test players Younis Khan, Fawad Alam, Asad Shafiq, Anwar Ali, Yasir Shah, Imad Wasim, Babar Azam and Misbah ul Haq had not submitted their income tax returns for 2015-106. As per the FBR report, Mohammad Hafeez ... Read More »

China industrial output expands 5.4% for Jan-Feb

BEIJING: China’s value-added industrial output gained 5.4 percent year on year in the first two months of 2016, the lowest monthly growth since November of 2008, official data showed here the other day. The 5.4-percent growth retreated from the 6.8-percent increase in the Jan-Feb period of 2015 and the 5.9-percent in December of 2015. It was also lower than the ... Read More »

Plans continue for competing inland port

SYRACUSE: Plans for a competing inland port project in Central New York are moving forward. Leaders of a largely privately-financed proposal said it’s their plan that works best for the area. 3Gi’s plan calls for a cargo facility adjacent to the CSX rail yard in Dewitt and Manlius. Developers said the Manlius site can divert traffic, can receive federal funding ... Read More »

Private port operators need time to prepare for bigger job

LONDON: Private port operators have lauded the government’s recent decision to extend the time for them to prepare for a concession for operating bigger terminals, previously only open to state-owned port operators. The Transportation Ministry expected to grant a concession to private port operators to run public terminals starting Feb. 29, but the ministry delayed the deadline to June pending ... Read More »

Port Manatee welcomes $10M state funding increase

PORT MANATEE: More money to build warehouses, docks and other infrastructure at Florida ports would be available in the coming year through a funding increase approved by the state Legislature. On Friday, the Legislature approved a measure that will increase the annual minimum statutory amount of Florida Seaport Transportation and Economic Development, or FSTED, funding from $15 million to $25 ... Read More »

Customs foils smuggling bid at Jinnah Airport, seizes 950 mobiles

KARACHI: Pakistan Customs has foiled a bid to smuggle 950 mobile phones worth millions of rupees at Jinnah International Airport. According to the Customs spokesperson, four unclaimed bags were seized, in which around 950 mobile phones were found. He said that the bags were on flight number EK-618 from Dubai. A case has been registered and officials are looking for ... Read More »

Georgia Ports Authority officer, vehicle fall into Savannah River

WASHINGTON: A Georgia Ports Authority police officer and police vehicle went into the Savannah River at Georgia Ports Authority’s Ocean Terminal just after 2 p.m. Monday, Ports Authority Spokesman Robert Morris said. The officer was able to escape the river, though the means of the escape are not known at this time, Morris said. The officer was examined by emergency ... Read More »

3,205 out of 2.8m traders availed tax amnesty scheme

ISLAMABAD: Despite Finance Minister Ishaq Dar’s claim to bring one million traders under tax net through the tax amnesty scheme, only 3,205 out of 2.8 million traders have so far availed availing Voluntary Tax Compliance Scheme (VTCS), announced by the government for business community. The government, rather punishing the non-filers, has been extending deadline for filing returns and also announced ... Read More »