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Author Archives: CT Report

Customs complex being set up at Torkham to enhance boarder trade

  PESHAWAR: With the aim to enhance regional trade with Afghanistan and Central Asian Republics (CARs), the federal government has started constructing a mega state-of-the-art Border Customs Complex at Torkham. Peshawar Customs Collector Qurban Ali Khan, while talking to the state-owned news agency, said that the complex is a first of its kind in the country, which will make border ... Read More »

Sri Lanka’s new taxes in April and September

COLOMBO: Sri Lanka will charge newly proposed from April and September 2015 to bring down the budget deficit and stabilize the economy, Prime Minister Ranil Wickremesinghe said. “Some of the new taxes will be implemented from April and others from September,” Prime Minister Wickremesinghe told parliament. “There are in discussions. We are talking with the International Monetary Fund also mainly ... Read More »

Bank of Thailand keeps rates at 1.5%

BANGKOK: Thailand keeps its interest rate frozen for the seventh consecutive meeting as policymakers believe the economy will benefit from the stimulus measures initiated by the country’s military government. The Bank of Thailand kept its one-day bond repurchase rate at just 1.5 percent with committee members all voting in favour, the bank said in a statement on Wednesday. Prime Minister ... Read More »

Textile exports down by 5% to $1.02b in Feb

LAHORE: The country’s textile exports have further decreased by 5 percent to $1.02 billion, whereas the value added shipments declined by 9 percent to $597 million in February 2016. The knitwear and readymade garment’s shipments fell by 16 percent and 10 percent MoM, respectively. Although average realised prices remained stable around Dec 2015, volumes slipped by 16 percent and 11 ... Read More »

Astro targets single digit revenue growth in FY17

KUCHING: Astro Malaysia Holdings Bhd (Astro) is poised to register a middle single digit revenue growth in financial year 2017 (FY17) ending Jan 2017. Following a company’s briefing, analysts were confident that the pay-television operator can achieve the top line growth supported by home shopping business and the company’s free satellite TV service subscription, NJOI. The research arm of Public ... Read More »

South African inflation accelerate to 7% in Feb

JOHANNESBURG: South African inflation accelerated to 7 percent in February, the fastest pace since June 2009, adding to the central bank’s policy dilemma of rising consumer prices and slowing economic growth. The inflation rate jumped from 6.2 percent a month earlier, Pretoria-based Statistics South Africa said Wednesday on its website. The median of 21 economist estimates compiled by Bloomberg was ... Read More »

Tufail takes charge as Customs Internal Audit deputy director

ISLAMABAD: Tufail Khan Yousafzai, a Pakistan Customs Service officer of BS-18, has assumed the charge of the post of Deputy Director, Directorate of Internal Audit (Customs), Islamabad. The officer, after availing Study leave ex-Pakistan granted vide Board’s Notification No. 1384-C-II/2011 Dated 16.07.2011 and 1622-C-II/2015 dated 30.07.2015, took the charge of the said post with effect from February 15. Read More »

P&I provides larger liability support for Iran oil imports

TEHRAN: As Iran is moving ahead with a promised rise in its oil exports, indications are appearing that the international businesses are trying to ease the flow of the Iranian oil to markets. Reuters has reported that the International Group of Protection and Indemnity (P&I) Clubs, which brings together leading marine insurers owned by shipping clients and reinsured internationally, has ... Read More »

Abid given additional charge of Commissioner-IR (WHT)

ISLAMABAD: Muhammad Abid, a BS-19 officer of Inland Revenue Service, presently posted as Commissioner-IR (OPS) (Zone-I), Regional Tax Office, Gujranwala, has been assigned the additional charge of the post of Commissioner-IR (OPS) (WHT), Regional Tax Office, Gujranwala till the posting of regular incumbent with immediate effect and until further orders. Read More »

Singapore’s Feb factory output falls 4.7%

SINGAPORE: Factory output in Singapore suffered a bigger-than-expected decline of 4.7 per cent year-on-year in February, hurt by weakness in heavyweight electronics production and marine and offshore engineering output. Excluding the biomedical sector – which grew 5.8 per cent last month – overall output would have fallen by a larger 7.4 per cent, said the Economic Development Board (EDB) on ... Read More »

Sajidullah assigned additional charge of Commissioner-IR

ISLAMABAD: Sajidullah Siddiqui, a BS-19 officer of Inland Revenue Service, presently posted as Commissioner-IR (OPS) (Zone-I), Large Taxpayers Unit, Islamabad, has been assigned the additional charge of the post of Commissioner-IR (OPS) (IP/TFD/HRM), Large Taxpayers Unit, Islamabad till the posting of regular incumbent with immediate effect and until further orders. Read More »

Turkmenistan-Iran gas trade set to rise

TEHRAN: Ramping up gas imports from Turkmenistan could offer Iran an easier way to meet rising gas demand in the northeast than building expensive internal pipelines. “We import gas from Turkmenistan. It’s good for us because it means that we don’t need to get gas from [the] south to northeast Iran,” said Ali Amirani, director of marketing, sales and economic ... Read More »

HK Customs reminds import and export traders to lodge trade declarations within statutory period

HONG KONG: Hong Kong Customs today reminded import and export traders that, according to the Import and Export (Registration) Regulations, they have to lodge with the Commissioner of Customs and Excise an accurate and complete import or export declaration within 14 days after the importation or exportation of an article. A chilled poultry and pork trading manager earlier declared in ... Read More »

Saudi petrochemicals giant sees oil at $60 by year end

RIYADH: Oil prices may reach stability after the nosedive that has erased two-thirds of their value and pushed them to the lowest level in more than 10 years, according to one of the world’s largest petrochemicals manufacturers, SABIC. “Of course, prices are not really at levels where we wish (them to be) but that’s normal in a cyclical market,” the ... Read More »

Saudi Arabia’s bourse seeks banks for IPO

RIYADH: Saudi Arabia’s stock exchange has started asking banks to bid for a role advising it on an initial public offering earmarked for 2018, three people with knowledge of the matter said, in a sign the government is pressing ahead with plans to sell state-owned assets. Banks have until about the end of this month to respond to the request ... Read More »

US Customs discovers 766 pounds of marijuana  within a shipment of fresh broccoli

PHARR: Officers with U.S. Customs and Border Protection, Office of Field Operations (OFO) at the Pharr International Bridge cargo facility found more than one kind of a leafy product when 766 pounds of alleged marijuana were discovered within a shipment of fresh broccoli. “I commend our frontline officers at our cargo facility for their dedication and commitment towards the CBP ... Read More »

Second Secretary-IR Haider Abbas suspended

ISLAMABAD: Haider Abbas, an Inland Revenue Service officer of BS-17 has been suspended for a period of three months. The competent authority, exercising the powers conferred under section 5(1)(i) of the Government Servants (Efficiency & Discipline) Rules, 1973, placed Haider Abbas, presently posted as Second Secretary (IR-Operations), FBR (HQ), Islamabad, under suspension for a period of three months with immediate ... Read More »

Cincinnati Customs officers stop drug smugglers

CINCINNATI: In the last few weeks, U.S. Customs and Border Protection (CBP) Officers in Cincinnati have made multiple seizures of methamphetamines, cocaine, and heroin, thereby preventing drug smuggling via unique concealment methods.Heroin found in chocolate Recently, at the Cincinnati express consignment facility, a CBP narcotics detector dog alerted to a crated shipment containing a saddle. When CBP Officers examined the ... Read More »

Oil import decreases by 38% to $5.1b  in 8 months

ISLAMABAD: The oil import into the country decreased by around 38 percent during first eight months (July-February) of the current financial year due to plunging prices of the commodity in international market. According to the latest data of Pakistan Bureau of Statistics (PBS), the country spent $5.1 billion on importing oil products during July-February period of financial year 2015-16 as ... Read More »

Profit of port of Tallinn decreases 21% in 2015

WASHINGTON: The revenue of the Estonian state-owned port company Port of Tallinn decreased by 15% to 94 million euros in 2015 and net profit by 21% to 30.9 million euros in 2015, informs LETA/BNS. Last year’s keywords are on one hand the decline in the biggest freight group, liquid cargo and the decline in the revenue of icebreaker Botnica, on ... Read More »