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Author Archives: CT Report

Kashif Hafeez posted as Deputy Commissioner-IR in Karachi

ISLAMABAD: Kashif Hafeez, a BS-18 officer of Inland Revenue Service, presently posted as Deputy Commissioner-IR, RTO, Multan, has been transferred and posted as Deputy Commissioner-IR, RTO-III, Karachi with immediate effect. According to the Board’s notification, if the officer is drawing Performance Allowance (equivalent to 100 per cent of basic pay), he will continue to draw the same on his new ... Read More »

Local rice consumption grows in Vietnam

HANOI: State and local rice firms should pay attention to developing domestic rice markets, as they have a great potential in the overall selling of rice, said experts. Viet Nam produces 20 to 21 million tonnes of rice each year. Of this rice, 8 to 9 million tonnes are annually exported, based upon signed contracts. The remaining rice is purchased ... Read More »

URC net income increase 47% to P4.8 bln on paper gains

WASHINGTON: Universal Robina Corporation (URC), the food and beverage arm of the Gokongwei group, reported that its net income for the first three months of fiscal year 2016 (beginning October 2015 and ending September 2016) surged 47.3 percent to P4.79 billion. In a disclosure to the Philippine Stock Exchange, URC said the sharp hike in profits came on the back ... Read More »

Italian textile machinery reports growth in foreign markets

ROME: The orders index for Italian textile machinery companies in foreign markets grew during the fourth quarter of 2015, whilst on the domestic front the positive orders trend is hit by a setback over the past six months, ACIMIT, the Association of Italian Textile Machinery Manufacturers, reports. “I believe it’s important to have closed out 2015 with an overall increase ... Read More »

Suspension period of Auditor-IR S M Ibrahim extended

ISLAMABAD: The Competent Authority has extended the suspension period of S M Ibrahim, Auditor (BS-16) Regional Tax Office, Karachi, for three months. The authority, in continuation of Board’s Notification No. 2540-IR-III/2015, dated 02.11.2015, extended the suspension period of the officer for a period of three months with effect from January 21. Read More »

PANDORA’s Australian jewellery sales climb 40%

CANBERRA: Australian women just can’t get enough charm bracelets, judging by the latest results from Danish jewellery retailer PANDORA. The Copenhagen-based retailer, known for its mix-and-match silver charms, has shown Australian retailers Lovisa and Michael Hill a clean pair of heels, lifting sales by 39.5 per cent to $240.6 million in 2015. PANDORA’s sales rose more than 40 per cent in ... Read More »

Nestlé drops sponsorship of athletics body over scandal

GENEVA: Swiss-based food giant Nestlé has terminated a sponsorship programme with world athletics’ governing body (IAAF) over fears that the corruption and doping scandals surrounding the sport could damage the company’s reputation, a spokeswoman said here the other day. “I confirm that we have decided to end our partnership with the IAAF Kids Athletics programme with immediate effect,” Nestlé spokeswoman ... Read More »

Five ways France throws money down the drain

PARIS: France’s top auditors, the Cour des Comptes, said in their annual “how to save money” report here the other day that there are numerous ways France can save and make money. Here are five. France’s top state auditor released a 1,336-page report here the other day that looked into examples and risks of wasteful government spending. And France is ... Read More »

Pak rupee continues to depreciate in cash-free market

  KARACHI: The Pakistani rupee Monday depreciated against the American currency in open market and remained steady in interbank. According to the local money market, the greenback gained 35 paisas in open market to reach 106.15 and remained firm in interbank at 104.30. On Friday, the US dollar added 10 paisas in open market for selling at 105.80 and remained ... Read More »

Laugfs acquires another mini-hydro for Rs.200mn

COLOMBO: Laugfs Holdings PLC will be developing another mini-hydro power plant, following its full acquisition of shares in PAMS Power (Private) Limited for Rs.200 million last week. PAMS Power holds the rights to develop and operate a 2 Megawatt (MW) minihydro power plant project located in Kalaweldeniya, Polpitiya. Read More »

Queenstown Airport boosts H1 profit 31%

WELLINGTON: Queenstown Airport lifted first-half profit 31 percent as domestic and international passenger numbers grew. Net profit rose to $6.2 million in the six months ended Dec. 31, from $4.7 million a year earlier, the company said in a statement. Revenue rose 19 percent to $15.7 million. “Sustained domestic and international passenger growth, driven by increased capacity and full aircraft, ... Read More »

Sugar price up by Rs5/kg to Rs65, ghee by Rs 10-15

LAHORE: The Sunday bazaars witnessed hike in prices of several kitchen items including sugar, edible oil and pulses. The sugar price surged in wholesale market, as a 49-kg bag was available at Rs 3200-3300, which was selling at Rs 3,000 during last week, leading to an increase of Rs5 per kg from Rs60 to Rs65 a kg. Prices of ghee ... Read More »

FSC urges investors to remain ‘rational’

TAIPEI: The Financial Supervisory Commission (FSC) yesterday urged investors to “remain rational” when markets open today after the Lunar New Year holiday, as the nation’s economic fundamentals are “good.” The commission’s remark suggests that the government is trying to assure investors after the world’s major stock markets moved downward over the past week due to a spate of negative developments, ... Read More »

Nigeria to export rice by 2019

ABUJA: Rice farmers in Nigeria are expected to commence exportation of the product by 2019 when the local consumption would have been met. Country Manager, Afex Commodities Exchange Nigeria, Mr. Ayodeji Balogun, said local farmers in the country would in three years commence exportation of rice. Balogun said during a briefing yesterday in Abuja that the organisation in partnership with ... Read More »

Hungary, Romania ink deals to advance energy, transport projects

BUDAPEST: Agreements were signed on advancing energy and transport projects at a meeting of the Hungarian-Romanian joint economic committee in Bucharest on Friday, Levente Magyar, the committee’s Hungarian co-chair and state secretary for economic diplomacy, told MTI on Friday. Romania’s new technocrat government relate to the joint projects in a far more open and pragmatic manner than the country’s previous government, ... Read More »

Brazil luxury car sales to double in 5 years

BRASÍLIA: Luxury vehicle sales in the country are set to more than double in the next five years. This is despite the recent ban on fresh registrations for vehicles over 2,000-cc engine capacity in the national capital, which is expected to hit luxury car sales at least in the short term. The latest sales forecast from IHS Automotive reveals that ... Read More »

Spain: Increase in tropical exports boosts employment

MADRID: There has been a 10% increase in the number of jobs available in Andalusia’s export sector, according to Hays, which notes that the foreign market “has been instrumental for the improvement of the Andalusian economy during the recession years,” stressing that the boost in the export of tropical fruits and berries is the main reason for this growth. “The ... Read More »

Canadian Ports on High Terror Alert

OTTAWA: The port and shipping industry could be at threat after it was found that a fifth of high-risk exports are not screened and could potentially allow terrorists to build weapons of mass destruction, with Canada being a prime location for this type of crime to occur, since its borders are often short staffed and its technology outdated, according to ... Read More »

European Commission to look at IKEA haven claim

BRUSSELS: The European Commission on Saturday pledged to study a report claiming that Swedish furniture giant IKEA may have underpaid taxes by 1 billion euros (US$1.12 billion) between 2009 and 2014 due to aggressive tax strategies. Research commissioned by the Green/EFA group in the European Parliament claims to show that Ikea “structured itself to dodge 1 billion euros in taxes ... Read More »

400 traders leave Kunduz for security reasons

KUNDUZ CITY: Nearly 400 entrepreneurs and traders have left northern Kunduz province for security reasons, badly affecting the economic condition of the province, officials said on Monday. They include big traders who had been operating at the Sher Khan dry port, but shifted their capital to other provinces and foreign countries due to recent security issues in the province, export ... Read More »