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Author Archives: CT Report

Customs Superintendent Amin Kamboh retires

ISLAMABAD: Muhammad Amin Kamboh, a BS-17 officer of Customs Department, has retired from the government service on attaining the age of superannuation. The officer, presently posted as Superintendent, Model Customs Collectorate, Multan, stood retire from the government service with effect from February 09. Read More »

Russia joins list of countries seeking more tax revenue from Google, Apple

MOSCOW: Countries across Europe have been seeking more tax revenue from US tech companies such as Google and Apple. Google and Apple have so far agreed to pay several hundred million dollars to the UK and Italy, with more such agreements likely to follow. Now, Russia is trying to get in on the action. According to Bloomberg, the Russian parliament ... Read More »

Mechanisation perks increase non major ports

WASHINGTON: With increased focus on mechanisation and efficiency, private-owned non-major ports in the country are eating into the market share of government-owned major ports. In the last three years, the share of major ports in total cargo has declined continuously, while that of non-major ports has been increasing. As a result, capacity utilisation of non-major ports was better than their ... Read More »

Russian stocks climb to 12-week high as rising oil stokes rally

MOSCOW: Russian stocks rose, extending the longest stretch of gains since November, and bonds advanced as crude’s rebound above $35 a barrel boosted asset prices in the world’s biggest energy exporter. The benchmark Micex Index advanced for a fifth day, climbing 2.1 percent to 1,807.21, the highest closing level since Nov. 26, with shares of Lukoil PJSC gaining 4 percent. ... Read More »

India expands port capacity as productivity improves

NEW DELHI: India will issue tenders in March for a consulting study on the development of a new transshipment port at Colachel on the Malabar coast on the southernmost tip of the subcontinent. The port is one of three new greenfield sites being developed amid fears a lack of capacity could stymie economic growth. The other two will be built ... Read More »

$2b annual earnings: Rice exporters ask govt to announce zero-rated tax regime

LAHORE: The rice exporters have urged the government to announce the industry zero-rated sales tax status as exporters are facing liquidity crunch in the face of pending tax refund claims. Rice Exporters Association of Pakistan (REAP) Chairman Muhammad Shafique, in a statement, said that the association’s members are terming the liquidity crunch a major stumbling block in the way of ... Read More »

Centrica full year revenue and profit fall on low commodity prices

LONDON: British Gas owner Centrica posted a decline in full year revenue and profit, despite what it described as a “resilient” performance in a challenging environment and retained an upbeat outlook for the short to medium term future. In the 12 months to 31 December, the FTSE 100 group saw revenue decline 5% year-on-year to £28bn (€36bn, $40bn), while adjusted ... Read More »

NAB chief for expediting probes of ‘top cases’ without any fear

LAHORE: The National Accountability Bureau (NAB) has decided to speed up the investigation process of ‘top corruption cases’ within 10 days without any fear NAB Chairman Qamar Zaman Chaudhry has sought details of important cases from all the regions and directed the completion of the investigation process within 10 days. The NAB had said the non-interference policy of the government ... Read More »

NC ports spends $14m to widen Wilmington turning basin

WILMINGTON: The North Carolina State Ports Authority has approved a $14 million contract to widen the ship turning basin at the Port of Wilmington. Local media outlets reports that the work will be done by Burgess Corporation of Jacksonville and should be completed by June 30. The agency board had earlier approved spending up to $21 million on the project ... Read More »

UK Port to receive multi-million boost

LONDON: In a bid to expand the Port of Dundee, Forth Ports, which are the company that own the port, has announced that an investment of US$14 million will put it at the forefront of the oil and gas decommissioning and offshore wind sectors, according to the BBC. Charles Hammond,  CEO of Forth Ports, said: “This is an important, privately ... Read More »

SCCI to develop own B2B E-Commerce website to facilitate traders

SIALKOT: Sialkot Chamber of Commerce and Industry, in continuation of its legacy of imparting innovative practices and initiatives for the betterment of the industry, has taken yet another bold step by building Sialkot’s vey first B2B E-Commerce website www.tradesialkot.com. Senior Vice President of Sialkot Chamber of Commerce and Industry (SCCI) Muhammad Sarfraz Butt told meia persons that the “Trade Sialkot” ... Read More »

Efforts underway to bring down street crimes soon: Mushtaq Maher

KARACHI: Additional Inspector General of Karachi Police Mushtaq Ahmed Maher has said that controlling street crimes was a serious challenge but efforts were underway and strategies have been devised which would result in bringing down the street crimes in the next couple of months. Exchanging views during his visit to KCCI, Additional IG added that police department in association with ... Read More »

WB country director calls on Ishaq Dar

ISLAMABAD: The World Bank Country Director, Patchamuthu Illangovan called on Finance Minister, Ishaq Dar here. Illangovan expressed his gratitude for the warm welcome and hospitality extended to the World Bank President and said Dr. Jim Yong Kim was highly impressed by the progress made by Pakistan in terms of economic development during the last two years. He said that Dr. ... Read More »

ECC approves continuation of reduced rate of 0.3% WHT on non-filers

ISLAMABAD: The Federal Minister for Finance Ishaq Dar chaired the meeting of the Economic Coordination Committee of the Cabinet (ECC) at the Prime Minister’s Office. ECC approved the proposal of the Federal Board of Revenue regarding continuation of the reduced rate of 0.3% WHT on non-filers under section 236P of the Income Tax Ordinance, 2001, till the 29th of February ... Read More »

Cellular company generates Rs 26.8b during Q4, 2015

ISLAMABAD: A mobile phone operator, cellular company has generated Rs 26.8 billion during Q4, 2015, up from Rs 25.5 billion it made during same period last year, showing a 5 % increase in revenues in local currency. The operator said revenue growth was mainly attributed to increased revenues from data (79 % YoY growth) and Mobile Finance Service (72% YoY ... Read More »

Pakistan offers immense opportunities for Australians in mining, other expertise: Ayaz Sadiq

ISLAMABAD: Speaker National Assembly Sardar Ayaz Sadiq said that Pakistan and Australia enjoyed cordial relations based on common interest and shared perceptions on major international issues. He was talking to the Australian High Commissioner to Pakistan Margaret Adamson who called on him here. The Speaker said that Pakistan strongly desired to further diversify its existing relations through people-to-people contacts and ... Read More »

Pakistan becoming safe haven for foreign investors

ISLAMABAD: D-8 conference held in Islamabad has sent a soft and positive message to the world that Pakistan is a peaceful country and becoming a safe haven for the foreign investors and Pakistan has great trade potential which is needed to be explored. This was stated by experts while talking in Radio Pakistan’s News and Current Affairs’ program. Former Ambassador ... Read More »

Vietnam’s Jan coffee exports increase 11.5%

HANOI: Vietnam, the world’s largest robusta producer, exported 170,000 tonnes (2.83 million 60-kg bags) of coffee in January, up 11.5 percent from the previous month, Vietnam customs data showed on Thursday, higher than both government and market expectations. Traders had expected January exports of the beans to be between 130,000 and 140,000 tonnes, while the government estimated them at 155,000 ... Read More »

Rail shipments of coal slump at start of 2016

WASHINGTON: US shipments of coal by rail have started the year significantly lower than the same period in 2015, according to data from the Association of American Railroads (AAF). Coal carloads fell 30.3% in the week ending 6 February – the latest week data is available for – to 73 298 carloads, continuing a trend seen in January, when coal ... Read More »

Ivory Coast consumer inflation rate falls to 0.3% in Jan

LONDON: Consumer price inflation in Ivory Coast fell to 0.3 percent year-on-year in January, down from 1.3 percent in December, data from the National Statistics Institute showed on Thursday. The monthly report showed that food and soft drink prices rose 2 percent but housing and utility prices dropped 0.7 percent and transport costs declined 0.7 percent. Healthcare prices slipped 0.4 ... Read More »