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Consumer prices ease in January

COLOMBO: Sri Lanka’s consumer prices in January rose 0.9 percent from a year earlier, slowing from the previous month’s 2.8 percent, data from the Department of Census and Statistics showed yesterday. However, annual core inflation hit a 32-month high. On a month-on-month basis, the Colombo Consumer Price Index (CCPI) fell 0.2 percent. In December, it rose 0.3 percent, slowing from ... Read More »

Freeport’s export permit suspended

JAKARTA: Copper mining giant PT Freeport Indonesia will see its exports halted starting Friday after failing to realize its commitment to smelter development. The Energy and Mineral Resources Ministry’s mineral and coal director general, Bambang Gatot Ariyono, said his office had yet to issue a recommendation for the extension of Freeport’s export license as the company had yet to meet ... Read More »

Annual GDP grows less than 1%

TAIPEI: The economy grew by a weaker-than-expected 0.85 percent last year, dragged down by persistent sluggish foreign and domestic demand, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. Annual GDP growth missed the agency’s estimate of 1.06 percent, representing the weakest pace since the 2009 global financial crisis. The DGBAS attributed the weakness to the performance in the ... Read More »

FBR Member Rehmatullah says tax system being simplified

SIALKOT: Federal Board of Revenue Inland Revenue-Policy Member Rehmatullah Wazir said that best policies are being developed, besides simplifying the tax systems in order to facilitate the taxpayers. The IR-Policy member stated this while addressing a seminar on “Taxation Laws” arranged by Sialkot Tax Bar Association here at a local hotel. He added that the government did not intend to ... Read More »

Summary regarding upgradation of DCA post to DPA sent to FBR, Ministry of Finance

KARACHI: The summary regarding the upgradation of the post of Data Controlling Assistants (DCAs) to the Data Processing Assistants (DPAs) has been prepared by the Establishment Division, it is learnt here. The DCAs, who are currently working in grade-10 are informed Customs Today that the Establishment Division has forwarded the recommendation of upgradation of DCA post into DPA to the ... Read More »

Norwegian Ambassador sees great potential for enhancing trade ties

KARACHI: Norwegian Ambassador to Pakistan Tore Nedrebo has said that Pakistan and Norway have potential to increased trade level adding that many Norwegian companies were interested in making investments in Pakistan. “Norwegian companies are exploring investment opportunities around the world and if they see such opportunities in Pakistan, they will surely come to invest in this country as well”, he ... Read More »

FCCI head says business community fully supports CPEC project

FAISALABAD: Federal Minister for Planning and Development Ahsan Iqbal will visit Faisalabad during the month of March to have detailed discussion on disseminating the fruits of CPEC (China Pakistan Economic Corridor) to Faisalabad by declaring Shenzen Industrial Zone (Guangdong) China and M-3 Industrial Estate Faisalabad as sister industrial Estates. He was talking to a delegation of Faisalabad Chamber of Commerce ... Read More »

Sialkot exporters should explore trade opportunities in Bulgaria

SIALKOT: Pakistan’s Ambassador to Balgaria Baber Hashim has urged the Sialkot exporters to divert their business activities to Balgaria for getting the full trade and export-related advantages besides, focusing on tapping the untapped international trade markets of Balgaria. He stated this while addressing an important meeting of Sialkot exporters held at Sialkot chamber of Commerce and Industry (SCCI) here. Acting ... Read More »

Excise Punjab to hire legal consultants on permanent basis

LAHORE: The Excise and Taxation Department has decided to hire legal consultants as hundreds of cases are lying pending with different courts due to shortage of staff. Sources told Custom Today that the Director General Excise has discussed this matter with Secretary Excise and other relevant officers. The Excise has forwarded a summery to Chief Minister Shahbaz Sharif for approval. ... Read More »

ECNEC approves emergency plan for polio eradication, other projects

ISLAMABAD: Federal Minister for Finance Ishaq Dar chaired the meeting of Executive Committee of National Economic Council (ECNEC) here on Friday. ECNEC considered and approved Emergency Plan for Polio Eradication (2016-2018) at the total cost of Rs 31, 816.86 million. The execution of the Emergency plan will be the responsibility of the Ministry of National Health Services, Regulations and Coordination. ... Read More »

California CBR shipments declined 69% in 2015

CALIFORNIA: Oil-by-rail shipments to California plunged 69 percent last year compared with 2014, according to state data released on Jan. 28. The California Energy Commission said California received 1,762,369 barrels of crude via train last year, or 4,828 barrels per day. That is down from 5,737,081 barrels in 2014, or 15,718 bpd. The tally fell throughout the year, starting at ... Read More »

Global smartphone shipments cross 1.43b in 2015

FRANCISCO: More than 1.4 billion smartphones were shipped worldwide last year in a new high for the sector, with Chinese handset makers racking up the biggest gains, an industry tracker said. Global smartphone shipments for 2015 jumped slightly more than 10% to an unprecedented 1.43 billion, said International Data Corporation (IDC), releasing its preliminary figures. South Korean consumer electronics giant Samsung ... Read More »

Atlas boosts shipments amid restructure

LONDON: Struggling junior miner Atlas Iron has boosted shipments and trimmed costs in the December quarter, despite falling iron ore prices. The announcement comes just weeks after it agreed to a debt restructuring that will hand its lenders 70 percent of the company’s stock, as it struggles to stay afloat. Atlas said it shipped 3.6 million tonnes of iron ore ... Read More »

High time to review agricultural policies: LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has called to review agriculture policies saying that serious food security could take place in near future because of rising graph of population. If steps are not taken on war footing, food security would shatter the economic structure as country would be compelled to spend billions dollars on imports to feed ... Read More »

Lenovo smartphone shipments fall 18% in Q4

WASHINGTON: Lenovo maintained its No. 4 ranking in smartphone shipments in the fourth quarter even though its worldwide shipments plunged 18.1 percent, according to new market data. Overall, worldwide smartphone shipments rose 5.7 percent from a year earlier to a new record – 399.5 million units shipped, market research firm IDC reported. Lenovo shipped 20.2 million smartphones in the fourth quarter, ... Read More »

EU annual inflation rises to 0.4%

WASHINGTON: Inflation in the eurozone has hit its highest level since 2014, but economists remain convinced the European Central Bank will unleash another round of monetary stimulus in March. Headline inflation across the single currency area rose in the year to January to 0.4 per cent from 0.2 per cent the previous month, according to Eurostat, the European Commission’s statistics ... Read More »

BI sees monthly inflation below 1% in Jan

JAKARTA: Bank Indonesia (BI) predicts a monthly inflation rate of slightly below 1% January amid two main opposing variables in the consumer price index: higher foods prices and lower fuel prices. “As of the third week of January, we see inflation at 0.75 percent. As the fuel prices are cut, we see that the [January] inflation will not reach 1 ... Read More »

Bank deposit rates fall sharply in Bangladesh

DHAKA: Fixed deposit rates have come down to as low as 4 percent on the back of low demand for loans, bankers said. The country’s inflation is at 6.2 percent but banks offer 4-4.5 percent for deposits of 3-12 months, meaning a depositor’s earning will become negative. In addition, interest rate earned on bank deposits is subject to tax of ... Read More »

Tourism revenues in Turkey declines 14.3% in 2015

ANKARA: Tourism revenues in Turkey declined 14.3 percent to $6.57 billion in the final quarter of 2015, the Turkish Statistics Institute said on Friday. In 2015 as a whole, tourism revenues fell 8.3 percent to $31.46 billion, the data showed. The number of visitors to Turkey fell 1.61 percent from the previous year. Read More »

Tanzania plans to double exports in 3 years

DAR ES SALAAM: Tanzania Horticultural Association (Taha) is planning to double exports of the agriculture sub-sector to $1 billion in the next three years, thanks to initiatives it’s currently taking. Taha chief executive officer Ms Jacqueline Mkindi told Agri-business Congress East Africa yesterday that the industry’s export value was currently estimated at about $500 million per year, but youth programmes, ... Read More »