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Author Archives: CT Report

Danish banks not eager to loan money to businesses

COPENHAGEN: For the first time since the financial crisis, Danish banks and mortgage companies are slowing down on making loans to local businesses, reveals an analysis of the National Bank. Across the board, credit managers are tightening loan policies in ways that match the rules implemented in the early months of the 2009 financial crisis. “This situation is very concerning, ... Read More »

Abid Bodla takes charge as Multan Commissioner-IR

ISLAMABAD: Muhammad Abid Raza Bodla, a BS-20 officer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR, (Special Zone Multan) Regional Tax Office, Multan. The officer, pursuing the Board’s Notification No.0253-IR-I/2016, dated 29.01.2016, assumed the charge of the post of Commissioner-IR, (Special Zone Multan) RTO, Multan, with effect from February 1. Read More »

Hungary retail sales jumps 5% in Dec

BUDAPEST: Retail sales in Hungary grew by an annual 5 percent in December 2015, based on preliminary data, up from 4.8 percent in November 2015, the Central Statistical Office (KSH) said on Wednesday. December sales rose by 4.5 percent when adjusted for calendar year effects. Adjusted food sales were up by 3.4 percent in December, non-food sales climbed by 6.4 ... Read More »

Growth of Saudi Arabia’s non oil private sector eases in Jan

RIYADH: Growth of Saudi Arabia’s non-oil private sector eased in January, continuing the trend seen through much of the latter part of 2015. Business conditions improved at the weakest pace in the survey’s six-and-a-half year history, with a muted rise in new work the key factor behind the slowdown, according to the latest Emirates NBD Saudi Arabia Purchasing Managers’ Index. ... Read More »

Addl Commissioner-IR Imtiaz, Second Secretary Yasmin assume charge

ISLAMABAD: Two Inland Revenue Service officers have assumed charge as Additional Commissioner and Second Secretary in the federal capital. Imtiaz Ahmed, in pursuance of Board’s Notification No.0257-IR-I/2016, dated 29.01.2016, assumed the charge of the post of Secretary (TPA Wing), Federal Board of Revenue (HQ), Islamabad. Yasmin Yusuf Khan, pursuing the Board’s Notification No.0257-IR-I/2016, dated 29.01.2016, relinquished the charge of the ... Read More »

Bangladesh keen to import oil, gas from Iran

DHAKA: Bangladesh is keen to import oil and gas from Iran now that economic sanctions on the country have been lifted. The state minister for power and energy will discuss the issue in detail during his visit to Iran in March, Commerce Minister Tofail Ahmed told the media after a meeting with an Iranian delegation on Wednesday. “We have a ... Read More »

Cotton production decreases by 33.4% to 9.6m bales

KARACHI: Heavy rains and pest attacks have caused massive decline in the country’s cotton production by 33.41 per cent to 9.612 million bales from the start of season to February 1 as compared to 14.435 million bales in the corresponding period last year. According to Pakistan Cotton Ginners Association (PCGA), 5.857 million bales have been produced in the Punjab up ... Read More »

Hawkers in Kabul say prevented from work, insulted

KABUL: Hawkers in the capital Kabul complain the government is not providing them with jobs and municipality officials insult and prevent them from working. The Kabul municipality, the traffic department and police have launched a campaign over the past three days to ban hawkers in the city. Khan Mohammad, 35, one of the hawkers in Deh Afghanan area of Kabul, ... Read More »

Shanghai port imports over 400,000 automobiles in 2015

WASHINGTON: Shanghai port imported over 400,000 finished automobiles in 2015, becoming the country’s largest port of its kind, according to Shanghai Customs District on Wednesday. Statistics shows that among all automobile importers, those importing Ferrari, Maserati, McLaren, Bentley, Lamborghini and Volvo chose Shanghai port as their sole port for imports. It used to take more than a week to release ... Read More »

Chinese, Danish companies to work on 2,320MW projects in South Punjab

LAHORE: The Punjab government is going to start 2,320 megawatt energy projects in South Punjab as it has signed different agreements with Chinese and Danish companies. Under the agreement inked between the Punjab government and Denmark, Danish wind power generation international company VESTAS will set up four wind power plants of 250 mw each at Rajanpur in South Punjab whereas ... Read More »

Punjab govt launches WASH Sector Development Plan 2014-24

LAHORE: The Punjab government’s WASH Sector Development Plan 2014-2024 will achieve 100 per cent piped water coverage and 82 per cent sewerage and drainage in cities and towns, while 65 per cent piped water coverage and 70 per cent sewerage and drainage in rural areas during the next 10 years. This was stated by Punjab Planning & Development Member Muhammad ... Read More »

FBR Members in Karachi to lure traders towards tax amnesty scheme

ISLAMABAD: A high-level delegation of FBR officials is in Karachi to hold meetings with office-bearers and members of trade bodies, business community and tax bar association on directive of Special Assistant to Prime Minister on Revenue Senator Haroon Akhtar Khan to apprise them of the Voluntary Tax Compliance Scheme (VTCS). The team comprises Member Inland Revenue Policy Rehmatullah Wazir, Member ... Read More »

Thailand’s consumer confidence flat in Jan

BANGKOK: Thailand’s consumer sentiment weakened in January due to global economic and geopolitical concerns, according to the latest report from the University of the Thai Chamber of Commerce. The university’s monthly survey showed that the Thai consumer confidence index fell for the first time in four months to 75.5 in January, compared with 76.1 in December. Thanavath Phonvichai, director of the ... Read More »

PIA remains shut for second day

KARACHI: Pakistan International Airlines remained closed for the second day of protests by the employees against the proposed privatisation of the national-flag carrier as all domestic and international flights were cancelled. PIA employees resumed their protest outside major airports across the country, which came as the federal government invoked the Essential Services (Maintenance) Act, 1952, in the PIA for six ... Read More »

Penang marine seize Indonesian ship smuggling unprocessed goods

GEORGE TOWN: An Indonesian barter trade ship allegedly smuggled in RM1 million worth of fertilizers and natural commodities was seized yesterday. Six crew, including its skipper known as Hammady, 66, were on board the 30-meter long boat also rounded up by the marine police in an operation code named Op Gelora Siri about 3pm. State marine police deputy commander Superintendent ... Read More »

Logistics facilities provider GLP posts 64% jump in Q3 earnings

SINGAPORE: GLP, a global provider of modern logistics facilities, reported a 64 per cent increase in profit after tax and minority interests (PATMI) to US$184 million (S$260.5 million) for the quarter ended Dec 31, from US$112 million a year ago, on the back of higher earnings in China, development gains in Japan and its entry into the US market. Said ... Read More »

Hong Kong Customs seizes drugs worth $595,000

HONG KONG: Hong Kong Customs yesterday seized about 2 kilograms (kg) of suspected methamphetamine and a small amount of suspected cannabis in Mong Kok, and arrested two men and a woman. The total market value of the drugs seized was about $595,000.During an anti-narcotics operation in Mong Kok yesterday afternoon, Customs officers intercepted a man and a woman and found ... Read More »

Over 1,500 imparted training under green business programme

LAHORE: More than 1500 women and men have been imparted training under five value chains of green businesses including wild mushrooms, seashell embellishments, jewellery making, green mussels farming and turkey in Khyber Pakhtunkhwa, Balochistan and Gilgit-Baltistan. Business for Social Progress CEO Dr Amena Hasan said this while addressing a launching ceremony of “Green Business Incubator” here. She shared details about ... Read More »

China’s foreign service trade rises 14.6% to $713bn in 2015

BEIJING: The value of China’s foreign service trade hit an all-time high of $713 billion in 2015, up 14.6 percent year on year. The deficit in foreign service trade last year came in at $137 billion, according to a Ministry of Commerce official. The official claimed an better structure was helped by growth in exports of electronics, professional management and ... Read More »

Lenovo reports quarterly profit jump, while revenue declines

BEIJING: Lenovo Group Ltd posted a better-than-expected quarterly profit jump on Wednesday, but also saw a major revenue slump. Gloomy growth prospects for global personal computers and slowing Chinese smartphone sales sank the company’s stocks in Hong Kong. The world’s largest personal computer vendor and the fourth-biggest maker of smartphones said its net profit for the quarter ended Dec 31 ... Read More »