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Author Archives: CT Report

Services trade deficit drops 31.79 percent in Jul-Dec

ISLAMABAD: The services trade deficit during first six months (July-December) decreased by 31.79 percent as compared to the same period of last year. The services exports witnessed a decrease of 5.38 percent while the import fell by 14.30 percent during first half of current fiscal year. According to data revealed by Pakistan Bureau of Statistics (PBS), the services trade deficit ... Read More »

Russia ready to cooperate with Iraq in many spheres

BAGHDAD: Russia and Iraq have good prospects for interaction in a number of spheres and Moscow is prepared for intensive and diversified cooperation with Baghdad. Bilateral cooperation prospects were discussed at Russian Deputy Prime Minister Dmitry Rogozin’s meeting with Iraqi President Fuad Masum. Rogozin is in Iraq on a two-day visit with a large delegation of nearly a hundred government ... Read More »

Addl Commissioner-IR, two Dy Commissioners assume charge

ISLAMABAD: Three Inland Revenue Service officers of BS 17-18 have assumed the charge as Additional Commissioner and Deputy Commissioner in different cities. Riaz Ali Shah relinquished the charge of the post of Additional Commissioner-IR (OPS), RTO, Quetta and assumed the charge of the post of Additional Commissioner-IR (BS-18) (OPS), RTO-II, Karachi. Abdul Sattar assumed the charge of the post of ... Read More »

Mufeeza, Majid Hayat assume charge as Addl Directors of Lahore T&R-IR

ISLAMABAD: Two Inland Revenue officers of BS-18 have assumed the charge of the post of Additional Directors, (OPS), Directorate General of Training & Research (IR), Lahore. Mufeeza Iqbal, pursuance of Board’s Notification No.0257-IR-I/2016 dated 29-01-2016, assumed the charge of said post after relinquishing charge of the post of Second Secretary, FBR (HQ), Islamabad with effect from February 01. Mian Muhammad ... Read More »

Shangri La expresses interest to expand investments in Sri Lanka

COLOMBO: Hong Kong-based Shangri La Hotels and Resorts has expressed interest to expand its investments in Sri Lanka, a Finance Ministry statement said. This was revealed during a meeting Finance Minister Ravi Karunanayake held with Shangri La Vice Chairman Madhu Rao at the Finance Ministry, the statement added. Among the key issues of the discussion were the ongoing construction activities ... Read More »

Freeport to get export permit despite failure to pay deposit

JAKARTA: PT Freeport Indonesia has received a recommendation from the Energy and Mineral Resources Ministry for the extension of its export permit although the gold and copper mining giant has yet to pay a roughly US$530 million deposit as a guarantee for its development of a smelting plant. “We have issued a recommendation for Freeport to get a permit extension ... Read More »

Jordanian regional crises stalling export activity to Palestine

AMMAN: President of Jordan’s Free Zone Investors Association (JFZIA) Nabil Rumman has said that export activities to the Palestinian market are currently “stalled” due to regional crises and rising export costs. In remarks to Quds Press on Tuesday, Rumman said that the Palestinian market is one of the most important markets for Jordan’s Free Zones, specifically for transporting cars from ... Read More »

Taiwan, China, Philippines bust drug trafficking ring

TAIPEI: Joint efforts by Taiwan, China and the Philippines have resulted in the busting of a cross-border drug trafficking ring, the Penghu District Prosecutors Office said Thursday. Law enforcement officers involved in the joint efforts seized more than 70 kilograms of drugs and raw materials for drug production, valued at over NT$120 million (US$3.57 million), in the Philippines, Taiwanese prosecutors ... Read More »

Zain Group generates revenues of KD 1.14 bn

KUWAIT: Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa, announces its consolidated financial results for the year 2015 & fourth quarter ended 31 December, 2015. Zain served 45.6 million customers at the end of the period, reflecting a 3% increase year-on-year (Y-o-Y). For the full-year 2015, Zain Group generated consolidated revenues of ... Read More »

Enhanced Af-Pak trade seen as a boost to peace in region

KABUL: Enhanced trade and people-to-people contacts between Afghanistan and Pakistan will boost bilateral relations and peace in the region, civil society representatives believe. At a two-day workshop that concluded in Islamabad on Tuesday, participants from the two countries discussed a whole host of issues, including terrorism and poverty. The ongoing Afghan peace process should continue in line with the internationally-accepted ... Read More »

Hungary, Jordan ink partnership agreements at economic joint committee

BUDAPEST: Major partnership agreements were concluded at the second meeting of the Hungarian-Jordanian economic joint committee in Amman, state secretary of Hungary’s foreign ministry László Szabó said on Wednesday. The two parties conducted talks on trade, construction, farming, environment protection and tourism, he said, adding that Hungary offered 400 scholarships for Jordanian students to study in Hungary. Szabó told MTI ... Read More »

Italy’s economic growth likely remain flat in Q4

ROME: The Italian National Statistical Institute is expected to report that the Italilan economy slowed down in Q4 2015, mainly due to the external sector. Italy’s economic growth likely remained flat in Q4. The result is evident from the latest industrial production data that reported a drop of 0.7% m/m in December and a decline of 0.2% q/q in Q4. ... Read More »

Statoil Lost 37 Billion NOK in 2015

OSLO: Norwegian petroleum giant Statoil was deprived of almost half of its operating profit in the fourth quarter compared with the previous year, writes NRK. Oil prices on a free fall and huge depreciation cost the company tens of billions of Norwegian Kroner in 2015. Statoil managed to achieve the adjusted earnings of only 15.2 billion before tax and an ... Read More »

Border guards seize more guns in southern Ontario than anywhere else in Canada

OTTAWA: Along with massive loads of drugs, cash and other illegal items, border officers in southern Ontario seized more guns in the last half of 2015 than anywhere else in Canada. The Canada Border Services Agency’s southern Ontario region includes Sarnia, London, Fort Erie, Niagara Falls and Windsor. Officers in that region made 678 drug seizures in the last half ... Read More »

Australia export earnings from China trade drop on commodity price slump

CANBERRA: As China’s economy continued to lose momentum through the fourth quarter of 2015, most commodity prices followed suit. Australia’s Office of the Chief Economist warned in the latest edition of its China Resources Quarterly that the longer commodity prices spent at their current levels, the more pressure would be brought to bear on mines, which were operating in the ... Read More »

Pak rupee at 105.80 in open market

  KARACHI: The Pakistani rupee Thursday further dropped value against the American currency in open market and remained firm in interbank. According to the local money market, the US dollar added 10 paisas in open market for selling at 105.80 and remained unchanged in interbank at 104.30. On Wednesday, the greenback gained 20 paisas in cash-free market for selling at ... Read More »

Brazil’s real needs 10% drop to become attractive

BRASÍLIA: Brazil’s real, the world’s worst-performing currency last year, needs to drop another 8 percent to 10 percent to become attractive, according to Invesco Advisers Inc. “Brazil is going to get cheaper,” Sean Newman, a senior money manager who helps oversee $1.1 billion in emerging-market debt at Invesco in Atlanta, said in an interview. “Economic conditions are deteriorating this year. ... Read More »

Quetta RTO speeds up campaign for Voluntary Tax Compliance Scheme

QUETTA: The Regional Tax Office has speed up its efforts to create awareness about the Voluntary Tax Compliance Scheme 2016 among the business community. All the staff of Quetta RTO was briefed in detail during the different meetings about the scheme and the role they were supposed to play in this regard. A meeting with the members of Tax Bar ... Read More »

Unilever to cut 240 jobs in the Netherlands

AMSTERDAM: Unilever is cutting 240 jobs in the Netherlands by shifting abroad some operations, particularly IT. Some 200 staff members will lose their jobs, as will 40 agency workers. The jobs, mainly in IT, finance and accounts, are being moved to Mexico, Bangalore, Manila and Katowice, website reports. The FNV trade union said Unilever was involved in the ‘massive ... Read More »

Philippines’ exports down 5.6% for 2015

MANILA: Philippine exports fell in December despite an increase in electronics, woodcraft and ignition wiring shipments, leaving the total for 2015 to $58.65 billion, down 5.6% from a year earlier and short of a 7% government target. The Philippine Statistics Authority said Wednesday that total exports in December fell 3.0% to $4.66 billion from $4.80 billion. Shipments of electronic products, ... Read More »