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Author Archives: CT Report

Dutch exports to Iran increase 21% in last year

TEHRAN: Dutch exports to Iran increased by 21% last year, ahead of the lifting of international sanctions in January this year. The value of goods exported from the Netherlands reached €450 million, putting Iran 64th in the ranking order of destinations, according to figures published by national statistics office CBS. Medical equipment made up more than one-third of all exports. ... Read More »

Thailand stops Australian salad imports

BANGKOK: Thailand has ordered a halt to imports of Australian pre-packed salads from a Victorian producer following an outbreak of salmonella. The ban threatens millions of dollars of fresh food imports into Thailand and puts at risk Australia’s high food safety record. Suwannachai Wattanayingcharoen, spokesman for the Thai Ministry of Public Health, called on Thai consumers who purchased the Australian-sourced ... Read More »

South African Energy Company to set up base in Zambia

CAPE TOWN: South African energy company, Gridbow Engineers, is this month set to commence operations in Zambia. Gridbow Engineers and Technical Services, a leading South African substation construction, civil engineering and renewable energy company,  has partnered with Zambian entrepreneurs to set up a branch in Lusaka and offer electrical and civil engineering as well as renewable energy. Gridbow Engineers head ... Read More »

Pakistan Coast Guards nabs 60 illegal immigrants

KARACHI: Pakistan Coast Guards apprehended illegal immigrants including Afghan and Uzbek nationals from Shahjahan and Kandasole road check near Gwadar (Baluchistan). According to details Pakistan Coast Guards (PCG) officials apprehended 60 illegal immigrants including 19 Afghan nationals (including female and children), 1 Uzbek and 40 Pakistani nationals from Shahjahan and Kandasole road check. These individuals were proceeding to Iran without ... Read More »

Business community urges govt to simplify tax regime

LAHORE: Businessmen and traders have said that tax regime in Pakistan is complicated with multiple tax rates as taxpayers are paying almost 10 different taxes in addition to many indirect taxes. They said that we want to pay tax, but high taxes and difficult tax system is the main hurdle in better tax compliance. They said government should simplify tax ... Read More »

ICCI President asks traders to take benefit of Tax Amnesty Scheme

ISLAMABAD: Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that the government has introduced Tax Amnesty Scheme for non-filers according to which they could whiten their undeclared working capital of up to Rs 50 million by paying just one per cent tax of the declared working capital for the tax year 2015 and traders should take full ... Read More »

Norwegian companies planning to invest in Pakistan: Envoy

LAHORE: Pakistan is well positioned to take off as economic indicators are portraying an encouraging picture. Growth rate is expected to reach 6 to 8 per cent in 2018 therefore businessmen of Norway should come forward and avail the opportunities through joint ventures with their Pakistani counterparts. These views were expressed by the LCCI Senior Vice President Almas Hyder while ... Read More »

FIA arrests three human smugglers from different places

LAHORE: Federal Investigation Agency (FIA) has arrested three human smugglers from different places of Lahore. Sources informed Customs Today that all the arrested human smugglers were wanted by police. The human smugglers extoring huge money from innocent people by showing them golden dreams of their lucid future abroad. The arrested accused persons were identified as M. Latif Khan son of ... Read More »

Zia Ahmed Khan assumes charge as acting president KCCI

KARACHI: Zia Ahmed Khan, Senior Vice President KCCI has assumed charge as acting president of the Karachi Chamber of Commerce and Industry. Zia Ahmed Khan, Acting President KCCI has remained associated with the Karachi Chamber since last more than 40 years and is also one of the founding members of Businessmen Group (BMG) being led by Siraj Kassam Teli, Chairman ... Read More »

Mega infrastructural projects incomplete due to shortage of bricks: FCCI

FAISALABAD. Continuous strike of brick kiln owners has created shortage of bricks coupled with increase in its rate while the cartelization of cement manufacturers have become a stumbling block in the reduction of construction material after the historic cut in the oil price in the international market. In a statement issued here, Syed Zia Alamdar Hussain Senior Vice President Faisalabad ... Read More »

SMEDA compiles recommendations for Citrus Development Board

LAHORE: Small and Medium Enterprises Development Authority (SMEDA) has compiled recommendations for creation of Citrus Development Board (CDB) to enhance exports of Kinnow (citrus fruit) from Pakistan. SMEDA Chief Executive Officer Muhammad Alamgir Chaudhry told media here that Prime Minister had formed a high-level Committee on development of Citrus sector with SMEDA as a member. He said, the committee, during ... Read More »

Philip Barton pays farewell call on Ishaq Dar

ISLAMABAD: British High Commissioner, Philip Barton paid a farewell call on Finance Minister, Ishaq Dar here on Monday. Minister Dar on this occasion appreciated the High Commissioner’s contribution for fostering Pak-UK relations during his tenure and made special mention of the growth in bilateral economic cooperation. Philip Barton said that encouraged by the economic turnaround achieved by it, more and ... Read More »

Banking sector profits double in Zimbabwe

HARARE: The banking sector bucked the economic headwinds in 2015 with aggregate net profit more than doubling to $127,47 million, according to latest data from the Reserve Bank of Zimbabwe (RBZ). In 2014, aggregate profit was $52,8 million. RBZ governor John Mangudya said 15 out of 18 banks recorded profits in the period under review. “In a few institutions, increased provisioning ... Read More »

Pakistan offers ideal business opportunity for telecom sector: PM Nawaz

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif has said that international business community’s confidence to invest in Pakistan has been restored due to the incentives-based transparent policies of the government. The Prime Minister said this while meeting Jean Yves Charlier, CEO – VimpelCom who called on him at PM House. The Prime Minister said that the government’s clear policies have especially ... Read More »

Customs seizes gold worth Rs 80 lakh at Mumbai airport

MUMBAI: The customs air intelligence unit (AIU) at Mumbai airport intercepted a passenger for smuggling gold. The woman was carrying gold worth Rs 80 lakh from Dubai. According to sources from AIU, this is the biggest case of gold seizure this year. In the previous case, on January 26, gold worth Rs 27 lakh was recovered from a passenger Faizan Fazal ... Read More »

Indian economy to expand 7.6% in 2015-16

NEW DELHI: Indian economy is estimated to expand by 7.6% in the fiscal year 2015-16, highest in at least four years compared to 7.2% in the previous fiscal, data released by central statistics office showed on Monday. In the third quarter of the fiscal, the gross domestic product expanded by 7.3%, led by double digit expansion in the manufacturing and ... Read More »

Chinese police seize 148 smuggled wolf skins, carcasses at border

BEIJING: Police in Xinjiang Autonomous Region, China have arrested a large wildlife smuggling gang that were attempting to import illegal wolf carcasses. A total of 148 wolf skins, six carcasses and a large number of animal organs were discovered after police noticed that several containers smelt like rotting fish, the People’s Daily Online reports. Wolf meat was also seized during the ... Read More »

US Customs seizes $39 mln worth of fake sports items

WASHINGTON: Days before the first player stepped onto the field for Super Bowl 50 on Sunday, US Homeland Security-led efforts had already seized 450,000 counterfeit sports items, according to a release issued earlier this week. The search efforts, headed by Homeland Security Investigations officials, had seized counterfeit goods worth an estimated $39 million. US Customs and Border Protection officials released an ... Read More »

Saudi customs seizes 64,165 pills at Airport

RIYADH: Customs officers seized 64,165 amphetamine pills at Abdul Mohsen bin Abdulaziz Airport, in the Governorate of Yunbu. The officers became suspicious of a passenger and scanned his luggage. They found the haul of drugs which was hidden in four boxes of factory-packed sweets in an attempt to deceive the customs officers. The smuggler, along with the seized drugs, was ... Read More »

India’s fading oil product exports contrast with China’s boom

NEW DELHI: One of the dominant themes in Asia’s oil products markets is the rise of Chinese fuel exports, so much so that the decline in shipments from India barely gets mentioned. India has in recent years been a fairly major player in Asia’s market for refined products, given the presence of plants designed to take advantage of the country’s ... Read More »