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Author Archives: CT Report

Ireland returns five containers of beans exported from Nigeria

DUBLIN: Five containers of beans exported from Nigeria to the Republic of Ireland have been rejected and returned by the importers after the products were received with heaps of weeviles. Currently, exportation of beans from Nigeria is banned by the European Union, but it is not clear when the rejected product was exported. Nigerian producers will resume exportation of beans ... Read More »

Chief Riffat A Hassan retires

ISLAMABAD: Riffat A Hassan Abidi, a Pakistan Customs Service officer of BS-20, has retired from the government service on attaining the age of superannuation. The officer, last posted as Chief, Federal Board of Revenue (HQ), Islamabad, stood retired from the government service with effect from February 21. Meanwhile, Badar-ud-Din, a BS-16 Officer of Customs Department, presently posted as Deputy Superintendent, ... Read More »

Valeant takes a 50% plunge

OTTAWA: Canadian drugmaker Valeant Pharmaceuticals International Inc’s share price plunged nearly 50 percent on Tuesday after it warned it was at risk of a debt default and slashed its earnings forecast. Valeant, already under fire for its pricing and accounting practices, said in a securities filing that bondholders can deliver a notice of default if the drugmaker fails to submit ... Read More »

Assist Commissioner Rafiq to retire on June 17

ISLAMABAD: Muhammad Rafiq Shad, a BS-17 officer of Inland Revenue Service, is going to retire from the government service on attaining the age of superannuation. The officer, presently posted as Assistant Commissioner, Regional Tax Office-II, Lahore, will stand retired from the government service with effect from June 17. Read More »

Four Customs Inspectors to retire

ISLAMABAD: Four Pakistan Customs Service Inspectors (BS-16) are going to retire from the government service on attaining the age of superannuation. Qadir Khan, presently posted at Model Customs Collectorate, Quetta, will stand retired from Government Service with effect from April 06. Hawas Khan, presently posted at Model Customs Collectorate, Peshawar, will stand retired with effect from April 19. Mujeeb Khan, ... Read More »

Tsai urged to review China trade pact

TAIPEI: Industrial heavyweights yesterday urged the incoming government to maintain cross-strait rapprochement and facilitate a review of the service trade agreement with China to help boost the competitiveness of Taiwanese exports. “All eyes will be on president-elect Tsai Ing-wen during her inauguration speech on May 20, and she needs political prowess and delicacy when setting the tone for her leadership ... Read More »

Govt aware of agri sector’s issues: Shahbaz

LAHORE: Chief Minister Shahbaz Sharif has said the government is fully aware of the difficulties being faced by agriculture sector. “All out measures will be adopted to protect farmers and cultivators from the problems due to recession at international level in agri sector,” the chief minister said while addressing a meeting. The chief minister with a view of addressing problems ... Read More »

Milaha’s AGM approves 50% cash dividend

DOHA: Qatar Navigation (Milaha) yesterday held its Annual General Meeting (AGM) and ratified all the items on agenda of the meeting, including Board’s recommendation to distribute a 50 percent cash dividend to its shareholders, which is equivalent to QR5 per share. The process of dividend distribution will commence from March 23 through Qatar National Bank (QNB) branches. QNB has been ... Read More »

PE Ukraine imports rise 36% in Jan-Feb 2016

MOSCOW: Total imports of polyethylene (PE) into Ukraine increased to 38,900 tonnes in the first two months of 2015, up 36% year on year, according to MRCDataScope on Wednesday. The greatest increase in demand occurred for high density polyethylene (HDPE) and the smallest for linear low density polyethylene (LLDPE). Structure of PE imports over the reported period was as follows. February ... Read More »

Cut in CNG prices: LTC reduces urban public transport fares by 11%

LAHORE: The Lahore Transport Company (LTC) has reduced the urban public transport fares to about 11 percent after recent reduction in CNG prices. LTC has reduced the intra city fares of air-conditioned CNG buses on various urban routes from Rs 3 to Rs 5 with respect to the distance. In accordance with the notification, first stage (1 to 4km) would ... Read More »

Senate body on finance chairman calls for closure of TDAP

ISLAMABAD: Senate Standing Committee on Finance Chairman Senator Saleem Mandviwalla has called for closure of Trade Development Authority of Pakistan (TDAP), a national body responsible for promoting exports, saying, the body has become a non-functional, failed and useless body and burden on exchequer. Senator Mandviwalla, who is also board member of TDAP, criticised the performance of TDAP, which has failed ... Read More »

Vietnam beverage companies seek delay in tax

HANOI: Beverage companies seek to delay until the beginning of 2017 the application of amended regulations on calculating their special consumption tax, claiming they need more time to adjust their production plans. According to Decree 108/2015/NĐ-CP and Circular 195/2015/TT-BTC, which came into force just over two months ago, the special consumption tax on producers would be calculated based on the ... Read More »

Kuwait Customs foils attempt to smuugle 13,270 captagon tablets

KUWAIT: Abdaly customs officers foiled a track driver’s attempt to smuggle 13,270 captagon tablets into Kuwait. A source said that suspicions about the driver, who arrived from Iraq, prompted officers to search the truck and find the drugs. The man was taken to the proper authorities for further action. Read More »

Pakistan to import 1,000MW electricity from Turkmenistan: Mamnoon

ISLAMABAD: Pakistan is planning to import 1000MW electricity from Turkmenistan on a fast-track basis, said President Mamnoon Hussain. While talking to Turkmen President Gurbanguly Berdimuhamedov during a meeting at the President House, he said that the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project would be a game changer with benefits for all the participating countries. He said the groundbreaking ceremony for the ... Read More »

Dastgir working on strategy to enhance Pak-Iran trade ties

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir Khan has presided over a meeting to prepare proposals and chalk out a comprehensive strategy for enhancing trade cooperation with Iran in the wake of the visit of the Iranian president to Pakistan. The minister said that Pakistan is interested in holding exhibitions in Iran frequently to showcase the range of exportable Pakistani ... Read More »

SL exports fall 18.7%, imports drop by 8.5% in 2015

COLOMBO: Sri Lanka’s exports fell 18.7% to US$ 817.5 million in December 2015 from a year earlier while imports fell at a slower 8.5% to US$ 1,644.7 million, Central Bank official data showed. The trade gap widens 4.4% to US$ 827.3 million from a year earlier. On a cumulative basis, the trade deficit during 2015 expanded marginally by 1.7% to ... Read More »

Nawaz, Turkmen leader sign accord to curb money laundering

ISLAMABAD: Leaders of Pakistan and Turkmenistan have signed eight accords on cooperation including an MoU on financial intelligence to curb money laundering and terrorism financing. Prime Minister Nawaz Sharif said that Pakistan was committed to early completion of Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, considering it a new chapter in economic collaboration and greater regional integration with Central Asia. In a ... Read More »

Australia’s unemployment rate drops to 5.8%

CANBEERA: Australia’s unemployment rate has unexpectedly dropped to 5.8 per cent, in positive economic news for the Turnbull government ahead of the pre-budget break. The February fall in figures was released today, and follows a rise in the unemployment rate to six per cent in January. However, the number of people employed barely moved – just 300 new jobs were ... Read More »

EU, Israel discuss export of Israeli natural gas

BRUSSELS: The European Union’s envoy to Israel met Wednesday with Israel’s Energy Minister Yuval Steinitz to discuss possible exports of the country’s newly found natural gas to Europe. According to a statement released by the ministry, Steinitz presented EU’s Lars Faaborg-Andersen with the expected timetable for the development of the Leviathan natural gas field, off Israel’s Mediterranean coast. Andersen said ... Read More »

EU soft wheat export licences boosted by data correction

OSLO: The European Union granted export licences for 991,000 tonnes of soft wheat this week, but the big weekly volume, the third-largest this season, was partly inflated by a data correction, the European Commission said on Thursday. The correction came after a member country previously declared some export certificates as durum wheat instead of soft wheat, an official said. The ... Read More »