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Author Archives: CT Report

Thailand Volvo expects 30% sales growth

BANGKOK: Volvo Car (Thailand) remains hopeful for 2016 despite the company’s sluggish performance over the past three years. Managing director Anette Andersson said yesterday that Volvo’s product-led strategy could drive sales growth of 30% to 1,300 vehicles this year. The Swedish car maker sold 1,000 vehicles in 2015, down from 1,260 in 2014 and 1,603 in 2013. The company posted ... Read More »

Korea’s ICT exports dip 9.8% in Feb

SEOUL: Korea’s exports of information communication technology (ICT) goods dropped almost 10 percent last month, led by a continued slump in sales of semiconductors and displays, government data showed Thursday. But the pace of decline slowed last month on the back of an increase in outbound shipments of mobile devices, according to the data compiled by the Ministry of Trade, ... Read More »

Pak rupee strengthens in open market

KARACHI: The Pakistani rupee Thursday gained value against the US dollar in open market. As per the local currency market, the dollar lost 15 paisas in open market for selling at 106.10 and remained unchanged in interbank at 104.50. On Wednesday, the greenback added 10 paisas in the cash-free market for selling at 106.25 and remained firm in interbank at ... Read More »

Finnish exports hit another low point in Jan

HELSINKI: January brought no turnaround for the export industry of Finland, indicate the latest preliminary statistics on the foreign trade of goods. Finnish Customs reported on Wednesday that the value of goods exported from Finland fell by ten per cent year-on-year to 3.6 billion euros and that of imports by nine per cent to 3.9 billion euros in January. The balance ... Read More »

Swiss arrest 15 in suspected mafia case, plan extradition to Italy

ZURICH: Swiss authorities arrested 15 Italian citizens on Tuesday and plan to extradite them to their home country, where law enforcement officials accuse them of membership in the ‘Ndrangheta mafia organisation. Switzerland’s Federal Office of Justice said in a statement that Tuesday’s raid was carried out by agents in three cantons: urban Zurich and rural Thurgau, in the country’s north, ... Read More »

Turkey to impart technical, vocational and skill trainings to Punjab youth

LAHORE: Turkey has announced to increase cooperation with the Punjab government in the spheres of technical, vocational education and skill training. The announcement was made during a meeting between a high-level Turkish delegation of Small & Medium Enterprises Development Organisation and Chief Minister Shahbaz Sharif. The delegation, led KOSGEB President Recep Bicer, also unanimously agreed with the CM to evolve ... Read More »

Concessionary regime to be eliminated in next budget: Dar

MULTAN: The government has decided to completely eliminate the concessionary regime through Statutory Regulatory Orders (SROs) rollback in the next budget. Federal Finance Minister Ishaq Dar said this while addressing a gathering of industrialists and traders at the Multan Chamber of Commerce and Industry (MCCI). Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan, Special Assistant to Prime Minister ... Read More »

Shares hit near 27-month low on tax changes

COLOMBO: Sri Lankan shares fell more than 2 percent yesterday, hitting their lowest level in about 27 months as a government move to hike value-added tax (VAT) and reintroduce capital gains tax to qualify for an International Monetary Fund (IMF) loan weighed on sentiment. Sri Lanka will raise value-added tax and reintroduce capital gains tax to break out of a ... Read More »

Shahbaz discusses trade, economic cooperation with British FM

LAHORE: British Foreign Minister Philip Hammond called on Punjab Chief Minister Shahbaz Sharif and discussed matters of mutual interest, promotion of trade and economic cooperation, health, skill development and security affairs. Shahbaz said that Pak-Britain relations have improved considerably during recent years, adding that new era of relations between both the countries has started during the current PML-N tenure. The ... Read More »

Brazilian exports of long steel double in Feb

BRASÍLIA: Brazil shipped 52,430 mt of carbon long steel products in February, more than the double the 22,186 mt shipped in the year-ago period, according to trade ministry data released Wednesday. The overall sales value followed the trend, rising 73.9% in a year-over-year comparison to $26.14 million FOB from $15.03 million FOB. Rebar contributed 34,817 mt to the longs shipments ... Read More »

Malaysia police seize ketum powder worth RM280,000

GEORGE TOWN: Penang police seized 2.8 tonnes of ketum powder worth RM280,000 meant for the export market from a shophouse in Jalan Dato Keramat here yesterday. State police chief Datuk Abdul Ghafar Rajab said the syndicate operating the makeshift factory had been in business for the past six years, with clients in the United States and Canada. He said there ... Read More »

Dy Commissioner-IR Kashif assumes charge

ISLAMABAD: Kashif Manzoor Malik, a BS-18 officer of Inland Revenue Service, has assumed the charge of the post of Deputy Commissioner-IR, RTO, Islamabad. The officer, iIn pursuance of Board’s Notification No.0664-IR-I/2016 dated 09-03-2016, relinquished the charge of the post of Deputy Director, Directorate General of Internal Audit (IR), Islamabad, on March 09. Read More »

Iran’s oil exports rise to 1.8 mln bpd

TEHRAN: Iran’s oil exports have risen to 1.8 million barrels per day (bpd) for the first time since 2012, Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi says. “The rising trend of crude oil exports will continue” in the next Iranian year which begins on March 20, during which total production will rise to 4 million bpd, ... Read More »

China producer prices down 4.9% in February

BEIJING: China’s producer price index (PPI), which measures costs for goods at the factory gate, slid 4.9 percent year on year in February, official statistics showed on Thursday.   Read More »

Dy Commissioner Roman exonerated

ISLAMABAD: Syed Roman Ali Shah, an Inland Revenue Service officer of BS-18, has been exonerated from allegations levelled against him. The authority on finalisation of disciplinary proceedings against the officer, presently posted as Deputy Commissioner-IR, RTO, Peshawar, under Government Servant (Efficiency & Discipline) Rules, 1973, exonerated him from the charges against him. Read More »

China February consumer prices up 2.3%, hitting 19 months high

BEIJING: China’s consumer prices grew 2.3 percent in February from one year earlier, up from January’s 1.8 percent, official data showed on Thursday. Producer price index (PPI), which measures costs for goods at the factory gate, slid 4.9 percent year on year in February. Read More »

Japan to import 46,980 tons of feed wheat, barley via tender

TOKYO: Japan’s Ministry of Agriculture said it would import 26,230 tonnes of feed-quality wheat, and 20,750 tonnes of barley for livestock use, via a simultaneous buy and sell (SBS) auction that closed late on Wednesday. The ministry sought that 120,000 tonnes of feed wheat and 200,000 tonnes of feed barley to be loaded by June 30, and arrive in Japan ... Read More »

FBR starts investigating assets of rich individuals

KARACHI: Federal Board of Revenue (FBR), expediting its drive to extend tax net, has started investigating the assets of ‘rich’ individuals to assess their incomes and bring them under the tax circle. Intelligence and Investigation-IR Director Zafar Iqbal Khan has said that the investigations of assets of doctors, sportsmen, fashion designers, professionals, politicians, frequent foreign travellers and owners of luxury ... Read More »

Foreign currency deposits in S. Korea reduce on import settlement

SEOUL: Foreign currency deposits in South Korea reduced last month due to soft demand for Chinese yuan deposits and withdrawal of U.S. dollars for import settlements, central bank data showed on Thursday. Deposits denominated in foreign currencies, held by local residents, came to 53.47 billion U.S. dollars as of end-February, down 2.13 billion dollars from a month earlier, according to ... Read More »

China’s slow growth hits world merchandise import

BEIJING: Global merchandise import growth slowed to 1.7 percent in 2015 as China’s slower growth path and difficulties in commodity exporting countries reduced trade volumes, a World Bank report showed yesterday. The tepid growth in 2015 in import volumes compared with 3 percent growth in 2014, with emerging markets in Asia accounting for most of the slowdown. Had China’s imports ... Read More »