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Author Archives: CT Report

Eurozone jobless rate drops for 15th month

BRUSSELS: Unemployment across the 19-country eurozone fell in December for the 15th month running to its lowest level in a little over four years, official figures showed yesterday. Statistics agency Eurostat said the number of people out of work fell by 49,000 to a total of 16.75 million. The last time unemployment was lower was October 2011. As a result, ... Read More »

Xinjiang’s foreign trade grows 40% over 5 years

URUMQI: Xinjiang Uygur autonomous region in northwest China has made 770 billion yuan ($116.8 billion) from foreign trade from 2011 to 2015, up 41.5 percent over the previous five years. According to Urumqi Customs Office, the region’s trade growth had slowed during the past five years. Foreign trade volume for the region totaled $19.7 billion in 2015, down 28.9 percent ... Read More »

Two IR officers assume charge as Second Secretaries

ISLAMABAD: Two Inland Revenue Service officers of BS 17-18 have assumed the charge as Second Secretary in Federal Board of Revenue headquarters. Muhammad Muti-ur-Rehman Mumtaz, in pursuance of Board’s Notification No.0056-IR-I/2016 dated 08-01-2016, assumed the charge of the post of Second Secretary (BS-18) (IR-Operations). Syed Azhar Hussain Shah, pursuing the Board’s Notification No.0056-IR-I/2016 dated 08.01.2016, took the charge of the ... Read More »

China’s private sector salaries to rise 5-8% in 2016

BEIJING: Despite the expectation of slower GDP growth this year, niche professionals, especially those associated with digital technologies, are very likely to seek salary increments in the following months, according to Morgan McKinley, a global hiring company. Its 2016 salary survey shows overall salaries in China’s private sector will increase by 5-8 percent on average this year. Finance and accounting ... Read More »

China’s new wind power capacity rises 60% in 2015

BEIJING: China’s newly installed wind power capacity reached a record high in 2015 amid increasing efforts from the government to boost clean energy. The new wind power capacity jumped to 32.97 gigawatts last year, more than 60 percent higher than 2014, the National Energy Administration (NEA) said on Tuesday. Wind power generated 186.3 terawatt hour of electricity in 2015, or ... Read More »

US Customs seizes narcotics worth $357,680 in a week

BROWNSVILLE: U.S. Customs and Border Protection officers at the Brownsville Port of Entry intercepted four loads of alleged narcotics over a recent seven-day period. CBP officers discovered the alleged drugs, which carried a combined street value of approximately $357,680, hidden within the four vehicles. “These multiple seizures are the result of the diligence and commitment of our officers to keep ... Read More »

US Customs seizes cocaine worth $197,000

PHARR: U.S. Customs and Border Protection, Office of Field Operations (OFO) at the Pharr International Bridge arrested a Reynosa, Tamaulipas, Mexico man after discovering $197,000 worth of alleged cocaine within the Mercury minivan he was driving. “Our frontline officers have once again proven that teamwork is paramount in accomplishing the CBP mission of detecting illicit narcotics at our international bridges,” ... Read More »

US Customs seizes marijuana worth $300,000

LAREDO: U.S. Customs and Border Protection (CBP) officers recently seized a significant amount of marijuana in a commercial shipment of soap at World Trade Bridge. “This seizure demonstrates a great example of teamwork from our CBP officers,” said Port Director Gregory Alvarez, Laredo Port of Entry.  “The officers’ training clearly played a significant role in the discovery of this hard ... Read More »

Inflation becomes worst problem for Russians – Poll

MOSCOW: The number of Russians that consider high inflation one of the country’s biggest problems increased sharply in January, a survey by state-run pollster VTsIOM revealed Tuesday. Twelve percent of Russians were concerned about rising prices in December, but in January that number jumped to 20 percent, according to the poll. Other problems that top the list of country’s most ... Read More »

Russia’s official unemployment figure hits 1 million

MOSCOW: The number of officially registered unemployed people in Russia has grown by 3.4 percent over the past week, and now exceeds 1 million citizens, the TASS news agency reported Monday, citing the Labour Ministry’s press service. Growth in the number of unemployed citizens has been registered in 82 Russian regions between Jan. 20 and 27, while three regions saw ... Read More »

BP to axe another 3,000 jobs as oil price condemns it to a record loss

LONDON: BP’s chief executive Bob Dudley warned that this year is also “going to be tough” as he revealed the tumbling oil price had pushed the group to its biggest-ever annual loss in 2015 – and announced thousands more job cuts. Shares in the oil giant dived 8.68 per cent as BP reported a $6.5bn (£4.5bn) loss and said it ... Read More »

Haroon Akhtar, Dr Irshad open control room at FBR to facilitate traders

ISLAMABAD: Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue, Tuesday inaugurated a control room-cum-operational room in the FBR Headquarters to coordinate activities in FBR’s field formations across the country. The control room-cum-operational room, which is fitted with communication and connectivity gadgets, will facilitate and educate the traders about the voluntary tax compliance scheme, which has been launched after ... Read More »

SRB notices likely to deprive country from foreign exchange, warns Younus Bashir

KARACHI: President of the Karachi Chamber of Commerce and Industry (KCCI) Younus Muhammad Bashir, while appreciating numerous initiatives taken by the Sindh Revenue Board (SRB) towards enhancing the revenue collection of Sindh province, said that SRB should be very careful and act wisely in deciding which sectors really need to be taxed as any unwise decision, in this regard, may ... Read More »

IR, FATE Members ask traders to avail tax amnesty scheme

ISLAMABAD: Member Inland Revenue Policy Rehmatullah Wazir and Member Facilitation and Tax Education Wing Nadeen Dar Tuesday visited Rawalpindi Chamber of Commerce and Industry (RCCI) to explain to traders salient features of the Voluntary Tax Compliance Scheme. The Members were welcomed by RCCI President Mian Humayun Parvez and other representatives of local business community. In their interaction with traders and ... Read More »

NAB nabs three ‘suspects’ in Rs 160m HBL scam

  MULTAN: The National Accountability Bureau Multan Tuesday arrested three ‘suspects’ for their involvement in Rs 160 million worth of scam of HBL, Islamic Banking Branch (Sadar). NAB Spokesperson Ahmed Mumtaz Bajwa (Additional Director) has revealed that alleged outlaw Taha Muhammad Ali was working as Relationship Manager in the bank. Through fraud, he used to deprive some account-holders from their ... Read More »

11th tranche of $500m loan: Pak, IMF start dialogues on 10th review

  ISLAMABAD: The dialogues between Pakistan and International Monetary Fund (IMF) on the 10th economic review Tuesday stated in Dubai and will likely to conclude on Thursday. Herald Finger, who is leading IMF team and Finance Minister Ishaq Dar, who is heading Pakistani delegation would jointly announce the outcome of the talks at a press conference on Friday. According to ... Read More »

SECP initiates 68 show-cause proceedings

  ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Tuesday started 68 show-cause proceedings against companies, their auditors and directors over violations of the 1984 Companies Ordinance. According to the official statement, the violations include failure to comply with legal provisions in respect of holding annual general meetings, filing of interim accounts, securities deposits and provident fund. The proceedings ... Read More »

Distributors ask govt to decrease LPG price

  ISLAMABAD: The distributors of liquefied petroleum gas (LPG) have asked the government to decrease the price of gas to facilitate the masses. All Pakistan Liquefied Petroleum Gas Distributors Association Chairman Irfan Khokar told APP that the association has worked out a summary spelling out an approach to offset shocks in LPG market and maintain the commodity’s price at affordable ... Read More »

Alphabet becomes most valuable company with $543b assets

  NEW YORK: Alphabet, the parent firm for Google, become the world’s most valuable company Tuesday as a jump in its share price helped it vault past tech rival Apple. In opening trade following a robust earnings report, Alphabet shares rose 2.9 percent to lift its market capitalisation to $543 billion while Apple’s value declined to $530 billion with a ... Read More »

Economic development of tribal region being revived: KP Governor

  PESHAWAR: Khyber Pakhtunkhwa Governor Sardar Mahtab Ahmad Khan Tuesday said that the government is working to revive the economic development of tribal region through upgrading and expanding roads in the area to promoting business activities. He expressed these views while addressing the ceremony on the eve of ground breaking of Shinqamar Dawatoe Maidan road and inauguration of Mastak Bridge ... Read More »