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FBR collects Rs770b against Rs750b target of Q2

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs20 billion more against the target of Rs750 billion, set by the International Monetary Fund for second quarter (October to December). According to FBR Spokesperson Dr Mohammad Iqbal, the top revenue authority collected Rs770 billion during second quarter of the current fiscal year. FBR collected Rs1,370 billion during first six months (July-December) ... Read More »

Metrosexuals genarates $1b cosmetics market in China

BEIJING: At the luxury Truefitt & Hill gentlemen barbershop and grooming salon located in the Yintai Centre in Beijing’s financial district of Guomao, a Chinese barber with a pencil-style moustache patiently waits for local businessmen to finish work and sit in his chair. The Beijing franchise, part of the world’s oldest gentlemen barbershop brand, opened last year in the Chinese ... Read More »

Reserves cross $21 billion mark

KARACHI: The country’s total liquid foreign reserves crossed $21 billion mark and reached $21,073.9 million on December 25. Foreign reserves held by the State Bank of Pakistan stood at $16,171.6 million while net foreign reserves held by banks remained $4,902.3 million. During the week ending Dec 25, SBP’s liquid FX reserves increased by $559 million to $16,172 million, compared to ... Read More »

Trade suffers at Mumbai port due to shortage of labour, customs red tape

MUMBAI: Mumbai and Nhava Sheva Ship Agents Association (MANSA) has conveyed their disappointment to Mumbai Port Trust over the extreme inconvenience faced by vessels calling at the port due to acute shortage of cargo handling workers. MANSA, in a letter addressed to the Chairman of Mumbai Port Trust states, “The Port is not in a position to allot the required ... Read More »

Jamaica Customs urges importers to adhere to importation regulations

KINGSTON: The Jamaica Customs Agency (JCA) is urging importers to adhere to regulations governing the importation of commercial and non-commercial goods, in order to prevent being breached for contravention of the Customs Laws. According to the CEO/Commissioner of Customs, Major (Ret’d) Richard Reese, the JCA has had to deal with several cases in which persons and entities are found in ... Read More »

Saudi Customs foils attempt to smuggle liquor

RIYADH: Saudi customs officers at King Abdul Aziz Port in Dammam foiled an elusive attempt at smuggling alcohol in washing up liquid bottles, Al Arabiya.net reported on Thursday. According to the report, over five liters of alcohol was found in 24 bottles that were disguised as washing up liquid. General Manager of customs at King Abdul Aziz Port, Ghannam al-Ghannam, ... Read More »

Police nab Indian Customs official in highway dacoity case

TIRUCHI: A Sub-Inspector in Customs Department in Tiruchi is among nine persons arrested in connection with the highway dacoity near Vadipatti in which 52 kg of silver was robbed from a Salem-based bullion merchant on November 24. SI K. Mohan executed the dacoity with the help of his friends and their acquaintances making use of the confidential inputs about smuggling ... Read More »

Indian Customs seized 25kg gold at IGIA

NEW DELHI: The Indira Gandhi International Airport (IGIA) here is witnessing a gold rush in the last week of 2015. The Customs officials at the airport have seized over 25 kg of gold worth about Rs.6 crore in the past one week from passengers trying to smuggle in the precious metal. “More than 25 kg of gold has been seized ... Read More »

Indian Customs seizes gold worth Rs. 50 million

NEW DELHI: Over 20kg of gold worth Rs 5 crore was seized at IGI Airport this week. Four people, including two Kazakh nationals, were arrested. The Kazakh men identified as Kadir Zhalmakhanov and Azmat Sardar were found carrying 10kg gold worth over Rs 2.5 crore. Apart from this duo, two others called Mukhtar Altaf Zidda and Mugdi Abdul Wahid from ... Read More »

India excise seizes 720kg ganja worth Rs. 7.5 million

VISAKHPATNAM: The Prohibition and Excise officials seized around 720 kg of dry ganja, valued at Rs.75 lakh, and arrested five persons while they were transporting the ganja near Golugonda in the district on Thursday. All the arrested are residents of Chintapalle in the Agency area of the district. On a tip-off, the Excise teams intercepted a van, seized the contraband ... Read More »

S.Korea export falls by 13.8% in Dec

SEOUL: South Korea’s exports fell for a 12th straight month in December, capping its worst yearly trade performance since the 2008-2009 global financial crisis, and the government warned there was no quick turnaround in sight. Low oil prices, slowdowns in China and other emerging economies and weakness in Europe sent global trade plunging this year, dealing a sharp blow to ... Read More »

Russia’s Tenex expects $500m rise in export revenue

MOSCOW: Russia’s Techsnabexport (Tenex) has said that it expects the value of its exports this year to outstrip that of 2014 by $500 million. The Rosatom subsidiary’s preliminary results for 2015 indicate that its revenue from the global market will be worth about $2.7 billion. This year, Tenex has made 65 deliveries of uranium products to customers in 14 countries ... Read More »

Argentina devalues its currency to boost export

BUENOS AIRES: Argentina’s new conservative president, Mauricio Macri, is off to a fast start. He wants to boost the economy and fix what he sees as a byzantine system. So he’s devalued Argentina’s currency. That’s something he pledged to do in his campaign. “I think one of the reasons Macri did all these things right after he took office was ... Read More »

Russia plans arms export sales of over $15bn in 2016

MOSCOW: Russia has fulfilled its plan for 2015 on arms exports with a total of more than $15 billion and plans to sell the same amount in 2016, a highly placed official from the Russian Federal Service for Military-Technical Cooperation said here the other day. “The plan for 2015 has been completed with the production of military equipment delivered with ... Read More »

Indonesia to import over 700,000 cattle in 2016

JAKARTA: Indonesia will import an estimated 700,000-800,000 head of cattle in 2016, the country’s official Antara news agency reported, citing Trade Minister Thomas Lembong. Lembong also estimated raw sugar buys at more than 3 million tonnes, although he stressed that these forecasts may change. “The president and vice president have said several times that self-sufficiency in food is a mid-term ... Read More »

India cuts import tariff on gold

NEW DELHI: The government on Thursday marginally reduced the import tariff value on gold to $345 per 10 grams but raised it to $452 per kg on silver due to global price trends. During the first fortnight of this month, the tariff value on imported gold was fixed at $347 per 10 grams and $448 per kg for silver. The ... Read More »

Taiwan iron ore imports fall 6% in Oct

TAIPEI: The trade statistics released by the Taiwan’s Directorate General of Customs for the month of October 2015 indicates sharp fall in iron ore imports by the country. Taiwan’s iron ore imports during the month totaled 1.959 Million tonnes, down by 6% when compared with the imports during the same month a year ago. The import prices averaged at $61.6 ... Read More »

ICCI felicitates Abdul Rauf, Zafar Bakhtawari on wining FPCCI elections

ISLAMABAD: The Islamabad Chambers of Commerce and Industry congratulated Abdul Rauf on being elected as president and Zafar Bakhtawari as vice president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the year 2016. ICCI President Atif Ikram Sheikh, Senior Vice President Sheikh Pervez Ahmed, Vice President Sheikh Abdul Waheed, Executive Committee, former presidents and members congratulated the ... Read More »

Dar hails performance of NFC Award Monitoring Committee

ISLAMABAD: The Federal Minister for Finance Mohammad Ishaq Dar chaired the meeting to review the 2nd Bi-annual monitoring Report on the implementation of the 7th NFC Award for the period from January –June 2015. Secretary Finance Dr. Waqar Massod briefed the meeting, in which the provincial Finance Ministers from Punjab,and Sindh participated.  Secretary Finance briefed the participants that the total ... Read More »

Indian rupee falls 6 paise against dollar

NEW DELHI: The rupee weakened 6 paise to quote at 66.45 against the dollar in early trade on Wednesday on increased month-end demand for the American currency from importers and banks. The dollar was firm against major global currencies, which dampened rupee sentiment, but a higher opening of the domestic equity market capped the losses, dealers said. The rupee had ... Read More »