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Author Archives: CT Report

FBR collects Rs 125b in first 18 days of new year

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs125 billion during first 18 days of January 2016, showing 30 per cent growth over Rs 95.5 billion it generated during the same period last year. FBR Spokesman Dr Muhammad Iqbal told the state-owned news agency that FBR has performed well in tax collection as it generated Rs1,501 billion revenues from the ... Read More »

China logs, lumber imports drop by 25%

BEIJING: The reduction in house construction in China has resulted in a substantial decline in the importation of forest products during 2015, reports the Wood Resource Quarterly (WRQ). The total value of imported softwood logs and lumber has fallen 25% and import prices have declined almost 30% that past 12 months. China imported softwood logs and lumber valued at 498 ... Read More »

Pak rupee loses value by 10 paisas in open market

KARACHI: The Pakistani currency Thursday continued to weaken against the US dollar in open market. As per the local money market, the greenback added 10 paisas for selling at 106.75 and remained unchanged in interbank for selling at 104.70. On Wednesday, the dollar gained five paisas to reach 106.65 and remained firm in interbank at 104.70. Read More »

Australian-Chinese exports to be customs cleared locally

CANBERRA: An agreement between CCIC Australia and Gfresh will be signed in Sydney to assist Australian seafood exports to China. With CCIC’s Pre-Shipment Inspection (PSI) system and Origin Traceability services, Australian seafood exporters on Gfresh and their Chinese consumers will be given greater confidence in foreign trading. Seafood exports from Australia traditionally need to go through a lengthy and complicated ... Read More »

Indonesia’s Bulog to import 100,000 tons of corn

JAKARTA: Indonesia’s Bulog will import 100,000 tonnes of corn this month, a director at the state food procurement agency said on Tuesday, in its first shipment of the maize in a decade. Southeast Asia’s largest economy, which imports corn mainly from Argentina and Brazil, temporarily stopped issuing corn import permits to feedmills last year, with the government making a broad ... Read More »

Scottish manufactured exports down 0.4% in Q3

EDINBURGH: Scottish manufactured export volumes dipped 0.4 per cent “in real terms” during the third quarter of 2015, new official figures show. The latest Index of Manufactured Exports for Scotland report, covering Q3 – July to September – of 2015, suggest the volume of manufactured exports returned to negative territory after three consecutive quarters of growth. The figures, compiled by ... Read More »

UK’s £1 trillion export target by 2020, says trade minister                                              

LONDON: The Government’s ambition of doubling UK exports to £1 trillion by 2020 is a “big stretch”, Lord Maude admits. He said UK Trade and Investment, the Government’s trade arm, was “too insulated” from the rest of Government and must work more closely with other departments to promote UK Plc abroad. Various trade bodies and business groups have in the ... Read More »

Canada signs double tax agreement with Taiwan

OTTAWA: Under the deal, the withholding tax rate for dividends will be capped at 15%. A 10% rate will apply to dividends paid to a company that holds directly or indirectly at least 20% of the capital of the dividend paying company, reports Tax News. Payments of interest and royalties will be subject to a maximum withholding tax rate of ... Read More »

‘Planet X’ is ninth planet of our solar system, claims astronomer

CALIFORNIA: An astronomer has claimed to have strong evidence for Planet X as our solar system’s ninth planet. The gas giant is thought to be almost as big as Neptune and orbiting billions of miles beyond Neptune’s path – distant enough to take 10,000 to 20,000 years to circle the sun. This Planet 9, as the two Caltech researchers call ... Read More »

Turkey targets $155.5bn exports in 2016

ANKARA: Turkish businesses are targeting $155 billion in exports in 2016, an 8 percent increase on last year, the head of the Turkish Exporters’ Assembly said. Exports in 2015 were $144 billion, Mehmet Buyukeksi, the head of TIM, told a news conference. Turkey’s main exports markets are the EU, Iraq, Russia, US, UAE and Iran. Turkey major exports are: textiles ... Read More »

Sri Lanka to resume petroleum imports from Iran

COLOMBO: The Sri Lankan government said on Wednesday that it will begin discussions on trade and petroleum sales with Iran next month after economic sanctions were lifted on the country last week. A statement from the Ministry of Industry and Commerce said a high level delegation from Iran will be arriving in Sri Lanka in February as Sri Lanka looks ... Read More »

World Bank says Japan to enjoy 23% export boost from TPP

TOKYO: A Pacific Rim free trade initiative would give a double-digit boost to exports from Vietnam, Japan and Malaysia by 2030, according to a recent estimate by the World Bank. It expects the 12-country Trans-Pacific Partnership deal to increase exports from Vietnam by 30.1 percent, from Japan by 23.2 percent, and from Malaysia by 20.1 percent. The agreement has yet ... Read More »

India’s polished diamond exports slump 17% in Dec

NEW DELHI: India’s polished diamond exports slumped 17 percent year on year to $1.2 billion in December, according to provisional data from the Gem & Jewellery Export Promotion Council. By volume, polished exports dropped 5 percent to 1.9 million carats. Polished imports plummeted 46 percent to $239 million, leaving net exports 4.6 percent lower at $964.3 million. Rough diamond imports ... Read More »

Chile imports 170,300 mln tons of LNG in Nov

SANTIAGO: Chile imported 170,300 mt of LNG in November, up 10.4% from 154,257 mt in November 2014, energy ministry data showed Tuesday. All of the LNG was imported from Trinidad and Tobago. Imports from the start of the year totaled 2.609 million mt, up 8% from 2.415 million mt in the same period of 2014. Trinidad and Tobago was the ... Read More »

India cautiously optimistic on agri exports to Iran

NEW DELHI: The lifting of economic sanctions on Iran has brightened the prospects of agriculture product exports to that country. Despite domestic challenges, India has the potential to export fruits, vegetables and basmati rice to Iran. Speaking to BusinessLine, V Shankar, Managing Director of Rallis India, said deficient rain in the last two years has put huge stress on farmers, ... Read More »

Philippines imports onions from China, India

MANILA: To stabilize prices to meet market demands, the Philippines imported 10.9 tons of red onions and 2.5 tons of white onions from China and India. This is the first onion import since 2012. October last year, the typhoon Crater attacked the main onion growing areas in northern Philippines, causing a decline in output. Red onion prices are between 90 ... Read More »

Human brain has one petabyte, or 1,000,000,000,000,000-byte storage capacity

WASHINGTON: The scientists have revealed that a human brain has a capacity of one petabyte, or 1,000,000,000,000,000 bytes and it can store memories ten times more than first thought, Daily Mail reported. This is according to US scientists who have measured the storage capacity of synapses – the brain connections that are responsible for storing memories. They discovered that, on ... Read More »

69 accused held, Rs1.45b recovered: Chief hails NAB Rawalpindi’s performance in 2015

ISLAMABAD: National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhary has visited the NAB’s Rawalpindi Regional Bureau for annual inspection. The NAB’s chief was briefed that the Rawalpindi bureau arrested 69 accused, filed 48 corruption references and recovered Rs 1,441.75 million during the calendar year 2015. According to the briefing, the NAB’S Rawalpindi Bureau received 7,002 complaints which were process according ... Read More »

Shahbaz lauds Pak-China friendship at business conference

LAHORE: A 100-member Chinese delegation has attended Pakistan-China Business Opportunities Conference, jointly organised by the Lahore Chamber of Commerce & Industry (LCCI) and Punjab Board of Investment & Trader (PBIT). Chief Minister Shahbaz Sharif was the chief guest on the occasion, while LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder, Vice President Nasir Saeed, Consul General of China ... Read More »

Russia’s imports of polycarbonate decrease to 21,500 tons in 2015

MOSCOW: Russia’s imports of polycarbonate (PC) decreased to 21,500 tonnes in 2015, down 38% year on year, according to MRC DataScope. This substantial decrease in imports resulted from the rouble devaluation, as well as fluctuations in the price of PC in the European and Asian markets. Due to restructuring, SABIC, the main import supplier to the Russian market, has changed its ... Read More »