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Author Archives: CT Report

Profit of banks surges by 25% in Nepal

KATHMANDU: Profit of 23 commercial banks went up by a whopping 25 per cent in the second quarter of this fiscal year, as the central bank introduced relief packages to mask the impact of devastating earthquakes of April and May and supply disruptions along border points on the banking sector. These banks generated a net profit of Rs 12.04 billion ... Read More »

Shipping movements report of KPT

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during the last 48 hours, ending at 0700 hours on Monday. SHIPS SAILED: Cosco Osaka Nord Imagination Hyundai General Sudair Chemroad Haya Arundel Castle Cos Knight Biendong Victory DL Sunflower Oel Dubai SHIPS BERTHED: Biendong Victory Tanker King Phenix General Cargo Jin Ming General Cargo DL Sunflower Tanker ... Read More »

Raana Seerat takes charge as Member (Taxpayers Audit)

ISLAMABAD: Raana Seerat, a BS-21 officer of Inland Revenue Service, has assumed the charge of the post of Member (Taxpayers Audit), Federal Board of Revenue (HQ). The officer, in pursuance of Board’s Notification No. 0305-IR-I/2016 dated 06.02.2016, relinquished the charge of the post of Chief Commissioner-IR, Large Taxpayers Unit, Islamabad, with effect from February 08. Read More »

Ukrnafta to stop oil, gas production in Ukraine

KIEV: The largest oil producing company of Ukraine PJSC Ukrnafta has to stop oil and gas production at Yuriivske, Golubіvske and Lopushnianske fields due to withdrawal of licenses. The decision of the Public Service of Geology and Mineral Resources of Ukraine is in conflict with state interests and may lead to more than UAH 30 mln tax underpayment, loss of ... Read More »

Rukhsana Yasmin assumed charge as Member (Training)

ISLAMABAD: Rukhsana Yasmin, a BS-21 officer of Inland Revenue Service, has assumed the charge of the post of Member (Training), Federal Board of Revenue (Stationed at Lahore). The officer, in pursuance of Board’s Notification No. 0305-IR-I/2016 dated 06.02.2016, has assumed the charge of the post of Member (Training), with effect from February 09. Meanwhile, in partial modification of Board’s Notification ... Read More »

Officers relieved from duties for not joining new place of postings

ISLAMABAD: All the officers, who were transferred/posted and have not joined their new place of postings, have been relieved from their duties with immediate effect to join their new place of postings. The authority relieved the officers who were transferred/posted through Board’s Notifications No. 0056-IR-I/2016 dated 08.01.2016, No. 0173-IR-I/2016 dated 21.01.2016, No. 0257-IR-I/2016 dated 29.01.2016 and No. 0255-IR-I/2016 dated 29.01.2016, ... Read More »

Pak Stock Exchange great platform to raise capital for business expansion: PSX chief

ISLAMABAD: Deputy Managing Director, Pakistan Stock Exchange (PSX) Haroon Askari said that stock exchange was a great platform to raise capital for business expansion and growth. He said raising capital from capital market was more beneficial for private sector as it also increased the value of equity capital of well performing companies. He gave a detailed presentation to the business ... Read More »

Syed Tanveer takes charge as Karachi Customs Valuation DG

ISLAMABAD: Syed Tanveer Ahmad, a Pakistan Customs Service of BS-20, has assumed the charge of the post of Director General (OPS), Directorate General of Customs Valuation, Customs House, Karachi. The officer, in pursuance of Board’s Notification No. 0304-C-I/2016 dated 06.02.2016, assumed the charge of the said post, with effect from February 11. Read More »

Finland swings to current account surplus in 2015

HELSINKI: The Finnish economy flatlined last year and is expected to grow slightly in 2016 as it struggles to recover from a string of problems including the decline of Nokia’s phone business and a recession in neighboring Russia. The current account in December had a deficit of 0.2 billion euros ($0.2 billion), putting the full-year surplus at 0.2 billion euros. ... Read More »

Non oil sector revenues to drive 3.8% GDP growth

DUBAI: The MENA region is expected to witness a 3.8 percent growth in GDP in 2016, revealed an Al-Masah Capital Limited Report titled ‘MENA Yearbook – 2016’. In contrast, the global economic growth prospects are somewhat modest with the World Bank, International Monetary Fund (IMF) and the Organization for Economic Co-operation and Development (OECD) lowering their forecasts to 2.4 percent, 3.1 ... Read More »

DP World to invest over $1 bln in Indian ports

NEW DELHI: Global trade enabler DP World has announced that it seeks opportunities in India worth over $1 billion over the next few years. The Group has already invested capital of $1.2 billion and is currently the only foreign operator with six port concessions in the country with approximately 30 percent market share. The investments could cover: expansion in brownfield ... Read More »

SM Ali Zaman Gardezi assumes charge as Additional Collector

ISLAMABAD: SM Ali Zaman Gardezi, a Pakistan Customs Service officer of BS-19, has assumed the charge of the post of Additional Collector, Collectorate of Customs (adjudication-I), Custom House, Karachi. The officer, in pursuance of Board’s Notification No. 2134-C-II/2015 dated 09.09.2015, relinquished the Charge of the post of Secretary, FBR(HQ), Islamabad with effect from Febraury 02. Read More »

Kashif Hafeez posted as Deputy Commissioner-IR in Karachi

ISLAMABAD: Kashif Hafeez, a BS-18 officer of Inland Revenue Service, presently posted as Deputy Commissioner-IR, RTO, Multan, has been transferred and posted as Deputy Commissioner-IR, RTO-III, Karachi with immediate effect. According to the Board’s notification, if the officer is drawing Performance Allowance (equivalent to 100 per cent of basic pay), he will continue to draw the same on his new ... Read More »

Local rice consumption grows in Vietnam

HANOI: State and local rice firms should pay attention to developing domestic rice markets, as they have a great potential in the overall selling of rice, said experts. Viet Nam produces 20 to 21 million tonnes of rice each year. Of this rice, 8 to 9 million tonnes are annually exported, based upon signed contracts. The remaining rice is purchased ... Read More »

URC net income increase 47% to P4.8 bln on paper gains

WASHINGTON: Universal Robina Corporation (URC), the food and beverage arm of the Gokongwei group, reported that its net income for the first three months of fiscal year 2016 (beginning October 2015 and ending September 2016) surged 47.3 percent to P4.79 billion. In a disclosure to the Philippine Stock Exchange, URC said the sharp hike in profits came on the back ... Read More »

Italian textile machinery reports growth in foreign markets

ROME: The orders index for Italian textile machinery companies in foreign markets grew during the fourth quarter of 2015, whilst on the domestic front the positive orders trend is hit by a setback over the past six months, ACIMIT, the Association of Italian Textile Machinery Manufacturers, reports. “I believe it’s important to have closed out 2015 with an overall increase ... Read More »

Suspension period of Auditor-IR S M Ibrahim extended

ISLAMABAD: The Competent Authority has extended the suspension period of S M Ibrahim, Auditor (BS-16) Regional Tax Office, Karachi, for three months. The authority, in continuation of Board’s Notification No. 2540-IR-III/2015, dated 02.11.2015, extended the suspension period of the officer for a period of three months with effect from January 21. Read More »

PANDORA’s Australian jewellery sales climb 40%

CANBERRA: Australian women just can’t get enough charm bracelets, judging by the latest results from Danish jewellery retailer PANDORA. The Copenhagen-based retailer, known for its mix-and-match silver charms, has shown Australian retailers Lovisa and Michael Hill a clean pair of heels, lifting sales by 39.5 per cent to $240.6 million in 2015. PANDORA’s sales rose more than 40 per cent in ... Read More »

Nestlé drops sponsorship of athletics body over scandal

GENEVA: Swiss-based food giant Nestlé has terminated a sponsorship programme with world athletics’ governing body (IAAF) over fears that the corruption and doping scandals surrounding the sport could damage the company’s reputation, a spokeswoman said here the other day. “I confirm that we have decided to end our partnership with the IAAF Kids Athletics programme with immediate effect,” Nestlé spokeswoman ... Read More »

Five ways France throws money down the drain

PARIS: France’s top auditors, the Cour des Comptes, said in their annual “how to save money” report here the other day that there are numerous ways France can save and make money. Here are five. France’s top state auditor released a 1,336-page report here the other day that looked into examples and risks of wasteful government spending. And France is ... Read More »