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Author Archives: CT Report

FIA arrests another human trafficker from Islamabad airport

ISLAMABAD: The Federal Investigation Agency’s Immigration Department Thursday arrested a human trafficker, who is also a proclaimed offender, while trying to flee the country from Benazir Bhutto International Airport. According to the sources, alleged human smuggler, identified as Ehtsham ul Haq, was bidding to board a flight No PK-741. The accused is husband of PIA air hostess and used to ... Read More »

SEA demands slash 5-10% in oilseeds import duty

NEW DELHI: Industry body SEA has sought slashing of import duty on oilseeds like mustard to 5-10 per cent from 30 per cent to boost edible oil supplies to local markets and oilmeal crushers. A sharp decline in domestic oilseeds output and crushing has encouraged edible oil imports, while discouraging exports of oilmeal, it said. In fact, export of oilmeal ... Read More »

Govt considers importing rice from India

NEW DELHI: The government is considering importing rice from India, the world’s second-largest rice producer, in anticipation of insufficient supply in the near future. Trade Minister Thomas Lembong said on Wednesday his ministry was seeking to diversify import sources for rice, the country’s main staple food. “We also encourage the signing of a memorandum of understanding [MOU] with India, because ... Read More »

Karachi Port’s shipping intelligence report

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier): OP-I Karachi D. Crude Oil PNSC 05/01/16 OP-II Pacific Sky D.Petrol GAC 03/01/16 OP-III Grazia L.Naptha Alpine 06/01/16 ALONG SIDE (East Wharves): 1 EL Zorro D.Steel Alpine 05/01/16 5 Kavala Seas L.Rice East Wind ... Read More »

Canada’s merchandise trade deficit narrows in Nov

OTTAWA: Canada’s merchandise trade deficit was narrower than economists forecast in November with shipments of cars and metals leading the first export gain in four months. The deficit of C$1.99 billion ($1.41 billion) followed an October shortfall that was pared to C$2.49 billion from the initial reading of C$2.76 billion, Statistics Canada said Wednesday in Ottawa. Economists surveyed by Bloomberg ... Read More »

SBP issues last date for demonetisation of old-design banknotes

KARACHI: The State Bank of Pakistan (SBP) has announced November 30 final date for demonetisation of old-design currency notes of Rs10, Rs50, Rs100 and Rs1,000 from all the commercial banks. However, the SBP field offices will continue to accept the old design banknotes of Rs10, Rs50, Rs100 and Rs1,000 from general public up to December 31, 2021, the central bank ... Read More »

Russia’s Metrowagonmash receives export support of R4bn

MOSCOW: Russian metro car manufacturer Metrowagonmash has received support of R4bn (US$50,000) from the country’s ECA, Exiar, and its export-import bank, for exports to Hungary. The loan will provide Metrowagonwash with working capital to fulfil an export contract to reconstruct and modernise the Budapest metro’s electric trains, which include 222 cars, and to provide training and spare parts to the ... Read More »

SBP imposes Rs1.2b fine on banks for ‘helping’ banned outfits

ISLAMABAD: Some banks have been imposed Rs1.2 billion fine by the State Bank of Pakistan on the direction from a committee headed by Interior Minister Ch Nisar for allegedly helping banned groups in the country. The SBP fined different banks for violating its regulations on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). In past, the central bank imposed ... Read More »

Nigerian ship owners plan to export crude oil to global markets

ABUJA: The Nigerian Shipowners Association has said that it is making plans to get involved in the exportation of crude oil to international markets. Currently, no Nigerian shipowner is involved in the exportation of the nation’s crude which is being carried on a Free on Board basis by foreign flagged vessels. The Secretary General of the association, Mr. Tunji Brown, ... Read More »

Credit to private sector up by 37% to Rs212.34b

KARACHI: The State Bank of Pakistan (SBP) has reported that the credit to private sector surged by 37 per cent to Rs212.34 billion by the week ended December 25, 2015 as compared to Rs155.8 billion in the corresponding week last year. According to statistics issued by the central bank, the borrowing by the private sector also registered 26.47 percent growth ... Read More »

Pak rupee ‘slightly’ weakens in open market

KARACHI: The Pakistani rupee Thursday slightly depreciated against the US dollar in open market. According to the local money market, the greenback added five paisas in open market to reach 106.25 and remained unchanged in interbank at 104.70. On Wednesday, the dollar lost 35 paisas in interbank for selling at 104.70 and five paisas in open market to reach 106.20. Read More »

Shipment of Indonesia’s cocoa expected to decline in 2016

JAKARTA: Shipment of Indonesia’s cocoa to overseas is forecast to decline this year as the government imposes new export tariffs and taxes. The country’s cocoa association disclosed that the export of the commodity is projected to be down by 37 percent to 25,000 tons this year, said Zulhefy Sikumbang, chairman of the association. That compares with 40,000 tons’ shipment to overseas ... Read More »

Govt approves proposal to import 25,000 tons of urea

WASHINGTON: The cabinet committee on purchase yesterday approved a proposal to import 25,000 tonnes of urea. The government will buy fertiliser at $273.32 a tonne. The committee also approved a proposal for the construction of eight 16-storey buildings in Uttara at a cost of Tk 341 crore. The buildings will have 672 flats with 1,250 square feet each. The committee ... Read More »

Hong Kong bans import of poultry meat, products from France’s Lot Department

HONG KONG: Hong Kong authorities announced Wednesday that they have banned the import of poultry meat and products from France’s Lot Department because of outbreaks of highly pathogenic H5N1 avian influenza. The Center for Food Safety (CFS) of Hong Kong’s Food and Environmental Hygiene Department said that in view of a notification from the World Organization for Animal Health (OIE) ... Read More »

Tariq assumes charge as Gujranwala Commissioner-IR

ISLAMABAD: Tariq Mustafa Khan, a BS-19 officer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR, (OPS) Inland Revenue (Appeals), Gujranwala. The officer relinquished the charge of the post of Additional Commissioner-IR, Regional Tax Office, Hyderabad, with effect from December 29. Read More »

California exports fall almost 14% in Nov from 2014

SACRAMENTO: Wavering economies among key California trading partners in the last half of 2015 landed with a thud in the Golden State in November. The value of California’s merchandise exports in November was $12.86 billion, down 13.6 percent from $14.89 billion in November 2014 and the worst November showing since 2009, according to Beacon Economics. Beacon, a consulting firm with ... Read More »

Masood Ahmad relinquishes charge as Addl Commissioner-IR

ISLAMABAD: Muhammad Masood Ahmad, a BS-19 officer of Inland Revenue Service, has relinquished the charge of the post of Additional Commissioner-IR, Large Taxpayers Unit. The officer, pursuing the Establishment Division’s Notification No.1/210/2015-E-4, dated 31.12.2015, relinquished the charge of the post of Additional Commissioner-IR, Large Taxpayers Unit, Islamabad, with effect from January 05. Read More »

Customs Secretary Rezwana relinquishes charge

ISLAMABAD: Rezwana Siddiqui, a BS-19 officer of IT-Cadre, Thursday relinquished the charge of the post of Secretary Customs (Projects/Reforms), Federal Board of Revenue (HQ). The officer, in pursuance of Board’s Notification No. 0017-IR-III/2015, dated 05.01.2015, relinquished the charge of the said post, with effect from January 7. Read More »

Customs Second Secretary Faisal punished for inefficiency, misconduct

ISLAMABAD: Syed Faisal Saeed Bokhari, Pakistan Customs Service officer of BS-17, presently posted as Second Secretary, Federal Board of Revenue (HQ), has been punished for unauthorised absence from duty and non-filing of annual declaration of income, assets and expenses. The disciplinary proceedings were initiated against the accused officer under the Government Servants (Efficiency & Discipline) Rules, 1973 on above mentioned ... Read More »

Exports rise by 6.3% to RM67.63 bln in Nov

KUALA LUMPUR: Exports in November rose by an annualised 6.3 per cent to RM67.63 billion, driven by higher demand for manufactured goods. The International Trade and Industry Ministry said imports expanded by 9.1 per cent to RM57.39 billion while the trade surplus decreased by 6.9 per cent to RM10.23 billion. “Overall, export performance in January to November 2015 was driven ... Read More »