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Author Archives: CT Report

India to cut defence imports

NEW DELHI: India plans to focus defence spending more on the domestic market instead of importing combat planes, ships and submarines, after saying on Monday it will leave military spending for 2016/17 largely unchanged following years of increases. Major global defence companies have been circling over the Indian market, buoyed by the military’s modernisation plans worth more than $100 billion. But ... Read More »

Terminal operators owe FG N86.2bn Ports charges, fees

WASHINGTON: Terminal operators in Nigeria are currently indebted to the Federal Government to the tune of $433.4 million, about N86.2 billion, for lease and container throughput fees as at December 2015, Financial Vanguard investigation has revealed. But most of the terminal operators when contacted said they were up to date with their payments to the Nigerian Ports Authority, NPA. The ... Read More »

Port of Melbourne sale rescue

WASHINGTON: The welcome irony of the vengeance politics that has scarred the privatisation of the Port of Melbourne is that, almost accidentally, it has ended up fabricating a better outcome. Whatever the motivation, there is much to approve in a tentative agreement between the Andrews state government and the Liberal opposition that aims to more than halve the exclusivity period ... Read More »

Lahore RTO generates Rs 25m through over 350 returns under VTCS

LAHORE: The Regional Tax Office generated about Rs 25 million through 351 returns till the end of February 2016 under the Voluntary Tax Compliance Scheme (VTCS), announced by the government for traders. The scheme was designed for non-filers of income tax returns as well as those who file the returns but underreport the income to evade taxes. In connection with ... Read More »

Silkbank’s deposits increased to Rs 81b with 18% growth in 2015

KARACHI: Silkbank has posted significant growth of 18 per cent in 2015 over the previous year, taking the bank’s total deposits to Rs 81 billion. The board of directors of Silkbank Limited, during their meeting, announced the annual results for the year ended December 31, 2015. The key achievements of 2015 includes the successful raising of Rs10 billion in capital ... Read More »

Oman aims to expand shipping, trade links with Iran

LONDON: Oman aims to expand shipping and trade links with Iran and get ahead of rivals after the lifting of international sanctions on Tehran, leading port officials involved say. Measures were lifted last month as part of a nuclear deal with world powers, ending years of isolation which saw the international shipping sector cut ties and disrupt supplies to import-dependent ... Read More »

Deadline for tax amnesty scheme extended; WHT increased to 0.4%

ISLAMABAD: Federal Finance Minister Ishaq Dar has extended the deadline of Voluntary Tax Compliance Scheme till March 15. Dar, in the presence of traders, also announced to increase the rate of withholding tax on banking transactions valuing over Rs50,000 from 0.3% to 0.4% to compel the traders to come in the tax net. The standard withholding tax rate enforced from ... Read More »

Petrol price reduced by Rs 8.48/litre to Rs 62.77

ISLAMABAD: The government has reduced prices of petroleum products by Rs8.48 per litre. The Oil & Gas Regulatory Authority (Ogra) had proposed to the finance ministry that petrol prices be reduced by Rs 8.48 per litre, bringing it down from Rs 71.25 to Rs 62.77 per litre. High-speed diesel price has been cut by Rs 4.67 per litre from Rs ... Read More »

Coal stocks at key Indian ports decline 3.9%

SINGAPORE: Coal stocks at 17 major Indian ports totaled 12.45 million mt as of February 25, down 3.9% on week, data released by Indian shipbroker Interocean showed. Stockpiled coal at Indian ports comprised 9.95 million mt of thermal coal, down 5.5% from 10.53 million mt the previous week; and 2.29 million mt of coking coal, up 4.6% over the same ... Read More »

India allocates Rs 800 crore for ports sector

MUMBAI: The government has allocated Rs 800 crore next fiscal year for development of new ports and ongoing work on its National Waterways project, finance minister Arun Jaitley said Monday in his speech presenting the fiscal budget for 2016-17. “In 2015, India’s major ports have handled the highest ever quality of cargo. We have also added the highest ever capacity ... Read More »

Govt urged to implement zero-rated regime on value-added sector immediately

LAHORE: The government has been demanded to implement the zero-rated regime announced by the Prime Minister for the value-added textile industry immediately instead of July 2016. The industry stakeholders also asked the government to issue the bonds for exporters committed by the finance minister without any further delay. They said that the value-added textile industry would welcome the PM announcement ... Read More »

Sofia lost some $167m since Russian food embargo implemented

MOSCOW: Bulgarian agricultural sector has lost 300 million leva ($167 million at current exchange rates) since Moscow introduced a food embargo against the EU agricultural sector, Bulgarian Minister of Agriculture and Food said. “Since the beginning of the Russian [food] embargo in August 2014 by January 2016 Bulgarian agricultural sector lost some 300 million leva,” Desislava Taneva said Sunday in ... Read More »

Russia, China exploring possibility of issuing bonds in Yuan

MOSCOW: The central banks of Russia and China are looking at the possibility of issuing Russian government and corporate bonds in the Chinese national currency, the yuan, and listing them on both the Moscow and Shanghai stock exchanges, Elvira Nabiullina, Russian central bank governor, said on Monday. “It is theoretically possible that both government bonds and corporate bonds can be ... Read More »

UK provides $300m loan to boost exports to Myanmar

LONDON: The United Kingdom is seeking closer trade engagement with Myanmar, with US$300-million (Bt10.72 billion) in export financing to boost direct exports as well as drive infrastructure projects that require notable UK content. UK Transport Minister Lord Ahmad was here last Friday to unveil the export-finance facility, which will be extended directly to British exporters seeking to enter Myanmar, as ... Read More »

Govt decides to impose zero-rating regime for exports from next fiscal year: Khurram Dastagir

FAISALABAD. Government has decided in principal to introduce zero-rating regime for exports form next financial year, said Federal Minister for Commerce Engineer Khurram Dastagir. He was addressing a meeting in Faisalabad Chamber of Commerce and Industry (FCCI) here. He said that the present government has to face multifarious and multi dimensional challenges. However, with its sincere efforts positive improvements could ... Read More »

LCCI for Free Trade Agreements with maximum countries

LAHORE: The Lahore Chamber of Commerce and Industry has urged the government to sign Free Trade Agreements with the regional countries, Central Asian States, Middle States and African countries to boost the exports. In a statement issued here, the LCCI President Sheikh Muhammad Arshad and Vice President Nasir Saeed said that Pakistani exports are at the lowest as compared to ... Read More »

Tunisia wants to enhance bilateral trade with Pakistan‏

  ISLAMABAD: Adel Elarbi, Ambassador of the Republic of Tunisia said that his country was interested to enhance bilateral trade relations with Pakistan as increased mutual trade cooperation was highly beneficial for both countries. He said Pakistan could get better access to the world’s largest markets like Europe, North Africa and Middle East by promoting cooperation with Tunisia while Tunisia ... Read More »

Vietnam’s FDI inflow surge in 2016

HANOI: Foreign companies registered to invest more than US$2.8 billion in Viet Nam during the first two months of this year, up 135 per cent year-on-year. According the General Statistics Office (GSO), of this sum, over $1.9 billion came from 291 newly-licensed projects, surging 96.6 per cent in the number of projects and 167.5 per cent in the level of ... Read More »

Abu Dhabi inflation 3.2% in Jan

ABU DHABI: The Abu Dhabi Statistics Centre released the following January consumer price data for the Gulf Arab emirate on Monday, changing the base year for the data series to 2014 from 2007, which had the effect of lowering the inflation rate sharply. The change in the base year reduced the weighting of housing and utilities in the consumer basket ... Read More »

UK inflation expectations rise to 5-month high

LONDON: Expectations among people in Britain for inflation over the coming year rose to their highest level in five months in February, according to a survey which followed a pick-up in official inflation data from below zero. The monthly YouGov/Citi survey, published on Monday, found year-ahead inflation expectations rose to 1.5 percent from 1.2 percent in January. Expectations for inflation ... Read More »