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Author Archives: CT Report

UK authorities seize over 3,000 illegal cigarettes

LONDON: Over 3,000 cigarettes and 3,200 packs of chewing tobacco have been seized in a crackdown on illegal tobacco. The raids were carried out at three locations in Woodford Green and Ilford on January 18, when sniffer dogs found illegal products under floorboards and hidden in food packaging. Carried out in partnership with Redbridge Council, ‘Operation Henry’ was part of ... Read More »

LCCI calls for aggressive strategy to win Bulgarian market

LAHORE: The Lahore Chamber of Commerce and Industry has decided to explore Bulgarian Market with the help of Pakistani embassy over there. “Market Research would be done to increase the volume of bilateral trade.” The decision was taken at a meeting between LCCI senior vice president Almas Hyder, vice president Nasir Saeed and Pakistan ambassador-designate to Bulgaria Babar Hashmi here ... Read More »

Pak-Spain bilateral trade to reach $1 billion: Spanish Ambassador

ISLAMABAD: Spain is the 7th largest trading partner of Pakistan in the European Union and both the countries have good potential to improve bilateral trade and economic relations, said HE Mr Carlos Morales, Ambassador of Spain, during an interaction with business community at the Islamabad Chamber of Commerce and Industry. He said that Pakistan has all the positive things, including young population, ... Read More »

Pakistan keen to benefit from Turkish experience in housing sector

ANKARA: The Minister for Housing, Urban Development and Public Health of the government of Punjab, Tanveer Aslam Malik, leading a high-level delegation of  officials and private sector executives, met with the President of Housing Development Administration of Turkey (TOKI) Mehmet Ergün Turan. The meeting was attended by senior officials of TOKI as well as Pakistan’s Ambassador to Turkey Sohail Mahmood. ... Read More »

Sialkot FIA arrests four human traffickers

SIALKOT: Federal Investigation Agency (FIA) team raided at Gujranwala and Gujrat on other day and arrested four human traffickers including a proclaimed offender during a operation. Sources told Customs Today that a team of Federal Investigation Agency (FIA) raided at Gujranwala and Gujrat and also arrested a proclaimed offender human trafficker who is identified as Majid Bhatti from Gujrat. He ... Read More »

Business, industrial community not to accept Friday as weekly holiday: KCCI

KARACHI: The leadership of Businessmen Group (BMG) and Office Bearers of the Karachi Chamber of Commerce and Industry (KCCI) have categorically stated that any move to change weekly holiday from Sunday to Friday is not acceptable at any cost by the business and industrial community of Karachi in particular and Pakistan in general. In a statement issued, Chairman Businessmen Group ... Read More »

EAD, World Bank sign agreement on water sector management

ISLAMABAD: Secretary Economic Affairs Division (EAD), Tariq Bajwa and Country Director World Bank, Patchamuthu Illangovan signed agreement of $34.95 million as additional financing for Pakistan Water Sector Capacity building advisory services project. Keeping in view the significance of water and energy resources for the country, the Government of Pakistan had requested World Bank for additional financing of $35 million for ... Read More »

STBA appeals FBR to extend date of filing income tax returns

SIALKOT: The Sialkot Tax Bar Association (STBA) has asked the Federal Board of Revenue (FBR) to extend the date of filling of income tax returns and statements. President STBA Choudhary Abdul Qayyum stated that all the returns, irrespective of limit of income are required to wealth statements and every taxpayer showing business income from any source and irrespective of quantum of ... Read More »

Bangladesh stocks continue slide for fifth day

DHAKA: Bangladesh stocks continue sliding for the fifth day. Indices at the twin bourses — Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) have sharply dropped, so has the volume. But the experts say the volatile market situation is a “normal and temporary” phenomenon. On Tuesday, the third trading day of the week, the main DSE index dropped 10 ... Read More »

Ghana producer inflation jumps to 10.5% in Dec

ACCRA: Ghana’s producer price inflation rose sharply to 10.5 percent in December from 3 percent the month before, pushed by increases in utility tariffs, the statistics office said on Wednesday. The country is under a three-year International Monetary Fund aid programme to address financial problems that include high budget deficits and consumer inflation persistently above government targets. Ghana’s utility regulator ... Read More »

Export turnover of Vietnam likely to touch VND308,202b in Jan

HANOI: The export turnover of Viet Nam is estimated to touch VND308,202 billion in January, slightly increasing by 0.5 per cent against the previous month, according to the General Statistics Office (GSO). The foreign direct investment (FDI) sector contributed VND216,635 billion to the country’s export revenue, rising by 4.8 per cent, while the domestic sector witnessed a drop of 8.7 per ... Read More »

Iraq consider deal on global oil cuts

BAGHDAD: Iraq is ready to take part in an extraordinary OPEC meeting and even reduce its fast growing output if all OPEC and non-OPEC members agree – a deal which at this stage seems elusive, the country’s finance minister said. Hoshiyar Zebari said in an interview Iraq is willing to take part in meetings that Venezuela has called for in ... Read More »

Italy business confidence drops sharply in Jan

ROME: Sentiment among Italian businesses dropped sharply in January but consumer morale rose to a new record high, data showed Wednesday. The mixed messages give little clarity over prospects for Italy’s so far weak economic recovery, but national statistics bureau ISTAT says business confidence is a significantly better pointer to economic growth trends than consumer morale. ISTAT’s manufacturing confidence index dropped ... Read More »

EMEA PC market contracted by 18.2%, says IDC

WASHINGTON: PC shipments in Europe, the Middle East, and Africa (EMEA) reached 20.8 million units in the fourth quarter of 2015, an 18.2% decrease on year, according to IDC. After a strong shipment push of devices under Microsoft’s Bing promotion from summer 2014 to January 2015, the focus for hardware manufacturers and their channel partners has been to deplete stock, ... Read More »

Nigeria’s Govt revenues rise 5.6% in Dec

ABUJA: Nigeria’s government revenues rose by 5.6 percent in December to 315.019 billion naira, from 297.450 billion naira the previous month despite a drop in oil prices and production hiccups, the finance ministry said on Tuesday. Mahmoud Isah Dutse, permanent secretary at the ministry of finance, said “shut-ins, shut-down of production for repairs and production shortfall due to technical hitches ... Read More »

Newcastle’s Sage Group reports 6.6% rise in revenues in Q1

WASHINGTON: Good growth across Europe triggered a revenue rise of 6.6% in Sage Group Plc’s first quarter, the firm said. The software giant, headquartered in Newcastle, issued a trading update for the three months ended 31 December 2015 in which group organic revenue increased by 6.6% and organic recurring revenue grew by 10.4%, driven by software subscription revenue which increased ... Read More »

Nepal, India proposes to construct six power corridors

KATHMANDU: Nepal and India propose to construct at least six cross-border power corridors to ensure trading in energy between the two close neighbours on a long-term basis. These 400 Kv lines will be constructed on the Attariya-Uttarakhand, Lamki-Tikuniya, Kohalpur-Rupaidiha, Butwal-Gorakhpur, Muzaffarpur-Dhalkebar and Inaruwa-Bihar corridors. A six-member joint technical team, formed to prepare a master plan for such power corridors, identified ... Read More »

Bank lending drops by half as firms flounder

KATHMANDU:  Lending by commercial banks has nearly halved as businesses are floundering due to the effects of the April 25 earthquake and Indian trade embargo. According to the Nepal Bankers Association (NBA), banks issued loans amounting to Rs73 billion during the first half of the current fiscal year 2015-16, which is about half of what they lent during the same ... Read More »

India aims to more than double trade with Jordan

AMMAN: India, a major importer of rock phosphates, potash and finished fertilisers from Jordan, targets to more than double trade with the country in West Asia in the coming decade. Currently, trade and investments between the two nations hover at around $2 billion. With New Delhi and Amman engaging to expand ties in education, IT, renewable energy and research, trade ... Read More »

Postal, courier firms revenue continue to decline

HARARE: Revenues generated by local postal and courier companies have continued to decline steadily during the past five years as the advent of new technologies hits on the demand for their services, Portraz has said. While previously postal and courier services enjoyed brisk business carrying simple items such as letters, bills by companies and money through registered articles, all these ... Read More »