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Author Archives: CT Report

Saudi Fund for Development deposits $60 mln for Palestinian Authority

RIYADH: Saudi Fund for Development has deposited an amount of $ 60 million in the Palestinian Finance Ministry’s account. In a statment to Saudi Press Aegncy (SPA), the Secrtarate General of the Arab League said that this amount represents the value of the monthly financial contributions provided by the Kingdom to support the Palestinian National Authority’s budget for the months ... Read More »

Timelines for energy projects should be strictly followed: Dar

ISLAMABAD: Federal Minister Finance, Ishaq Dar chaired a high level meeting to review progress on development projects in the power and petroleum sector, including those which are being undertaken under CPEC. Federal Minister for Water and Power, Khwaja Muhammad Asif, Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi, Secretary to Prime Minister, Fawad Hasan Fawad, senior officials of ... Read More »

Bangladeshi export earnings rise to $3.2 bln last Dec

DHAKA: Bangladeshi export earnings rose to $3.2bn last December, thereby setting a new record for the South Asian country. This phenomenal success can be attributed to Bangladesh’s growing apparel industry, which accounted for over 83 percent of December’s figures. The country’s GDP is expected to grow to 6.7 percent this year, which will make Bangladesh one of the fastest growing ... Read More »

84,000 blocked BISP members can get new cards: Marvi

ISLAMABAD: Benazir Income Support Programme (BISP) Chairperson Marvi Memon Saturday said that 84,000 beneficiaries of the programme whose cards have been blocked for non-usage can get a new one after bio-metric verification. Marvi said they would also be paid the amount for the period the cards remained blocked for the last two years, Radio Pakistan reported. She said such beneficiaries ... Read More »

Tevta institutions to remain closed from Feb1-6

LAHORE: The Technical Education and Vocational Authority (Tevta) has announced to close its institutions across the province for one week from February 1 to 6. Tevta District Manager Muhammad Younus told APP on Saturday that the Tevta institutions have been closed on the instruction of Punjab government to improve the security arrangements. In this connection, Tevta has also issued notification ... Read More »

S. Korea plans to export rice to China for first time in Feb

SEOUL: South Korea plans to export rice to China for the first time in February after both sides agreed on a set of quarantine requirements last year, the farm ministry said Friday. According to the ministry, 30 tons of rice will be loaded onto containers at Gunsan port on the west coast later Friday, which will leave in early February ... Read More »

Google deal prompts call for corporate sales tax in UK

LONDON: The corporate tax system should be radically overhauled in the wake of the row over how much Google should pay in the UK, the former Conservative chancellor Nigel Lawson has said. The peer said corporation tax had “had its day” and should largely be replaced with a tax on sales to prevent large-scale avoidance by multinationals. Google has agreed ... Read More »

CPEC will be guarantee of economic stability in region: Ukrainian envoy

ISLAMABAD: Ukrainian Ambassador to Pakistan Volodymyr Lakomov has said that a large number of investors from his country want to invest in mega project of China-Pakistan Economic Corridor (CPEC) and other sectors like textile and agriculture in Pakistan. The ambassador said that the CPEC would be a guarantee of economic stability in the region besides Pakistan and China particularly for ... Read More »

New Zealand dollar heads 1.4% fall

WELLINGTON: The New Zealand dollar is heading for a 1.4 per cent fall on a trade-weighted basis this week after the Reserve Bank’s acceptance that it may have to cut rates and Fonterra Co-operative Group’s downgraded forecast for the farmgate payout this season eroded investors’ appetite for the kiwi. The trade-weighted index fell to 71.05 at 5pm yesterday from 72.08 ... Read More »

Germany, France to strengthen control on bitcoin

BERLIN: If the European Commission confirms the requests France and Germany to regulate digital currencies, bitcoin startups and investors will be negatively affected, and may possibly be required to provide sensitive financial and user data to government agencies for inspection. French Federal Finance Minister Wolfgang Schaeuble and former minister of social affairs Michel Sapin have proposed a set of financial ... Read More »

Greek producer prices down 7.8% YoY in Dec

ATHENS: The Hellenic Statistical Authority (ELSTAT) on Friday reported a 7.8 percent yearly decline in producer prices in December. On a monthly basis prices fell 3 percent from November.   Read More »

US trade deficit in goods climbs in Dec

WASHINGTON: An early look at U.S. trade patterns in December showed a small increase in the nation’s trade deficit. The trade gap in goods — services are excluded — rose 1.6% to a seasonally adjusted $61.5 billion, the government said Friday. A higher deficit subtracts from gross domestic product. The U.S trade outlook has deteriorated in the past year because of ... Read More »

Greek bank deposits rise 2% in Dec

ATHENS: Greek bank deposits rose in December after a two-month drop, data released by the country’s central bank showed on Friday. Business and household deposits increased by 2.48 billion euros, or 2.05 percent month-on-month to 123.38 billion euros ($134.6 billion), their lowest level since November 2003. They had dropped slightly to 120.9 billion euros in November. A two-month rise in ... Read More »

Fisheries: Stable catch for 2015

OSLO: In 2015, Norwegian vessels delivered 2.3 million tonnes of fish, crustaceans and molluscs, which was about the same as the year before. The landed value of catch came to NOK 16.4 billion; up 14 per cent from 2014. Sixty-two per cent of the catch was used for consumption, while 38 per cent was used for the production of meal, ... Read More »

Seven Customs officers of BS 19-20 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted seven Pakistan Customs Service officers of BS 19-20 with immediate effect. According to the Board’s notification, if the officers are drawing performance allowance, they will continue to draw the same on the new place of posting. The officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or ... Read More »

23 Inland Revenue officers of BS 19-20 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 23 Inland Revenue Service officers of BS 19-20 with immediate effect. According to the Board’s notification, if the officers are drawing performance allowance, they will continue to draw the same on the new place of posting. The officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or ... Read More »

Danish tax minister announces measures to deal with VAT fraud

COPENHAGEN: Earlier this week it was reported that Danish companies that had defrauded the Danish tax authority SKAT of 30 million kroner in moms (VAT) were implicated in financing overseas terrorism. Today Karsten Lauritzen, the tax minister, announced targeted checks against moms fraud and a re-examination of the system to deal with the problem. “It is completely unacceptable when organised ... Read More »

Belgium budget deficit stands at 2.7% of GNP in 2015

BRUSSELS: Belgium’s budget deficit for 2015 was 2.7% of GNP. That’s according to figures released by the Federal Government today. This means that our budget deficit is well below the 3% of GNP limit that the EU imposes on Eurozone countries. In order to reach this figure the Federal Government led by Charles Michel (Francophone liberal) has spent money extremely ... Read More »

Global coffee exports rise 2.6% in first 3 months of 2015/16

NEW YORK: Global coffee exports rose 2.6 per cent in the first three months of this marketing year and climbed 1.3 per cent in December, year-over-year, the International Coffee Organization said on Friday, as prices traded around two-year lows. Exports of coffee rose by 2.6 per cent to 26.9 million 60-kg bags in the first quarter of the 2015/16 crop ... Read More »

43 Inland Revenue officers of BS 17-19 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 43 Inland Revenue Service officers of BS 17-19 with immediate effect. According to the Board’s notification, if the officers are drawing performance allowance, they will continue to draw the same on the new place of posting. The officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or ... Read More »