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Author Archives: CT Report

ECC approves proposal to reduce up to Rs 3 per kWh for industrial consumers

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet here in its meeting has considered proposals regarding different projects and accorded approval on them. Federal Finance Minister, Mohammad Ishaq Dar was in the chair. On a proposal regarding issuance of policy guidelines to NEPRA for power tariff rationalization, the ECC approved reduction up to Rs 3 (three rupees) per kilowatts ... Read More »

Large scale reshuffling in Pakistan Customs likely in next few days

KARACHI: Large scale reshuffling of senior cadre officers in Federal Board of Revenue (FBR) is likely to be expected in next week or so, it is learnt here. The reliable sources informed Customs Today that the FBR wings including Pakistan Customs, Inland Revenue Services (IRS), Customs Intelligence and Investigation and Regional Taxes Offices (RTOs) would experience major reshuffling in upcoming ... Read More »

SECP issues 48 orders for non-compliance

ISLAMABAD: Securities and Exchange Commission of Pakistan’s (SECP) Corporate Supervision Department has concluded adjudication of 48 proceedings against the listed and non-listed companies in December 2015. Subsequently, Orders were issued against their chief executives, directors and auditors for violating certain provisions of the Companies Ordinance 1984 and to impose penalties. The majority of these proceedings pertain to the failure of ... Read More »

FBR IRIS software creating problems in filing tax returns

SIALKOT: Federal Board of Revenue (FBR) IRIS (Integrated Risk Information System) is still creating hurdles for tax returners. Sources told Customs Today that FBR has extended date of filling of income tax returns and statements for the Fiscal Year 2015-16 but the situation is not better due to bad condition of said system. It is learnt that returns are not ... Read More »

Ishaq Dar, World Bank chief to discuss economic cooperation on Feb. 9

ISLAMABAD: The Finance Minister, Mohammad Ishaq Dar chaired a meeting to review and finalize arrangements for the visit of Dr. Jim Yong Kim, President World Bank. The Secretary Economic Affairs Division, Tariq Bajwa informed that the President World Bank would visit Pakistan from 9-10 February for which detailed engagements schedule is being chalked out. The Vice President, World Bank’s South ... Read More »

Fortescue iron ore shipments gain 3.8%

CANBERRA: Fortescue Metals Group, the world’s fourth-biggest iron ore exporter, said second-quarter shipments rose 3.8%, beating analyst estimates, as costs fell to a record and net debt declined. Shipments were 41.4 million metric tons in the three months ended December 31, compared with 39.9 million tons a year ago, the Perth-based producer said in a statement on Thursday. This beat ... Read More »

Tablet shipments sees double digit drop in 2015

WASHINGTON: The demise of the tablet seems inevitable, as shipments percentage dropped in double digits for the first time ever. Market intelligence provider TrendForce reported that in 2015 a total of 168.5 million units were shipped, representing a 12.2 percent drop year-over-year. Notebook analyst for TrendForce, Anita Wang, confirmed what we all already knew — smartphones, phablets and two-in-one devices ... Read More »

Inflation likely slows to 1.2% in Jan

MANILA: Lower food and utility prices after the holiday season likely dampened inflation in January, the chief economist of the Department of Finance said. Inflation, as measured by the consumer price index (CPI), may slow down to 1.2 percent in January from 1.5 percent in December. This month’s inflation report will be released Feb. 5. The target for this year is ... Read More »

Germany’s annual inflation rate edges up to 0.4%

BERLIN: Inflation is gradually creeping higher in Germany but is still a long way off the European Central Bank’s target of just under 2 per cent. A preliminary estimate of Germany’s EU harmonised annual inflation rate came in at 0.4 per cent for January, compared to 0.2 per cent in December. It was in line with expectations. Month on month ... Read More »

Govt may re-impose customs duty on crude oil imports

KATHMANDU: With international oil prices slumping to 12-year low, the government may look at reimposing 5 per cent customs duty on crude oil imports to shore up revenue by close to Rs.18,000 crore. The government had cut customs duty on crude oil imports to zero from 5 per cent in June 2011 when rates zoomed to over $100 per barrel. ... Read More »

Mexico’s Pemex posts record low crude oil exports in Dec

MEXICO CITY: Mexico’s state-owned oil company Pemex exported just 1.008 million barrels per day (bpd) of crude oil in December, the company said, the lowest in at least 25 years. A Pemex spokesperson said the record low was a consequence of sending more oil to the company’s domestic refineries. The company’s database goes back to 1990. Pemex said it produced ... Read More »

Govt mulls cash incentives for pharma exports

DHAKA: The government is planning to give the pharmaceutical industry a boost with cash incentives for exports. “I can assure you that a cash incentive on export will be given to your industry very soon,” Commerce Minister Tofail Ahmed said yesterday. Six sectors, headed by the pharmaceuticals industry, and including ship building, leather, furniture, jute and agro products have been ... Read More »

Dabur India Ltd reports 12.6% rise in net profit

NEW DELHI: Dabur India Ltd on Thursday reported a 12.6% rise in net profit for the quarter ended 31 December, driven by its consumer care products portfolio, but political unrest in Nepal crimped growth in its food business. The Delhi-based packaged consumer goods company reported a net profit of Rs.318.5 crore in the quarter, up from Rs.282.8 crore a year ... Read More »

Chilean beef exports increase 121% in 2015

CHILE: Claudia Carbonell, director of the Office of Agricultural Studies and Policies (PASO) reported that beef exports in 2015 were worth $31 million, an increase of 121 per cent compared to 2014. Ms Carbonell said: “The increase in exports is due, among other reasons, to the updated official animal traceability program, which established that the official certification in the export ... Read More »

Saudi customs arrests man in alcohol smuggling case

RIYADH: A Saudi man was arrested for attempting to smuggle 14 bottles of liquor in his underwear into the Kingdom, according to the official Saudi Press Agency (SPA). The man was stopped at customs on his way back from Bahrain on the 16-mile-long King Fahd Causeway linking the two Gulf countries, according to the head of customs Fahad Dhufallah al-Otaibi. Read More »

Coverage of 3G mobile services in Jordan stands at 98%

AMMAN: Coverage of third generation (3G) mobile services in Jordan stands at 98 per cent, while 98 per cent of Jordanians have access to mobile phones at home, according to the World Bank’s Digital Adoption Index (DAI). The index, which was compiled for its recently released “World Development Report 2016: Digital Dividends”, measures the depth and breadth of adoption of ... Read More »

Vietnam FDI surges 101.2% in this month

HANOI: Foreign direct investment (FDI) in Viet Nam rose impressively by 101.2 per cent to more than US$1.33 billion in January of this year, according to the Foreign Investment Agency (FIA). Up to 127 new foreign-invested projects, worth more than $1 billion, were licensed as of January 20, surging 157.9 per cent against the same time last year while 56 ... Read More »

Standard Chartered Bank expects Vietnam’s GDP to expand 6.9%

HCM CITY: Standard Chartered Bank expects Viet Nam’s gross domestic product (GDP) to expand by 6.9 per cent, higher than the 6.6 per cent forecast, through better construction activity and manufacturing strength. This forecast, which will make Viet Nam the second fastest-growing economy in Asia, second only to India, was highlighted in the bank’s global research briefing in HCM City ... Read More »

Vietnam’s shrimp exports to US expected to rise in 2016

HANOI: Viet Nam’s shrimp exports to the US are expected to rise in 2016, the Viet Nam Association of Seafood Exporters and Producers (VASEP) said. This would be thanks to positive results from the ninth administrative review (POR9) of anti-dumping duties on Vietnamese frozen shrimp and the signing of the Trans-Pacific Partnership (TPP), the association said. The average anti-dumping duty levied ... Read More »

Hai Phong Port sees profit

HANOI: The Hai Phong Port Joint Stock Company announced net revenue of nearly VND1.7 trillion (US$76 million) and after-tax profits of more than VND360 billion (US$16 million) in 2015. Hai Phong Joint Stock Company (JSC) was listed on the Ha Noi Stock Exchange with the code PHP since August, 2015. In the fourth quarter of 2015, it posted a net ... Read More »