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Author Archives: CT Report

Abbasi refutes allegations of corruption in LNG deal

ISLAMABAD: Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, refuting the allegations levelled by Pakistan Tehreek-e-Insaf (PTI) regarding corruption in LNG project, has said that the liquefied natural gas (LNG) deal with Qatar was being done in a transparent. Replying to a calling attention notice of Shireen Mazari, Asad Omar and others in the national Assembly, the minister further ... Read More »

SECP discussed companies’ bill with business community at MCCI

MULTAN: The Securities and Exchange Commission of Pakistan (SECP) held a meeting at Multan Chamber of Commerce and Industry (MCCI) on Thursday in the wake of ‘ companies bill’ to aware as well as to include the suggestions of business community, lawyers, chartered accounts, corporate consultants and professionals in the drafting of the bill. On this occasion, MCCI Vice-President Tariq ... Read More »

ICCI for channelizing remittances towards productive activities

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to take policy measures and offer good incentives for channelizing the remittances towards the productive activities that would help in promoting business activities and increasing economic growth of the country. ICCI President Atif Ikram Sheikh said that remittances were on the rise in the country as ... Read More »

APTA KP chapter rejects tax amnesty scheme

PESHAWAR: All Pakistan Traders Association Khyber Pakhtunkhwa chapter has decided to re-launch movement against withholding tax and rejected the tax amnesty scheme announced by the government. In a statement traders community said that the government should talk to real representatives of the traders. He rejected the tax amnesty scheme as fraud and said that the scheme was aimed at to ... Read More »

Singapore offers extra port fee discount to keep shipping customers

SINGAPORE: Maritime and Port Authority of Singapore (MPA) will grant an additional 10% concession on port dues for container vessels calling at the Port of Singapore, if they are carrying out cargo works with a port stay of not more than five days, effective tomorrow, Jan 15. In a statement here, MPA said that the additional concession will be in ... Read More »

Bulgarian Customs seize two Guns from Turkey

SOFIA: Bulgarian customs officers at Kapitan Andreevo checkpoint have found two guns and 5,200 rounds of ammunition for them hidden in a car with Austrian registration entering from Turkey on Thursday morning. A man and a woman – both of them Turkish citizens – who travelling in the car, have been detained, Bulgaria’s Customs Agency said in a statement. One ... Read More »

59% of imports in 2015 from EU to Kyiv customs office

KIEV: The amount of imported goods from the European Union has increased to 59% in 2015 from the whole volume of imports, compared to 49% in 2014. The press service of Kyiv State Administration reported with a reference to Kyiv’s customs office. Moreover, the amount of imports from Russia dropped from 27% in 2014 to 12% in 2015. On the ... Read More »

Hungary’s consumer prices fall on average in 2015

BUDAPEST: Hungary’s consumer prices fell on average last year, failing to meet the central bank’s inflation target and underpinning the outlook for persistently loose monetary policy. Consumer prices fell 0.1% on the year in 2015 compared with a 0.2% fall in 2014, remaining well below the central bank’s 3% inflation target, data from the central statistical office KSH released Thursday show. ... Read More »

Gold bars worth Rs 58 lakh seized at Kochi airport

KOCHI: Gold bars, worth over Rs 58 lakh, were seized from two passengers who arrived here from Kozhi kode by an Air India Express flight, Customs officials said. The passengers, natives of Maharashtra, had boarded the domestic sector of the flight which had land ed in Kozhikode from Doha en route to Kochi, a customs release said on Wednesday. One ... Read More »

Chilean fruit exports record 4.3% increase in volume

SANTIAGO: Chilean fruit exports recorded a 4.3% increase in volume, but only 2.8% in value compared to the same period of 2014, as reported by the Office of Agricultural Studies and Policies (ODEPA). “This decline in value has mostly been the result of the low export volumes of apples and avocados,” stressed ODEPA. In the case of avocados, the drop ... Read More »

Inflation rises to -0.73% in Dec

WASHINGTON: Deflationary trend eased in December with WPI inflation moving up to (-)0.73 per cent as food articles, mainly vegetables, turned costlier. The Wholesale Price Index-based inflation has been rising for the last four months and was (-)1.99 per cent in November. In December 2014, it was (-)0.50 per cent. This is the 14th straight month since November 2014 when the ... Read More »

Daher records 10% climb in TBM 900 shipments

LONDON: French aircraft manufacturer and aerostructures company Daher recorded a 10% hike in deliveries of its TBM 900 turboprop in 2015. The Tarbes, southwest France-based airframer shipped 55 of the single-engined type – the third iteration of the TBM series – last year, compared with 50 of them a year earlier. This is the highest annual shipment tally for the 20-year-old ... Read More »

Georgia’s net tax collections rise 3.6% in Dec

TBILISI: Georgia’s net tax collections rose by $67.7 million last month, a 3.6 percent increase over December of 2014, Gov. Nathan Deal reported Wednesday. Tax revenues for the first half of fiscal 2016 totaled $10.44 billion, representing an increase of $834.2 million over the first six months of the last fiscal year, or 8.7 percent. Corporate income tax collections in December ... Read More »

Suez Canal records revenues of $5.175bn in 2015

WASHINGTON: The Suez Canal recorded revenues of $5.175bn in 2015, which is a 5.3% decline from the previous year in which revenues were recorded at $5.465bn. This decline is mainly due to the decline of international currencies against the dollar, which is used by the Suez Canal Authority (SCA) in the collection of revenues, since it depends on a Special Drawing ... Read More »

S. Korea seeks balanced growth in domestic demand, exports

SEOUL: The government’s 2016 economic policy plan is aimed at maintaining growth momentum both in domestic demand and exports to let people feel economic vitality in the third year of the Park Geun-hye administration. The Ministry of Strategy and Finance and six other economy-related ministries reported their annual policy plans to the President on Thursday, focusing on keeping the pace ... Read More »

Bank of Korea cuts growth forecast to 3% in 2016

SEOUL: The Bank of Korea (BOK) cut its growth forecast for this year from 3.2 percent to 3 percent, citing slowing exports and growing external uncertainties. “The domestic financial market remains vulnerable to global uncertainties such as China’s stock meltdown, free-falling oil prices and U.S. rate increases. Exports are on the decline due to the global slowdown outweighing gradual recovery ... Read More »

Dar reviews implementation status on PM’s interest free loan scheme

ISLAMABAD: Finance Minister Mohammad Ishaq Dar chaired a meeting to review implementation status on the Prime Minister’s interest free loan scheme. Ms. Laila Khan, Chairperson PM Youth Programme, CEO, Pakistan Poverty Alleviation Fund (PPAF), and senior officials of Ministry of Finance and BISP participated in the meeting. The meeting was informed that under the Scheme an amount of Rs.3.5 billion ... Read More »

Nigeria Customs destroys poultry products worth N15m in Edo

BENIN: The Nigeria Customs Service (NCS), Federal Operation Unit, Zone C, on Wednesday in Benin destroyed 1, 500 cartons of imported frozen products valued at N15 million. This is contained in a statement issued by Mr Azarema Abudulkadir, an Assistant Comptroller and made available to newsmen. According to the statement, the imported frozen poultry products have a Duty of N3million ... Read More »

New Zealand retail spending hits record high

WELLINGTON: New Zealanders spent a record $6 billion shopping in December, the highest ever monthly figure recorded by Statistics New Zealand. Shoppers swiped their electronic cards and spent $304 million more than throughout December 2014, an increase of 5.3 per cent. However, when adjusted for seasonal effects, retail spending was down 0.2 per cent in December 2015, following a 0.2 ... Read More »

US Customs discovers $500k of marijuana disguised as carrots

NEW YORK: U.S. Customs and Border Protection agents found half a million dollars’ worth of marijuana disguised as carrots this week. On Sunday, they stopped the tractor-trailer at the Pharr International Bridge along the Texas-Mexico border near the Gulf of Mexico. Mixed in with real carrots, they found more than 2,800 orange, carrot-shaped packages. Inside those packages there were nearly ... Read More »