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Author Archives: CT Report

Dar hails FBR, SBP efforts for streamlining payment process of imports

ISLAMABAD: Finance Minister Ishaq Dar here on Tuesday appreciated the efforts of the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) for streamlining the import related payments through banking channels. The minister chaired a meeting, which was attended by senior officials of the Ministry of Finance, FBR and SBP. It was agreed that SBP and FBR would ... Read More »

Multan Excise Dept recovered Rs855.7m in 6 months against Rs840m target

MULTAN: Excise and Taxation Divisional Director Jam Siraj Ahmad said that the department recovered Rs855.7 million taxes against the target of Rs840 million set for six months (July to December) during the fiscal year 2015. Talking to APP here Tuesday, Director Jam Siraj Ahmad said that the Excise Department was utilising all available resources for tax recovery, adding that Excise ... Read More »

CM distributes cheques under interest-free loans scheme

LAHORE: Chief Minister Shahbaz Sharif Tuesday said that billion of rupees would be added to the CM’s Self-Employment Scheme so that maximum people could get benefit from this scheme. Addressing a cheque distribution ceremony among deserving here at Badshahi Mosque, he said that people getting cheques under the scheme were very hard working and responsible citizens of the country who ... Read More »

Ahsan says CPEC to be completed in phases

ISLAMABAD: Federal Minister for Planning, Development and Reforms Ahsan Iqbal Tuesday said that China-Pakistan Economic Corridor (CPEC) would be completed in phases. Talking to media persons after inauguration of GEO Spatial Technology Cell, set up at the Ministry of Planning, Development and Reforms, the minister said that in the first phase, the road connectivity would be completed to interconnect not ... Read More »

FIA arrests two human traffickers

ISLAMABAD: The Federal Investigation Agency (FIA) Tuesday arrested two alleged human traffickers. According to FIA, during a raid an alleged human smuggler, identified as Yasir Qayum s/o Abdul Qayum, was arrested and three passports were recovered from him. In another raid, Haq Nawaz s/o Abdul Akbar was arrested and 19 passports and five fake driving licenses were recovered from his ... Read More »

Emissions scandal: Volkswagen sued for $20b in US

NEW YORK: The American government has sued Volkswagen for more than $20 billion in emission scandal. The company was sued for installing equipment on nearly 600,000 diesel cars that intentionally subverted clean-air regulations, resulting in excess harmful emissions. Civil penalties in the lawsuit, filed by the Justice Department on behalf of the Environmental Protection Agency, could run well above $20 ... Read More »

3-ton cocaine seized, 12 held in Spain

MADRID: The Spanish police Tuesday seized three tonnes of cocaine and arrested 12 alleged drug traffickers from Spain, Britain and The Netherlands in one of the biggest drugs busts of the country. The seizure in the northeastern Galicia region was “the biggest for this type of drug on Galician soil since 1999”, the police said in a statement, without revealing ... Read More »

Annual inflation falls to lowest rate in 5 years

WASHINGTON: Annual inflation has fallen to the lowest rate in five years, as consumer prices last year increased by just 3.35 percent. Monthly inflation in December 2015 was measured at 0.96 percent, driven largely by higher food prices, the Central Statistics Agency (BPS) reported on Monday. The full-year inflation rate in 2015 was the lowest since 2010, when prices increased ... Read More »

Tax net increases by 40%, taxpayers cross 1m mark, claims Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has claimed that due to the government policies, the tax net has expanded by 40 per cent from the start of its tenure. Talking to a private news channel, he said when the Pakistan Muslim League-N came into power in 2013, the country’s tax growth was 3 per cent with 711,000 tax return filers, ... Read More »

KPT’s shipping movement report

KARACHI: Following were the movements of ships at Karachi Port during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS SAILED: X-Press Euphrates IWami KMTC Dubai APL Cyprine. Kota Kamil Pacific Pride Jin Sui Shalamar SHIPS BERTHED: Kota Kamil Container Ship Iwami General Cargo Han YI General Cargo Sima Prestige Container Ship Acx Crystal Container Ship EXPECTED SAILING ... Read More »

Shipping intelligence report of Karachi Port

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier): OP-II Pacific Sky D.Petrol GAC 03/12/16 OP-III Falcon Victory D.Petrol Sharaf-Sh, 04/01/16 ALONG SIDE (East Wharves): 4 Steel Honesty D.Steel Golden 01/01/16 5 Kavala Seas L.Rice East Wind 25/12/15 10/11 Abu Al Abyad D. ... Read More »

S. Korea’s economy post longest current surplus for 45 months

SEOUL: South Korea’s economy posted the longest current surplus for 45 months in a row due to faster fall in imports than exports, keeping a so-called recession-type surplus trend, central bank data showed on Tuesday. Current account surplus reached 9.40 billion U.S. dollars in November, up from a surplus of 9.12 billion dollars in October, according to the Bank of ... Read More »

Pak, Lanka sign 8 pacts, MoUs

COLOMBO: Pakistan and Sri Lanka have signed eight agreements and MoUs in several areas including trade, defence, education, security, anti-terrorism and science and technology. Prime Minister Nawaz Sharif met Sri Lankan President Maithripala Sirisena during the three-day visit. The Pakistani delegation included Minister for Commerce Khurram Dastgir Khan and Special Assistant to Prime Minister on Foreign Affairs Tariq Fatemi among ... Read More »

Genesis Photonics starts shipments of CSP for use in automotive headlights

WASHINGTON: LED epitaxial wafer and chip maker Genesis Photonics has begun to ship CSP of (chip scale package) of chips for use in automotive headlights, backlighting of LCD TVs and camera flashes, with shipments expected to significantly increase in March 2016, according to company chairman David Chung. Having developed CSP technology for a few years, Genesis Photonics started CSP of ... Read More »

Mozambique to start coal shipments through new Nacala port

MAPUTO: The provincial director for Transport and Communications in western Mozambique province Tete, Romeo Sandoca has said trains loaded with coal which will link Moatize, in that mineral-rich region to the port of Nacala, in Nampula province should start circulating soon and in the first quarter for international shipments, APA learnt Monday. The official was quoted by state-controlled Radio Mozambique ... Read More »

3D printer shipments in China market reach 34,000 units in 2014

BEIJING: According to IDC, 3D printer shipments in the China market reached over 34,000 units in 2014, and are expected to have reached 77,000 units in 2015, exhibiting a growth rate over 120%. This growth rate is largely driven by sales of desktop 3D printers priced under US$5,000. As the China government continues to promote 3D printer awareness and usage ... Read More »

Govt reduces export duty on iron ore pellets to 0 from 5%

NEW DELHI: Government has reduced the export duty on iron ore pellets to zero from 5 per cent, a move that will make the commodity more competitive amid subdued demand and weakening prices. The government in 2014 had levied a 5 per cent export duty on iron ore pellets, which are value-added products of leftover material or low grade iron ... Read More »

Oxford Casino reports revenues increase in 2015

LONDON: Oxford Casino reported nearly $4 million more in revenue last year over 2014. As the host municipality, the town of Oxford received more than $1.5 million from the casino, according to the state figures. “I think Bangor is still trying to find that number, how that effect of Oxford is still coming in,” board Executive Director Patrick Fleming said. ... Read More »

Pak rupee depreciates by 35 paisas in interbank

KARACHI: The Pakistani rupee Tuesday depreciated against the US dollar both in interbank and open market. According to the local money market, the greenback gained 35 paisas in interbank to reach 105.05 and 10 paisas in open market for selling at 106.25. On Monday, the American dollar lost five paisas in open market to reach 106.15 and 10 paisas in ... Read More »

Clarke Energy reports rise in annual revenues to £233m

WASHINGTON: Merseyside-based power generation firm Clarke Energy is reporting a rise in annual revenues to just over £233m and says it is “optimistic” about its future prospects. The figure for the year to October 31, 2015, is a slight rise on the £232.2m achieved in the previous year. Clarke, which has its headquarters in Knowsley, saw operating profit come in ... Read More »