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Author Archives: CT Report

Govt to launch housing schemes for homeless, low-income people

ISLAMABAD: The government is working to launch housing schemes for homeless and low-income people in across the country. This was stated by Federal Minister for Housing and Works Akram Khan Durrani during the question-hour in National Assembly on Thursday. “The ministry is contact with all federal as well as provincial governments to acquire suitable pieces of land, and a few ... Read More »

KPMG International logs 1.5% decline in global revenue

WASHINGTON: KPMG International logged a 1.5% decline in global revenue in U.S. dollar terms to $24.44 billion in its latest fiscal year, the accounting and professional services firm said Tuesday evening. In local-currency terms, as KPMG and other major accounting firms prefer to report their revenue growth, KPMG’s global revenue for the year ended Sept. 30 rose 8.1%, compared with ... Read More »

Sunbelt Rentals records revenue of $1,685.1 mln in fiscal H1

WASHINGTON: Sunbelt Rentals posted revenue of $1,685.1 million in its fiscal first half ended October 31, compared to $1.367.9 million for the same period a year ago, a 23.2-percent increase. EBITDA jumped from $66.5 million a year ago to $819.3 million, a 22.9-percent leap. Reporting in U.K. pounds, Sunbelt and its U.K. sister company A-Plant combined for £1,267.5 million, about ... Read More »

Chinese exports, imports fall 8.7% in Nov

BEIJING: China’s November imports and exports respectively fell 8.7% and 6.8% in US dollar terms compared to a year ago, bringing the country’s trade surplus to US$54 billion, reported by the General Administration of Customs. Despite weak domestic and external demand, a report by the Asian Development Bank on Monday showed China’s share of Asia’s overall manufactured goods exports rose ... Read More »

Apple Inc project revenue can reach $50 bln by 2017

WASHINGTON: Analyst Trip Chowdhry from Global Equities Research has reasons to believe that Apple Inc (NASDAQ:AAPL) will see it enterprise segment growing at a rate of 40% annually in the coming five years. Many technology companies have recently made orders for Apple products, including Macs, iPads, and iPhones for their employees. The tech giant reported $234 billion in revenues in ... Read More »

Barcaldine solar farm to provide 10% of Australia’s solar electricity

CANBERRA: The Australian Renewable Energy Agency (ARENA) says the Barcaldine solar farm in central western Queensland will provide about 10 per cent of the country’s large-scale solar electricity. Work has begun on the $69 million 90-hectare solar project. ARENA is providing $22.8 million support towards the project’s construction and the Clean Energy Finance Corporation has committed $20 million in debt ... Read More »

Germany’s trade decline in Oct

BERLIN: Germany’s trade with the rest of the world weakened in October, as exports and imports declined from September, in a trend that is already pushing Europe’s largest economy away from its long-time reliance on exports. Germany’s goods exports, adjusted for seasonal swings and calendar effects, declined 1.2% from September, as imports dropped 3.4%, the Federal Statistical Office said Wednesday. ... Read More »

Kuwait may rises corporate tax rate to 10% for local firms

KUWAIT CITY: Kuwait may raise the corporate tax rate to 10 percent for local firms and impose limits on energy subsidies, the commerce minister told a local newspaper on Tuesday, part of a broad move to introduce fiscal reforms amid pressure from low oil prices. Corporate taxes, currently levied at different rates for local and foreign companies, could rise to ... Read More »

Customs foils attempt to smuggle 4,450 willow cleft

NEW DELHI: Jammu and Kashmir Excise and Taxation department today foiled a bid to smuggle 4,450 willow clefts to New Delhi from the state. The alert team of Excise and Taxation department Lakhanpur foiled an attempt to smuggle 4,450 willow clefts from Jammu and Kashmir to New Delhi, an official spokesman said. The clefts were found hidden under the fruit ... Read More »

Textile millers flay govt’s decision of disconnecting gas supply to industry

LAHORE: The textile millers have severely criticised the Sui Northern Gas Pipeline Limited’s (SNGPL) decision of disconnecting gas supply to the industry and warned against massive unemployment after implementation of the decision. The All Pakistan Textile Mills Association (APTMA) Punjab chairman, addressing a press conference, said that gas supply to the textile mills in Punjab was 25 per cent in ... Read More »

BofA trading revenue seen rising in Quarter

WASHINGTON: Fourth-quarter trading revenue at Bank of America on pace to increase from a year earlier when light activity crimped revenue and led the firms to ratchet down compensation. Bank of America’s sales and trading revenue for 2015’s final three months “ought to be up mid-single digits from last year,” Chief Executive Officer Brian T. Moynihan said Wednesday at ... Read More »

Australia’s unemployment falls to 5.8%

CANBERRA: Australia’s unemployment rate has fallen to 5.8%, the lowest level in 20 months,following the strongest two-month period of jobs growth in 28 years. The total number of people with a job rose 71,400 in the month, building on a gain of over 56,000 the month before, the Australian Bureau of Statistics said on Thursday. The surprise increase compared with forecasts ... Read More »

Performance allowance of 493 Customs officers of BS-16 restored

ISLAMABAD: Federal Board of Revenue has restored the performance allowance of 493 Pakistan Customs Service officers of BS-16 after three months. The performance allowance (equivalent to 100 per cent of basic pay) in respect of the Customs officers, including 8 Principal Appraisers, 14 Appraisers, 19 Examiners, 3 Valuation Officers, 43 Deputy Superintendents, 259 Inspectors, 30 Sr Intelligence Officers, 89 Intelligence ... Read More »

Tanzania Ports Authority damage by corruption

MEXICO: Tanzania’s new president John Magufuli has sacked several top port figures following the discovery that over 2,700 shipping containers were smuggled at the Port of Dar es Salaam tax free. Tanzania Ports Authority (TPA) director general Awadhi Massawe, TPA chairman Joseph Msambichaka and Shaaban Mwinjaka, secretary general of the Ministry of Transport, were dismissed after two surprise visits to ... Read More »

Vietnam sees at $4b trade deficit in 2015

HANOI: Viet Nam could run up a US$4 billion trade deficit for the whole year after three consecutive years of a trade surplus, the Ministry of Industry and Trade (MOIT) said. The trade deficit would account for 2.4 per cent of total exports, much lower than the set target of five per cent set by the National Assembly early this ... Read More »

Vietnam expands retail markets in Asia

HANOI: Viet Nam is on the way to becoming one of the most developed retail markets in Asia, a seminar heard yesterday in Ha Noi. The Viet Nam Retailers Association (VRA) organised the Viet Nam Retail Forum 2015 with the theme of “Shopping centres and their development roadmap in Viet Nam”. The event brought together officials, retail experts, domestic retailers ... Read More »

 HTC expected to launch flagship Android 6.1 smartphone “Perfume” in spring

TAIPEI: Taiwanese smartphone manufacturer HTC Corporation is expected to launch a new flagship Android 6.1 smartphone called the “Perfume” in the first quarter of 2016,” Taiwanese smartphone manufacturer HTC Corporation is expected to launch a new flagship Android 6.1 smartphone called the “Perfume” in the first quarter of 2016,” according to a report on the high-tech website Technobuffalo. The new ... Read More »

Facebook launches security checkup tool for its Android app

NEW YORK: Facebook has launched a new security checkup tool for its Android app, allowing users to log out of the social network from browsers and devices they haven’t used in a number of months and improve their password’s security. The tool also has the ability to send out login alerts notifying users of unauthorized account access. Facebook launched Security ... Read More »

Bakhtiar Muhammad relinquishes charge as HRM Chief

ISLAMABAD: Bakhtiar Muhammad, a BS-20 officer of Inland Revenue Service, Thursday relinquished the charge of the post of Chief, (HRM), Federal Board of Revenue (HQ), Islamabad. The officer relinquished the charge of said post in pursuance of Establishment Division’s Notification No.1/199/2014-E-4, dated 09.12.2015. Read More »

Container cargo volume growth through US ports to slow in 2016

LONDON: Container traffic will continue to grow, but at a slower rate, underpinning a stable outlook for U.S. ports, Moody’s Investors Service says in a report. Container cargo volume growth through U.S. ports will slow in 2016 as demand for American exports remains weak and U.S. retailers work through high inventories, according to a report by Moody’s Investors Service. Moody’s ... Read More »