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Author Archives: CT Report

USC liabilities stand at Rs15.616b: NA told

ISLAMABAD: Parliamentary Secretary for Industries and Production Aliya Hamza Wednesday told the National Assembly that current liabilities of Utility Stores Corporation stood at Rs 15.616 billion due to non-payments by the previous government. Responding to a question of Member National Assembly (MNA) Ali Gohar Khan during the Question Hour at the floor of the house, she said due to cash ... Read More »

Collector Appraisement transfers appraisers, inspectors

LAHORE: Collectorate of Customs Appraisement and Facilitation Mughalpura Dryport, Deputy Collector Mohammad Nauman Tashfeen issued orders for transfer and posting of 4 appraisers and 32 inspectors with immediate effect and until further orders:- Details are as under:- 1. Appraiser Faryal Amber from Appraisement Hall to DTRE 2. Appraiser Razia Yaqoob from Appraisement Hall to PRV Cell 3. Appraiser Qasim Khan ... Read More »

Renowned lawyer Nadeem Mirza passes away

KARACHI: Renowned lawyer Nadeem Ahmed Mirza of M/s Nadeem and Company breathed his last at early hours of today. He was 60. He leaves behind two widows, three daughters and four sons to mourn his death. Talking with Customs Today his son Obaydullah Mirza who is also a lawyer said that late Nadeem Ahmed Mirza spent his entire career as ... Read More »

CTO Rawalpindi visits RCCI

RAWALPINDI: Chief traffic officer Mohammed Bin Ashraf has said that the special campaign Motor Bikes without number plates and underage drivers in the city will kick off on Thursday aiming to prevent street crimes and accidents. Body cameras are also being provided to the warden in order to bring transparency in Traffic Challans to monitor the behavior and performance of ... Read More »

Inflation to decrease in coming months: Asad Umar

ISLAMABAD: The inflation would lower down to single digit by the end of this year, as compared to 12.6 percent recorded in December 2019, Federal Minister for Planning Development and Special Initiatives Asad Umar predicted on Wednesday. Talking to media, he said that the decline in interest rate would help ease the policy rate, which would boost businesses investment opportunities. ... Read More »

Swiss National Bank under rising pressure after five years of negative rates

The franc surged 40% against the common currency after the Swiss National Bank abandoned its 1.20 per euro cap on Jan. 15, 2015, before settling 21% higher on the day. The SNB has since used market interventions and the world’s most deeply negative interest rates to keep a lid on the safe-haven currency, whose strength hurts exporters and hampers the ... Read More »


India and neighbour Bangladesh have signed an MOU for goods for North East India transit via Bangladesh’s ports – a small but significant opening up of both Bangladesh’s ports and the broader economic relationship between the two countries. “The Leaders welcomed the conclusion of Standard Operating Procedures (SOP) for the use of Chattogram and Mongla ports for movement of goods ... Read More »

Man tries to smuggle 1,439 litres of alcohol over Luxembourgish border

French customs officers stopped a white van just after the Luxembourg-France border on the A31, early on Sunday morning, when the driver attempted to flee. According to the Républicain lorrain, customs officers noticed the van at 2am on Sunday 11 January as it headed towards Metz, and signalled for the van to follow them. The driver seemed to comply at ... Read More »

Hong Kong Fashion Label Maker SML Explores $500 Million Sale

SML Group Ltd., a closely held garment label maker for fashion brands and retailers globally, is exploring a sale of the business which could fetch about $500 million, according to people familiar with the matter. Hong Kong-based SML is working with Citigroup Inc. to seek a buyer for the business, the people said, asking not to be identified because the ... Read More »

Northern Ireland IT insurance firm reroutes €70m (£60m) of business

MCL InsureTech, the name behind online insurance brands Its4women, 25plus and Boxymo, has relocated its Irish operations to Swords, Dublin with the creation of 40 new roles there. The move by the Coleraine-based firm will represent an investment to the Irish economy of £3m and comes as a result of continued uncertainty around the UK’s exit from the EU. It ... Read More »

China’s crude oil imports off record highs in Dec, 2019 imports rise 9.5%

According to the latest trade data published by China’s General Administration of Customs, China’s crude oil imports in December eased from a record set a month earlier, however, 2019’s oil imports rose nearly 10% on an annualized basis, as cited by Reuters. “December arrivals were 45.76 million tonnes. That was equivalent to 10.78 million barrels per day (bpd) according to ... Read More »

Malaysian firms remain upbeat on business outlook

KUALA LUMPUR: Business sentiment among Malaysia companies has increased for the fourth consecutive quarter in Q1 this year, according to Dun & Bradstreet (D&B). This is based on D&B Malaysia’s Business Optimism Index (BOI), which inched up by 0.64 percentage points from 9.58 percentage points in Q4 2019 to 10.22 percentage points in Q1 2020. On a year-on-year (y-o-y) basis, ... Read More »

President requests Japan to invest in high tech assembly plants in Sri Lanka

Measures will be taken to further strengthen long-standing bilateral relations between Japan and Sri Lanka, Japanese State Minister for Regional Revitalization Kozo Yamamoto said. Minister Yamamoto made these remarks when he paid a courtesy call on President Gotabaya Rajapaksa at the Presidential Secretariat today (13). Sri Lanka is secured and stable under the current government. The economy is also progressing. ... Read More »

Jeff Bezos is getting slammed for his donation of $690,000 to the Australian wildfire recovery

In a heartfelt Instagram post on Sunday, Amazon CEO Jeff Bezos announced that the company would donate 1 million Australian dollars, or about $690,000, to the Australian wildfire recovery effort. That’s less than he made every five minutes in 2018, according to Business Insider’s estimate, based on Forbes’ calculation of Bezos’ net worth at the start and end of 2018. ... Read More »

Businesses more upbeat as trade tensions ease, Bank of Canada finds

Canadian businesses reported a slight increase in sentiment amid reduced concern about global trade conflict, according to a Bank of Canada survey. The Ottawa-based central bank’s fourth-quarter survey of executives found indicators of future sales like new orders have picked up, particularly outside of the energy sector. Employment intentions have also increased, along with signs of businesses running up against ... Read More »

UK ports expect smooth Brexit, as volumes decline after stockpiling spike

BREXIT is likely to roll out smoothly on the UK waterfront on the last day of this month, although throughput volumes are on a continuing downward trajectory following a stockpiling spike in the last quarter of 2018, according to ports industry sources. While Britain is formally departing from the European Union on January 31, existing arrangements on customs, excise and ... Read More »

Using Huawei in UK 5G network ‘madness’, says US

The US has warned the British government it “would be madness” to use Huawei technology in the UK’s 5G network. A US delegation presented the UK with new evidence claiming to show security risks posed by using the Chinese firm. US President Donald Trump has sought to pressure Prime Minister Boris Johnson on the issue. A decision is expected this ... Read More »

Non-oil trade between UAE, Japan totalled Dhs481bn from 2009-2019

The total value of non-oil trade between the UAE and Japan reached Dhs481.34bn ($130.8bn) from 2009 to 2019, according to statistics revealed by the Ministry of Economy, official news agency WAM reported. The value of their overall trade in the first half of 2019 reached Dhs26bn, illustrating the growing trade and thriving economic climate between the two countries, a statement ... Read More »

Singapore’s shipping throughput hits record high

Singapore’s shipping throughput hit an all-time high last year despite weak global economic activity and challenges such as the trade war between the United States and China. A total of 37.2 million shipping containers, or 20ft equivalent units (TEUs), were handled here last year, up 1.6 per cent on 2018. Total cargo throughput fell slightly to 626.2 million tonnes, from ... Read More »

Turkey’s Trade Minister to visit Morocco to explore new business opportunities

Turkish Trade Minister Ruhsar Pekcan will visit Morocco, Wednesday, alongside a Turkish business delegation to explore new business cooperation opportunities in the country, Anadolu Agency reports. After visiting Nigeria on Monday and Tuesday, Pekcan will head to Rabat, where the Turkey-Morocco Free Trade Agreement’s joint committee is expected to hold a meeting. While in Morocco, the Turkish minister will meet ... Read More »