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China’s non-manufacturing PMI stays at 53.4 in Sept

BEIJING: China’s service sector activity held steady in September, an official monthly survey showed Thursday. The purchasing managers’ index (PMI) for the non-manufacturing sector stayed at 53.4 in September, unchanged from August, according to a report released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion, while a ... Read More »

China’s PMI surges to 49.8 in Sept

BEIJING: China’s factory activity picked up a bit in September but remained in contraction as the country’s manufacturing sector saw improved but still weak demand, official data showed Thursday. China’s manufacturing purchasing managers’ index (PMI) came in at 49.8 in September, up from 49.7 for August after two months of decline in a row, according to data released by the ... Read More »

Thailand inks AIIB agreement

BEIJING: Thailand signed the Asian Infrastructure Investment Bank (AIIB) Agreement here Tuesday, the Chinese Ministry of Finance (MOF) announced Wednesday. Thailand is the 52nd of 57 prospective founding members to sign the document. The others are still waiting for administrative approvals at home. After signing the agreement, all of the 57 members must get the green light from their legislatures ... Read More »

China targets huge solar-thermal power project

BEIJING: China is planning a series of solar-thermal power pilot projects to help develop the technology. The industrial scale of solar thermal power needs to be expanded, and an industrial chain on thermal equipment manufacturing and processing should be established, according to an announcement by the National Energy Administration (NEA) on Wednesday. To achieve that, the statement demanded, the pilot ... Read More »

WTO cuts forecast for world trade in 2015 from 3.3% to 2.8%

BEIJING: The World Trade Organization on Wednesday cuts its forecast for world trade in 2015 from 3.3 percent to 2.8 percent, and said it could be further reduced by a US interest-rate rise, China’s economic slowdown or Europe’s refugee crisis. The forecast means 2015 will be the fourth year in a row with trade growth of less than 3 percent, ... Read More »

Sudan, Saudi Arabia ink deal to finance $100m worth petroleum import

RIYADH: The Sudanese government and the Saudi Fund for Development (SFD) signed two agreements on Tuesday to finance imports of petroleum products worth $100 million and fertilizers for $71 million. The Sudanese capital Khartoum and other cities have witnessed several fuel shortages in recent years especially in gasoline which affects public transportation and the agricultural season in a number of ... Read More »

Russia export increases 31% in 2013-14

MOSCOW: Summirizing the results of the 2014/15 season, the Russian Federation has exported 324 KMT of oilseed flax, which is 31% higher than in the 2013/14 season (247 KMT). Export growth stems from a 21% increase in gross yield, importers being interested in the crop, favorable prices and the attraction of receiving foreign currency revenue amid the instability of the ... Read More »

Bangladesh exports surplus $818m in July

  DHAKA: Bangladesh’s current account surplus in the first month of the current 2015-16 fiscal year dwindled, hit by slump in exports and inward remittance, a central bank official said Sunday. The Bangladesh Bank (BB) official told Xinhua that the current account balance showed a surplus of 818 million U.S. dollars in July, the first month of the current fiscal ... Read More »

Iran, Oman to boost national revenues, economy

MUSCAT: Yahya bin Said Al Jabri, Chairman of the Omani Special Economic Zone Authority at Duqm, said a three year tax exemption and 100 percent ownership will be granted to Iranian investors, Iran’s Fars news agency reported Sept. 28. He made the remarks in a meeting with the chairman of Tehran Chamber of Commerce, Industries, and Mines. Oman does not ... Read More »

Saudi, China agree to boost bilateral economic ties

RIYADH: They will also activate agreement to prevent entry of counterfeit and contraband goods Saudi Arabia and China have agreed to boost bilateral economic ties and launch additional joint investments in the kingdom. They will also activate an already-signed agreement to prevent the entry of counterfeit and contraband goods. The two countries have signed a new agreement in which they ... Read More »

Total 121,000 men arrested in Iran for drug smuggling

TEHRAN: Some 121,000 people were detained for drug smuggling in Iran for the first six months of the Iranian calendar year (which started March 20), the news website of the Iranian television IRIB News reported Sept. 29 with reference to Ali Moayedi, the brigadier general, the head of the anti-drug division of Iran’s police. He said that some 1,300 groups ... Read More »

Customs recovers Rs 6.54m evaded tax from Paramount Spinning Mills, court told

KARACHI: Pakistan Customs’ investigation officer has informed the Special Customs Taxation and Anti-Smuggling Court that Rs 6.54 million out of Rs 6.75 million in terms of of evaded customs duty and taxes has been recovered from M/s Paramount Spinning Mills Limited after lodging an FIR against it. Investigation officer Syed Abbas Raza told the court that the company has forwarded demand draft ... Read More »

Multan Customs Intelligence impounds truck, smuggled items worth Rs 9.7m

MULTAN: The Customs Investigation and Intelligence Multan has confiscated smuggled tyres, alloy rims and zinc ingots along with a truck in an operation. As per details, the Customs Intelligence and Investigation Multan, following credible information, intercepted a truck in its jurisdiction. The team recovered smuggled tyres, alloy rims and zinc ingots and asked the driver to produce the documents regarding the ... Read More »

Faisalabad Customs Intelligence impounds smuggled vehicle worth Rs 2m

FAISALABAD: The Customs Investigation and Intelligence has impounded a non-duty paid trailer worth Rs 2 million involving duty/taxes amounting to Rs 798,486 here in Sargodha. The team, acting upon information received through the Additional Director Azmat Tahira, conducted a raid to impound the smuggled vehicle in the region. The team intercepted a truck bearing Registration No. K-004 on  Sargodha road and ... Read More »

Customs directed to expand investigations in clearance of consignments on fake documents

ISLAMABAD: Special Judge of Customs Taxation and Anti-Smuggling Judge Rana Aftab has directed customs officials to include the Shah Clearing Agency, whose employees were detained by customs on clearance of consignment through fake delivery orders and gate passes, into investigation. As per details, customs official had arrested three employees of the clearing agency for their alleged involvement in the clearance ... Read More »

Sialkot ASO impounds non-duty paid Toyota Vitz

SIALKOT: The Customs Anti-Smuggling Organization (ASO) Sialkot has impounded non-duty paid used Toyota Vitz car worth Rs 765,000. Source said that ASO officials intercepted a vehicle in its Jurisdiction and asked the driver to show the documents regarding the legal import of the vehicle. However, he failed to produce documentary evidence and the customs officials impounded the car. The sources said ... Read More »

SHC seeks comments from Sindh Revenue Board on Rs 27m tax notice

KARACHI: The Sindh High Court (SHC) on Wednesday directed the officials of Sindh Revenue Board to file comments on a petition of Noarsh Shipping Services (Private) Limited through which it challenged SRB’s notice for recovery of Rs 27 million tax. Noarsh Shipping submitted that it was issued a show-cause notice by SRB, informing it that the services being provided by it ... Read More »

Gwadar Customs seizes contraband items worth Rs 70.53m in Sept: AC Tausif Gurchani

KARACHI: Model Customs Collectorate (MCC) Gwadar has been making all out efforts to curtail smuggling of non-duty paid and contraband items in the area. Even on gazetted holidays officers and officials of the collectorate stay alert. Assistant Collector MCC Preventive Gwadar, Tausif Aman Gurchani told that as a result of this strategy in the month of September, 2015 only the ... Read More »

ASO foils bid to smuggle 9kg charas

KARACHI: The Model Customs Collectorate (MCC) Preventive’s Anti-Smuggling Organization (ASO) has foiled a bid to smuggle nine kilogram of superior quality hashish worth millions of rupees in the international market. According to the officials, the staff of ASO intercepted a passenger bus coming from Balochistan. The authorities recovered 9 kg of superior quality hashish concealed in cavities of the bus. ... Read More »

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