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Embezzlement of Rs 76 million: NAB KPK to produce five suspects in court

PESHAWAR: NAB Khyber Pakhtunkhwa has arrested Gulzar-ur-Rehman, the then Divisional Forest Officer Chitral, presently working as Assistant Professor Forest College Peshawar, Prince Khalid Pervez, Member District Council Chitral, Noor Shahideen , Rehmat Karim and Malak Shaye, who were allegedly involved in embezzlement of Rs 76 million by depriving the genuine beneficiaries of their forest royalty in connivance with each other. On ... Read More »

Foreign Direct Investment across SAARC region can accelerate economic growth: Dar

KATHMANDU: Federal Minister for Finance Ishaq Dar has said that  due to Pakistani government strong economic policy foreign investment is increasing in the country. Addressing the 7th SAARC Foreign Minister’s Conference, he said as we all understand, our region is endowed with vast natural and human resources. Our rich heritage and our combined resources lend us vast potential for development ... Read More »

Process Control Laboratories should be established in Sialkot: WWF

SIALKOT: The best water management practices (BWMPs) experts of WWF have urged the Sialkot based tanners to give up the necessary use of water and chemicals in their leather tanneries for reducing the environmental pollution caused by their tanneries in Sialkot, saying that the unnecessary usage of the water has increased the water consumption to maximum level in Sialkot here. ... Read More »

Customs foils bid to smuggle hawks to UAE

KARACHI: The Model Customs Collectorate at Gwadar has successfully foiled an attempt to smuggle 11 hawks to United Arab Emirates. The prices of these hawks are in millions of rupees. Sources told Customs Today that they received credible information that 11 hawks are being smuggled to the United Arab Emirates through Jiwani. After receiving the information, a Customs Marine Squad intercepted the ... Read More »

Court to start proceedings of Ayyan Ali money laundering case today

ISLAMABAD: A three-point charge-sheet has been prepared against super model Ayyan Ali in currency smuggling case, it is learnt. According to sources,  Lahore High Court Rawalpindi bench will start proceedings against super model Ayyan Ali in currency smuggling case on August 21, 2015 (today). In the charge-sheet the accused was charged with attempting to smuggle $500,000 to Dubai. While sources added ... Read More »

FBR to take action against owners of buildings rented out to foreign missions

KARACHI: The Federal Board of Revenue (FBR) is all prepared to take action against owners of buildings rented out to foreign missions. Sources told Customs Today that the FBR has received credible information that the owners of these buildings are receiving huge amount as rent but avoiding to pay taxes. These sources further revealed that a special committee constituted by the FBR has ... Read More »

KCCI slams upward revision of K-electric’s tariff for residential consumers

KARACHI: President of the Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Vohra has vehemently criticized the government for giving go ahead to K-Electric to raise its electricity tariffs for residential consumers which varies from 19 percent to 30 percent under various slabs for residential consumers and has become effective from July 14, 2015. “This unjust hike appeared in ... Read More »

Turkish private sector apprised of investment opportunities in Pakistan

ANKARA: The visiting delegation from the Punjab, led by Minister for Mines and Minerals Sher Ali Khan, continued its high-level contacts on the second day of its visit to Turkey. The delegation had a detailed meeting with Turkish Minister for Forestry and Water Management Prof. Dr. Veysel Eroğlu. The Turkish Minister assured all possible support for increased Turkish investment in ... Read More »

Emerging Markets rout spreads to US Stocks as Gold Rallies

NEW YORK: The rout in emerging-nation assets spread to developed markets, as stocks tumbled around the world and demand for havens spiked on intensifying concern that global growth is slowing. Kazakhstan became the latest country to stop defending its currency, as developing nations struggle to overcome plunging prices for commodity exports. The selloff spread to U.S. equities, wiping out the ... Read More »

Tenth session: Pak-Afghan JEC to meet on August 24

ISLAMABAD: The tenth session of Pakistan-Afghanistan Joint Economic Commission (JEC) is going to hold on August 24 here in Islamabad wherein different suggestion to be considered to raise the bilateral trade volume. In this session, high officials of both countries from trade, commerce and revenue departments will participate. However, Federal Board of Revenue Chairman Tariq Bajwa has also been invited ... Read More »

China to set record of diesel shipments amid weaker yuan

BEIJING: China is set to add to recent record diesel shipments as refiners take advantage of a lower yuan and export fuel into a market already suffering from oversupply and falling margins. A weaker yuan makes Chinese exports more competitive and could help refiners such as Sinopec and Petrochina shed excess diesel as local demand falls amid an economic slowdown ... Read More »

FBR chief orders field formations to persuade high-income doctors, lawyers to pay taxes

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to bring professional doctors and lawyers in the loop of taxpayers who charge large fees but avoid to pay taxes. Sources told Customs Today that FBR Chairman Tariq Bajwa has also passed strict directions in this regard to all field formations of Inland Revenue. In his directives, the chairman asked the field formations to collect ... Read More »

China port operators revenue fall in H1

JINAN: Listed port operators along China’s east coast have reported disappointing data for the first half of 2015 amid the country’s declining foreign trade. The revenue of Jinzhou Port, in Northeast China’s Liaoning province, decreased 2.74 percent year on year, with profit down 15.83 percent. Rizhao Port, in the eastern province of Shandong, saw its revenue drop 15.74 percent from ... Read More »

Iranian customs official to promote export instead of import

TEHRAN: Expediency Council Chairman Ayatollah Akbar Hashemi Rafsanjani in Tehran on Sunday called for planning to promote exports while controlling imports. ‘Instead of paying attention to imports, plans should be made for increasing exports,’ Rafsanjani told a group of officials of the Customs Administration. Rafsanjani said Iran enjoying rich resources, especially efficient workforce, has the capacity to promote exports. He ... Read More »

Bangladesh authorities seize 167,000 Yaba pills

DHAKA: Law enforcers have seized nearly 167,000 Yaba pills during raids in Dhaka and from an ambulance at a check post in Cox’s Bazar. They also nabbed five people during the raids on Monday night. Police raided parts of Dhaka’s Jatrabarhi early on Monday recovering 117,000 pills, DMP Additional Deputy Commissioner SM Jahangir Alam Sarkar told He, however, declined ... Read More »

Iranian gas delivery to EU via Azerbaijan easier than direct export

TEHRAN: An Iranian official says the Islamic Republic and Azerbaijan have been talking on transiting gas to Europe. Azerbaijani and Iranian officials have in recent weeks discussed in Tehran ways to export Iran’s gas to Europe via Azerbaijan, the Fars news agency quoted an unnamed official as saying Aug. 18. Recently, on Aug. 4, an Azerbaijani delegation headed by Economy ... Read More »

Iran’s pistachio exports 16,000t to 46 countries

TEHRAN: During the first four months of the current Iranian calendar year (started on 21 March, 2015), Iran exported more than 16,000 tons of pistachio to the tune of $135 million to 46 countries across the world, showing a fifteen-fold rise compared to the same period last year. In terms of weight, pistachio exports rose by nine folds in the ... Read More »

Solexel keens to invest capital in Saudi Arabia

RIYADH: Solexel, a leading US-based producer of high-performance solar PV technology, has finalised a round of financing that included Riyadh Valley Company, the venture capital investment arm of King Saud University of Saudi Arabia. Through investor introduction services provided by naseba, the investment will be used to help transition Solexel into revenue, said a statement. Solexel’s innovative high performance, lightweight ... Read More »

Contraband cheese makers held in Russia

MOSCOW: Russian police have arrested an international criminal gang for producing contraband cheese worth some $30 million using banned Western ingredients. Russian officials are currently waging war against produce from the West prohibited under a year-old embargo introduced in retaliation for sanctions on Moscow over Ukraine. Authorities earlier this month started bulldozing piles of cheese, peaches and even frozen geese ... Read More »

Russian police seize 470 tons of smuggled cheese

MOSCOW: A cheese-smuggling gang that netted around $30 million by illegally importing the foodstuff has been smashed, Russian police said here the other day. Some 470 tons of cheese was seized during the raid, according to a statement from Moscow police. If convicted, six suspects face up to a decade behind bars. President Vladimir Putin’s government introduced a Prohibition-style ban ... Read More »