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Dar discusses his forthcoming visit to US with Finance Ministry officials

ISLAMABAD: Federal Finance Minister Ishaq Dar here on Wednesday presided over a meeting of Finance Ministry officials to discuss his forthcoming visit to the USA where he would be holding bilateral meetings with a view to seek enhancement in overall Pak-US economic cooperation. These meetings are likely to take place in US Treasury, US State Department as well as USAID. ... Read More »

Bangladesh customs seizes cocaine at Chittagong port

DHAKA:  Bangladeshi authorities have confirmed that cocaine was hidden in a shipment of edible oil seized in the port city of Chittagong. The authorities confirmed the findings on Tuesday after 107 barrels were seized earlier in the year — reportedly the largest shipment of “liquid cocaine” ever retrieved — but said they were not sure exactly how much cocaine had ... Read More »

Port of Shanghai introduces fleet of electric trucks purchased from EDI

BEIJING: The Port of Shanghai announced the introduction of a fleet of plug-in hybrid electric vehicle (PHEV) trucks which it purchased from US company Efficient Drivetrains Inc (EDI) in collaboration with truck manufacturer Shaanxi Automotive. The trucks, which are specifically designed for port conditions, are expected to provide significant fuel saving and emissions reduction without affecting power and performance. Joe ... Read More »

Saudi Arabia faces cut in spending as oil prices fall: FM

RIYADH: Saudi Arabia will cut spending and delay some state projects after the recent decline in the price of oil, Finance Minister Ibrahim al-Assaf said. He said the country was in a good position to manage low oil prices. Saudi Arabia, the world’s largest oil exporting country, has maintained its production levels despite a collapse in the price of oil. ... Read More »

China soybean imports hit 7.78mt: Customs data

BEIJING: China imported 74.12 million tonnes of iron ore in August, down 14 percent compared to the previous month, the country’s customs authority said on Tuesday. Soybean imports hit 7.78 million tonnes, down from a record 9.5 million tonnes in July, the General Administration of Customs said. Crude oil imports reached 26.59 million tonnes, up 5.55 percent compared to the ... Read More »

Total export drops 2.3% in July 2015: Chinese Export Center

BEIJING: Capital controls inflicted a heavy blow on imports and exports in July, the first month of their imposition, which points to a further reduction in industrial output and exports in the coming months. According to the Panhellenic Exporters Association and its Exporting Research Center, based on data from the Hellenic Statistical Authority (ELSTAT), the total value of exports in ... Read More »

China exports trade decline 5.5% in August

BEIJING: China’s trade picture remained grim in August, denting hopes that the shaky global economic recovery could regain its poise. China’s dollar-denominated exports declined by 5.5 percent year-on-year in August, while imports slid 13.8 percent, producing a trade surplus of $60.24 billion. China’s foreign trade activity has weakened dramatically in recent months. Exports have been hit by sluggish global demand, ... Read More »

Iran to boost steel exports to encourage domestic industry

TEHRAN: Any global steelmakers hoping a potential end to sanctions on Iran will fully revive what was once a multi-billion dollar import market for their product will be disappointed as Tehran is boosting local output and expects its own exports to grow. The Islamic nation’s drive to more than triple production to 55 million tonnes by 2025 is not all ... Read More »

Iran keens to increase shipping of natural gas to Spain

TEHRAN: Iran hopes to bring its gas to the European Union by shipping liquefied natural gas (LNG) to Spain, Iran’s oil minister was quoted as saying on Monday at a news conference with his Spanish counterpart in Tehran. Iran has no ability to freeze its gas into LNG for tanker exports beyond the reach of pipelines, after several projects stalled ... Read More »

Iran petrochemical exports reach $5.7b in 5 month

TEHRAN: In the first five months of this (Iranian) year (started March 2015), 8.205 Mln tons of gas condensates and 9.993 Mln tons of petrochemical products have been exported. Hassan Alidousti, general manager of Iran Customs Administration export office, stated the above and pointed out that in the said period the gas condensates exports rate has decreased 5% weight-wise, and ... Read More »

46 Inland Revenue officers of BS 18-19 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 46 Inland Revenue Service officers of BS 18-19 with immediate effect. According to the notification, the transferred officers who are drawing performance allowance, will continue to draw this allowance on the new place of posting. All the officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or ... Read More »

Denmark seeks enhance trade ties with Pakistan

ISLAMABAD: For the first time ever, seven Pakistani textile companies will be participating in a delegation visit to Denmark for new business opportunities and partners. The visit has been arranged and supported by the Trade Council of the Embassy of Denmark in Pakistan in collaboration with the Danish Fashion and Textile Association. Assar Qureshi, Commercial Counsellor of the Danish Embassy, ... Read More »

S. Korean bank to finance $5b project in Iran

TEHRAN: The Export-Import Bank of South Korea (Korea Eximbank) said it could offer financing, worth $5 billion, on building hospitals and pharmaceutical centers in Iran. Korea Eximbank signed a memorandum of understanding in Seoul with the Organization for Investment, Economic and Technical Assistance of Iran. South Korea’s export credit agency pledged to provide financial support to Korean firms trying to ... Read More »

Bangladesh customs seizes hardware equipment at Dhaka airport

DHAKA: Hardware worth Tk 100 million for VoIP operations has been confiscated at the Shahjalal International Airport in Dhaka. Customs intelligence seized the equipment, which can be used for international call terminations through an IP-based network, from the air-freight unit on Monday. “On Aug 10, a total of 118 cartons arrived from Hong Kong. After waiting for 21 days for ... Read More »

Russian trade ministry to ban loans in foreign currencies

MOSCOW: Many large developers took loans out for their projects in foreign currencies and, if rental rates are tied to the ruble, they could experience problems servicing such loans. Russia’s Trade and Industry Ministry has prepared legislation that would ban the use of foreign currencies in commercial lease deals. The amendments to the Civil Code would put tenants and property ... Read More »

China exports fall 6.1% to $188b in Aug: Customs data

BEIJING: China continued to show weakness in its economy as Customs reported Tuesday that the country’s exports fell 6.1 percent year-on-year to 1.20 trillion yuan (around $188 billion) in August. But the drop was slightly ahead of the median forecast of a 6.6 percent decline in dollar terms in a survey of economists by Bloomberg News, and an improvement from ... Read More »

Russian wood exports increase by 8% to $628.6m in July 2015

MOSCOW: For the first seven months of 2015 total volume of wood pulp exports from Russia increased by 14.4%, to 1.19 million tons year-over-year, as Federal Customs Service of Russia said in the press release received by Lesprom Network. The volume of Russian exports of newsprint for the reporting period amounted to 657.3 thousand tons, 5.4% lower than a year ... Read More »

Russia, Ukraine sign agreement on trade under EU auspices

MOSCOW: Negotiations between the European Union, Ukraine, and Russia regarding the trade aspect of the Ukrainian-EU Association Agreement are being held in Brussels today, September 7, 2015. Ukrainian Deputy Minister of Economic Development and Trade and Trade Representative Natalia Mykolska confirmed the scheduling of the talks. “We are preparing for talks,” said Mykolska, in advance of the negotiations. “Meanwhile, we ... Read More »

Customs Intelligence seizes contraband items worth Rs 18.4m

LAHORE: The Customs Investigation and Intelligence Lahore has seized contraband goods and articles worth Rs 18.4 million in two different cases, official sources told Customs Today on Tuesday. The sources said that on the instructions of Customs Intelligence Director Imran Saud the staff of the intelligence, during persistent anti-smuggling activities, intercepted two trucks TAD-264 and LOT-7702 which were coming from ... Read More »

DG Customs Valuation determines customs values of ceramics, porcelain tiles

KARACHI: The Directorate General of Customs Valuation has determined the customs values of household appliances through Valuation Ruling No 758/2015. The customs values of ceramics and porcelain tiles were determined under Section 25-A of the Customs Act, 1969 vide Valuation Ruling No 538/2013 dated 16-1-2013. The importers of tiles have repeatedly agitated against the higher determination of values and requested ... Read More »

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