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SHC seeks reply from customs on blocking WeBOC ID of carrier

KARACHI: The Sindh High Court (SHC) has sought comments from the Pakistan Customs in response to a petition of customs bonded carrier against blocking of its Web Based One Customs (WeBOC) user ID. Petitioner, M/s Docks (Private) Limited, through its director Arbab Khan ,has taken the Secretary Revenue Division and collector WeBOC to the court for blocking its user ID. ... Read More »

Customs Intelligence reshuffles BS-16 officials

LAHORE: The Directorate of Investigation and Intelligence, Customs Lahore has under taken large scale transfers of officials of BS-16, including superintendent, deputy superintendents and inspectors. The officials were strength of Model Customs Collectorate Preventive, Lahore and temporarily serving the directorate due to the shortage of staff, sources told Customs Today. Superintendent Nasir Minhas, Munawar Khan and Fiaz Ahmad have been ... Read More »

Hyderabad ANF recovers 6kg charas; arrests two drug peddlers

HYDERABAD: The Anti-Narcotics force (ANF) has confiscated 6 kilograms chars in different action in Hyderabad and arrested two drug peddlers. As per details, ANF teams following the instructions of Anti-Narcotics Force Hyderabad region’s head Ghulam Abbas Memon, raided different area of Hyderabad city and recovered drug from the possession of the accused having value in hundreds of thousands. The ANF ... Read More »

FBR to start campaign against non-taxpayers of electronics dealers

ISLAMABAD: Directorate of Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) has decided to start campaign against non-taxpayers of electronics dealers . According to sources, Directorate of Intelligence and Investigation Inland Revenue has received information that most of the electronic dealers are involved in tax evasion, these dealers has large scales of electronic businesses but they submit ... Read More »

KPK businessmen hail installation of Electronic Weighbridge at Peshawar Dry Port

PESHAWAR: The business community and exporters has appreciated the installation of electronic Weighbridge at Peshawar Dry Port and termed it a vital step for the facilitation of exporters and importers. It was the most awaited demand of the business community and importer and exporters of Khyber Pakhtunkhwa, the Customs authorities have installed a fully electronic Weighbridge at Peshawar Dry Port, ... Read More »

Hong Kong airport police seize HK$1.9m in cocaine

HONG KONG: Three suspected drug traffickers were arrested at Hong Kong International Airport after suspected cocaine worth HK$1.9 million was discovered concealed in three eagle-shaped concrete sculptures, police said yesterday. The three men were detained when they collected the parcel, mailed from South America earlier this week, at the airport’s cargo terminal on Chun Wan Road on Thursday afternoon. It ... Read More »

Dar directs SECP for release of 2008 stock market crisis report

ISLAMABAD: The Chairman, Securities and Exchange Commission of Pakistan (SECP) here on Saturday briefed the Federal Minister for Finance, Senator Mohammad Ishaq Dar, on the progress regarding the demutualization of the stock exchanges. The minister was informed about the background of the demutualization of the cxchanges and requirements stipulated in the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 in ... Read More »

Chinese yuan devaluation threatens to Indian exports

BEIJING: The surprise move by China to devalue its currency is a threat to the pace of India’s exports, according to analysts. Indian exports have already been under pressure and the devaluation of the Chinese yuan is “leading to a further widening of trade competitiveness for Indian exporters”, said Devendra Kumar Pant, the chief economist at India Ratings and Research, ... Read More »

SECP Board discusses policy matters

ISLAMABAD: Securities and Exchange of Pakistan’s Policy Board meeting was held on Saturday to consider various policy matters and issues brought for its consideration. Federal Secretary, Finance and Revenue and Chairman, SECP Policy Board, Dr Waqar Masud chaired the meeting. The major issue presented for the information and approval of the Policy Board was the Shamim Ahmad Khan’s Committee’s report ... Read More »

FBR launches income tax return form for Tax Year 2015

ISLAMABAD: The Federal Board of Revenue (FBR) has prepared income tax annual return form for Tax Year 2015 by incorporating necessary legal changes and suggestions of business community and of professional bodies. The new income tax returns for all taxpayers are uploaded on FBR’s website www.fbr.gov.pk. Taxpayers are to use these returns for filing their annual income tax returns due ... Read More »

Agricultural Bank of China expands farming finance service to better serve rural businesses

BEIJING: Agricultural Bank of China Ltd will expand its farming finance policy to all of its county branches to better serve rural businesses. As China’s fourth largest lender by assets, Agricultural Bank launched a special service for rural communities in 2008. It now covers sub-branches in 19 provinces or 72 percent of the bank’s county-level outlets. “A total of 2,089 ... Read More »

Serbian experts fear damages due to lesser exports from Russia

BELGRADE: Serbia will experience damages instead of expected benefits from the trade war between Russia and the European Union, says agriculture expert Miladin Sevarlic. Sevarlic, who works for the Belgrade Institute of Economic Sciences stated on Wednesday trade with Russia has already dropped by a fifth since the beginning of the year. The drop in the value of the Russian ... Read More »

Xiamen customs seizes 88 luxury goods from Amsterdam-Xiamen flights

BEIJING: 53 luxury goods, bearing the trademark labels LV, PRADA, and GUCCI, were seized from the luggage of a Chinese male passenger who did not make customs declaration after arriving at Xiamen Gaoqi International Airport on Xiamen Airlines’ Amsterdam-Xiamen flight MF812. Xiamen Gaoqi Airport Customs seized a total of 88 luxury goods including handbags, wallets, leather belts and shoes in ... Read More »

Thai Union Q2 net profit drops 7.2% despite strong European showing

BRUSSELS: Thai Union Frozen Products reported a drop in Q2 net profit, despite a growth in sales stemming from the addition of recently acquired Meralliance, King Oscar and Orion Seafood International. The Bangkok, Thailand-based company — which owns the John West and Petit Navire tuna brands in Europe and Chicken of the Sea in the US — reported net profit ... Read More »

Iran chamber to hold 17th exports exhibition in Armenian capital

TEHRAN: Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) says the country is planning to hold its 17th exports exhibition in the Armenian capital city of Yerevan. A statement released by ICCIMA on Tuesday noted that Iran’s 17th exports exhibition in Yerevan will be held concurrent with Armenia’s Panarmenian Expo 2015 in early fall. It added that this year’s ... Read More »

Iran to dispatch 2 trade delegations to Italy by next 2 months

TEHRAN: Iran will dispatch two trade delegations to Italy by the next two months, according to Iran-Italy Joint Chamber of Commerce’s Chairman Ahmad Pourfallah. Pourfallah said Italy can have a good cooperation with Iran in supplying steel industry’s equipment, household appliances and leather products as well as in weaving sector. Italy was the leading European trading partner of Iran before ... Read More »

China fixed-asset investment grows 11.2% to $4.5tn in first 7 months

BEIJING: China’s fixed-asset investment grew 11.2 percent year on year to 28.85 trillion yuan ($4.5 trillion) in the first 7 months of 2015, official data showed. The growth retreated from 11.4 percent registered in the first half and much lower than 17 percent in the corresponding period of last year, the National Bureau of Statistics (NBS) said on Wednesday. The ... Read More »

China’s industrial output jumps 6% in July

BEIJING: China’s value-added industrial output expanded 6 percent year on year in July, down from 6.8 percent for June, the National Bureau of Statistics (NBS) said here the other day. The decline in output growth ended a trend of steady recovery reported in the second quarter of this year. NBS statistician Jiang Yuan attributed the drop mainly to flagging external ... Read More »

China retail sales grow 10.5% to $383.8b in July

BEIJING: China’s retail sales grew 10.5 percent year on year to 2.43 trillion yuan ($383.8 billion) in July, slightly down from 10.6 percent growth recorded in June, official data showed Wednesday. In the first seven months, retail sales grew 10.4 percent, the National Bureau of Statistics said. Growth in rural areas continued to outpace that in cities. Sales in rural ... Read More »

China’s fiscal expenditure rises 24.1%  to $201b in July

BEIJING: China’s fiscal expenditure rose 24.1 percent year on year to 1.27 trillion yuan ($201 billion) in July, the Ministry of Finance announced on Wednesday, signaling governmental efforts to stimulate economic activity. Total fiscal spending in the first seven months amounted to 9 trillion yuan, up 13.4 percent year on year, with spending on social security and employment up 21.4 ... Read More »