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FBR to provide soft data of taxpayers to AGP

KARACHI: The Federal Board of Revenue (FBR) has decided to forward all soft data of taxpayers to the auditor general of Pakistan (AGP). Sources told Customs Today that during a meeting, the FBR authorities and member Customs agreed that the data of taxpayers, which is already in the custody of post-clearance audit department of the FBR, would be forwarded to the ... Read More »

LCCI holds seminar to create awareness against hepatitis

LAHORE: Chronic liver diseases are no more a big problem for the mankind as hundreds of liver transplants have been performed in South Asia. This was stated by the World renowned Indian Liver Transplant expert Dr. A.S. Soin while addressing a seminar on “Awareness against – Hepatitis Epidemic” jointly organised by the Lahore Chamber of Commerce and Industry and Liver Care ... Read More »

Switzerland, Germany agree deal on cross-border banking

BERN: Switzerland and Germany have reached an agreement on the provision of cross-border banking services. The agreement clarifies issues regarding the delayed implementation of the 2013 bilateral Memorandum on the cross-border provision of financial services. As a result, Swiss banks are now eligible to apply under the simplified authorization regime to be offered by Germany’s Federal Financial Supervisory Authority (BaFin). ... Read More »

Iran plans to boost trade relationship with world powers

TEHRAN: Iran on Thursday outlined plans to rebuild its main industries and trade relationships following a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020. Iran’s Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with ... Read More »

China’s CSCEC to construct a 600-MW coal-fired power plant in Zimbabwe

BEIJING: A Zimbabwean independent power producer contracted China State Construction Engineering Corporation (CSCEC) to construct a 600-MW coal-fired power plant in the country’s northwestern region to ease its chronicle power shortages. Construction of the phrase one of the Lusulu power plant, to begin in early 2016, will cost $1.1 billion, according to the contract. CSCEC was awarded the engineering, procurement ... Read More »

China’s first HMO product introduced in Shanghai to coordinate health-care facilities

BEIJING: China’s first Health Maintenance Organization (HMO) product was introduced in Shanghai here the other day, aiming to provide better health care in a more efficient way. The first HMO product, introduced by Valurise Clinic Care Network, is designed to coordinate health-care facilities to reduce unnecessary and inappropriate medical treatment, according to the company’s top management. A report by the ... Read More »

China’s urban unemployment rate falls to 4.04% in June

BEIJING: China’s job market has remained stable despite prolonged weakness in economic growth, the latest data showed here the other day. China’s registered unemployment rate in urban areas stood at 4.04 percent at the end of June, edging down from the 4.05 percent seen in March, the Ministry of Human Resources and Social Security (MHRSS) said here the other dayy. ... Read More »

Tmall to boost supermarket sales with massive national discount campaign

BEIJING: Tmall.com, e-commerce giant Alibaba Group Holding Ltd’s business-to-customer platform, is aggressively boosting its online supermarket offering with a massive national discount campaign, starting in Beijing. Experts said the move is expected to pose a major threat to rivals in the country’s nascent online superstore market, such as Wal-Mart Stores Inc’s yhd.com. Hangzhou-based Alibaba is offering cash incentives of as ... Read More »

China’s crude oil imports from Iran fell in May to their lowest levels in four months

BEIJING: China’s crude oil imports from Iran fell in May to their lowest levels in four months, official customs data showed on Tuesday, as overall crude imports dropped during the traditional maintenance season. China’s imports from Iran were 2.20 million tonnes last month, or 518,400 barrels per day (bpd), down 26.7 percent from April’s 707,400 bpd and down 31.6 percent ... Read More »

Saudi Tadawul shares down 0.09% to close at $56.23 barrel

RIYADH: Saudi Arabia stocks were lower after the close on Thursday, as losses in the Transport, Petrochemicals and Industrial Investment sectors led shares lower. At the close in Saudi Arabia, the Tadawul All Share declined 0.09% to close at $56.23 a barrel. The best performers of the session on the Tadawul All Share were United Cooperative Assurance Co (SE:8190), which ... Read More »

Dark matter acts uncannily like particles found in the 1930s, study

CANADA: According to new study, dark matter may not be as exotic as we’ve been led to believe. In fact, it may act remarkably similar to ‘pions’ – subatomic particles that were discovered back in the 1930s – and knowing this may finally help us detect the mysterious matter, which accounts for 85 percent of the Universe’s mass. Despite the ... Read More »

Russian MICEX down 0.17% to close at 62.230pts

MOSCOW: Russia stocks were lower after the close on Wednesday, as losses in the Power, Telecoms and Oil & Gas sectors led shares lower. At the close in Moscow, the MICEX fell 0.17%. The best performers of the session on the MICEX were Magnit (MCX:MGNT), which rose 3.77% or 442.0 points to trade at 12177.0 at the close. Meanwhile, Severstal ... Read More »

Conference on trade between Iran, EU scheduled in Vienna today

TEHRAN: Representatives of 70 Iranian companies, led by Industry, Mining, and trade Minister Mohammad-Reza Ne’matzadeh, will participate in the Iran-EU conference on trade and investment, which will be held in the Austrian capital Vienna from July 23 to 24. The Iran-EU conference is the first post-sanction economic conference between Iran and the European Union, aiming to review economic ties and ... Read More »

Chinese coal trade projects to drop 1% YoY

BEIJING: Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The driving force behind the slump has been a collapse in Chinese seaborne coal imports, which fell 40% y-o-y in the first five months of the year. This month’s Commodity Countdown explores the cause and ... Read More »

CICC revenue hits 1.7b yuan in Q1

BEIJING: China International Capital Corp, the country’s top domestic investment bank, said its first-quarter profit doubled due to a jump in fees and commissions, as stock trading in mainland markets soared ahead of its planned Hong Kong listing. CICC’s net profit rose to 356.8 million yuan (US$57.4 million) on revenue of 1.7 billion yuan in the three months through March, ... Read More »

China’s eHi Car Services receives $242m in financing

SHANGHAI: NYSE-listed Chinese car rental firm eHi Car Services announced here the other day that it had reached a deal with a Chinese policy lender for $241.5 million of funding. The deal with China Development Bank (CDB), one of China’s three policy lenders, will allow eHi to receive 1.5 billion yuan in credit through multiple financial instruments for five years. ... Read More »

China invests $43.3b in domestic railway construction in H1

BEIJING: China has invested more than 265.1 billion yuan ($43.3 billion) in domestic railway construction in the first half of the year, up 12.7 percent from one year earlier, China Railway Corporation said here the other day. In the first six months, an additional 2,226 km of new railway lines were put into service, the company said in a statement ... Read More »

China’s CRRC inks agreement with HK MTR to supply 93 eight-car trains

BEIJING: China’s CRRC Corp Ltd is going to produce subway cars for Hong Kong’s railway operator, in its largest subway car deal. CRRC subsidiary CSR Qingdao Sifang Co Ltd signed a contract valued at 4.84 billion yuan ($790 million) with MTR Corporation to supply 93 eight-car trains, a CRRC statement said here the other day. Featuring modern systems and equipment, ... Read More »

Candia eyes on Chinese market

BEIJING: French milk producer Candia, part of the dairy cooperative Sodiaal Group, is looking to make inroads into the high-end dairy products market in China, with an eye on the nation’s growing demand for imported products. Candia formally entered the Chinese market on Tuesday in Hangzhou, Zhejiang province, by teaming up with Zhejiang Native Produce and Animal By-products I/E Group. ... Read More »

Customs PCA detects 16 tax evasion cases in 15 days of July

KARACHI: The Directorate of Post Clearance Audit (PCA) of the Customs Karachi has detected at least 16 cases of tax evasion of worth more than Rs 6 million in just 15 days of July, it is learnt. The director, PCA, Karachi Gul Rehman has detected some 16 cases of tax evasions of various nature under different PCT codes from July ... Read More »