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China, Africa ready to boost industrial cooperation

BEIJING: Officials from China, Africa, and the World Bank (WB) pledged efforts to strengthen industrial cooperation between China and Africa to boost the continent’s economic development at a two-day investment forum held in Addis Ababa, the capital of Ethiopia. Chinese Deputy Minister of Finance Liu Jianhua said as Chinese businesses are investing abroad and African countries are attracting foreign capital, ... Read More »

BOC plans to extand credit  $100b for three years

BEIJING: Bank of China Ltd plans to extend more credit to local enterprises and further expand its overseas businesses to take advantage of opportunities arising from the Belt and Road Initiative. The State-owned lender plans to extend credit of $20 billion this year and scale it up to $100 billion in three years, according to top officials from its Chongqing ... Read More »

Iranian crude imports reach at highest level in May

TEHRAN: Asian imports of Iranian crude rose to the highest level this year in May, although buyers may have to curb any further increases if negotiators up against a deadline fail to reach a final deal on Tehran’s disputed nuclear programme. A deal between Iran and six world powers would resolve a 12-year standoff over the Islamic nation’s nuclear work ... Read More »

Chinese customs targets 20 smuggling rings, seizes $483m illegal meat

BEIJING: Authorities seized a vast amount of frozen “zombie meat” up to 40 years old after a nationwide clampdown on meat smuggling gangs. More than 20 smuggling rings were targeted by Chinese customs authorities, and a total of 3 billion yuan (59.3 billion yen or $483 million) worth of illegal meat was seized, accounting for more than 100,000 tons of ... Read More »

Shanghai’s FTZ attracts foreign investment worth $23.5b

SHANGHAI: Foreign investors have been flocking to the Shanghai Free Trade Zone (FTZ) as reforms in China’s economic testbed keep gaining momentum. The Shanghai FTZ has attracted foreign investment worth $23.5 billion in the first five months this year, Shanghai Municipal Commission of Commerce said here the other day. The money was five times the amount registered in the same ... Read More »

Property prices increase in Shenzhen

BEIJING: Home prices in Shenzhen, Guangdong province, have risen to record levels, helped by limited supplies and further relaxations in purchase policies, industry experts said here the other day. According to a survey conducted by the China Index Academy, an independent research institute focusing on the housing industry, Shenzhen led all cities in terms of housing price increases during the ... Read More »

EU, Ukraine traders ink deal on gas supplies from Russia

MOSCOW: European Union traders are betting Ukraine will reach a deal to keep natural gas supplies flowing from Russia when the nations meet EU representatives Tuesday. Gas for delivery this winter in the U.K., Europe’s most traded market, fell to the lowest on record on the ICE Futures Europe exchange, signaling traders aren’t worried about supplies when the heating season ... Read More »

Saudi imports rise 6.88% to SR162.5b in Q1

RIYADH: Saudi nonoil exports dropped by 14.5 percent to SR47 billion in the first quarter of the current year compared to the figures of the same period last year, according to a report released by the Central Department of Statistics and Information (CDSI). On the other hand, Saudi imports grew by 6.88 percent to SR162.5 billion compared to the figures ... Read More »

European oil giants keen to invest in Iran amid fear of sanctions

TEHRAN: Executives from Royal Dutch Shell and Eni have met Iranian officials in Tehran to discuss investing in the country’s energy industry, the first time international oil groups have publicly confirmed such talks ahead of a possible nuclear deal with the west. The meetings, which took place in May and June, are evidence of the growing interest among big oil ... Read More »

Bangladesh reduces tax on garments’ exports

DHAKA: Commerce Minister Tofail Ahmed yesterday called for reducing tax at source on exports of garments to a tolerable level from the proposed 1 percent for the sake of the country’s highest foreign currency earning sector. In his budget speech on June 4, Finance Minister AMA Muhith proposed increasing tax at source for the export sectors from 0.30 percent to ... Read More »

Chinese police clutch most wanted drug smuggler

NANNING: Police arrested the head of one of China’s most wanted armed-drug trade gangs as well as his three accomplices here the other day in south China. Anti-drug police in Fangchenggang, Guangxi Zhuang Autonomous Region, apprehended Zheng Youbin on as he parked his car on an expressway in the regional capital Nanning. They also seized a military-issue pistol and six ... Read More »

China’s Internet, telecommunication companies ink pact against drugs

BEIJING: China’s Internet businesses and telecommunication operators signed a pact vowing “zero tolerance” to drug-related violations here the other day. The protocol, released by the Internet Society of China and nine governmental agencies, including the national anti-drug commission and the Cyberspace Administration of China, called on all online service providers and Internet users to be self-disciplined and keep away from ... Read More »

Customs Intelligence seizes items worth Rs 396m from April, 2014 to June, 2015

ISLAMABAD: The Directorate General Intelligence and Investigation Rawalpindi region has seized smuggled goods worth Rs 396 million involving duty/taxes amounting to Rs 138 million, arrested 23 accused and registered 104 cases from April 2014 to June 22, 2015 under supervision of DG Lutfullah Virk. Deputy Director Headquarters, Khaldunul Haq told Customs Today that Customs Intelligence confiscated foreign origin cloth worth ... Read More »

Customs Adjudication issues ONO against Byco Petroleum over seized high speed diesel

MULTAN: Customs Adjudication has issued the Order in Original against the seized 392,000 litres smuggled high speed diesel of Byco Petroleum Company Limited after the completion of proceeding. According to details, Additional Collector Adjudication Amjadur Rehman conducted the proceeding of seized High Speed Diesel of Byco Petroleum Limited Company. At least nine oil tankers full of high speed diesel were seized ... Read More »

Collector Saleem congratulates staff on surpassing Rs 217b revenue target of FY2014-15

KARACHI: Collector of Model Customs Collectorate Appraisement-West, Muhammad Saleem has appreciated the efforts of officials for surpassing the revenue target of Rs 217.40 billion for the fiscal year 2014-15. In this regard, a high level meeting was held at the conference room of the MCC Appraisement-West with Collector-MCC Appraisement-West Muhammad Saleem in the chair on Wednesday. The meeting among others ... Read More »

Gwadar Port collects Rs 1.654 billion customs duty against target of Rs 601.94 million in 2014-15

KARACHI: With its significant contribution to the national kitty, the Gwadar Port has proved that it will spur economic activities in the country as it has collected Rs 1.654 billion against the target of Rs 601.94 million customs duty which is 275 percent higher than actual target. Sources told Customs Today that Federal Board of Revenue (FBR) had set Rs ... Read More »

Customs Preventive surpasses duty collection target by Rs 1 billion

LAHORE: The Model Customs Collectorate Lahore Preventive has exceeded its target by Rs 1.07 billion in wake of customs duty collection at the end of the financial year 2014-15. Officials told Customs Today that Customs Preventive has also surpassed its total revenue target for outgoing fiscal year by Rs 4.66 billion as it has collected Rs 29.73 billion against the ... Read More »

Enforcement-South attains Rs 25.593 billion customs duty target for FY 2014-15

KARACHI: The Model Customs Collectorates Preventive, Hyderabad, Exports, Quetta, Gwadar of Enforcement-South Region and Export (Port Muhammad Bin Qasim) have attained 99 percent of the set target of Rs 25.593 billion under the head of customs duty in the fiscal year 2014-15, it is learnt. According to details available with Customs Today, the MCC-Preventive collected Rs 18.686 billion in terms ... Read More »

Sindh govt launches Real Estate Investment Trust to rationalize transfer duties, taxes

KARACHI: Aimed at rationalizing the transfer duties and taxes and facilitating real estate developers, the Sindh government has launched the Real Estate Investment Trusts REIT, Customs Today learnt. With necessary legislative changes in April 2015, the Sindh province took lead not over just other provinces of Pakistan but all of South Asia as this legislation has facilitated the launch of ... Read More »

Trade between Pakistan, India resumed after 12 days at Wagah

LAHORE: The Trade between Pakistan and India via Wagah border has been restored after it was suspended for more than 12 days as the Indian authorities refused visas to the Pakistani drivers. Sources told Customs Today that the closure of cross border trade between the two countries has imposed millions of rupees losses on the Pakistani sides. The sources said ... Read More »