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Author Archives: CT Report

Govt to recover Rs300b from electricity defaulters: Omar Ayub

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ISLAMABAD: The present government is planning to recover Rs300 billion from electricity “defaulters and thieves”, besides providing Rs50bn additional subsidy to exempt consumers using up to 300 units from tariff increase required under the International Monetary Fund programme. Addressing a press conference, he said that the government was also working to divide four of the larger power distribution companies into ... Read More »

PSX register highest weekly gain in a decade after record losses over rupee fluctuation

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The benchmark index of the Pakistan Stock Exchange gained 2,537 points during the outgoing week, recovering by 7.5% since fluctuations in the exchange rate and economic uncertainty wreaked havoc in the financial markets. The benchmark KSE-100 index closed the outgoing week at 35,703 points, gaining Rs 400 billion in share values and market capitalisation reaching Rs7,200 billion. The outgoing ... Read More »

Sialkot Customs seizes huge quantity of auto spare parts & mobile phones


SIALKOT: Collectorate of Customs anti-smuggling squad of has seized a bulk quantity of the smuggled auto spare parts and mobile phones which were smuggled from Afghanistan during a special checking near toll plaza over River Chenab near here. Deputy Collector Customs Sialkot Ali Mohtashim Minhas told media that the anti smuggling squad checked two dubious big sized containers and found ... Read More »

France commits $104mln soft loan for water resources


ISLAMABAD: France $104 million in soft loan for Pakistan to help the country improve water resources in the industrial city of Faisalabad. Secretary Economic Affairs Division Noor Ahmed, French Ambassador to Pakistan Marc Barety, and Country Director of the French Agency for Development (AFD) Jacky Amprou signed the credit facility agreement worth Euros 94.010 million for extension of the water ... Read More »

Who pays Trump’s tariffs, China or U.S. customers and companies?

(FILES) In this file photo taken on November 09, 2017, US President Donald Trump (L) shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing. - China said Monday, May 13, 2019 it will raise tariffs on $60 billion worth of US goods from June 1, in retaliation to the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports. The announcement came after the latest round of US-China trade negotiations ended Friday, May 10, 2019 without a deal, and after Washington increased tariffs on $200 billion worth of Chinese goods. (Photo by Fred DUFOUR / AFP)

U.S. President Donald Trump says China pays the tariffs he has imposed on $250 billion of Chinese exports to the United States. But that is not how tariffs work. China’s government and companies in China do not pay tariffs directly. Tariffs are a tax on imports. They are paid by U.S.-registered firms to U.S. customs for the goods they import ... Read More »

Malaysian palm oil price closes 2% down on weaker related oils

palm oil mill

KUALA LUMPUR: Malaysian palm oil futures fell 2% at the close of trade on Thursday, hitting their lowest level in a week as they tracked weakness in related edible oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed 2% down at 2,016 ringgit ($481.03) per tonne at the end of the trading day, ... Read More »

Four motorists arrested at Dublin Port Tunnel


Four motorists were arrested for dangerous driving and toll evasion at Dublin’s Port Tunnel on Thursday, as part of a targeted operation by road policing units. Three of the drivers were allegedly found to have drugs in their systems when they were tested at the roadside following dangerous driving. Cannabis showed up in two of the results, while the third ... Read More »

Man jailed three weeks for giving false information to Singapore Customs


A Singaporean man, Ramesh Krishnasamy, 48, was sentenced by the State Courts on 17 May 2019 to three weeks’ imprisonment for giving false information to Singapore Customs. In a press release on Thursday (23 May), the authority stated that the sole proprietor of an import business, Green Royal, pleaded guilty to one charge of furnishing false information to Singapore Customs. ... Read More »

Hong Kong teenager ‘posted 3kg of cannabis’ to himself from New York


A 19-year-old man has been arrested after a parcel containing HK$570,000 (S$100,208) worth of cannabis was airmailed to his Hong Kong home from the United States. The haul was detected at Hong Kong International Airport on Monday after customs officers selected a parcel bound for the suspect’s public housing accommodation in Chai Wan from New York for a routine inspection. ... Read More »

China pork imports jump 24% in April -customs


BEIJING,: China imported 136,517 tonnes of pork in April, up 24% from the same month a year earlier, customs data showed on Thursday, as the world’s top consumer of the meat stocked up on supplies amid concerns of a looming shortage. This marked the biggest monthly volume since September 2016, when pork imports topped 140,000 tonnes. The have only come ... Read More »

Indian businessmen in UAE rejoice Modi’s poll win


Leading Indian businessmen in the UAE have expressed happiness over Prime Minister Narendra Modi’s thumping win in the elections, saying it would encourage big international companies to invest in India due to a clear mandate and simplified tax structures, according to a media report. Prime Minister Modi on Thursday led his Bharatiya Janata Party (BJP) towards a mega victory for ... Read More »

Sri Lanka’s Cargills Bank temporarily restrict E-Commerce transactions due to given reports


Sri Lanka’s Cargills group owned Cargills Bank had said that the bank is temporarily restricting E commerce transactions based on given recent reports on potential Cyber Crimes, a sms communication sent to all credit and debit cardholders by the bank outlines. “Dear customer given recent reports on potential Cyber Crime E commerce transactions have been temporarily restricted as a precautionary ... Read More »

Waste materials from Australia not illegal: Customs exec


CAGAYAN DE ORO CITY — The nearly dozen container vans that arrived from Australia early this month were not toxic garbage but processed materials that will be used as fuel for a cement company’s manufacturing plants, an official of the Bureau of Customs (BOC) 10 (Northern Mindanao) said Thursday. Lawyer Roswald Joseph Pague, BOC-10 deputy customs collector, said the contents ... Read More »

Canada anchors $15.7 billion coast guard renewal in B.C.


What happened: Prime Minister Justin Trudeau announced a $15.7 billion investment to renew the Canadian Coast Guard fleet. Why it matters: Government says the investment will create jobs, and “certainty and long-term viability” for Vancouver’s shipbuilding industry. Seaspan’s Vancouver Shipyards will play a key role in delivering Canada’s “full renewal” of the Canadian Coast Guard fleet. On Wednesday, Prime Minister ... Read More »

Switzerland will remain a low-tax centre for big firms


Switzerland is known for its delicious chocolate, its luxury watches—and its lightly taxed multinationals. Some 24,000 international companies are domiciled there to benefit from low-tax deals offered by its 26 cantons, which set their own rates on top of the federal corporate income-tax rate of around 8%. Zug, a canton near Zurich, alone is home to some 1,800 of them, ... Read More »

Bangladesh becoming major importer of US nuts


Bangladesh is progressively becoming an important market for the US’s tree nuts, mainly almond, thanks to the country’s rising income and expanding food and beverage industry, said a report by the US Department of Agriculture (USDA). “Consumers’ attitude towards nut consumption is closely related to socio-economic condition,” said the report, released in the second week of May. As per capita ... Read More »

Peel Ports Strengthens Role in UK Supply Chain


Terminal operator Peel Ports Group has announced that it has acquired leading UK and Irish shipping company Quality Freight Limited for an undisclosed sum. According to a statement, the purchase of Quality Freight is central to Peel Ports’ attempts to extending its services and becoming a central pillar in UK-wide trade and logistics. It is the latest development for Peel ... Read More »

Saudi Arabia downs explosive-laden drone from Yemen


Saudi Arabia on Thursday shot down a bomb-laden drone deployed by rebels in neighbouring Yemen to attack an airport in the kingdom, the Riyadh-led coalition fighting on the side of Yemen’s government said. “An explosive-laden drone sent by the terrorist Huthi militia to target Najran airport” was intercepted and destroyed by the Saudi air force, coalition spokesman Colonel Turki al-Maliki ... Read More »

Iran says ready to connect Pakistan’s Gwadar to Iran’s Chabahar port

iran port

TEHRAN, : Iran says it is ready to connect Pakistan’s Gwadar port to Iran’s Chabahar port to promote trades, Press TV reported on Friday. The proposal was put forward by Iranian Foreign Minister Mohammad Javad Zarif upon his arrival in Pakistan’s capital Islamabad on Thursday. “I’ve come here with a proposal for the government of Pakistan for connection between Chabahar ... Read More »

President Erdoğan vows to make Turkey center for scientists


President Recep Tayyip Erdoğan has vowed to make Turkey a hub for scientists. “In the coming period, we will make our country a much more important center for all scientists. This development also means that the ashes on civilization will begin to scatter and the fire will begin to ignite,” Erdoğan said at the commemoration day of the late academic ... Read More »