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Author Archives: CT Report

Pakistan creates favorable socioeconomic eco system: Ahsan

ahsan iqbal

ISLAMABAD: Minister for Planning, Development and Reform, Ahsan Iqbal said that Pakistan has achieved an economic growth rate of 5 percent and has able to create a favourable socioeconomic eco system which enjoys political stability. Minister Iqbal remarked that a favourable ecosystem has resulted in attracting the interest of key global investors which are now eying Pakistan as a potential ... Read More »

Governor stresses importance of agriculture in strengthening country’s economy


PESHAWAR: Khyber Pakhtunkhwa Governor Iqbal Zafar Jhagra said that Agriculture is the backbone of our economy and the farmers’ convention will help in the promotion of scientific farming in the country. New scientific research and application of modern technologies in agriculture sector are behind the success of developed economies. He was addressing the 8th Farmers Convention here at Pakistan Academy ... Read More »

NAB arrests four accused for embezzling Rs260m


MULTAN: National Accountability Bureau (NAB) has arrested four accused of Golden Chain International Private Limited for embezzling Rs 260 million through cheating. Those arrested included owners/proprietors of M/s Golden Chain International Private Limited Chief Executive Officer Muhammad Ijaz, Managing Director Mian Zahid Lateef, Director Muhammad Ashraf and Secretary Amjad Ali Shaheen. According to a press release issued here Thursday, the ... Read More »

Japan, China to resume bilateral dialogue on finance in May

A staff member of Japan's minister of economy, trade and industry, arranges Chinese and Japanese flags before a meeting between a group of Chinese business leaders led by Gao Xiqing, president of China Investment Corp., and Toshimitsu Motegi, minister at the ministry, both unseen, in Tokyo, Japan, on Thursday, Sept. 26, 2013. A group of heads of ten Chinese companies are on a five-day trip to Japan. Photographer: Tomohiro Ohsumi/Bloomberg via Getty Images

TOKYO: Japan and China are planning to discuss financial issues on May 7 in Yokohama in the first session of the bilateral dialogue in nearly two years, sources said, reflecting a recent thaw in relations. Finance Minister Taro Aso and his Chinese counterpart Xiao Jie are expected to focus on spurring economic growth through bilateral trade and infrastructure investment, and ... Read More »

Brazil’s Vale misses profit estimates as revenue falls

Brazil Vale's logo

SAO PAULO: Vale SA, the world’s largest iron ore producer, posted net income that missed estimates in the first quarter, reflecting the impact of heavy rains that hampered output in a key mine and increasing financial expenses. In a Thursday securities filing, Vale said net income totaled $2.490 billion, compared with an average consensus estimate of $3.325 billion in profit. ... Read More »

New Zealand Mint signs $60m deal with Chinese firm


WELLINGTON: New Zealand Mint has signed a $60 million deal with a Chinese company. A statement from the coin minter and bullion dealer said it signed the agreement with China Today International (CTI) yesterday. “The deal will see New Zealand Mint work with CTI to produce ranges of silver collectible coins featuring international themes or topics suited to the Chinese ... Read More »

Customs intelligence takes action against M/s World Fashion Textile


KARACHI: Directorate of Customs Intelligence and Investigations has booked M/s World Fashion Textile for clearance of goods by mis-declaration and submitting fake and forged documents to circumvent the provisions of Import Policy Order. According to the details of the case, information was received from Director General Customs Intelligence Shaukat Ali that a group of importers was involved in an organized ... Read More »

Belgium stocks higher at close of trade; BEL 20 up 0.03%

stocks higher

BRUSSELS: Belgium stocks were higher after the close on Wednesday, as gains in the Healthcare, Consumer Services and Basic Materials sectors led shares higher. At the close in Brussels, the BEL 20 gained 0.03% to hit a new 52-week high. The best performers of the session on the BEL 20 were UCB (BR:UCB), which rose 2.79% or 1.98 points to ... Read More »

Germany expects faster growth, narrower trade surplus ahead

growth in exports

BERLIN: The German government upgraded its economic forecast for 2017 slightly Wednesday, saying that strong domestic consumption would increase growth and bring down its much-criticised trade surplus. Europe’s largest economy should expand by 1.5 percent this year, Economy Minister Brigitte Zypries told journalists in Berlin, slightly more than the 1.4 percent predicted in January. She left unchanged the government forecast ... Read More »

Muhammad Saleem takes charge as DG (OPS) of Customs Reforms & Automation


ISLAMABAD: Muhammad Saleem, a Pakistan Customs Service officer of BS-20, has assumed charge of as Director General (OPS), Directorate General of Reforms & Automation (Customs), Islamabad. The officer, in pursuance of Board’s Notification No.1303-C-I/2017, dated 26.04.2017, took the charge of the post of Reforms & Automation (Customs) Director General (OPS) with effect from April 26. He, on return from National ... Read More »

Malaysia, Indonesia to counter EU decision to ban palm oil-based biofuel


PUTRAJAYA: Malaysia and Indonesia will send a joint mission to Europe next month to counter the European Union (EU) resolution which proposed to curb the use of oil palm-based biofuel by 2020. Plantation Industries and Commodities Minister Datuk Mah Siew Keong said he would be going to Europe with Indonesian Coordinating Minister for Economic Affairs Darmin Nasution next month in ... Read More »

Norway optimistic of establishing FTA with Malaysia


KUALA LUMPUR: Norway is optimistic of establishing a free-trade agreement (FTA) with Malaysia through the European Free-Trade Association (EFTA) by 2018. Ambassador of Norway to Malaysia Hans Ola Urstad (pix) said Norway had just adopted an FTA with the Philippines and was negotiating a similar one with Malaysia through the EFTA, consisting of Iceland, Norway, Switzerland and Liechtenstein. “The eighth ... Read More »

Italy posts March non-EU trade surplus of €4.143b


ROME: Italy posted a trade surplus of 4.143 billion Euros with countries outside the European Union in March, compared with a surplus of 4.033 billion Euros in March 2016, official statistics agency ISTAT said on Thursday. Exports rose 15.1 percent year-on-year, while imports rose 19.1 percent, ISTAT said. Net of energy products, Italy would have posted a trade surplus of ... Read More »

South Korea, Vietnam to boost trade under FTA


SEOUL: The three-year-old free trade agreement with Vietnam will allow South Korean companies to further increase their auto, steel and petrochemical exports on tax removal or cuts, customs experts said Thursday. In a seminar held at the Korea Chamber of Commerce and Industry (KCCI) in central Seoul, customs experts called on Korean companies to aggressively take advantage of tariff benefits ... Read More »

FBR striving to achieve revenue collection target: Dr Irshad tells NMC officers

Dr Irshad, 106th National Management Course (NMC) 4

ISLAMABAD: Federal Board of Revenue (FBR) is making concerted efforts to meet the revenue collection targets and the FBR officers and field formations are exerting themselves with full energy and vigour in the ongoing last quarter which is always the most crucial and productive in terms of meeting the revenue collection target and mobilizing resources to drive socio-economic agenda of ... Read More »

Ukraine grain exports surge 52% in March

grain grains export exports

KIEV: Ukraine boosted its grain exports to 4.54 million tons in March up 52 percent from 2.98 million tons in February thanks to record sales of maize, analyst UkrAgroConsult said. The maize shipments jumped to 3.1 million tons in March, the highest so far for the 2016/2017 marketing year that runs from July to June, from 1.8 million tons in ... Read More »

Dutch Randstad’s Q1 revenue hikes 6%


AMSTERDAM: First-quarter revenue at Randstad Holding NV rose 6% on an organic basis, which excludes the impact of currency, acquisitions and divestitures and adjusts for working days. European markets fueled the growth, with revenue up 23% on an organic basis in Italy and up 10% on an organic basis in Belgium & Luxembourg. Revenue edged up 1% on an organic ... Read More »

Denmark’s Hafnia eyes expansion of LR2, MR tanker pools


COPENHAGEN: Denmark-based Hafnia Management plans to significantly expand its global footprint by adding more Long Range II tankers into its pool and also have an increased presence in the Medium Range tankers segment in the Asian region, a senior company official said. Hafnia is one of the founders of the Singapore-based Straits Tankers’ LR Pool, in which it has an ... Read More »

Greek economy to grow 1.5 percent this year


ATHENS: Greece’s economy will only grow by up to 1.5 percent this year, the leading IOBE think tank said on Wednesday as it trimmed its forecast due to slow progress on the country’s bailout review. IOBE had projected 1.5 to 1.8 percent growth this year in its previous estimate in January, compared to the 2.7 percent forecast by the government, ... Read More »

Finnish Customs announces boost in ‘exim’ with Russia


HELSINKI: Finnish Customs announced that both Finnish exports to Russia and Russian imports to Finland have picked up over the past few months after a protracted slump. Additionally, a survey of 300 Finnish companies was said to pave the way for business-boosting growth in Russia, Finnish national broadcaster reported. In the recent survey by the Finnish-Russian Chamber of Commerce (FRCC), ... Read More »