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Author Archives: CT Report

Germany’s diesel tax Break,


BERLIN: Matthias Muller, the Chief Executive Officer of German auto giant Volkswagen, has said that tax breaks on diesel fuel would be better spent by the Government on promoting clean energy sources. Diesel engined vehicles, which typically produce less carbon emissions than petrol cars, have been promoted heavily to consumers in Germany, and while the annual tax on a diesel ... Read More »

Rupee devaluation to damage economic cycle: LCCI

lcci 6

LAHORE: Rapid devaluation of Pak rupee will damage the economic cycle of the country besides scaring off international investors therefore State Bank of Pakistan should control this dilemma without wasting a single moment. “Devaluation would lead to lower industrial productivity, surge debts, harm already struggling exports, inflation hike, reduce the purchasing power of the masses that would pose serious challenges ... Read More »

Standards Compliance to help promote business activities – PSQCA


ISLAMABAD: The Pakistan Standards and Quality Control Authority (PSQCA) in collaboration with Islamabad Chamber of Commerce and Industry (ICCI) organized an awareness seminar at Chamber House to educate the business community about the importance of compliance of standards and quality as it would help in better promotion of business activities. Muhammad Yasin Akhtar, Director-CA North, PSQCA gave a detailed presentation ... Read More »

Rs2.6b duty evasion case: NAB court extends remand of accused


LAHORE: An accountability court has extended the physical remand of an accused Abdul Waheed in the betel leaf scam for another three days. Judge Khaqan Babar extended the physical remand of Abdul Waheed in the Rs2.6 billion betel leaf scam. NAB Lahore is probing a mega corruption scam amounting to Rs2.6 billion regarding evasion of duty on import of betel ... Read More »

SC asks NAB why Hudaibya should be reopened

supreme court

ISLAMABAD: The Supreme Court on Tuesday continued to press the National Accountability Bureau (NAB) on why the apex court should allow for the Rs1.2 billion Hudaibya Paper Mills reference to be reopened. A three-judge SC bench – comprising Justice Mushir Alam, Justice Qazi Faez Isa and Justice Mazhar Alam Khan Miankhel – is hearing the appeal against a 2014 decision ... Read More »

Justice Khawar appointed NAB’s special prosecutor


ISLAMABAD: The National Accountability Bureau (NAB) has appointed Justice (retd) Shah Khawar as the bureau’s special prosecutor, a press release said on Tuesday. Khawar is a former judge of the Lahore High Court as well as a senior advocate of the Supreme Court. He has also served as the deputy attorney general and assistant advocate general. The special prosecutor will ... Read More »

US tax reforms to add value to Qatar investments,


DOHA: The US federal tax reform is expected to add value to Qatar’s investments in the US. Qatar has significant exposure to various asset classes, which are expected to benefit from the sweeping tax overhaul, according to Doha-based investment strategists. The tax bill passed by republicans in the US Senate is expected to boost profits of corporate.  Qatar’s sovereign wealth ... Read More »

S. Korea bans poultry imports from Netherlands,


AMSTERDAM: South Korea will ban imports of poultry from the Netherlands, as the European country has confirmed an outbreak of highly pathogenic bird flu, the agriculture ministry said Tuesday. The move came after the Netherlands confirmed a highly pathogenic H5N6 avian influenza (AI) strain at a local duck farm and reported it to the World Organization for Animal Health on ... Read More »

Trade deficit widens 29% to $15.03b in July-Nov

Canada trade deficit widens

KARACHI: Trade deficit widened 29 percent to $15.03 billion in the first five months of the current fiscal year of 2017-18 as import growth outnumbered a surge in exports. Pakistan Bureau of Statistics (PBS) data showed that exports rose 10.5 percent to $9.03 billion in the July-November period, while imports climbed 21.1 percent to $24.06 billion. Trade deficit amounted to ... Read More »

Iraq boosts output capacity at Kirkuk oil refinery: oil ministry,


BAGHDAD: Iraq’s Oil Ministry has added a new processing unit to the Kirkuk oil refinery, increasing the plant’s capacity to 56,000 barrels per day, the ministry said in a statement on Monday. The new production unit can process 13,000 barrels per day of crude, the statement said, citing Oil Minister Jabar al-Luaibi. The new upgraded production capacity will meet most ... Read More »

ANF torches 300 tonnes of contraband in Quetta


QUETTA: The Anti-Narcotics Force (ANF) has torched nearly 300 tonnes of contraband seized by the force over the course of one year. According to a statement released by the ANF, 284 tonnes of various types of contraband was set alight by Commander Southern Command (CSC) Lieutenant General Asim Saleem Bajwa. The various types of contraband that was set alight included, ... Read More »

Dollar closes higher at Rs110.20 after breaking 4-year record of Rs111

Pak rupee

KARACHI: The US currency Tuesday broke the four-year-record and touched Rs111 level in the interbank market in early trading but managed to close at Rs110.20. According to forex dealers, the dollar rate increased by Rs2.75 in the interbank market, crossing its peak of Rs110.50 that occurred in September 25, 2013. In kerb market, the dollar reached Rs110 for buying and ... Read More »

NAB court extends remand of bank official in embezzlement case


LAHORE: An accountability court has extended the physical remand of a former Agriculture Development Bank’s manager, involved in an embezzlement case, for another 10 days. National Accountability Bureau (NAB) officials produced the accused named Zulqarnain Chaudhry before Accountability Court-IV Judge Najamul Hassan on expiry of the remand term. The officials requested for extending the physical remand of the accused as ... Read More »

New taxes on the cards in UAE, no delay in VAT


DUBAI: Following the announcement of the introduction of value-added tax (VAT) from January 2018 and imposition of excise taxes from October 2017, the UAE’s Ministry of Finance is considering new taxes to be imposed in the future in order to increase its revenue. However, it ruled out any tax on individual income. A statement distributed by the Ministry of Finance on Monday ... Read More »

Fears grow across the Atlantic over Brexit fallout

world business

LONDON: Nearly all the possible trading relationships between Britain and the European Union following Brexit would be less favourable than staying in the European Union, according to an influential US think tank. The Rand Corporation study said the worst option would be a “no deal”. That would leave the UK economy 4.9% poorer by 2029. “No deal” would also have ... Read More »

Malaysia Oct factory output up 3.4 pct yoy, misses forecast


KUALA LUMPUR: Malaysia’s industrial production in October grew 3.4 percent from a year earlier, slowing in pace for the second month in a row. Factory output was below the 3.8 percent annual rise forecast in a Reuters poll, and down from the 4.7 percent growth in September. Industrial output reached a two-and-a-half year-high of 6.8 percent in August. The electricity ... Read More »

India’s garment imports from Bangladesh up 56% post GST


DHAKA:India has imported $87.4 million worth of readymade garments from Bangladesh during July-November 2017, registering a sharp rise of 56 per cent compared to $55.92 million during the same period last year, according to the data released by Export Promotion Bureau of Bangladesh. Indian apparel manufacturers will face stiff competition from Bangladesh. Category-wise, Bangladesh’s knitted apparel exports to India stood ... Read More »

France looks to extend network tax to cable, fibre


PARIS: French parliamentarians have proposed extending a tax hitherto placed on copper telecom lines to cable and fibre. Parliamentary deputy Eric Bothorel of the ruling La République En Marche party introduced an amendment to the country’s finance bill last week that could see the IFER tax placed on traditional copper telephone lines extended to cable and fibre connections, according to local ... Read More »

HSBC’s shrinking Swiss Bank


ZURICH: With 186 billion Swiss francs, HSBC’s Swiss private bank was once the largest foreign player in the Swiss market. The British bank’s assets in Switzerland have since shriveled to 52 billion francs. Swiss boss Franco Morra concedes, «We’re a different bank today.» Morra has overseen a dramatic shrinking of coverage by the bank since 2012. «We’ve withdrawn from dozens of markets and ... Read More »

Shanghai port embraces new technology in arms race to defend global shipping hub status

port and shipping

SHANGHAI: Shanghai International Port Group (SIPG), the dominant public terminal operator in the city, plans to make better use of internet and automation technologies to consolidate its leading position in the shipping industry worldwide. SIPG said it aimed to create “smart, green, hi-tech and efficient terminals” to bolster Shanghai’s efforts to become an international shipping centre by 2020. “Our three ... Read More »