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Author Archives: CT Report

Pakistan permits trade of life-saving drugs with India

illegal medicine

ISLAMABAD: The federal government allowed the import of life-saving medicines from India in order to provide relief to patients amid bilateral tensions with New Delhi over the illegal annexation of Indian-occupied Kashmir last month. The permission to import and export medicines to and from the Hindu-majority country was granted by the Ministry of Commerce, which issued a statutory regulatory order ... Read More »

Govt borrows Rs3.44tr to finance budget deficit in FY2018-19

fiscal deficit

ISLAMABAD: The government has borrowed Rs 3.44 trillion to finance its budget deficit during FY 2018-19 while the figure of Rs 11 trillion being reported in a section of the media as increase in Total Debt and Liabilities requires certain clarifications, says a press release issued by the Ministry of Finance. The MoF has maintained that Total Debt and Liabilities ... Read More »

Govt collects $30m from overseas Pakistanis under ‘Pakistan Banao Certificate’


ISLAMABAD: The present government collected around $30 million under the ‘Pakistan Banao Certificate’ (PBC) from the Pakistanis living abroad. According to media, earlier this year, the government had launched Pakistan Banao Certificate which overseas Pakistanis could buy. The certificates were aimed at getting more investment from overseas Pakistanis to revive the economy. According to Finance Ministry Spokesperson Umar Hameed, Pakistan ... Read More »

Khurram dismayed over poor performance of DMCs, demands audit


KARACHI: Acting President of the Karachi Chamber of Commerce & Industry (KCCI) Khurram Shahzad, while expressing dismay over poor performance of all six District Municipal Corporations (DMCs) and their failure to ensure sustainable cleanliness all over the city, urged the higher authorities at the Provincial Government to take strictest notice by initiating the audit of funds being given every year ... Read More »

PIA announces 10pc discount on Defence Day


KARACHI: Pakistan International Airline (PIA) on Tuesday announced discounted airfare for passengers on Defence Day. The national carrier announced that passengers will be able to avail 10 per cent discount on domestic routes if they travel on September 6. Earlier in 2018, PIA offered fare discounts of 20% to senior citizens, aged 65 or above, on flights from and to ... Read More »

SHC gives Qaim Ali Shah clean chit in illegal land allotment case

qaim ali shah

KARACHI: The Sindh High Court (SHC) on Tuesday declared former chief minister of the province Syed Qaim Ali Shah innocent in a case pertaining to the illegal allotment of 94 acres of land in Malir. The verdict was announced after the National Accountability Bureau (NAB) prosecutor’s found no evidence against Shah and decided to close the inquiry. NAB says not ... Read More »

Pakistan, FATF’s APG to hold meeting from Sept 8-10


BANGKOK: Pakistan and the Asia-Pacific Group of the Financial Action Task Force (FATF) will hold meeting from September 8-10 in Bangkok where the inter-governmental organization will decide whether to clear Pakistan out of the FATF grey list or to move it into the black list. According to sources, the session will be headed by China’s Financial Intelligence Unit (FIU) chief ... Read More »

PIAF Founder candidates elected unopposed on all seats of LCCI


LAHORE:  PIAF Founder alliance candidates Monday were elected unopposed on all the eight seats of chamber class in the Lahore Chamber of Commerce and Industry. Election campaign Convener and veteran trade leader Iftikhar Ali Malik congratulated all the newly elected office bearers and hoped that voters will again demonstrate same confidence on candidates of corporate class elections. He said today,s ... Read More »

Govt releases Rs360m for ML-1 project under PSDP 2019-20


ISLAMABAD: The federal government, under Public Sector Development Programme (PSDP) 2019-20, has released Rs360 million for the preliminary design (up-gradation and rehabilitation) of the Main Line-1 (ML-1) railway project, and for the establishment of a dry port near Havelian. The ML-1 (Karachi-Peshawar) project is an important strategic part of the China Pakistan Economic Corridor (CPEC) and the government has allocated ... Read More »

Metal exports increase 126.62pc: SBP


ISLAMABAD: The exports of base metals and articles from the country grew by 126.62 percent during the first month of current financial year (2019-20) as compared to the corresponding month of last year. During the month of July, 2019, the export of base metals and its articles  was recorded at $77.331 million against $34.123 million exports recorded  during the same ... Read More »

4 arrested, more than 1,300 cartons of duty-unpaid cigarettes seized by Singapore Customs


SINGAPORE: Four men were arrested and 1,390 cartons of duty-unpaid cigarettes were seized during an operation in an industrial building in Tuas, Singapore Customs said in a statement released on Monday (Sep 2). During the operation at Tuas Bay Close last Tuesday, officers noticed a Malaysia-registered tipper truck, which was suspected to be used to transport duty-unpaid cigarettes, parked in ... Read More »

Yet another Hong Kong counterfeit ring sprung


Customs has smashed another Hong Kong counterfeiting syndicate, this one operating from Tung Choi Street in Mong Kok. About 2600 items of suspected counterfeit goods – including handbags, wallets and belts with an estimated market value of about HKD4.3 million (US$548,000) – were seized during the raid of a fixed hawker pitch and a storage facility. Customs had earlier received ... Read More »

Adihex reports Dh36m in sales thanks to relaxed regulations


This year’s edition was the biggest ever with 650 local and international companies taking part in the exhibition. Hunting weapons worth Dh36 million were sold at the Abu Dhabi International Hunting and Equestrian Exhibition (Adihex) which ended on Saturday. The Abu Dhabi Police said on Sunday that a total of 2,673 hunting weapons, including shotguns, rifles and pistols for trap ... Read More »

Legal Loophole Allowing Deadly Chemical To Be Imported Into Australia


A legal loophole is allowing a dangerous chemical to flow into Australia with deadly consequences. Liquid nicotine for e-cigarettes can’t be imported without a prescription, but a 10 News First special investigation has revealed authorities are letting it through unchecked. The deadly chemical is a by-product of the vaping craze and it can be lethal. In June last year, a ... Read More »

Govt. losing 20% revenue due to Customs leakages: Treasury

Workers direct the loading onto the MSC Tokyo cargo ship of a container of rice, part of a donation of 1,000 tonnes from the Brazilian government to the people of Sri Lanka, at Rio Grande Port in southern Brazil, January 25, 2012. From Turkey to Brazil, India to Saudi Arabia, a growning number of non-western donors are bringing fresh funds, a different mindset and their own experience of managing natural disasters to the global humanitarian aid scene. Picture taken January 25, 2012. To match feature DISASTERS-NEWDONORS/    REUTERS/Andres Stapff (BRAZIL - Tags: BUSINESS POLITICS SOCIETY)

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury. A senior Treasury official revealed that under-invoicing, under-valuation and misclassification have been identified as main reasons for revenue leakages from the SLC. He noted that SLC officials cannot be solely blamed as the private sector ... Read More »

HSBC’s £35bn mortgage push is good for borrowers, but it’s risky

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SBC has been the bank that has prospered most from globalisation. Hong Kong has been its gateway to an emerging China, its UK domicile has provided regulatory and legal respectability, and its US operations have enabled it to become one of the biggest US dollar clearing banks in the world. But has globalisation now stopped working in the bank’s favour? ... Read More »

New PoCo rec centre opens without change rooms for referees


Port Coquitlam’s new community centre has opened without separate change rooms for referees, breaking a requirement needed for local sports teams to play home games. Nadia Stewart reports. – A A + Port Coquitlam athletes have been eagerly awaiting the opening of the city’s new multi-million-dollar community centre, which will now be the new home of several local sports teams. ... Read More »

UK factories suffer worst slump since 2012 amid Brexit crisis : as it happened


Activity plunged in August to the lowest levels since July 2012, according to the latest factory PMI survey The report found that EU-based customers are shunning British manufacturers as the risk of no-deal Brexit mounts, rerouting supply chains away from the UK as the likelihood of border disruption after 31 October increases. Economists said the drop in the UK factory ... Read More »

Saudi Arabia allows Turkish trucks to pass after 2 weeks


Saudi Arabia on Sept. 2 allowed 73 Turkish trucks to pass to the Duba port after holding them at the customs for two weeks without any justification, the truck drivers told Anadolu Agency. They had started to exit the Duba port located on the Red Sea coast not at once but at certain time intervals, added the truck drivers. On ... Read More »

Iran’s foreign trade volume exchanges hit $35bn in five months


TEHRAN: The latest statistics of the Islamic Republic of Iran Customs Administration (IRICA) showed that Iran’s foreign trade volume in the first five months of the current Iranian calendar year (March 21 – August 21) has reached $35.539 billion. The volume of exports of non-oil goods (excluding crude oil, fuel oil and kerosene and also without considering exports out of ... Read More »