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Author Archives: CT Report

Saudi Arabia’s Hajj and Umrah Ministry & Customs sign MoU for Pilgrim movement at King Abdulaziz

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CAPA publishes more than 400 global News Briefs every weekday, covering all aspects of the aviation and travel industry. It’s the most comprehensive source of market intelligence in the world, with around 50 per cent of content translated from non-English sources. The breadth of our coverage means you won’t need any other news sources to monitor competitors and stay informed ... Read More »

Threefold Rise in Iran’s Non-Oil Exports to the Americas

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Iran traded 203,123 tons of non-oil commodities worth $53.99 million with the Americas during the first Iranian month (March 21-April 20) to register an 86.25% growth in tonnage and 41.04% decline in value compared with last year’s same month. Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 197,762 tons worth $32.87 million during ... Read More »

No-deal Brexit could see UK ‘flooded with cheap copies of British goods’

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Britain could be flooded with cheaper foreign copies of UK goods in a no-deal Brexit, a leading manufacturing group has warned. A representative of the Make UK trade body said some of the key intellectual property (IP) rules protecting UK products from imitations by rivals may lapse if Britain left the EU without an agreement in October. Sean Nevin, chief ... Read More »

Amazon announces e-export from Turkey to Europe

FILE PHOTO: Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon/File Photo

U.S.-based e-commerce giant Amazon has announced it has initiated e-exports from “amazon.com.tr” Turkey to Europe, a statement by the company said. Small and medium-sized enterprises (SMEs) will be able to export their products in dozens of categories, including fashion, home appliances, electronics and personal care, to Europe through “amazon.com.tr.” The products of the major players of the classic retail sector, ... Read More »

$70M Worth of Cocaine Seized at Russian Port

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Russian customs officials have seized 400 kilograms of cocaine hidden in a shipping container transporting canned fish from Ecuador, the Federal Customs Service (FTS) said in a statement Tuesday. The contraband was seized in coordination with federal anti-drug officials and local police on Monday, the FTS said. When the shipping container was opened, officers reportedly found polymer bags stuffed with ... Read More »

China May copper imports fall 10.9% on prior month: customs

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BEIJING : China’s unwrought copper imports fell 10.9% from the previous month to 361,000 tonnes in May, according to official customs data, in a bearish sign for economic growth in the world’s top consumer of the metal. Arrivals of unwrought copper, including anode, refined and semi-finished copper products were down from 405,000 tonnes in April and down 23.2% from 470,000 ... Read More »

Pakistan Stock Exchange up, but budget gets mixed reviews

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

KARACHI: Stocks rose amid mixed reviews by the business community on Wednesday a day after Prime Minister Imran Khan’s government presented its first annual budget. The benchmark KSE-100 index of the Pakistan Stock Exchange rose 278.08 points, or 0.8 per cent, to close at 34,939.16 points led by gains in materials, energy and financial stocks. Engro, the country’s biggest conglomerate, ... Read More »

Pak Rupee falls by 10 paisas against dollar

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KARACHI: The Pak Rupee fell by 10 paisas against dollar on Wednesday owing to demand for import and corporate payments. The rupee ended Rs151.57 to the dollar from previous day’s closing of Rs151.47 in interbank foreign exchange market. The foreign exchange market was initiated in the range of Rs151.50 and Rs151.75. The market recorded day high of Rs152.00 and low ... Read More »

Uber picks Melbourne as first international test site for flying taxi service

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MELBOURNE: Uber Technologies said it will use Australia’s second-largest city, Melbourne, as the first international test site for the group’s planned flying taxi service. The United States ride sharing firm had previously chosen Dubai as the first test site outside the US for its UberAIR service but reopened its request for proposals last month after launch delays in the Middle ... Read More »

Supreme Court orders sugar mill owners to pay dues by Friday

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ISLAMABAD: The Supreme Court of Pakistan on Wednesday ordered sugar mill owners to pay their dues to sugarcane growers by Friday, June 14. A three-member bench headed by Justice Azmat Saeed issued the orders. The total dues Brothers Sugar Mills have to clear stand at Rs678.9 million. Darya Khan Sugar Mills have to clear Rs57m and Pattoki Sugar Mills have ... Read More »

Rs113b earmarked for railways

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ISLAMABAD: The federal government in its budgetary recommendations for 2019-20 has proposed allocation of Rs113 billion for the Ministry of Railways of which Rs97 billion have been earmarked for salaries, pension and other expenditures, while Rs16 billion are reserved for development projects. According to the budget draft, Rs29.51b have been earmarked for salaries and Rs33.37b pensioners. The railways ministry will ... Read More »

Govt facing financial difficulties since assuming power: Hafeez Shaikh

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ISLAMABAD: Adviser to the Prime Minister on Finance Dr Hafeez Shaikh on Wednesday insisted that “rich people in other countries pay higher taxes” as compared to the upper class in Pakistan. Addressing a press conference a day after the government announced the budget, Shaikh said that the average tax rate of Pakistan is 11-12 per cent, which is “one of ... Read More »

KPT Shipping Intelligence Report June 12

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KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Wednesday. ALONG SIDE (Bulk Oil Pier) OP-I Karachi D. Crude Oil PNSC 10/06/19 OP-II Torm Aslaug L. Naptha Alpine 12/06/19 ALONG SIDE (East Wharves): 1 Eastern Chemi L. Ethanol East Wind 11/06/19 5 Lian Hua Song D. Gen.Cargo COSCO 07/06/19 ... Read More »

No relief to tax non-filers on purchase of immovable property, vehicles in finance bill: FBR

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ISLAMABAD: The Federal Board of Revenue (FBR) issued an explanation on Wednesday regarding the non-filers of tax in the new Finance Bill. In its explanation, the FBR spokesman stated that in the bill it did not give any relief to non-filers of tax on buying immovable property and vehicles. The statement said that the legal value of tax non-filers has ... Read More »

Punjab, Sindh budgets for financial year 2019-20 to be presented on Friday

CyberMedia-ResearchIndia-Budget-Charter-2019

ISLAMABAD: Punjab budget for the next financial year will be presented in the provincial Assembly on Friday. Minister for Finance Hashim Bakht Jawan will present the budget in the house. Meanwhile, Sindh budget will also be presented on Friday in the Sindh Assembly. Chief Minister Sindh Syed Murad Ali Shah who has also the portfolio of finance will present the ... Read More »

Provinces to get Rs3.2tr under NFC award

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ISLAMABAD: Provinces will get Rs3.25 trillion under the National Finance Commission (NFC) award in the next financial year an increase of Rs790 billion over their share of Rs2.45tr in the outgoing fiscal year. “In accordance with the framework for distribution of resources structured by the 7th NFC award, provincial share in federal taxes and straight transfers to provinces are estimated ... Read More »

Federal Budget 2019-20: Increase in federal excise duty on cigarettes

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ISLAMABAD: The Federal Budget 2019-20 unveiled by the Pakistan Tehreek-e-Insaf (PTI) government has recommended an increase in the federal excise duty (FED) on cigarettes. Presenting the budget in the National Assembly, State Minister of Revenue Hammad Azhar said FED on cigarettes was levied on a fixed rate basis. According to the minister, the rates needed to be increased each year ... Read More »

PM Imran vows to go after ‘the thieves who put country badly in debt’

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ISLAMABAD: Prime Minister Imran Khan on Tuesday night addressed the nation and vowed to go after the “thieves who left the country badly in debt”. The address followed a noisy budget session in the National Assembly and two major arrests — Leader of the Opposition in the Punjab Assembly Hamza Shehbaz by the National Accountability Bureau (NAB) and MQM founder ... Read More »

Budget 2019-20: Defence budget to grow nominally next year

DCCI proposes pre-budget suggestions to NBR

ISLAMABAD: Defence budget is proposed to grow nominally in the next financial year by 4.74 per cent as compared to the outgoing year, but its share in the total outlay and the gross domestic product (GDP) is set to decline, according to the budget documents laid before the National Assembly on Tuesday. The government has proposed to allocate Rs1.15 trillion ... Read More »

Govt withdraws zero-rated status for major exporters

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ISLAMABAD: The PTI government has withdrawn the zero-rated facility, saying that the move will streamline revenue flow and prevent leakages. While announcing the federal budget for fiscal year 2019-20, the government withdrew the Statutory Regulatory Order (SRO) 1125(I)/2011, which offered zero-rated sales tax on inputs and products of five major export-oriented sectors ie textile, leather, carpets, sports goods and surgical ... Read More »