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Author Archives: CT Report

China suffering from trade conflict: Trump


WASHINGTON: President Donald Trump repeated his claim on Thursday that China is suffering most in the trade conflict with the United States, saying the punitive tariffs are having a “devastating effect”. And after talks broke down earlier this month, he said his tough strategy is working. “I think we’re doing very well with China,” Trump told reporters at the White ... Read More »

KPT Shipping Intelligence Report


KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-I Karachi D. Crude Oil PNSC 30/05/19 OP-II Maria Bottigileri D. Crude Oil PNSC 29/05/19 ALONG SIDE (East Wharves): 1 Al Mahboobah D.Chemical Wilhelmsen 30/05/19 10/11 Dubai Knight L.Clinkers OC-Services 29/05/19 12/13 W-SKY D. ... Read More »

CFOs of all commercial banks assure complete cooperation to FBR


ISLAMABAD: The chief finance officers (CFOs) of all commercial banks have assured complete cooperation to the Federal Board of Revenue chairman. All the chief financial officers of commercial banks held a meeting with Federal Board of Revenue Chairman Syed Muhammad Shabbar Zaidi at FBR Headquarters on Thursday. The participants of commercial banks included CFOs of Allied Bank, United Bank Limited, ... Read More »

US withdraws tax exemption privilege to Pakistani diplomats


WASHINGTON: A year after the Trump administration imposed travel restrictions on Pakistani officials stationed here at the embassy, the State Department has now withdrawn its Diplomatic Tax Exemption program usually granted to foreign diplomats and consulars. The program provides sales and use, occupancy, food, airline, gas, and utility tax exemptions to eligible foreign officials on assignment in the United States. ... Read More »

PIA resumes operation on Beijing-Tokyo sector today


KARACHI: The Pakistan International Airlines (PIA) will resume its flight operation on the Beijing-Tokyo sector on Friday. “The airline will now operate twice a week flights for the sector Islamabad-Beijing-Tokyo every Friday and Monday,” the PIA said in a statement issued here on Thursday. “The Tokyo sector was suspended earlier this year in February due to passenger and cargo uplift ... Read More »

Ceremony for issuance of sales tax refund bonds held

Sales Tax Refund

ISLAMABAD: In order to facilitate businesses, particularly exporters, and resolve the problem of long outstanding refunds, it was decided by the government to issue sales tax refund bonds to the claimants. FBR made necessary arrangements for issuance of bonds through Central Depository Company (CDC). Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh transmitted ... Read More »

Govt unlikely to achieve export target for Fiscal Year 2019: Razak Dawood

orgsize_301Abdul Razak Dawood

ISLAMABAD: The government is unlikely to achieve the export target set for current fiscal year despite massive devaluation of the local currency, Adviser to Prime Minister on Commerce Abdul Razak Dawood said on Friday. He said that his earlier projections of $27-28 billion exports were unrealistic despite government’s efforts including the release of massive subsidies to various sectors. “Now, I ... Read More »

Ambassador designate to Malaysia Amina Baloch  visits RCCI

RCCI President Malik Shahid Saleem presenting bouquet to Ms Amina Baloch, High Commissioner designate to Malaysia during her visit to Chamber House

RAWALPINDI: High Commissioner designate to Malaysia, Ms Amina Baloch has urged Pakistani business community not to focus only on traditional trade items like textile, palm oil etc, but also on non-conventional sectors like Halal Meat, Gems and Jewelry and Tourism. There is a need to intensify efforts from private sector to improve two-way trade between Pakistan and Malaysia that would ... Read More »

RCCI hosts iftar dinner in honor of envoys

RCCI President Malik Shahid Saleem poses with group of Ambassadors, High Commissioners and Commercial Counselors at an Iftar Dinner Hosted by Rawalpindi Chamber at a local hotel in Islamabad

RAWALPINDI: Pakistan offers great opportunities for joint ventures in different sectors like Halal Foods, Information Technology, poultry, Pharmaceutical and gems and jewelry. We have mega project like CPEC that offers great regional connectivity and integration from South Asia, Central Asian countries and beyond. Pakistan has emerging economy and it offers lucrative incentives and environment is friendly for foreign direct investment. ... Read More »

PM Imran to inaugurate Allama Iqbal Industrial City in October

Imran Khan 2

LAHORE: Prime Minister Imran Khan will inaugurate the Allama Iqbal Industrial City in the first week of October 2019, announced Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq. Talking to media on Friday, Ashfaq said that modern infrastructure of the industrial city was fully equipped to house foreign and local investors besides giving impetus to economic ... Read More »

Florida man charged after 12 guns seized at Sask. border crossing


A 41-year-old Florida man trying to cross the North Portal border crossing with 12 undeclared guns was arrested and now faces charges. On May 26, Canada Border Service Agency (CBSA) officers at the crossing, located about 220 kilometres southeast of Regina, found the guns and other undeclared cargo during a secondary investigation of the man’s cargo van, according to a ... Read More »

Singapore terminates bunker supplier licence of Southernpec


Singapore-based bunker supplier Southernpec (Singapore) has been permanently banned from supplying marine fuels in the port of Singapore after the local port authority revoked its bunker supplier licence. The Maritime and Port Authority of Singapore (MPA) said the termination of the licence is due to the use of magnets by employees of Southernpec to manipulate with readings of mass flow ... Read More »

Sri Lanka enters port deal with Japan, India


COLOMBO: Sri Lanka Tuesday announced it is entering into partnership with India and Japan to develop a deep-sea container terminal next to a controversial $500-million Chinese-run container jetty in Colombo harbour. The state-run Sri Lanka Ports Authority (SLPA) said a memorandum of cooperation (MOC) had been signed between the three countries to develop what is known as the East Terminal ... Read More »

Japan to extend ¥132.7 billion in loans to Bangladesh for construction of commercial port and high-speed railway


The government said Wednesday it will extend ¥132.7 billion (about $1.2 billion) in loans to Bangladesh to help the South Asian nation improve its infrastructure. “We will work together for the development of Bangladesh and beyond and achieve a free and open Indo-Pacific region,” Prime Minister Shinzo Abe said at a joint news conference after meeting with Bangladeshi Prime Minister ... Read More »

Turkey and Kuwait’s close relationship will boost bilateral trade


Kılınç Law & Consulting is an Istanbul-based law firm offering legal service in domestic and international areas. Its Founding Partner, Levent Lezgin Kılınç, shares with us his insight into how Turkey and Kuwait’s relationship will boost bilateral trade: Turkey and Kuwait share deep historic and cultural connections. In recent years, the two nations have built on their already close relations ... Read More »

Pakistan, UK sign MoU to counter money laundering, terror financing

A demonstrator waves a Union flag and a European Union flag as they take part in a march calling for a People's Vote on the final Brexit deal, in central London on October 20, 2018. - Britons dreading life outside Europe gathered from all corners of the UK to London on Saturday to try to stop their country's looming breakup with the EU. (Photo by NIKLAS HALLE'N / AFP)

ISLAMABAD: Pakistan and United Kingdom (UK) on Wednesday signed Memorandum of Understanding (MoU) for moving towards establishing a mutually beneficial relationship between the two countries to combat money laundering and terror financing. Pakistan is signing agreements with different countries for establishing cooperation in line with implementing FATF conditions. According to official announcement issued on Wednesday stating that a delegation from ... Read More »

‘No easy fix’ for Hong Kong firms affected by tariffs as US customs tightens scrutiny


Hong Kong businesses impacted by the US tariffs on US$250 billion in Chinese goods have “no easy fix” but could consider several strategies to minimise their exposure, according to a former US trade official. Actions that are less drastic than disrupting entire supply chains or shifting markets, but involve scrutinising how goods are classified and valued, could help some companies ... Read More »

Saudi Arabia asks nations to respond to Iran with ‘firmness’

saudi arabia

JIDDAH, Saudi Arabia — Saudi Arabia’s foreign minister says Muslim nations must confront recent attacks blamed on Iran with “all means of force and firmness.” Ibrahim al-Assaf made the comments early Thursday at a meeting of foreign ministers of the 57-nation Organization of Islamic Cooperation in Jiddah ahead of a series of summits in the kingdom. Al-Assaf said the alleged ... Read More »

Tradie is fined $20,000 after he’s busted trying to smuggle 9,000 cigarettes into Australia from Dubai


A tradesman will have to pay nearly $20,000 after trying to smuggle cartons of cigarettes into Australia. The 32-year-old man, from Victoria Park, tried to sneak 45 cartons of cigarettes through Perth International Airport. He had been returning from a trip in Europe before buying the cigarettes at a duty free shop in Dubai during the flight changeover, WA Today ... Read More »

Armenian citizen detained in Russia’s Rostov for counterfeit cigarettes’ trading


Russian customs officers detained a large consignment of smuggled cigarettes in Russian Rostov, Kommersant reported referring to the press service of the Southern Customs Administration. A total of 50 thousand packs of cigarettes were seized, amounted to 5 million rubles. According to the report, an Armenian citizen was engaged in storing and selling tobacco products without excise stamps, he was ... Read More »