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Author Archives: CT Report

Chinese steel exports to fall to 70-80 mln tonnes: Fitch

shares fall

GUANGZHOU: China’s annual steel exports are likely to fall to 70 to 80 million tonnes in the long term, leading rating agency Fitch said Tuesday. In 2014, the country’s steel exports reached 93.8 million tonnes. In the future, more steel production capacity will become outdated mainly because of market demand rather than tough government policies, Fitch said in a research ... Read More »

Iceland’s CPI jumps by 0.33% between Nov-Dec

profit rises

REYKJAVIK: Iceland’s Consumer Price Index (CPI) increased by 0.33 percent as of the middle of December, according to statistics issued on Tuesday by Statistics Iceland. The statistics showed the CPI in December was 430.8 points, up 0.33 percent compared with 429.4 points in the middle of November. Among factors influencing the CPI were the cost of housing, water and electricity ... Read More »

Cambodia’s tax revenues rises by 255 to $1.3bn in 2015


PHNOM PENH: The Cambodia’s General Department of Taxation (GDT) has collected about 1.3 billion U.S. dollars in taxes in 2015, a 25 percent rise year-on-year. At a seminar in Phnom Penh, GDT’s director general Kong Vibol said the increase was not a result of an increase in the tax rate, which has remained unchanged, but rather that businesses are now ... Read More »

U.S house prices up 0.5% in Oct

employement rises

WASHINGTON: U.S. house prices increased 0.5 percent in October, the Federal Housing Finance Agency (FHFA) reported Tuesday. U.S. house prices rose 0.5 percent in October from the revised level of September, according to the FHFA’s House Price Index. The previously reported 0.8 percent increase in September was revised downward to 0.7 percent. From October 2014 to October 2015, house prices ... Read More »

US’s GDP grows by 2% in 3Q


WASHINGTON: The US economy grew at a fairly healthy clip in the third quarter as strong consumer and business spending offset efforts by businesses to reduce an inventory glut, underscoring its resilience despite a raft of headwinds. Gross domestic product grew at a 2 percent annual pace, instead of the 2.1 percent rate reported last month, the Commerce Department said ... Read More »

China to sell 160,000 3D printers in 2016


SHANGHAI: Shipment of 3D printers in the Chinese market is expected to reach 160,000 units in 2016, outperforming the US market, market research firm IDC said on Tuesday. Mo Minyi, an analyst with IDC China, said despite sales’ volume, China will still lag behind the United States in terms of sales revenue. Inexpensive desktop 3D printers account for a large ... Read More »

China’s Meizu targets 25% shipment growth for 2016


BEIJING: Chinese smartphone maker Meizu Telecom Equipment Co Ltd said it is aiming to sell 25 million handsets next year, a 25-percent jump compared with its shipments in 2015. “We will look for a steady growth in 2016 after years of quick sales surge,” said Li Nan, vice-president of the Guangdong-based company. “In 2016 we will try to improve user ... Read More »

Phillipines Customs collects P29.1b revenue in Oct

Nigerian customs generates revenue

MANILA: Last month’s holidays due to the Asia-Pacific Economic Cooperation (APEC) meetings pulled down the Bureau of Customs’ revenue collections for the fourth month in a row. According to preliminary figures, Customs collected P29.1 billion in October, 27.4-percent below its P40-billion target for the month and down 6.9 percent from last year. Data could still be slightly revised once final ... Read More »

India sees jump of 11% in imports of metal


NEW DELHI: Buoyed by sharp fall in gold prices globally, India is likely to see a jump of 11 per cent in imports of the metal to 1,000 tonnes this year, says a trade body. According to the All India Gems and Jewellery Trade Federation, the world’s second-biggest gold consumer had imported around 900 tonnes in 2014. “Gold import is estimated ... Read More »

BMW to recall Mini Coopers in China due to technical fault


BEIJING: Luxury car maker BMW’s China Automotive Trading Ltd. will recall Mini Cooper models due to concerns over a fault with the power steering system, China’s top quality watchdog said Tuesday. The recall will involve 626 vehicles sold on the Chinese mainland that were produced between September 2002 and February 2005, according to the General Administration of Quality Supervision, Inspection ... Read More »

German Customs seizes ammunition, 150kg of explosive


KARLSRUHE: Tracing the purchase of illegal laser sights led German customs officers to a large cache of weapons and explosives, prosecutors in the western city of Karlsruhe said on Tuesday. When the customs officers descended on the house of a 48-year-old man near the city they found several illegal weapons, a machine pistol, 3 000 rounds of ammunition, 150kg of ... Read More »

Abdul Rashid assigned look-after charge of DG R&A (Customs)

Pakistan Customs

ISLAMABAD: Abdul Rashid Sheikh, a BS-21 officer of Pakistan Customs Service, has been assigned the look-after the charge of the post of Director General, Directorate General of Reforms & Automation (Customs) with immediate effect. Abdul Rashid Sheikh, presently posted as Chief Collector of Customs (Appraisement-South), Karachi, will look after the charge of the post of DG, Directorate General of Reforms ... Read More »

Imtiaz Ahmad assigned look-after charge of DG IPR (Enforcement)


ISLAMABAD: Imtiaz Ahmad Khan, a BS-21 officer of Pakistan Customs Service, has been assigned the look-after charge of the post of Director General, Directorate General of IPR (Enforcement), Islamabad with immediate effect. Imtiaz Ahmad, presently posted as Director General, Directorate General of Intelligence & Investigation, FBR, Islamabad, will look after the charge of the post of DG, Directorate General of ... Read More »

India Customs seizes cigarettes worth Rs. 3 million

foreign cigarettes

KOCHI: In a major haul, the Customs Preventive Commissionerate on Tuesday seized cigarettes worth Rs.91 lakh illegally imported from Dubai in a container in the guise of a furniture consignment through the Vallarpadam International Container Terminal. In fact, this was the second major haul in as many weeks as Customs officials had seized cigarettes worth Rs. 67 lakh last Friday ... Read More »

Performance allowance of 86 Customs officers of BS-16 restored


ISLAMABAD: Federal Board of Revenue has restored performance allowance (equivalent to 100 per cent of basic pay) in respect 86 Pakistan Customs Service officers of BS-16. Modifying its earlier Notification No 2899-C-III/2015, dated 10.12.2015, FBR restored the performance allowance of 3 Appraisers, 13 Deputy Superintendents, 3 Examiners, 46 Inspectors, 1 IPS, 2 Intelligence Officers, 1 Office Superintendent, 4 Preventive Officers, ... Read More »

Nasir Ghouri takes charge as Commissioner-IR (BTB) in Lahore


ISLAMABAD: Muhammad Nasir Khan Ghouri, a BS-20 officer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR (BTB), Regional Tax Office, Lahore. The officer, pursuing the Board’s Notification No.2878-IR-I/2015, dated 08.12.2015, took the charge of the post of Commissioner-IR (BTB), RTO, Lahore, with effect from December 18. Read More »

Waqas Aslam assumes charge as Secretary (Management-IR)


ISLAMABAD: Waqas Aslam, a BS-19 officer of Inland Revenue Service, has assumed the charge of the post of Secretary (Management-IR-I), Federal Board of Revenue (HQ). The officer, iIn pursuance of Board’s Notification No.2988-IR-I/2015, dated 21.12.2015, assumed the charge of the post of Secretary (Management-IR-I), FBR (Hq), Islamabad, with effect from December 22. Read More »

Cops nab India Customs official for smuggling red sanders


CHENNAI: A team of Andhra Pradesh police arrested a suspended customs official for smuggling red sanders. Following a tip from one Kapoor, an agent who was arrested on Sunday from Vyasarpadi, the team barged into 48-year-old Pottu Selvam’s house in the same area early on Tuesday and cornered him. City police personnel, who had accompanied the team, had cordoned off ... Read More »

Two Customs Superintendents to retire next year


ISLAMABAD: Two Pakistan Customs Service officers of BS-16 are going to be retired from the government service on attaining the age of superannuation. Ali Akbar, presently posted as Superintendent, Directorate of Intelligence & Investigation, FBR, Peshawar, will stand retired with effect from Mar 08, 2016. Zubair Muhammad, presently posted as Superintendent, Model Customs Collectorate, Islamabad, will stand retired with effect ... Read More »

Assist Commissioner-IR’s performance allowance restored

FBR 11

ISLAMABAD: Performance allowance in respect of Tanvir Hussain Bhatti, a BS-17 officer of Inland Revenue Service, has been restored. The performance allowance (equivalent to 100 per cent of basic pay) in respect of the officer, currently posted as Assistant Commissioner-IR, Regional Tax Office, Lahore, has been restored with effect from December 21. Read More »