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Author Archives: CT Report

Govt marginally reduces import tariff value on gold

gold

NEW DELHI: The government on Thursday marginally reduced the import tariff value on gold to $345 per 10 grams but raised it to $452 per kg on silver due to global price trends. During the first fortnight of this month, the tariff value on imported gold was fixed at $347 per 10 grams and $448 per kg for silver. The import ... Read More »

MIDF allocates RM150mil in soft loans for automation

malaysia

BANGI: Malaysian Industrial Development Finance Bhd (MIDF) is providing RM150mil in financing next year for the Soft Loan Scheme for Automation and Modernisation (SLSAM). Deputy Minister of Trade and Industry, Datuk Ahmad Maslan, said the allocation was part of the RM750mil set aside for the scheme under the 11th Malaysia Plan. “Since 2007, MIDF has approved loans totalling RM1.5bil under ... Read More »

Malaysia’s public Mutual declares RM188m distributions for 11 funds

malaysia

KUALA LUMPUR: Public Mutual has declared more than RM188mil in distributions for 11 funds for the financial year ended Dec 31, 2015. The mutual fund, which manages RM66.6bil of funds, said on Thursday said the distributions ranged from 0.5 sen to 4.5 sen per unit. It declared three sen per unit for the Public Savings Fund; Public Focus Select Fund ... Read More »

FBR extends date of filing income tax returns till Jan 31

fbr

  ISLAMABAD: Federal Board of Revenue (FBR) has extended the date of filing of income tax returns for the Tax Year 2015 till January 31, 2016, said a circular. The Board, exercising the powers conferred upon it under Section 214A of the Income Tax Ordinance, 2001, extended the date of filing income tax returns/statements of final taxation, which was due ... Read More »

Nigerian Customs generates N4.9b revenue in Jan-Nov

revenue

ABUJA: The Kaduna/Katsina command of the Nigerian Customs Service has generated N4.9 billion from January to November this year. Customs Area Comptroller, Gidado Bala Muhammad who disclosed this while addressing newsmen said the figure was a little above the sum of N4.5 Billion realised by the command last year. He said the command also seized goods that included rice, cooking ... Read More »

Fake customs officer arrested for impersonation

2015_12$largeimg131_Dec_2015_210218160

ABUJA : A cleaner who stole the uniforms of a high ranking customs officer to impersonat‎e him has been  apprehended by officials of the Nigerian Security and Civil Defence Corps  (NSCDC) after they noticed that his attitudes fell short of that of a paramilitary personnel. The Adamawa State Commandant of the NSCDC, Muammadu Durumin-Iya said his men on suspected a ... Read More »

Hong Kong Customs seizes meth, ketamine worth $1m

meth

HONG KONG: Hong Kong Customs yesterday seized a total of about 3 kilograms of suspected methamphetamine and 477 grams of suspected ketamine at two land boundary control points and Mong Kok, and arrested a man and two women. The total market value of the drugs was about $1,009,000. Customs officers intercepted an incoming male passenger at Lok Ma Chau Spur ... Read More »

China’s non-manufacturing PMI surges to 54.4 in Dec

pmi

BEIJING: China’s service sector activity expanded strongly in December, a monthly survey showed Friday. The purchasing managers’ index (PMI) for the non-manufacturing sector came in at 54.4 in December, up from 53.6 in November and also the highest in 2015, according to a report released jointly by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. ... Read More »

Jamaica Customs urges importers to adhere to importation regulations

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KINGSTON: The Jamaica Customs Agency (JCA) is urging importers to adhere to regulations governing the importation of commercial and non-commercial goods, in order to prevent being breached for contravention of the Customs Laws. According to the CEO/Commissioner of Customs, Major (Ret’d) Richard Reese, the JCA has had to deal with several cases in which persons and entities are found in ... Read More »

New CM Zehri okays 10 projects worth Rs5b for Quetta

Nawab Sanaullah Zehri

QUETTA: Newly-appointed Balochistan Chief Minister Nawab Sanaullah Zehri, presiding over his first meeting, approved 10 development projects for the provincial capital. The projects would be funded through the prime minister’s Rs5 billion special package for Quetta. The problems of water shortage, encroachments and violation of building code were also discussed during the meeting. The CM directed officials concerned to ensure ... Read More »

China manufacturing PMI rises 49.7 in Dec

manufacturing

BEIJING: China’s factory activity picked up a bit in December but remained in contraction as downward pressure persisted in the manufacturing sector, official data showed Friday. China’s manufacturing purchasing managers’ index (PMI) came in at 49.7 in December, up from 49.6 in November, according to data released by the National Bureau of Statistics and the China Federation of Logistics and ... Read More »

Philippines inks AOA of AIIB

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BEIJING: The Philippine Ambassador to China signed the Articles of Agreement (AOA) of the Asian Infrastructure Investment Bank (AIIB) on Thursday, making it an official founding member of the new bank, the Ministry of Finance said on Thursday. Ambassador Erlinda F. Basilio signed the legal framework in Beijing on behalf of the Philippine government. The AOA outlines the financial share ... Read More »

China box office soars 48.7% to $6.8bn in 2015

china

BEIJING: Films screened in China raked in more than 44 billion yuan ($6.78 billion) in 2015, a 48.7 percent yearly increase and the highest since 2011, the country’s film watchdog said. Domestic films took in 27.1 billion yuan, or 61.58 percent of the total, maintaining a clear dominance over the country’s cinema market, according to a statement released late Thursday ... Read More »

FBR collects Rs770b against Rs750b target of Q2

FBR Spokesperson Muhammad Iqbal

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs20 billion more against the target of Rs750 billion, set by the International Monetary Fund for second quarter (October to December). According to FBR Spokesperson Dr Mohammad Iqbal, the top revenue authority collected Rs770 billion during second quarter of the current fiscal year. FBR collected Rs1,370 billion during first six months (July-December) ... Read More »

Metrosexuals genarates $1b cosmetics market in China

china

BEIJING: At the luxury Truefitt & Hill gentlemen barbershop and grooming salon located in the Yintai Centre in Beijing’s financial district of Guomao, a Chinese barber with a pencil-style moustache patiently waits for local businessmen to finish work and sit in his chair. The Beijing franchise, part of the world’s oldest gentlemen barbershop brand, opened last year in the Chinese ... Read More »

Reserves cross $21 billion mark

Reserves

KARACHI: The country’s total liquid foreign reserves crossed $21 billion mark and reached $21,073.9 million on December 25. Foreign reserves held by the State Bank of Pakistan stood at $16,171.6 million while net foreign reserves held by banks remained $4,902.3 million. During the week ending Dec 25, SBP’s liquid FX reserves increased by $559 million to $16,172 million, compared to ... Read More »

Trade suffers at Mumbai port due to shortage of labour, customs red tape

port

MUMBAI: Mumbai and Nhava Sheva Ship Agents Association (MANSA) has conveyed their disappointment to Mumbai Port Trust over the extreme inconvenience faced by vessels calling at the port due to acute shortage of cargo handling workers. MANSA, in a letter addressed to the Chairman of Mumbai Port Trust states, “The Port is not in a position to allot the required ... Read More »

Jamaica Customs urges importers to adhere to importation regulations

customs

KINGSTON: The Jamaica Customs Agency (JCA) is urging importers to adhere to regulations governing the importation of commercial and non-commercial goods, in order to prevent being breached for contravention of the Customs Laws. According to the CEO/Commissioner of Customs, Major (Ret’d) Richard Reese, the JCA has had to deal with several cases in which persons and entities are found in ... Read More »

Saudi Customs foils attempt to smuggle liquor

liquor

RIYADH: Saudi customs officers at King Abdul Aziz Port in Dammam foiled an elusive attempt at smuggling alcohol in washing up liquid bottles, Al Arabiya.net reported on Thursday. According to the report, over five liters of alcohol was found in 24 bottles that were disguised as washing up liquid. General Manager of customs at King Abdul Aziz Port, Ghannam al-Ghannam, ... Read More »

Police nab Indian Customs official in highway dacoity case

arrest

TIRUCHI: A Sub-Inspector in Customs Department in Tiruchi is among nine persons arrested in connection with the highway dacoity near Vadipatti in which 52 kg of silver was robbed from a Salem-based bullion merchant on November 24. SI K. Mohan executed the dacoity with the help of his friends and their acquaintances making use of the confidential inputs about smuggling ... Read More »