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Author Archives: CT Report

Iran-China Trade Drops 35 Percent In 2019


The latest official figures from China show that its trade with Iran suffered a substantial drop in the first five months of 2019, compared with the same period last year. Trade figures published by China’s customs on June 17 show Iran’s exports, including crude oil, declined 46.6 percent totaling $7.17 billion. China’s exports to Iran also declined by 26% reaching ... Read More »

Australia’s future airport is closer than you think


Within the next five years, passengers travelling through Australia airports can expect a “seamless” journey, where they don’t need to touch or produce a single thing until they empty their pockets and offload their bags for screening at airport security. Through the use of biometric technology, a passport will soon be replaced by a traveller’s face, and according to Amadeus ... Read More »

Turkey-Cyprus dispute: Why are the two countries arguing over drilling rights?


Speaking at the EU28 summit in Brussels on Friday morning, European Commission President Jean-Claude Juncker said Turkey’s decision to drill for oil and gas in Cypriot territorial waters was “unacceptable”. He said that the EU supported Cyprus in the dispute which began at the end of last month when Turkey sent a ship to begin oil and gas exploration in ... Read More »

Report suggests new agri-food area for Ireland, UK


A new shared food safety and animal health area taking in the island of Ireland and the island of Great Britain as a whole should be created to prevent the Irish backstop taking effect, according to a report by a UK non-government body of MPs, academics, trade and customs experts. The report suggests that such an arrangement would mean remove ... Read More »

Most UAE and KSA companies see IoT as critical to growth


Honeywell partnered with YouGov and IDC to launch the “IIoT Market Spotlight – UAE & Saudi Arabia” study, which analyzes the views of approximately 250 C-level executives at companies in the UAE and Saudi Arabia across the buildings and cities, transport and logistics and industrial sectors. A new report by Honeywell has revealed two-thirds of medium-to-large organizations in the UAE ... Read More »

Gold reaches record high at Rs79,200 per tola

India customs arrests woman for smuggling gold in Mumbai

KARACHI: The value of gold in Pakistan has hit a record high, as the per tola price of the yellow metal reached 79,200 on Monday after an increase of Rs600. The price of 10-gram gold also witnessed an increase of Rs1,069 and was traded at Rs68,029. The price of 10-gram gold was recorded at Rs66,958 on Saturday. Go ld prices ... Read More »

Nobody will be allowed to harass taxpayers: PM Imran

Imran Khan3

ISLAMABAD: Prime Minister Imran Khan said Monday Pakistan was at a “crossroads” during an exclusive appearance in a private channel programme Pakistan Keliye Kar Daalo. “There is an English word: ‘crossroads’,” Khan said. “We pay the least tax. In the past 10 years, we took many loans” and a lot of the expenditure “goes in the interest on those taxes.” ... Read More »

NAB recovers Rs4.3b during one-and-a-half years


ISLAMABAD: The National Accountability Bureau (NAB) released the performance of NAB under the chairmanship of Justice (r) Javed Iqbal and the anti-graft body has received 54,344 complaints last year and arrested 600 persons. According to NAB’s data, 600 persons were arrested by NAB, whereas 590 corruption references have been filed in different accountability courts and recovered an amount of Rs4.3 ... Read More »

Quetta Preventive seizes huge quantity of narcotics near Baleli check-post

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QUETTA: Collectorate of Customs Preventive team has successfully an attempt to smuggle huge quantity of narcotics near Baleli check post. According to the sources, Collector Preventive Iftikhar Ahmad received credible information about smuggling of narcotics in a light passenger vehicle via Chaman-Quetta routes. He directed Additional Collector Jameel Baloch and Deputy Collector Asim Rehman to enhance checking on all exit ... Read More »

Iran, Venezuela may complicate global oil deal talks:  Kazakhstan


ST PETERSBURG: Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said. The Organisation of the Petroleum Exporting Countries (OPEC) and other large oil producers, including Russia and Kazakhstan, will meet in ... Read More »

KSE-100 loses 700 points amid lack of support fund

A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

KARACHI: The Pakistan stock market dropped over 750 points in intra-day trade on Monday, due to the absence of the market support fund. “Absence of the market support fund turned around the sentiment to negative,” Arif Habib Limited Head of Equity Sales Saad bin Ahmed told media. The Economic Coordination Committee (ECC) of the Cabinet approved the market support fund ... Read More »

Qatar announces $3b investment in Pakistan


DUBAI: Qatar is making $3 billion Qatari Riyals worth of new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency QNA said on Monday. Following this investment, the economic partnership between Qatar and Pakistan will reach $9 billion, the agency reported, quoting Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani. “The Qatari-Pakistani economic ... Read More »

KPT Shipping Intelligence Report June 24

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier) OP-I Georgia M D. Molasses Alpine 24/06/19 OP-II Ginga Kite L. Ethanol Alpine 24/06/19 ALONG SIDE (East Wharves): 1 Bw Neon D. Chemical Alpine 22/06/19 2 Palomar D. Jet. Oil Alpine 23/06/19 4 Team ... Read More »

Guangzhou Rongish Trading Company to set up perfume plant in Faisalabad


FAISALABAD: A Chinese company, Guangzhou Rongish Trading Company, is ready to set up a perfume and cosmetic unit in Allama Iqbal Industrial City, in Faisalabad. In this regard, Company Chairman Evan Jiang inked an agreement with Mian Kashif Ashfaq, chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC). Even though there is not much on the internet about this Chinese ... Read More »

Chinese company to invest $3b in Lahore clean drinking water project


LAHORE: A Chinese environmental company is ready to invest $3 billion in the clean drinking water and sanitation system in Lahore, said Punjab Board of Investment and Trade (PBIT) Chairman Sardar Tanveer IIyas Khan. Although he did not disclose the name of the company saying negotiations were at early stages, he revealed that the same company had already completed a ... Read More »

Passengers to pay airport tax in rupees instead of dollars


LAHORE: The Civil Aviation Authority (CAA) has announced rationalising airport charges and also that passengers would now be required to pay airport tax in Pakistani rupees instead of US dollars. The authority’s directives come in the wake of the persistent weakening of the rupee against the greenback. Passengers were earlier required to pay $20 and the rate has now been ... Read More »

JF-17 becomes star attraction at Paris Air Show


ISLAMABAD: Hordes of aviation enthusiasts turned up to see the static and aerial display of the Pakistan Air Force (PAF)’s JF-17 Thunder fighter jet on the last day of 53rd Paris Air Show in Le Bourget. Being a weekly holiday, the vast venue was filled with excited spectators of different ages as the gates opened for general public, according to ... Read More »

Sialkot exporters receives Rs9b cutlery items orders from Gulf countries


  SIALKOT: The exporters of the cutlery items have received the  record export orders of cutlery items (worth of Rs. 9 billion) from the foreign buyers in Saudi Arabia, UAE and other Middle East countries. Some leading cutlery exporters Arif Mehmood Sheikh,  Muhammad Aslam, Bashir Ahmed, Khalid Mehmood, Ghula Rasul and Muhammad Iqbal told the newsmen that the buyers of ... Read More »

Automated system for sales tax registration to be effective from July 1


ISLAMABAD: Federal Board of Revenue has announced that the automated system for sales tax registration will be effective from 1st July, 2019.The following procedure is proposed and the same shall replace the one as prescribed in sub-rules (2) to (8) of rule 5 of the Sales Tax Act, 1990: The applicant having NTN/income tax registration shall, using his login credentials, ... Read More »

Customs offices to remain functional on June 29 & 30

tax revenue

ISLAMABAD: Federal Board of Revenue (FBR) has issued instructions to all the customs field offices to remain open and observe extended working hours till 10:00 pm on 29th June, 2019(Saturday) and till 12:00 pm on 30th June, 2019 (Sunday) for collection of duty/taxes. FBR has further instructed the Chief Collector of Customs to liaise with the State Bank of Pakistan ... Read More »