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Author Archives: CT Report

China raises tariffs on US goods amid esclating tensions

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BEIJING: China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei. Beijing’s move hits $60 billion worth of US goods with new punitive tariffs ranging from five to 25 percent, and ... Read More »

PM Imran meets Saudi crown prince, discusses bilateral ties

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MAKKAH: Prime Minister Imran Khan met Saudi Crown Prince Mohammad bin Salman on Saturday on the sidelines of the 14th Summit of the Organisation of Islamic Cooperation (OIC). The two leaders discussed matters of mutual interests and bilateral ties during their meeting in Makkah and took stock of the current state of bilateral, political, economic and trade relations. They also ... Read More »

Pemra serves SCNs to 14 news channels for commenting on SJC reference against senior judges

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ISLAMABAD: The Pakistan Electronic Media Regulatory Autho­rity (Pemra) served a show-cause notice to 14 news channels for failing to act upon its advisory to avoid commenting on references filed in the Supreme Judicial Council (SJC) against senior judges, a press release by the regulatory authority said on Saturday. The channels that received the notices include Geo News, DawnNewsTV, Dunya News, ... Read More »

Complete text of Pakistan National Single Window Act, 2019

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ISLAMABAD: Pakistan has ratified the World Trade Organization (WTO’s Agreement on trade facilitation on 27th, October 2015 and as such under its Article 104.4 has committed herself to the establishment of “National Single Window” as category “c”commitment with an implementation timeline of five years with effect from 22nd February, 2917. Read More »

Customs House to remain open on Sunday

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KARACHI: Collectorate of Appraisement East Deputy Collector Headquarters Syed Muhammad Raza Naqvi has issued circular regarding functioning of Customs House on Sunday. According to circular no: MCC/APP(East)/Circulars/01/2018 dated 1.6.2019, in the wake of closing of the current financial year and meet the budgetary revenue targets, it is hereby directed that office will remain open on Sunday on 2nd June, 2019. ... Read More »

Garuda ordered to pay 19m Australian dollars for price fixing

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Australia’s Federal Court has ordered flag carrier Garuda Indonesia to pay 19 million Australian dollars (US$13.13 million) for colluding on fees and surcharges for air freight services, according to a statement issued by the Australian Competition and Consumer Commission (ACCC). The statement says the penalties followed the ACCC’s court action against a global air cargo cartel, which has so far ... Read More »

Rizhao Port Jurong to raise $77m in Hong Kong IPO

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China and Singapore joint venture Rizhao Port Jurong is set for an initial public offering (IPO) that could raise up to HK$604m ($77m). The company is to issue 400 million shares at a price of HK$1.37-HK$1.51 per offer share comprising a Hong Kong public offering of 40m H shares and a 360m international share offering. Rizhao Port Jurong was jointly ... Read More »

On Iranian Oil Import, A US Warning To India, China

Donald Trump Visits Turnberry Golf Club

WASHINGTON: Any efforts to import Iranian crude oil beyond the accepted levels negotiated from November to May will be sanctioned, the US has warned, amidst reports that India and China were seeking ways to buy oil from Tehran. US President Donald Trump last month refused to give waivers to countries like India from buying oil from Iran, in an attempt ... Read More »

UK car output crashes on Brexit-induced shutdowns

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British car output almost halved in April as factories imposed shutdowns in the face of Brexit uncertainty and other sector-wide headwinds, industry data showed . The nation’s car production nosedived 44.5 percent from the same month last year to 70,971 vehicles, according to the Society of Motor Manufacturers and Traders (SMMT). April was the eleventh successive monthly decline amid softening ... Read More »

Canada partly to blame for trash fracas with Philippines, say environmentalists

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The federal government says all legal options are on the table to get the company at the centre of the Philippines garbage dispute to take responsibility — but experts say Canada shares some of the blame. Ottawa is spending $1.14 million to bring dozens of cargo containers filled with garbage and contaminated recyclables back from the Philippines to Canada for ... Read More »

An unnamed Saudi buyer spent $52.2 million on a 20,000-square-foot Los Angeles

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A wealthy Saudi buyer has snapped up two neighboring Los Angeles mansions to create a $52.2 million compound, The Wall Street Journal reported. The larger home, which has seven bedrooms and about 20,000 square feet of living space, sold for $45 million, making it the most expensive home sold in LA this year, according to The Journal. The four-bedroom, 4,300-square-foot ... Read More »

Turkey exits recession after election stimulus

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ISTANBUL: Turkey made a tentative exit from recession with 1.3 percent growth in the first quarter, official data showed on Friday, but analysts warned that the recovery may be “short-lived”. The Turkish economy fell into recession for the first time since 2009 when it suffered two straight quarters of contraction to finish last year, after months of turmoil caused by ... Read More »

Revealed: the most sought-after jobs in the UAE

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Robert Half UAE has revealed that analysts, developers and finance managers top the list of in-demand roles for 2019 as employers focus on digitalisation. According to its 2019 Salary Guide, over half (51 percent) of business leaders in Dubai and 45 percent in Abu Dhabi say their primary concern is the evolution of the world of work in this increasingly ... Read More »

Russia aviation customs service representatives visit Armenia

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YEREVAN. : The administration staff from Russian aviation customs services is in Armenia on a working visit. The delegation members met with deputy chairperson Shushanik Nersisyan of the State Revenue Committee (SRC) and the latter’s employees of the relevant divisions, SRC informed Armenian News-NEWS.am. The parties discussed passenger luggage declaration and customs control procedures during transfer. Also, the administration staff ... Read More »

Competition cuts Asian Hotels (AHPL) annual profit in half

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Profits at Sri Lanka’s leading city hotel operator, Asian Hotels and Properties (AHPL), were down more than 50% for the year ended March 31, 2019. For the year, profits came in at Rs1.83/share as opposed to Rs3.81 a year earlier. Shares currently trade at a price just above Rs30/share. AHPL is approximately 80% owned by Colombo Stock Exchange blue chip ... Read More »

IF CHINA REALLY WANTS TO RETALIATE, IT WILL TARGET APPLE

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Apple has a Huawei problem. Of the myriad issues raised by the evolving and intensifying US-China trade Cold War, the knock-on effects on Apple have been perhaps least appreciated. And not just Apple, of course, but a slew of American companies that have both shifted production to China over the past two decades and, more vitally, tapped into Chinese middle-class ... Read More »

Govt hikes POL prices, petrol goes up by Rs4 per litre

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ISLAMABAD: The federal government on Friday increased prices of petroleum oil and lubricants, with petrol going up by Rs4.26 per litre. The price of high-speed diesel was increased by Rs4.50 per litre, according to statement issued from the Ministry of Finance. Similarly, the revised rates of kerosene oil and light diesel oil recorded a hike of RsRs1.69 and Rs1.68 per ... Read More »

SHC issues notices to FIA, others in fraud case against NGO

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KARACHI: The Sindh High Court has put the Federal Investigation Agency (FIA) and other respondents on notice in a petition concerning monetary fraud allegedly conducted by a non-governmental organizations with the farmers. According to the details, a mechanic of solar tube wells Saleemuddin, who belongs to Tando Allahyar district, alleged in a petition that a Punjab based NGO swindled over ... Read More »

Pak Rupee gains another 50 paisas in interbank

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KARACHI: The Pak Rupee gained another 50 paisas against US dollar on Friday owing to inflows related to Eid improved the supply. The rupee ended 147.90 to the dollar from previous day’s closing of Rs148.40 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs147.50 and Rs147.75. The market recorded day high of ... Read More »

China suffering from trade conflict: Trump

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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 »