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International Customs

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

US crude bounces back, settles 0.5% higher at $42.74 but glut worries remain

rubbermarketnews_RMN_brent_crude_oil_050

WASHINGTON: Oil rose on Thursday, a day after sliding to 10-month lows, but market sentiment remained negative due to ongoing pressure from a persistent supply glut despite OPEC-led efforts to balance the market. Brent crude futures were up 44 cents at $45.76 a barrel after falling as low as $44.53. Brent fell 2.6 percent the previous session to $44.35, lowest ... Read More »

Canadian beef demand up despite higher prices

beef

OTTAWA: U.S. cow herd expansion is the fastest in 40 years, yet the Canadian cattle population has remained stable for seven years. Recent Canadian census data showed Alberta had a three percent increase in beef cows for 2016. “We haven’t seen much change in our cattle growth, but we have seen more slaughter cattle around in Canada,” said Brian Perillat, ... Read More »

Australian PM challenges state bank tax

New Zealand meat, wine exports to face uncertainty on U.S border tax

CANBERRA: Australian Prime Minister Malcolm Turnbull on Friday challenged a surprise decision by the state of South Australia to impose its own tax on banks, suggesting the move may hamper investment and drive down employment in the country’s fifth biggest state. “When a state imposes higher business taxes within its own jurisdiction, is that going to drive investment, support, jobs ... Read More »

Canadian oilpatch may defer $19 bln in capex spending if low prices persist

A service rig, left, and a pumpjack in an oilfield outside of Weyburn, Sask., on June 8, 2009. With almost 150 countries, including Canada, poised to sign the Paris climate agreement at the end of this week in New York, some of the world's biggest oil companies aren't convinced there's any end in sight for fossil fuel use. THE CANADIAN PRESS/Troy Fleece ORG XMIT: CPT112

CALGARY: Oil’s sharp decline into bear market territory this week threatens $19 billion in anticipated capital spending by Canadian energy producers and could slow down industry activity, according to analysts. This week, West Texas Intermediate oil tumbled to its lowest intraday level since August 2016  to US$42.05 per barrel, recovering slightly to US$42.74 Thursday, but well below the threshold necessary ... Read More »

Sri Lanka’s central bank holds key rates unchanged, reserves climb

CENTRAL BANK

COLOMBO: Sri Lanka’s central bank held key interest rates unchanged on Friday after a monthly monetary policy meeting with inflation moderating in April and May, and the economy expected to recover in the second half. “Growth in the first quarter was weighed down by the impact of unfavourable weather conditions, particularly on agriculture related activities,” the monetary policy statement said. ... Read More »

Sri Lanka in talks to import rice from three countries

srilanka rice

COLOMBO: Sri Lanka has opened immediate talks with three countries on 22 June to procure a rice tranche to stabilize its domestic markets. “We are looking for par-boiled (Nadu) and Samba categories now” said the Minister of Industry and Commerce Rishad Bathiudeen on 22 June in Colombo. Minister Bathiudeen, joined by Secretary of Ministry of Industry and Commerce Chinthana Lokuhetti ... Read More »

Hong Kong to automatically exchange tax info with 75 states

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HONG KONG: Hong Kong has gazetted legislation to establish provisions to automatically exchange financial account information with other territories to support international tax collection efforts. The Inland Revenue (Amendment) (No. 2) Ordinance 2017, which will enter into force on July 1, will enable Hong Kong to implement automatic exchange of financial account information in tax matters (AEOI) in line with ... Read More »

Singapore’s May manufacturing output grows at slower pace of 5%

manufacturing

SINGAPORE: Singapore’s manufacturing output rose by 5 per cent in May from a year ago, easing from the 6.7 per cent increase in April, as the electronics segment grew at a slower pace. This marks the 10th straight month that manufacturing output has grown year-on-year, according to figures released by the Economic Development Board on Friday (June 23). Leaving out ... Read More »

Ireland raises €3bn from AIB share sale

profit rises

DUBLIN: Shares in AIB have been priced at €4.40 apiece in a boost to one of Europe’s biggest stock market listings since the financial crisis that has generated a €3 billion payday for the Irish government. Advisers to the Irish lender were able to price the shares close to the top of the indicated range after investors clamoured to take ... Read More »

Irish finance minister sees jobless rate falling to 5.5% by year-end

IRISH FM

DUBLIN: Ireland’s unemployment rate could fall to 5.5 percent by the end of the year, the finance minister said on Thursday, a scenario that could lead to capacity constraints in the fast-growing economy. Ireland’s jobless rate has fallen to 6.4 percent from a high of 15.1 percent five years ago and the finance ministry forecast in April that the rate ... Read More »

Dubai Customs hands out Eid money to 200 orphans

dubai customs

DUBAI: Dubai Customs’ Ghayyath Volunteer Team has launched its “Ghayyath Eid Gift” campaign in cooperation with the Dubai Charity Association. The initiative targets orphans and the underprivileged in Ajman. The team gave Eid Al Fitr money to 200 orphans, along with 200 food baskets. Fouad Al Shihi, Head of the Ghayyath Volunteer Team, said that 2017 is a #year of ... Read More »

Dewa hosts raft of energy conservation activities in Ramadan

DEWA

DUBAI: Dubai Electricity and Water Authority (Dewa) organised an awareness programme during the Holy Month of Ramadan in cooperation with a number of government organisations in Dubai. This supports Dewa’s strategy to spread sustainability and encourage society members to rationalise the use of electricity and water. The programme is part of Dewa’s “Let’s Make this Summer Green” annual campaign. The ... Read More »

S&P expects Malaysia’s economy to grow over 4% up to 2020

economy

KUALA LUMPUR: S&P Global Ratings expects the government to continue implementing prudent budgetary and economic policies and forecasts the economy will grow at an average rate of over 4% between now and 2020. The ratings agency said on Thursday it had also affirmed its “A-” long-term and “A-2”  short-term foreign currency sovereign credit rating on Malaysia.  At the same time, ... Read More »

Malaysian Finance Minister denies PKR’s GST claims

MALAYSIA FM

KUALA LUMPUR : A war of words broke out yesterday between Malaysia’s Second Finance Minister Johari Abdul Ghani and an opposition lawmaker after the latter claimed that Parliament had approved an expansion list of 60 food items to come under a consumption tax, only to do a U-turn by cancelling it. “Rafizi is wrong. None of the 60 food items ... Read More »

Bangladesh’s foreign exchange reserves cross $33 bln

FOREX RESERVES

DHAKA: Bangladesh’s foreign exchange reserves have crossed $33 billion for the first time in the history of Bangladesh. Reserves grew 10.5 percent to $33.02 billion on Thursday from a year ago, Subhankar Saha, a spokesman for Bangladesh Bank, told bdnews24.com, citing data. The amount is good enough to clear import bills for the next nine months, going by an estimated ... Read More »

France to stop granting oil exploration licences

OIL EXPLORATION

PARIS: French energy minister Nicolas Hulot said on Friday the government planned to present a draft law this autumn that would stop granting licences for oil and gas exploitation in France and overseas territories. “There will be no new licence granted for exploration of hydrocarbons, we will pass the law this autumn,” Hulot said on his Twitter account following an ... Read More »

Swiss trade surplus rose in May

tradesurplus

SWITZERLAND: For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CHF and closed at 0.9719. On the economic front, Switzerland trade surplus widened to a level of CHF3.40 billion in May, as exports grew faster than imports. The nation had reported a revised surplus of CHF1.96 billion in the prior month. In the Asian session, at ... Read More »

Kuwait’s Jazeera sees 2016 net profit slump by nearly 30%

KUAQATI

KUWAIT CITY: Jazeera Airways has announced it made KD52.8 million in revenues for 2016 and a net profit of KD10.8 million ($35.4 million) making it the company’s sixth consecutive year of profitability. Net profit was down by nearly 30 percent compared to the previous year while the number of passengers carried over the year rose marginally, the airline said in ... Read More »

Qatar wealth fund said to inject dollar deposits in local banks

QATAR

DOHA: Qatar’s sovereign wealth fund has injected deposits into local banks to shore up liquidity as an ongoing Saudi-led campaign to isolate the gas-rich Arab state hurts lenders, according to people familiar with the matter. Qatar Investment Authority has placed billions of dollars of cash with Qatari lenders after some banks in Saudi Arabia, the UAE and Bahrain started withdrawing ... Read More »

Govt on track to exceed revenue collection target this fiscal

NEPAL

KHATMANDU: The government has already collected 93 per cent of the annual revenue collection target of Rs 565.9 billion in the first 11 months of this fiscal. The revenue collection in the first 11 months stood at Rs 527.39 billion, exceeding the set target by Rs 33.85 billion, as income tax collection surpassed the target substantially. This was on the ... Read More »