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pAkIStAN’S FIrSt INDepth NewSpAper oN cuStoMS
Daily
Vol 1 Issue No. 166
Karachi, Tue August 25, 2015
ISLAMABAD
M FAIZAN
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he Federal Board of Revenue (FBR) has prevented customs authorities to Uile appeal against bail granted to super model Ayyan Ali in money laundering case. Sources told
Customs Today that an ofUicial, who refused to obey these instructions, is being transferred. Sources said that it is the a routine matter that if Customs Department pursues a case against any one they tried to take up the matter till the conclusion of the case. Customs authorities Uiled many appeals in Supreme Court of Pakistan to reject the
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bails of some persons, but they avoided to take the same action against Ayyan Ali. It is also pertinent to mention here that when Ayyan Ali got her bail from the LHC, Collector of Customs Islamabad Zeba Hayee was on leave and her charge was given to Seema Reza Bukhari who herself wanted to take action against Ayyan Ali, but she had been transferred.
Customs Lahore foils bid to smuggle 26 smart TV LEDs
J h a n g A S O s e i ze s s m u g g l e d w h e y p o wd e r
PIA wants more aircraft to improve performance
Hyderabad Customs confiscates 520kg gutka, vehicle
LCCI demands massive cut in petroleum prices
ASO of the Customs Preventive Lahore has seized 26 smart television LEDs | See pAge 03 |
The Customs ASO of Jhang City has confiscated smuggled whey powder | See pAge 02 |
PIA has demanded more aircraft for enhancing fleet and to improve | See pAge 04 |
Customs ASO Hyderabad has seized 520 kilogram of smuggled gutka with Suzuki | See pAge 03 |
Senior vice president of the LCCIurged the govt to pass on the benefit of crude oil | See pAge 09 |
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LHC transfers Customs Court Judge Nazeer Tuesday, August 25, 2015
National
LAHORE: Lahore High Court (LHC) has transferred Special Judge of Customs and Taxation Court Lahore, Nazeer Ahmed Gujana to Nankana sahib as session judge. LHC issued notification regarding transfer of as many as thirty districts, session judges including the judge of Customs and Taxation Court here the other day. However, the notification regarding the appointment of new judge at customs court will be issued later. It is important to mention here that Customs Court is going to resume the hearing of the cases on August 24 (today) after summer vacations but now seat of judge is vacant.
Lahore customs foils bid to smuggle 26 smart LeD tVs
ISLAMABAD
LAHORE
M FAIZAN
M hAYAt
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pecial Customs and Taxation Court has sent four accused involved in smuggling of cell phones worth Rs 4 million on judicial remand for further interrogation. As per details, Model Customs Collectorate Preventive Islamabad had arrested four accused those were attempting to smuggled cell phones and DVDs by foiling it. Collector Zeba Hai received information regarding the possible smuggling of the said items on which she directed the Deputy Collector (DC) Yawar Nawaz to fail the smuggling bid. Following the directions, DC Yawar formed a team under the supervision of Superintendent Zargam Dil. Customs Preventive team established a picket near an entrance of Islamabad and intercepted two vehicles. During checking, custom officials recovered 3,700 sets of China origin cell phones and number of DVDs. Officials asked the person traveling in the vehicles to produce the documents showing the legal import of the recovered items but they remained fail to do so. Therefore, customs officials arrested and registered cases against them following the charges of smuggling.
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he Anti-Smuggling Organization of the Customs Preventive Lahore has seized 26 smart television LEDs being illegally transported to Lahore, sources told Customs Today. Sources said that on the directions of Collector of Customs Lahore Preventive Mukarram Jah Ansari, a specially customs party intercepted a truck loaded with smart TV LEDs of 32 to 60 inches at Faizpur Interchange. The customs team consisting of inspector Sajad Bukhari under the supervision of Superintendent Mumtaz Ajmal Mian asked the owners party to show customs clearance documents but they failed to produce the same. The Customs ASO team after seizing illegal LEDs have registered a case against the suspects and initiated further inquiries. The sources said that the total estimated value of the LEDs is Rs 1,200,000 involving Rs 600,000 duty and taxes, they added. Meanwhile, The Customs Investigation and Intelligence’ anti-smuggling wing has seized smuggled items of Afghan Transit Trade valued at Rs 10 million on Multan Road. On the information of Additional Director Mohsin RaUique, Customs Intelligence ofUicials inter-
customs court sends suspects of rs 4m smuggling on judicial remand
cepted a truck loaded with auto parts, bicycles, alarms, tyres and cloth. The customs authorities conUirming that the items were being transported to Lahore illegally, seized the items and arrested two accused Mir Gull and Ghulam Hussain, sources said. They added that the truck was coming from Peshawar with the smuggled items belonging to many small traders.
The sources said that following registering case against the accused party the customs authorities have started investigation Meanwhile, Customs Lahore Preventives’ Anti Smuggling Organization (ASO) has impounded two noncustoms paid Honda Civic in the city. Sources said that the two white and black Honda Civics bearing Registration No. LXZ-228 and LWH2219 were conUiscated one at Bilal
Gung and the other at Johar Town. It was reported that the total value of the two cars is estimated at Rs 2.4 million. Sources said that on information Customs Inspector Sajad Bukhari and his team on the instructions of customs superintendent Mumtaz Ajmal Mian raided the two different places and seized the cars. The sources said that cars were being use for household and were reported to the customs authorities.
Release of auto parts: SHC seeks reply from Customs Appraisement-East KARACHI
MuhAMMAD YouSAF www.customsbulletin.com
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he Sindh High Court has issued a notice to the revenue division secretary, the Appraisement-East collector and the R&D deputy collector, asking them to Uile their respective replies to a petition of an importer seeking re-
lease of a consignment of auto parts. Petitioner Muhammad Amin Yahya moved the court, submitting that he had imported a consignment of automotive body parts weighing about 15.37 metric tonnes and subsequently Uiled goods declaration dated May 22 and paid customs duty and taxes. The petitioner’s counsel said that the consignment was re-examined by the ofUicers of the Research and Development (R&D) Section and re-
sultantly, the petitioner was required to pay more duty and taxes amounting to Rs 2,280,914, which he also paid. When the petitioner’s carrier approached the terminal operator for transhipment of the consignment, it was declined delivery. The petitioner complained to the judges that the customs staff had illegally detained the consignment; nevertheless, he had made payments of all duty and taxes after examination and re-examination of the consignment.
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Extension date expires for filing tax returns of July 2015 MULTAN: The Federal Board of Revenue (FBR) Regional Tax office Multan has collected taxes from the listed taxpayers on the last date for the filing of sales tax and federal excise return up to the month of August for the tax period July 2015. The Federal Board of Revenue has extended the tax collection date to give opportunity to those listed taxpayers who had still not filed tax returns for the month July. Due to extension of date many active taxpayers visited the Regional Tax Office Multan for the submission of their tax returns.
ANF DG to chair meeting of educational institutions ISLAMABAD
ShAhID MINhAS
Tuesday August 25, 2015
National
hyderabad customs confiscates 520kg gutka, vehicle
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nti-Narcotics Force has called a meeting of the vice chancellors, principals and heads of the Rawalpindi and Islamabad private and public sector educational institutions on August 26, 2015. According to sources, Director General ANF Major General Khawar Hanif will preside over the meeting. Sources also added that it is part of the ANF policy to eliminate drugs from educational institutions. It is important to mention here, that the Anti-Narcotic Force (ANF) has decided to take action against groups involved in drugs dealing in educational institutions of the country. The ANF has claimed that almost eight million students have become drug addicts causing threat to the future of the country.
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5,000 alcohol permits renewed in punjab LAHORE
M IMrAN MehAr
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he Excise and Taxation Department of Punjab has renewed 5,000 alcohol permits in Punjab yet. These permits were issued to Christian community only for the sale and purchase of alcohol. According to an official of the Excise Punjab, there are 10,000 permit holders in Punjab and all these permits are expired from June 30, 2015. The Excise Department issues these permits on specific terms and conditions to persons of Christian community for the sale of alcohol. Now, 5000 permit holders get renewal of their licenses after paying their annual fee. Excise and Taxation Department annually gets more than one billion rupees excise duty on sale of alcohol in Punjab. Director General Excise has issued a new circular to collect new surcharge from persons who want to carry alcohol from one district to another.
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HYDERABAD
ASLAM QureShI
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he Customs Anti-Smuggling Organization (ASO) Hyderabad has seized 520 kilogram of smuggled gutka with Suzuki pickup worth Rs 1.3 million during an action. The Anti-Smuggling Organization has seized smuggled Gutka with Suzuki pickup in Hyderabad. Following the instruction of Hyderabad Customs Collector Dr. Mr Ahmed Mujtaba Memon, an ASO team under the supervision of Additional Collector Omer ShaUique conducted action to fail the smuggling bid in the region. ASO team intercepted a vehicle at Jamshoro Road, Hyderbad following credible information and recovered smuggled gutka from the vehicle. Therefore, customs ofUicials took the gutka and the vehicle in their custody. OfUicials said that after making a seizure report the conUiscated items will be deposited to state warehouse in Hyderabad and report will also be sent to adjudication for further legal action against the accused. Additional Collector Omer ShaUique while talking to Customs Today said that Hyderabad Customs taking strict action against the smugglers and contraband items. He added that department has made effective strategies to eliminate the menace of the smuggling in the re-
gion. Meanwhile, The Hyderabad Customs Anti-Smuggling Organisation has seized 30,000 liters smuggled Iranian diesel worth Rs 9 million. Sources told Customs Today that Collector Ghulam Mujtaba Memon received information regarding smuggling of Iranian oil from Quetta to Punjab. Soon after receiving the information, he instructed collector
the customs ASo hyderabad has seized 520 kilogram of smuggled gutka with Suzuki pickup worth rs 1.3 million during action.
Multan Customs directs staff to declare assets
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odel of Customs Collectorate Multan has directed customs employees for the declaration of assets held and acquired by them for the Uiscal year 2014-15. Sources told Customs Today that Deputy Collector Model of Customs Col-
lectorate Farhat Ali, who is holding the charge of headquarters, has again reminded the customs employees through a notiUication for the declaration of their assets immediately. All the customs employees BS-16 and above ofUicers of MCC Multan are again requested to submit their declaration of assets for
the previous economic year ending 2014-15. Only few employees of customs department have not submitted their assets returns for the declaration of Uiscal year 2015 due to their hectic work schedule in ofUice.The model of Customs Collectorate employees from BS01 to BS-15 are requested to submit their assets dec-
laration without any further delay for the Uiscal year 2015. Almost 80% employees have declared their assets and remaining 20 % employees will need to Uile their assets declaration very soon.Almost 80% employees have declared their assets and remaining 20 % employees will need to Uile their assets declaration very soon.
Omer ShaUique to form a special raiding team comprising inspector Khair Muhammad Pathan and other staff. They intercepted truck near Loni police station at superhighway and recovered smuggled Iranian diesel which was loaded on a vehicle with fake number plate . The smuggled diesel was being transported from Quetta to Punjab.
court grants bail to drug smuggler he Lahore High Court Rawalpindi bench has accepted the bail plea of suspect who had already served two years and 9 months jail, and ordered his release. According to details, Lahore High Court Rawalpindi bench has heard the case of smuggler Muhammad Altaf who was arrested by Anti-Narcotics Forces while 1500 gram marphiune was recovered from him and registered a case of smuggling against him.
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Govt should take long-term steps to control beef prices KARACHI: The government should take long-term measures to control the beef prices and slaughtering of female animals. This was stated by FPPCI Standing Committee for Livestock Senior Vice President Shaukat Mukhtar, while talking to media. He said that a comprehensive strategy for female animals slaughtering can play a vital role to strengthen the industry. It is necessary to define the different slots for the animal slaughtering with the proper specification of a animal, he said.
Tuesday, August 25, 2015
Business
1.1m cotton bales worth $2b will be imported for textile sector
LAHORE
KARACHI
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fter destruction of cotton crop and loss of one million bales in the recent Uloods in Punjab and Sindh, the government has decided to import cotton worth $2 billion to meet the textile sector’s demand during the current Uinancial year. According to the Karachi Cotton Association (KCA), the textile and spinning sector will have to import
more than 1.1 million bales of cotton in the next eight months of FY2015-16. The KCA members said that the import would register a jump of 8 percent from India, United States and other prime cotton-producing countries. Pakistani lint remains cheaper at around 10-12 cents per pound in the international market but after damage to the crop the country would also face a loss of millions of dollars by not exporting around 100,000 bales. KCA said it expects to import more than 110,000 bales of various qualities till March end 2016 in order to meet the shortfall and country’s demand for raw cotton that has
pared to $2.01 billion of corresponding month of previous Uiscal while exports registered 17% decline over exports worth $1.92 billion in June. Similarly, imports of goods in the country increased by 4.04% to $3.37 billion in July as against $4.39 billion of imports in June while due to lower international oil prices, Pakistan’s import bill dropped in July by 23.28%, as compared to $3.24 billion in July 2014. As a result, dwindling exports from Pakistan broadened country’s trade deUicit in July 2015 (FY16) by 34.62% to $1.77 billion as compared to $1.31 billion in same period previous Uiscal.
0.2m each given to 52 youths under cM’s self-employment scheme
PIA wants more aircraft to improve performance ISLAMABAD
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akistan International Airlines (PIA) has demanded more aircraft for enhancing fleet and to improve performance of the national flag carrier. This was revealed by Adviser to the PM on Aviation, Shujaat Azeem, and Secretary Aviation Muhammad Ali Gardezi during a meeting with Federal Finance Minister Ishaq Dar. Dar briefed on efforts being made to improve the PIA passenger and cargo services.
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gone up to around 15 million bales (of 175 kg each). Pakistan will deUinitely miss cotton production target of over 15 million bales in the current 2015-16 cotton-sowing season by 8-10 percent after heavy rains and Ulooding. The country achieved revised target of 13.48 million bales for 2014-15. Meanwhile, The country’s exports have decreased by 21 per cent and trade deUicit has widened by 35 per cent in the Uirst month of newlystating Uiscal year 2015-16. According to Pakistan Bureau of Statistics (PBS), exports from Pakistan to the world fell by 21% to $1.59 billion in July 2015 as com-
LAHORE
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he Punjab Small Industries Corporation, in collaboration of Akhuwat, has arranged a cheque distribution ceremony under the Chief Minister’s Self-employment Scheme at Masjid Hazrat Baba Shah Jamal. The cheques of loans worth 0.2 million each were distributed
among 52 men and women. Provincial Minister for Trade, Industry and Investment Ch Muhammad Shafiq was the chief guest who gave away cheques to the deserving persons.Akhuwat Founder and Chairman Dr Muhammad Amjad Saqib, Punjab Small Industries Director Bilal Ahmad Butt, Ali Raza, Ghulam Nabi and other officers were present on the occasion. Addressing the function, Ch Shafiq said that distribution of interest-free loans have been started under the Chief Minister
Punjab Self-employment Scheme for eliminating unemployment, earning halal livelihood and promoting business through hard work and honesty, which were being highly appreciated. Dr Amjad Saqib told that more than 272 centres have been set up throughout the province and interest-free loans of more than Rs 13 billion have been provided to 692,000 families in 168 cities. He said that these loans are distributed in local mosques without any religious, sectarian or political consideration.
New landing system to be installed at Allama Iqbal Airport cuStoMS BuLLetIN report new landing system is being installed at the Allama Iqbal International Airport, Lahore to improve the visibility conditions especially at night time. According to Airport Manager Akhtar Mirza, the installation of Instrument Landing System category III B will be helpful in landing flights even up to 50 meters visibility. He said that the latest system is supplemented by Advanced Airfield Lighting System and Surface Movement Radar. Earlier, the Civil Aviation Authority had to use ILS Cat II system owing to which the landing was not possible below 350 meters visibility, he added. The project also entails installation of Surface Movement Guidance Control System (SMGCS), Surface Movement Radar (SMR) and Airfield Lighting System (AFL) on other linked taxi ways. Meanwhile, A Saudi Airline flight from Jeddah to Lahore remained in airspace over Kasur, Pattoki and Okara due to bad weather. The pilot of the aircraft could not land the airplane for two and a half hours. Later, the Saudi flight was rerouted to touch down at the Allama Iqbal International Airport in Lahore.
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Two-day int’l conference on agriculture from 24th ISLAMABAD
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he World Vegetable Centre, in collaboration with Pakistan Agricultural Research Council (PARC), US Agency for International Development (US-
AID), International Maze and Wheat Improvement Centre (CIMMYT), ILRI, IRRI, UC Davis University of California and AVRDC, is arranging a two day international conference on agriculture from August 24. The conference will be held under the title of Annual Conference 2015 on Agricultural Innovations for Improved Productivity and Eco-
nomic Growth. The main objective of the event is to highlight the accomplishments of Agricultural Innovation Programme (AIP) in the form of new technologies and practices resulting from improved skills of the vast network of the farming community. The event would also provide an opportunity for public and private sectors linkages with the agriculture who have
been organized, trained and mobilized by the programme. Besides, it would provide a common platform to exchange information, discuss opportunities, challenges and plans for future collaborations with the stakeholders. Federal Minister for National Food Security and Research, Sikandar Hayat Khan Bosan would inaugurate the conference and highlight the steps
taken by the government for the development of agri-sector of the country. Meanwhile, The Capital Development Authority (CDA) has launched a threemonth-long renovation and beautiUication campaign to aware the citizens of the federal capital and to address their complaints. During the campaign, citizens committees, shopkeep-
ers, traders’ associations, civil society, students, and the public will be apprised of their responsibilities towards keeping the city clean. Different formations from the civic agency will be visiting each sector on designated dates and address complaints from area residents. According to a CDA spokesperson, the authority’s chairman will pay surprise visits.
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ederal Board of Revenue (FBR) Chairman Tariq Bajwa has urged the tax officials to enforce the tax laws strictly in order to achieve the set revenue targets for the running fiscal year 2015-16. He stated this while addressing to the Large Taxpayers Unit (LTU) Islamabad Chief Commissioner Raana Saeed and other officers here at a meeting. He also appreciated the performance of the LTU during last year; besides emphasizing that it has potential to generate more revenue for national exchequer. Bajwa said that competent and honest officials will be encouraged at every level but the menace of corruption will not be tolerated at any cost. In the meeting, Chief Commissioner Saeed briefed the chairman about the registered taxpayers’ potential and revenue collection made by LTU during past years.
Tuesday, August 25, 2015
After getting briefing, Chairman Bajwa directed the officials to establish effective check and balance system and to make strategy regarding the pending cases in courts. He also said that tax matters with the taxpayers to be handled amicably, but those were not paying tax according to their potential must be brought to table. It is important to mention here that Chairman Bajwa
would pay visit to the LTU Lahore and Karachi in coming days.
KARACHI: The Federal Board of Revenue (FBR) has asked for permission from the federal finance ministry to take action against Sindh police and Hyderabad Development Authority for recovery of outstanding dues. Sources told Customs Today that Hyderabad Development Authority and Sindh police are defaulters of millions of rupees. Sources said that they even approached Prime Minister of Pakistan in this regard and seek his help for recovering of outstanding dues from these two departments but all in vain. Sources said that FBR decided many times to take action against these departments but finance ministry always bars us to take such action. Now FBR again ask federal finance ministry to grant them permission to take strict action against Sindh police and Hyderabad Development Authority.
d of Federal Boar man r) chair revenue (FB as urged h tariq Bajwa ls to the tax oďŹƒcia ws ax la enforce the t r to e strictly in ord enue et rev achieve the s running e targets for th 5-16. 1 fiscal year 20
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Founder & Chairman Zulfiqar Ali Editor rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore
eDItorIAL
Declining trend in exports
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ccording to the Pakistan Economy Watch (PEW), the Board of Investment and Trade Development Authority of Pakistan have become white elephants, as exports are dwindling and investment is slowing down, but the government is in slumber to take notice of the situation and fix the responsibility. PEW chief Dr Murtaza Mughal says that foreign investment in Pakistan has downed by 58.2 percent to $709 million. In contrast, the foreign investment in Sri Lanka is $850 million, in Bangladesh $1.5 billion, in India $3.5 billion and in Ghana $4 billion. The PEW chief adds that instead of increasing, the Pakistani exports have downed by five percent to $23.8 billion in one year while Bangladesh exports have reached $35 billion mark during the same year. On another note, he says that the import bill of the country has reached $45.9 billion, showing a widening trade gap of $22.1 billion. Dr Mughal also says that the prime minister had promised to show the door to inefficient officials, but non-performers and incompetent bureaucrats are still in authority and the situation will not improve unless few heads roll. The grim situation of the economy will discourage foreign direct investment and encourage capital flight from the country. According to the PEW, exports have not dwindled down overnight as misuse of export incentives is also responsible for the situation. The policymakers in Pakistan are obsessed by the GSP plus status granted by the European Union as the government has focused all its attention on the textile sector, ignoring the other sectors of the economy. The organization blames the economic managers for the declining trends of exports, but the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) puts all the blame on power crisis. It links over 17 percent decline in exports during July 2015 to shortages of electricity, gas and water. The stuck-up refund claims of the exporters and the State Bank of Pakistan have aggravated the situation, causing financial crunch in the export oriented industry. According to the chamber, hundreds of industrial units in Punjab have been shut down and others are on the verge of closer. The industries in Karachi have become hostage to the water mafia which has increased cost of production. However, instead of TDAP, the chamber blames the energy crisis and water shortage for declining exports. To arrest the trend of falling exports is a test case for the government.
waiting for economic woes T
LAHORE
Dr AFtAB AFZAL
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here is much ado about piling up circular debts in the country, but debt servicing is another area of concern to deal with as it is becoming a snowball for the fragile economy amid unending quest of the government for more and more loans from international lending agencies. The successive governments in Pakistan have always preferred short term measures to finance persistent budget deficit, ignoring the fact that strings of long term troubles are always attached with ad hoc measures. As a result, consistent borrowings are leading to accumulation of internal and external debts with every
passing year. According to newspapers reports, the country has sustained budget deficit of $80 billion between 2008 and 2015, thanks to ill-conceived policies of the previous Pakistan People’s Party government. This situation points out a bitter reality that the country is put to live beyond its means as it has suffered trade deficit of $130 billion during the last seven years. The total public debts have reached $110 billion in 2015 from $6 billion in 2008, indicating that the PML-N government is not different in any way from its predecessors. Since the current government has assumed the office, the public debt has registered a raise of $2.7 billion from $14 billion in June 2013 to $17 billion in
March 2015. So far, remittances sent by Pakistani expatriates are a major source of income to neutralize the effects of trade deficit. Hopefully, the Pakistan Muslim League-Nawaz government will not tax the money otherwise collapse of the economy will be a fait accompli. The government has earned $1.7 billion from the sale of its shares in banks and public sector organizations and received $1.5 billion ‘gift’ from Saudi Arabia to bolster the economy to some extent. However, the domestic debts have been increased by $8.7 billion and foreign debits by $2.2 billion since then. The country is likely to face the issue of debt servicing in the near future as the exports have slowed down and efforts to in-
crease tax net are backfired. The government is not in a position to pay interest on domestic loans from its tax revenue and has to take more loans to fulfill its obligations regarding the disbursement of profit even on national saving schemes. Another option for the government is to print new currency notes, a step which will increase inflation. The government is looking for bail out packages, one after the other, from the International Monetary Fund and other donor agencies, which not only cost economic development, but also invite more risks to the national security. The government should learn from Bangladesh and Vietnam which rose from ashes and are emerging as economic giants.
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Marvi urges business community to support poor people SIALKOT: Benazir Income Support Programme (BISP) Chairperson Marvi Memon on Thursday said that the PML-N government was striving to rehabilitate the poor, besides urging the business community to come forward to support the marginalised segment of society. She was addressing a meeting of exporters held at the Sialkot Chamber of Commerce and Industry (SCCI).SCCI President Fazal Jillani, Senior Vice President Mir Alamgir Meyer, Vice President Malik Naseer Ahmed and Chairman Pakistan Gloves Manufacturers and Exporters Association (PGMEA) Muhammad Younas were also present. Marvi Memon asked the business community to come forward and provide jobs to the poor in factories after giving them necessary training of advanced skills.
LccI demands massive cut in petroleum prices enior vice president of the Lahore Chamber of Commerce and Industry urged the government to pass on the benefit of crude oil price reduction in the international market to the trade, industry, agriculture sector and the masses. After having a meeting with the delegation of businessmen at the Lahore Chamber of Commerce and Industry, Mian Nauman Kabir said that price of crude oil is at the lowest ebb but government has not passed its full benefit to the trade, industry and agriculture sector. The LCCI senior vice president demanded of the government to reduce petroleum price by at least Rs. 15/= per liter considering the lowest oil prices in the international market. He said that price of crude oil in the international market has come down to around $40 barrel but policy makers are reluctant to pass on the benefit to the trade and industry and masses with the ratio.
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Govt urged to adopt automatic refund system akistan Businessmen and Intellectuals Forum (PBIF) President and former provincial minister Mian Zahid Hussain has said that the refund mafia has badly affected the foundations of country and urged the government to adopt an automate refund system. While talking to media, Mian Zahid said that the automatic refunds would eliminate refund mafia, end delay in payments, trigger exports and may help trading community protesting withholding tax on bank transactions. He demanded immediate legislation and installation of software which automatically process the refund claims and transfer money in the account of exporter within seven days of export.
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Tuesday August 25, 2015
Chambers
govt to facilitate business community in new trade policy: Dastgir GUJRANWALA
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he government will facilitate the business community through the new trade policy, which would help boost economy in the country. This was stated by Federal Minister for Commerce Khurram Dastgir, while speaking at a luncheon hosted by the United Business Group (UBG) and Gujranwala Chamber of Commerce and Industry (GCCI). Dastgir said that on the special directive of Prime Minister Nawaz Sharif, a number of new power plants were being commissioned in different parts of the country to meet the ever increasing energy needs. Dastgir said that inUlation rate was reduced to 2.5% owing to sincere efforts and prudent economic policies being pursued by the federal government. He said that the $46-billion China-Pakistan Eco-
nomic Corridor would also boost economic activity. On the subject of new trade policies, Dastgir said, “All stakeholders would be taken into
conUidence including Saarc Chamber Vice President and UBG Chairman Iftikhar Ali Malik and Federation of Pakistan Chamber of
BoI secy to convene meeting of FBr, traders to resolve outstanding issues
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SIALKOT
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ecretary Board of Investment (BOI) Pakistan Iftikhar Babar has said that after the commencing of the grand project of PakChina Economic Corridor, now Pakistan has become an ideal country for foreign investment, as world’s big foreign investors were now looking on Pakistan. He stated this, while addressing an important meeting of the Sialkot exporters held at Sialkot Chamber of Commerce and Industry (SCCI). SCCI President Fazal Jillani, SVP Mir Alamgir Meyer and Chairman Sialkot Dry Port Trust(SDPT) Khawar Anwar Khawaja were also present on this occasion. Secretary BOI Pakistan added,
that the effective and positive investment and business-friendly policies of Pakistan were paving the ways of direct foreign investment in Pakistan , saying that the present government was successfully providing the secure , safe and investment friendly atmosphere to the national and foreign investors in Pakistan and this direly needed step was helping a lot in restoring the conUidence of the foreign investors as well. Iftikhar Babar added that the government has planned out to establish special economic zones in the major industrial cities of the country, where all the trade and investment related facilities to the national and foreign investors, besides, announcing a ten-year long exemption of taxes for them there. Secretary BOI Pakistan Iftikhar Babar announced to soon arrange
an important joint meeting of the senior authorities of federal government, ANF and FBR to discuss in details the prolonged perturbing problems being faced by the Sialkot industries. Meanwhile, The best water management practices (BWMPs) experts of WWF have urged the Sialkot based tanners to give up the necessary use of water and chemicals in their leather tanneries for reducing the environmental pollution caused by their tanneries in Sialkot, saying that the unnecessary usage of the water has increased the water consumption to maximum level in Sialkot here. They stated this while addressing the participants of an awarenessraising seminar on “Best Water Management Practices (BWMPs) in Leather Tanneries” jointly organized mutually by WWF and Pakistan.
Commerce and Industry (FPCCI). Dastgir said recommendations and proposals of the FPCCI would be given importance.
FPCCI urges govt to reduce petroleum prices after huge cut in int’l market ederation of Pakistan Chambers of Commerce & Industry (FPCCI) President Mian Muhammad Adrees has urged the government to reduce petroleum prices in the country after the record cut in international market. While talking to the media, he said that the government must transfer the benefit of reduction in oil prices globally to the general public and consumers. He stated that in Pakistan, the government focuses on increasing the GST on POL products to maintain its revenue collection, while the general public and consumers are deprived of benefit in reduction of prices in the international market.
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Genting Hong Kong posts net profit of $2.2bn in H1 Tuesday August 25, 2015
World
HONG KONG: Genting Hong Kong Ltd., member of Malaysian hospitality, entertainment, and gambling conglomerate Genting Group, posted its financial results for the first half of 2015. The company reported record net profit of $2.2 billion compared to $216.7 million generated during the same period a year ago. EBITDA amounted to $29.6 million, up 46.5% year-on-year. In comparison, the amount of $20.2 million was posted for the six-month period ended June 30, 2014. Cruise and other related cruise activities generated a total revenue of $265.1 million during the period in review. It increased 2.5% year-on-year from $258.8 million posted for the first half of the previous year. Net revenue of $218 million was reported for the six months ended June 30, 2015, up 6.4%.
uS customs seizes 100 pounds of pot at airport MIAMI
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een-eyed Customs and Border Protection ofUicers at Miami International Airport seized 100 pounds of pot hidden inside large Uiberglass decorative boxes. CBP ofUicers said they made the Uind on July 28th, when they selected wooden crates – shipped from Mexico to an address in the Midwest – for examination. Inside the crates were six large Uiberglass decorative boxes. Agents said upon further inspection, the boxes had false shelf enclosure. When they removed the shelf, authorities found six brick-shaped packages wrapped in plastic with a green leafy substance inside. The substances tested positive for marijuana. “We are very proud of our CBP ofUicers for going the extra mile
$2.6m theft: Bitnoin exchange company Mtgox’s former boss faces new allegation former boss of MtGox, a Bitnoin exchange company, has been charged with stealing $2.6 million from the clients. The local police grilled Frenchman Mark Karpeles about hundreds of millions of dollars worth of missing Bitcoins. Japanese authorities issued a fresh arrest warrant for Karpeles, over claims he stole millions from clients before the Bitcoin exchange collapsed, police told AFP. He spent most of that money on buying software rights, but also splashed out about $48,000 for a luxury bed, local media said. Karpeles, 30, who has reportedly denied the allegations, was initially taken into custody this month over the affair and has been held without formal charges for three weeks.
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every day,” said Miami International Airport Port Director Christopher Maston. “This seizure is a great example of their commitment to keeping dangerous, illegal drugs out of
the United States.” Customs turned it over the marijuana to Immigration and Customs Enforcement and Homeland Security Investigations.
Hong Kong’s TTI revenue up by 10% to $2.5 billion in H1
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ong Kong-based global power equipment and Uloor care company Techtronic Industries Co. Ltd. (“TTI”/ The Group) reported that it achieved record results with doubledigit growth in revenue, gross proUit and net income in the Uirst half of 2015. ProUit margins continued to improve with revenues increasing by 10.0% or 14.4% when excluding the effect of foreign currency exchange. Gross margins improved by 60 basis points to 35.6% and net proUit increased by 16.5%, delivering double-digit growth
for the sixth consecutive reporting period. Basic earnings per share increased by 16.4% to 8.67 US cents. All regions delivered impressive organic growth, demonstrating the Group’s ability to capture market share through innovation. The Power Equipment segment, comprising 79.1% of the Group’s revenue, generated double-digit sales growth of 16.7%, outpacing the power tool industry with our Milwaukee Tool business recording a 24.4% increase in global sales.
canada’s inflation rate rises to highest level as food prices up C
anada’s annual inflation rate rose to its highest level in seven months in July as higher prices for food and clothing offset the moderating effect of cheaper energy. A separate report on Friday showed retail sales rose more than expected in June, though Ulat volumes dulled the enthusiasm of analysts looking for signs the economy is pulling out of its slump. Economists said the reports had few implications for monetary policy, with the Bank of Canada looking through temporary inUlation factors. The central bank, whose next policy decision is in September, has cut interest rates twice this year to spur the economy, which was likely in recession in the Uirst half of 2015. “From a GDP standpoint, it really isn’t that positive of a development,” Andrew Kelvin, senior Uixed-income strategist at TD Securities, said of the reports. “It’s still a little early to say what we think what’s going to happen with Q3 until we see the trade data,” he said. While recent trade data was
strong, economists are uncertain whether that will be sustained. Annual inUlation rose to 1.3 per cent in July, Statistics Canada said, shy of economists’ expectations for 1.4 per cent, and the highest level since December. Core inUlation, which strips out volatile items and is closely watched by the bank, rose to 2.4 per cent, as forecast. The bank estimates the underlying inUlation trend at about 1.5 per cent to 1.7 per cent. “What stands out here is Canada does have one of the higher headline inUlation rates in the industrialized world,” said Doug Porter, chief economist at BMO Capital Markets. “A lot of that is due to the impact of the weakening Canadian dollar.” The Canadian dollar brieUly strengthened to a session high after the data was released. On a year-over-year basis, prices were up in seven of the eight major components of the main inUlation index, including a 3.2 per cent increase in food. While gasoline and other energy prices fell, the declines moderated.
Ireland customs seizes cocaine worth €874k at Dublin port
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uspected cocaine with an estimated street value of €784,000 has been seized at Dublin Port, and a man arrested. In a Joint Revenue-Garda intelligence led operation, about 11.2kg of the drug was discovered in a freight vehicle. The operation involved ofUicers from the Customs Service and the Garda’s Drugs and Organised Crime Bureau. The haul has been
sent for analysis. Meanwhile, the government has been urged to implement longawaited plans to combat the illicit trade in prescription sedatives, as Uigures show seizures of the tablets have more that doubled. Community workers have told Aodhán Ó Ríordáin, the drugs minister, that some young street dealers are making up to €1,000 a week.
Malakoff revenue declines by 26.9% to rM86.29m in Q2
M KUCHING
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alakoff Corporation Bhd (Malakoff ) posted lower turnover and earnings in the second quarter of 2015 (2Q15) ended June 2015. The company told here the oher
day that revenue in 2Q15 declined by 11.6 per cent year-onyear (y-oy) to RM1.29 billion from RM1.46 billion in 2Q14. Malakoff added net profi t in 2Q15 decreased by 26.9 per cent y-o-y to RM86.29 million compared with RM118.08 million in 2Q14. Malakoff in its accounts notes in conjunction with the release of the group’s 2Q15 results
explained that the lower revenue recorded in 2Q15 was attributed to lower capacity factor registered by all its gas fi red power plants and lower distillate firing, which was offset by the consolidation of Port Dickson Power’s (PDP) revenue pursuant to the completion of its acquisition in April 2014.Additionally, Malakoff
pointed out that the lower turnover was also partly due to the usual schedule outages taken by certain power plants as part of its maintenance cycle. The group observed that its profi t before tax and net profi t was lower due to recognition of fair valuation gains from its acquisition of the remaining 75 per cent.
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Ireland Customs seizes 400,000 tablets DUBLIN: The Government has been urged to implement long-awaited plans to combat the illicit trade in prescription sedatives, as figures show seizures of the tablets have more that doubled. Community workers have told Aodhán Ó Ríordáin, the drugs minister, that some young street dealers are making up to €1,000 a week selling the tablets. Independent TD Maureen O’Sullivan said community drug and youth projects were struggling to cope with the “aggression” and “chaotic nature” of people consuming these tablets, often taking them with alcohol and other substances.
Danish Maersk sells stake to lifeboat manufacturer Nadiro aersk’s ongoing mission to offload non-core businesses to prop up its bottom line has seen it sell off its stake in lifeboat manufacturer Nadiro. Viking Life-Saving Equipment has bought the company from Maersk and SH Group for an undisclosed sum. Established in 2009, Svendborg, Denmark-based Nadiro manufactures lifeboat and rescue craft systems, developing and promoting its Drop-inBall technology to help ensure crew safety. Maersk has been selling noncore businesses a lot of lately. Declining oil prices did hit some sectors of the group in the second quarter but nevertheless last week it was able to report what it described as a “ satisfactory profit” of $1.1bn for the period. The group’s expectation of an underlying result of around $4bn remains unchanged.
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Jinkosolar posts strong second quarter 2015 results hina-based solar product manufacturer JinkoSolar Holding Co., Ltd. JKS posted strong second quarter 2015 results, as its shift in focus to solar modules from cells continued to pay off. The company recorded non-GAAP adjusted earnings of $1.04 per American Depositary Share (ADS) in the second quarter, beating the Zacks Consensus Estimate of 83 cents by 25.3%. In the year-ago period, the company had reported earnings of 80 cents per ADS.JinkoSolar’s revenues in the reported quarter were $516.2 million, comfortably beating the Zacks Consensus Estimate of $474 million by 8.9%. Revenues also increased 31.7% year over year and 16.5% sequentially. The company attributed the strong sales growth to the ongoing shift to module sales as well as its downstream focus.
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Ports & Shipping
Tuesday August 25, 2015
Malaysia in talks with china to implement e-port system KUALA LUMPUR
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alaysia is holding talks with China to implement the e-port system, said Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan. The system was proposed by China and Malaysia was keen to be part of it. “We feel the idea is very good to cut down on red tape among participating countries. “We hope the important details can be sorted out by next year,” he said after presenting appointment certiUicates to speakers of MCA political school in Wisma MCA here yesterday.
Amongst others, the system involved paperless submission and other improvements which would have to be agreed upon by partici-
pating countries and standardised. “Similar to a bar code before boarding a Ulight, one just needs to scan it at the point of entry.
Scorpio Tankers’ RSI reading falls below 30 he DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks , according to a proprietary formula designed to identify those stocks that combine two important characteristics – strong fundamentals and a valuation that looks inexpensive. Scorpio Tankers Inc. (Symbol: STNG) presently has a stellar rank, in the top 10% of the coverage universe, which suggests it is among the top most “interesting” ideas that merit further research by investors. But making Scorpio Tankers Inc. an even more interesting and timely stock to look at, is the fact that in trading on Thursday, shares of STNG entered into oversold territory, changing hands as low as $9.23 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Scorpio Tankers Inc., the RSI reading has hit 29.1 – by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 44.0.
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Global marine terminal business estimated to be $63 billion industry annually BEIJING
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he global marine terminal business is estimated to be a $63 billion industry annually and at an estimated 4% plus per annum is still out pacing worldwide GDP growth. In the past four decades, Asia has been the biggest reason for growth in container terminal operations. It takes only a cursory look at a list of the world’s largest container ports to see where the growth has come from over the last forty years. Even now as trade growth in China slows, volumes on the Asia to Europe and Asia to North America trade lanes still remain the principal drivers behind container terminal expansion. But the terminal industry is facing some significant hurtles as the next generation of boxships enter service. The rapid increase in the size of container ships has created a challenge for both the terminals and the manufacturers supplying the terminal equipment. The rise in size has been phenomenal. Back in 1972 the containership Liverpool Bay at 2,500 TEU represented the upper end of line haul ships. The Liverpool Bay stored her ocean containers in 13 rows across. Sixteen years later, the Marchen Maersk at 4,300 TEU, still stowed the boxes at 13-across.
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Daewoo Shipbuilding terminates 703.4b won contract
D SEOUL
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aewoo Shipbuilding & Marine Engineering Co., South Korea’s No. 2 shipbuilder, said that it has terminated a contract with a U.S. customer to build a drill ship for 703.4 billion won (US$593.6 million). The decision was made as the
customer has failed to fulUill its obligation of intermediate payment for the ship, the company said in a regulatory Uiling. The name of the customer was not available. A company ofUicial said that the drill ship under construction was supposed to be delivered by the end of this year. He added that the company will keep building the ship and try to Uind a new customer. The contract termination is
feared to negatively affect its business already facing a fall in demand for drill ships and others amid protracted low oil prices. Meanwhile, Spain’s National Ports Authority has approved a total of 29 projects to benefit from the Port Terrestrial Accessibility Finance Fund. These will be eligible for a total of €466.8m, which will be available until 2019, of which €113.7m will be made avail-
able in 2016. Of the funding, €441.5m relates to rail connections and €25.3 million to upgraded road access. A total of 50% of the profits generated by each port will be transferred to the fund. Up to €363.4m of the planned investment is for connections within the port area, with the main projects at the ports of Avilés, Barcelona, Escombreras, Ferrol, Sagunto and Sevilla.
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Sri Lankan customs seizes 75 gold biscuits weighing 7.5 Kgs COLOMBO: Two employees of an airline company were detained at the Bandaranaike International Airport this morning with a stock of gold biscuits. Customs Media Spokesman Leslie Gamini said the two suspects were detained by the security staff of SriLankan Airlines who handed them over to the Customs officials for investigations. The suspects had 75 gold biscuits weighing 7.5 Kgs in their possession. The seized gold biscuits are valued at Rs. 37.50 million.
Tuesday, August 25, 2015
CUSTOMS BULLETIN
Employees’ reshuffling in Lahore PCA held in abeyance for six years LAHORE
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ransfers and posting at the Post Clearance Audit (PCA) have been held in abeyance for the last six years, depriving the ofUicials of their right to learn about works in other sections of their department. As many as 32 ofUicials of all cadres, including additional director, deputy directors, assistant directors, superintendents, deputy superintendents and inspectors have been working in the same department for the last many years. Deputy Superintendents Abdul Qadir, Hassan Muhammad, Babar Rasheed and Amir Saeed Jafri have been working in PCA for the more than six years, while others including Deputy Director Sumaira Omar, Agha Ahsan Mehmood, Arshad Malik, Waqas Jalani and Babar have been serving the PAC for more than three years. Sources on the condition of anonymity told Customs Today that earlier, transfers and posting under BPS 16 were undertaken at the local level but since the Federal Board of Revenue (FBR) has taken back the
powers from the chief commissioners and chief collectors, the PCA like other sections of the customs have
lost attention. They added that normally transfers and postings get matured after
a period of three years in any government department. Recently, the transfer of Director
Saud Imran from the department has created a ray of hope for the PCA ofUicials, they added.
ANF recovers 58.8kg hashish, arrest two smugglers T
PESHAWAR
NADIr khAN
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he Anti-Narcotics Force has arrested two smugglers and recovered 58.8 kilogram of charas in two separate crackdowns. Sources said that the ANF Peshawar Road team, on pursuance of information, intercepted a Suzuki Pothohar jeep near New Toll Plaza, Indus Highway, Kohat and recovered 30 kilograms of charas, which was concealed in secret cavities under the Uloor of the jeep. An occupant of the jeep, named Olas Khan resident of Khyber Agency was taken into custody on the spot. In another opera-
tion launched near New Toll Plaza Indus Highway Kohat, ANF Peshawar Road check team, stopped a suspected car Suzuki Liana and recovered 28.8 kilograms of chars during the search of the car. Drug was concealed inside the improvised cavities of the car. A person on board named Muzamil Khan, resident of Orakzai Agency was also caught during the operation. It is worth mentioning here that earlier to this Anti Narcotics Forces has also recovered 80 kilogram chars in separate crackdowns. Meanhwile, The Anti-Narcotics Force Peshawar, in separate crackdowns, arrested four persons and recovered 109 kilogram of charas, and Uive kilogram heroine. During Uirst incident ANF Peshawar in
routine checking and search of a Toyota Hiace No TL-783 near New Toll Plaza, Indus Highway, Kohat, recovered 57.6 kilograms of charas hidden in secret cavities made under the Uloor of the car. An accused on board namely Zar Wali resident of Landi Kotal was also taken in to custody. In another crackdown ANF Peshawar intercepted a car Honda Civic No LOF-5197 near Darband Road, Oggi Bazaar, Mansehra and recovered 9.6 kilograms of charas from the car. Two accused namely Abid Jan resident of Charsada and Sartaj Khan, resident of Mansehra were also arrested during the operation. Separately ANF Peshawar recovered Uive kilograms of heroin from personal possession of an accused Muhammad Ashraf
Qureshi resident of Multan in an operation conducted near Lahore Bus Stand, Peshawar. Another raid was carried out near Hangu Phatak, Kohat and arrested a drug carrier named Muhammad Ullah resident of Kurram Agency alongwith 1.2 kilograms of charas. ANF Peshawar Road checking team stopped a suspected Toyota Hiace near new toll plaza Indus Highway Kohat and recovered 43.2 kilograms of charas during search of the vehicle. Charas was kept in improvised cavities of the vehicle. A person on board named Amjad Khan, resident of Kurram Agency was taken into custody during the operation. As per preliminary investigation the accused was trying to smuggle the drugs to Punjab.
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