Your address will show here +12 34 56 78
Business

WASHINGTON: The US auto safety agency is probing reports of potential unintended braking in 675,000 2017-2018 Nissan Motor Co Ltd Rogue vehicles, it said on Friday.

The National Highway Traffic Safety Administration (NHTSA) said it is opening a defect petition review in response to a request by the Center for Auto Safety.

The agency will look at reports of the vehicles’ automatic emergency braking system engaging with no apparent obstruction in the vehicle’s path. There are no reports of injuries or deaths associated with the petition.

Nissan said it had investigated the issue extensively and after talks with NHTSA, as well as its Canadian counterpart, Transport Canada, it had notified all affected Rogue vehicle customers in the United States and Canada of a software update.

“As always, Nissan will continue to work collaboratively with NHTSA and Transport Canada on all matters of product safety,” Nissan said in a statement.

Nissan faces a class-action lawsuit over unintended braking issues in US District Court in California covering Nissan and Infiniti vehicles sold since 2015. The suit says a defect can trigger the brakes and cause vehicles “to abruptly slow down or come to a complete stop in the middle of traffic.”

0

Business

PARIS: US ride-hailing group Uber said Wednesday that it would start deploying electric bikes and scooters for rent on Paris streets as soon as this week, joining a crowded market which city officials have vowed to rein in.

Initially 500 of its Jump bikes and 500 scooters will be rolled out, before Uber extends the programme to Paris suburbs and other French cities.

They will be so-called “dockless” rentals that can be picked up and left anywhere, a system that has proved a headache for residents who often find them blocking pavements or strewn across the city’s picturesque squares.

An estimated 15,000 scooters operated by several companies have flooded the French capital since their introduction last year, a number projected to surge to 40,000 by the end of this year.

This month Paris said it would start imposing fines of 135 euros ($150) for riding scooters on pavements, and 35 euros for improper parking.

Like the other nine scooter operators in the city, Uber will also have to pay an annual licensing fee of 50 to 65 euros per scooter, depending on the size of its fleet.

And Uber said it had already signed the code of good conduct unveiled by Paris officials last week.

Rental prices for both the bikes and scooters will be the same: a one-euro unlocking fee and then 15 cents per minute.

The bikes will have a top speed of 25 km/h (15 mph), while the scooters can reach 20 km/h.

Uber bought Jump, a fellow San Francisco-based start-up, last year. Its bright-red bikes are already present in several US cities as well as in Lisbon and Berlin.

Uber had already announced Tuesday its plans to develop scooter offerings across Europe, beginning with Madrid.

0

Business

Under the Free Trade Agreement (FTA)-II between Pakistan and China, which is expected to be signed during Prime Minister Imran Khan’s visit to China for the Belt and Road Forum, Pakistan is expected to export more than 300,000 metric tons of sugar to China. With this rise in exports, Pakistan is expected to generate more than $110 million in revenue. It is also expected that Pakistan’s exports to China are expected to rise up to $3.2 billion by 2020, under the FTA-II.


ISLAMABAD: Pakistan will start exporting 300,000 metric tonnes (MT) of sugar to China from the month of June 2019.

Beijing has placed the order with Islamabad after signing the Free Trade Agreement (FTA), and resultantly the trade between both countries have surged.

Pakistan expects to generate more than 110 million US$ in revenue from the export of sugar to China.

Pakistan’s exports to China are expected to reach 2.2billion US$ in the ongoing calendar year and 3.2billion US$ in 2020.

0

Business

TOKYO: Sony chairman Kazuo Hirai, who led a major and successful overhaul at the Japanese electronics giant, announced Thursday he would be leaving the firm after 35 years.

The company said that Hirai would retire as chairman but would continue to provide “counsel as requested by Sony’s management team.”

The 58-year-old had already stepped down from the key chief executive role last April after spending the previous six years pulling the firm out of deep financial trouble.

The company veteran was tapped in April 2012 to revive the once-iconic manufacturer of the Walkman, which was then suffering from huge losses largely tied to a hard-hit consumer electronics business.

Hirai led an aggressive restructuring drive at Sony, cutting thousands of jobs while selling business units and assets.

“I have decided to depart from Sony, which has been a part of my life for the past 35 years,” said Hirai.

He had handed over last year as CEO to Kenichiro Yoshida, whom he praised for his “strong leadership” that was to lead to an “even brighter future for Sony”.

Last month, Sony reported that its nine-month net profits had jumped 63 percent year-on-year, led by its games and music divisions.

However, it lowered its annual sales forecast, citing slower-than-expected sales in a range of fields including the key semiconductor unit.

In recent years, smartphone components and the top-selling PlayStation 4 games console have boosted its bottom line.

During his tenure, Hirai repeatedly shrugged off pleas to abandon Sony’s television unit, which he insisted was central to the firm’s core business.

He also tried to capture the youth market, notably with moves such as reviving the firm’s robot dog “Aibo”, to great fanfare

0

Business

Model Customs Collectorate (MCC) Quetta has foiled a major attempt to smuggle foreign origin items under the garb of Zaireen buses coming from Iran through Taftan. Sources told Business Recorder here on Monday that the MCC Quetta has launched a massive crackdown against Zaireen Buses loaded with smuggling goods.

In pursuance of credible information the anti smuggling squad of collectorate of Customs Quetta foiled a bid of smuggling of foreign origin goods in the grab of Zaireen returning from Iran via Taftan. Accordingly on 19.8.2018 at around 01:00 am, 8 mobile squads of this Collectorate assisted by local police raided buses after disembarkation of Zaireen at Marriabad Quetta and after three hours long operation, seized 10 buses recovering miscellaneous smuggled goods including tyres, carpets crockery cumin (zeera), garments, PP bags, cooking oil and other edible items. The market value of the smuggled goods is more than Rs 20 million and value of seized buses is around Rs 2.35 million. Collector appreciated team for this activity since it is called one of the hardest assignments.

These elements are since long busy to take the shelter of Zaireen buses and continuous their heinous work in the garb of zaireen buses. The team headed by Collector MCC Quetta Ashraf Ali, Additional Collector Zubair Shah, Deputy Collector Maqbool Baloch, Superintendents Aslam Khan, Inspectors, Shahzad Akhtar, Naseer Shaheen, Ghulam Hussain Khoso, Muhammad Shabir Khan, Essa Khan, Ahmed Nawaz Zehri, Jameel Kakar, and Staff hawaldars and sepoyes participated.

0

Business

Customs Intelligence, Karachi has foiled a major attempt of fraudulent clearance of imported goods including old/used machinery imported from Korea/UAE through mis-declaration and violations of import conditions. Sources in the Customs Intelligence has confirmed that in pursuance of the said received information regarding mis-declaration of description and clearance of undeclared goods from Karachi port, the Customs Intelligence Karachi, blocked four consignments comprising of old/used machinery imported from Korea/UAE by M/s Fatima Traders, M/s M A Impex, M/s Sinco Steel Re-Rolling Mills & M/s Toheed Brothers respectively.

Customs Intelligence officials, on a specific information of its Director General, Shaukat Ali, has foiled a major attempt of fraudulent clearance of imported goods, by way of mis-declaration and breach of the import restrictions in vogue, at Karachi. The consignments were cleared through the red channel (after examination) from MCC, Appraisement (West), Karachi vide GDs filed through clearing agent.

The staff of Customs Intelligence had to face stiff resistance from the terminal operator vis-à-vis grounding / examination of the containers despite the fact that they were blocked at ‘gate out’ stage after completion of all codal formalities by the clearance Collectorate, including even issuance of the gate passes. The terminal operator repeatedly obstructed the re-examination process and also attempted to get the grounded containers re-stuffed and closed on the purported instructions of the clearance Collectorate. Re-examinations were eventually carried out by the Customs Intelligence to ascertain the factual position. As a result, huge differences have been unearthed resulting in evasion/short levy of duty/taxes besides clearance of used items in violation of Appendix-C of the Import Policy Order, 2016. Total assessable value of four consignments comes to Rs 27.01 million as against declared value of Rs 19.345 million, involving evasion of duty / taxes to the tune of Rs 4.492 million, sources said.

The consignments have been accordingly seized under the relevant provisions of the Customs Act, 1969. Criminal proceedings have also been initiated against the importers, clearing agent and the relevant Customs staff and further investigation is in progress, the sources added.

0

Business

Directorate General Customs Valuation (DGCV) has revised the customs values of AC asynchronous moving motor under section 25(7) of the Customs Act, 1969. According to DGCV, a large number of representations were received that AC asynchronous moving motor (up to 07 watt) were being declared and assessed at lower values. Therefore, an exercise was initiated to determine the customs values of subject goods under section 25A of the Customs Act, 1969.

The meetings with stakeholders were held in March and August in which participants stated that AC/DC motors ranging up to 37 watt had different specifications, weight and values.

Some of the stakeholders argued that value of AC asynchronous moving motor (up to 7 watt) are being assessed at much lower values hence the same may be determined as per international prices. Therefore, all available information and documents were examined for determination of customs values.

The valuation methods given in section 25 of the Customs Act, 1969 were followed sequentially. Transaction value method provided in section 25 (1) was found inapplicable because the requisite information was not available as per law.

However, Identical goods value methods provided in sub-section (5) & (6) of section 25 of the Customs Act, 1969 provided some reference values but due to wide variations in the declarations the same could not be relied upon exclusively.

Thereafter, market enquiry as envisaged under section 25(7) of the Customs Act, 1969, was conducted. Online prices were also obtained. Consequently, reliance was placed upon sub-section (7) of section 25 of the Customs Act, 1969, and customs values of AC asynchronous moving motor (up to 7 watt) are determined under section 25(7) of the Customs Act, 1969.

0

Business

All Pakistan Customs Agents Association (APCAA) has demanded to enhance free period to 10 days for the clearance of goods at ports. In a letter sent to the incumbent minister for ports and shipping Abdullah Hussain Haroon, the APCAA stated that the trade was allowed five days as free period which was not justifiable in the light of working hurdles i.e. lengthy procedures of different departments, malpractices, congestions at port terminals, freight forwarders and shipping agents delays, etc.

Therefore, the clearance of goods within aforesaid period appears formidable task except for green channel listed companies. It said that although the shipping Agents filed import manifests 72 hours prior to the arrival of vessels, no issue delivery offers were issued till its berthing; adding that importers were also intimated about the charges for the issuance of delivery orders after berthing of vessels. Resultantly, this whole process consumes 2 days of free period.

Moreover, APCAA said that 40 percent of goods were released in minutes through green channel and only 10 percent consignments took 72 hours for clearance through yellow channel however the rest of 50 percent consignments were discharged from ports in 4 to 7 days. Similarly, the customs department also carries goods examination, which takes 8 to 24 hours; the letter said and added that the assessment of duty and taxes by customs staff took further 8 to 72 hours. However, many departments which were involved in accordance with import policy order also consumed minimum 3 days.

APCAA further stated that taxpayers were keen to pay taxes but the system was inefficient that led escalating cost of doing business manifold. Therefore, the APCAA strongly urged the minister to allow 10 days as free period to avoid putting excessive financial burdens in terms of demurrages and other charges and facilitate the business community at maximum level.

0

Business

The non-imposition of the regulatory duty (RD) on the export of brass by the Federal Board of Revenue (FBR) has resulted in sudden increase in its prices from Rs 425 to Rs 550 per kg due to its acute shortage in local markets of Punjab.

Atif Iqbal, Executive Director Organization for Advancement and Safeguard Industrial Sector (OASIS), told Business Recorder that the prices of the brass has witnessed a major increase from Rs 425 to Rs 550 per kg due to its severe shortage in domestic market. The situation has been brought into the notice of FBR as well as Competition Commission of Pakistan (CCP) for immediate action. However, it is unclear why the FBR Customs Budget Wing is reluctant to take action on the said issue.

The OASIS has requested Rukhsana Yasmin, Chairperson FBR/Secretary Revenue Division, to call a report from FBR Customs Budget or FBR Member Customs to ascertain reasons behind non-imposition of the RD on the export of brass. Despite the fact that the same was announced in budget (2018-19), the FBR has deliberately ignored the imposition of RD on the export of brass under specific Pakistan Customs Tariff (PCT) heading.

The representatives of the OASIS said that the FBR has ‘erroneously’ imposed 25 percent RD on export of waste and scrap of copper only (Pakistan Customs Tariff heading 7404.0090) which is an anomaly. This duty is absolutely insufficient and does not have any impact on export of brass from Pakistan leaving this industry at the mercy of exporters’ mafia again. Resultantly, the prices of brass scrap have again started to shoot up and shortage of brass has occurred in the local market due to re-starting of export of brass from Pakistan.

Atif Iqbal representing the local industries further said that the situation has led to closure of sanitary fittings manufacturing units of Gujranwala. Another factor is rupee devaluation against US dollar rendering raw materials cheaper for the international players from Pakistan in the international market.

The manufacturing of certain finished products using raw material/input of brass has come to a halt due to extreme shortage of this raw material in Punjab, he maintained.

The executive director OASIS further said that the manufacturing process has almost been stopped in cities of Punjab due to non-availability of brass for the local manufacturers. The Federal Board of Revenue (FBR) has refused to impose regulatory duty on the export of brass due to unknown reasons.

This is a major anomaly of partial imposition of 25 percent regulatory duty on export of only waste and scrap of copper (excluding brass), resulting in severe shortage of brass for wide range of sectors/industries. This shortage of brass has resulted in closure of local sectors, restricted competition, inevitably hurting the interest of consumers and economy at large, falling the issue within the purview of the CCP.

“In the absence of regulatory duty on brass, it is being exported freely, while its shortage has resulted in the closure of several local industries, inevitably hurting the interest of consumers and economy at large,” said Atif Iqbal said.

Atif Iqbal informed that the OASIS has been forced to approach anti-competitive watchdog for redressal of the issue. He alleged that the FBR is protecting the interest of some exporters instead of facilitating dozens of local industries. As the FBR’s measure is resulting in shortage of brass and closure of local sectors, the CCP must act promptly to ascertain the facts and issue policy note/opinion to the FBR for imposing RD on export of brass.

It is a fact that non-imposition of the RD on the export of brass has served as a statutory protection for the interest of a few exporters at the cost of reduced incentive for many local sectors.

In order to ensure free and healthy competition in the market and to create a level playing field for all the market players, it is essential that all undertakings are treated at par. Therefore, it should be recommended that regulatory duty on export of brass be imposed to check closure of domestic markets using brass.

In a presentation to the prime minister, Finance Ministry, Commerce Ministry and FBR, Atif Iqbal proposed to either impose a complete ban on export of brass and copper as raw material i.e. without value addition or impose heavy regulatory duty on such exports to help the local industry survive by being competitive nationally and internationally. The resultant exports of finished goods also promise millions of dollars in foreign exchange easing out the balance of trade, Atif Iqbal added.

Muhammad Azeem Danial, legal advisor OASIS, stated that despite assurance of Ministry of Finance and Commerce Ministry, the FBR failed to impose 25 percent regulatory duty on export of waste and scrap of copper and brass, resulting in severe shortage of brass in domestic market.

The Finance Act 2018 was required to amend Customs Act 1969 to impose total ban or slap heavy regulatory duty on the export of waste and scrap of brass/copper to avoid shortage of brass for local manufacturers of sanitary fittings, hardware/kitchenware, copper wire manufacturers, surgical equipment manufacturers and others in Punjab, Azeem Danial added.

All Pakistan Brass Water Fittings Manufacturers Association has strongly apprehended that prime minister should save this industry from complete shutdown and issue necessary instructions to FBR to consider the case in anomaly committee and make necessary rectification by inserting all the above sub-heads in the SRO 645(I)/2018 so that complete protection may be ensured to the Brass Water Fittings Manufacturing Industry.

The APBWFMA has repeatedly made appeals to impose ban on export of waste and scrap of copper and brass exportable under various sub-heads of Chapter 74. “The Ministry of Commerce as well as Ministry of Finance appreciated our demand and graciously decided to impose regulatory duty to the tune of 25% on export of waste and scrap of copper and brass. But unfortunately while deciding upon PCTs in the current Budget 2018-19 the FBR only included PCT 7404.0090 in SRO 645(I)/2018 which stands for “waste and scrap of copper” only whereas main concern and basic demand was for imposition of duty on export of “brass” which is exported under different PCTs including Copper Waste and Scrap – Brass (7404.0010); Copper Waste and Scrap – Others (7404.0090); Copper-zinc base alloys (Brass) PTC heading 7403.2100 and Copper bars, rods and profiles – of copper-zinc base alloys (brass) PCT heading PCT heading 7407.2100.”

Since brass is an alloy of copper and exported in different shapes under various sub-heads of chapter 74 therefore, proposal was made for imposition of heavy duty or ban on export of both “copper and brass” exportable under chapter 74.

It was anticipated that FBR will include all sub-heads under which scrap of copper and brass is exported keeping in view all shapes in which this item may be exported with a view to provide complete protection to our industry.

The OASIS has also taken up the matter with the Federal Board of Revenue (FBR) to review RD regime on export of brass through Finance Bill 2018.

The executive director OASIS explained that it is really a matter of deep concern that the local manufacturers of sanitary fittings in Punjab are facing severe problems due to shortage of brass and some units are likely to close down their factories due to this very threat. Most of them are working in the category of cottage industry whose bread and butter are solely dependent on their day-to-day production. The local manufacturers have approached OASIS and requested to raise collective voice to reach the ears of concerned quarters. Since the primary objective of OASIS is to work for the protection of domestic industry and the employment associated therewith; therefore, it is making this very request on behalf of All Pakistan Brass Water Fitting Manufacturers Association (APBWFMA) as a gesture of unity and commitment, he said.

The local manufacturers of sanitary fittings consume major quantity of brass/copper scrap (scrap) as their primary raw material and produce contemporary sanitary fitting products after making substantial value addition. There are tens of thousands of households associated with this industry directly and indirectly. This industry is also making import substitution of millions of US dollars every year and has every potential to export sanitary fitting products to rest of the world. The manpower engaged in this industry ranges from small individual entrepreneurs (cottage industry) to medium-sized and organized large-scale industry, the executive director OASIS added.

0

Business
The Federal Board of Revenue (FBR) has imposed restriction on non-filers that they can’t purchase new motor vehicles manufactured locally or imported, irrespective of engine capacity, from July 1, 2018. Sources told Business Recorder that Finance Act 2018 has not exempted vehicles of 800cc from the condition of restriction on non-filers from purchase of new cars. The non-filers cannot purchase vehicles of 800cc and below. There is no exemption granted to vehicles below 1000cc.

Under the Finance Act 2018, non-filers shall not be permitted to purchase new motor vehicles manufactured in Pakistan or imported vehicles.

This correspondent also asked FBR officials to clarify the status of the letter of the Excise and Taxation Department Punjab to all its regional directors that there is no requirement of being a filer for registration or transfer of motorcycles, commercial vehicles and cars below 1000cc. The Directorate of Excise and Taxation Punjab had issued instructions to all its directors excise and taxation after issuance of the Finance Act 2018.

According to the past instructions of the Directorate General of Excise and Taxation Punjab, the applicant for registration of a car above 1000cc is required to be a filer and for motorcar with engine capacity of 1000cc and above registered by way of transfer (known NRT), the transferee is required to be filer, Excise and Taxation Punjab added.

The FBR officials responded that the said letter was wrongly issued by the Provincial Excise and Taxation Punjab without the consent of the FBR. The said letter has been withdrawn by the Provincial Excise and Taxation Punjab, they added.

According to the Finance Act 2018, the new section 227C of the Income Tax Ordinance 2001 has imposed restriction on purchase of certain assets. Any application for booking, registration or purchase of a new locally manufactured motor vehicle or for first registration of an imported vehicle shall not be accepted or processed by any vehicle registering authority of Excise and Taxation Department or a manufacturer of a motor vehicle respectively, unless the person is a filer, the Finance Act 2018 added.
0

PREVIOUS POSTSPage 1 of 39NO NEW POSTS