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FBR advises central bank to pay sales tax refunds to exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to 8,741 million rupees to facilitate the exports. According to the FBR, the payment will benefit 739 claimants from five export-oriented zero-rated sectors which included textiles, carpets, leather, sports goods and surgical instruments. The refund has been paid against 4,117 payment orders issued up to November 8. It said those refund claimants who have not provided…

Govt not to collect sales, income tax from FATA

ISLAMABAD: The caretaker federal government has decided not to collect sales tax on electricity and manufacturing and income tax on profits in business from the FATA and PATA areas as part of implementation of tribal areas' merger with Khyber Pakhtunkhwa (KP). This was stated by caretaker Minister for Information and Broadcasting Syed Ali Zafari while briefing the media about decisions taken in the cabinet's meeting held in Islamabad on Wednesday with Prime Minister Nasirul Mulk in the chair. Syed Ali Zafar, who heads…

HTC’s June sales slump 68 percent, biggest drop in over two years

TAIPEI: Taiwanese smartphone maker HTC said its sales fell nearly 68 percent in June, its biggest slump in more than two years, as the struggling firm continues to lose customers amid intensifying competition with nimbler manufacturing rivals. Once a favorite with consumers and investors, HTC’s popularity has dwindled with the emergence of rivals such as Apple, Samsung Electronics Co Ltd, and more recently China’s Xiaomi Corp. HTC said its June sales fell to T$2.2 billion ($72 million), from T$6.9 billion a year ago…

Honda’s China vehicle sales drop for fifth straight month

BEIJING: Honda Motor Co’s China vehicle sales fell 6 percent in June from a year earlier to 107,985 units as the company continues to reel under the impact of a quality issue earlier this year. Sales fell for a fifth straight month in June, the Tokyo-based carmaker said on Tuesday. Honda’s sales took a hit after a quality issue surfaced in its popular CR-V sport-utility vehicle earlier this year. Though the company resolved the issue in May, sales for that month were down 15.3 percent. During the first half of 2018,…

Smartphone market to stay cool this year

SAN FRANCISCO: International Data Corporation forecast Wednesday that global smartphone sales would cool this year before heating up with help from new 5G networks and India's vibrant market. An IDC Worldwide Mobile Phone Tracker expected smartphone sales to slip two-tenths of a percent this year to total 1.46 billion in a second straight year of slight decline. But IDC predicted that the smartphone market would reignite next year, growing about 3 percent annually to 1.65 billion in the year 2022. The "biggest…

US ban on sales to ZTE triggers patriotic rhetoric in China

HONG KONG: A US ban on sales of American components to ZTE has unleashed a patriotic backlash in China’s cyberspace, highlighting the growing tension between the world’s two largest economies. The United States this week imposed a ban on American companies selling parts and software to ZTE for seven years, saying it had broken a settlement agreement with repeated false statements - a move that threatens to cut off the Chinese firm’s supply chain. Sympathy for ZTE has swept Chinese social media while most domestic…

Caterpillar drives sales on China’s new Silk Road

CHICAGO/NANTONG, China: At a Caterpillar facility in the eastern Chinese city of Nantong, an array of excavators, earth movers and road-making machinery is displayed on slopes and in mud pits. The audience is Caterpillar’s local network of dealers, who inspect the machines for the latest technological innovations to help make their sales pitches to buyers in China. However, much of the heavy equipment could find its way to construction and mining projects in places like Pakistan or Kazakhstan, or as far away as Africa.…

Sony pins hopes on 4K video to revive smartphone sales

BARCELONA: Japan’s Sony Corporation is turning its focus to 4K high-definition video recording in its new Xperia XZ2 smartphone to differentiate itself from rivals that have caught up in camera technology. Unwrapped at Barcelona’s Mobile World Congress on Monday, the XZ2 features Corning Gorilla Glass 5 on both the front and back and a longer 18:9 ratio display which reduces the size of the bezels on the front of the handset. It will record video in 4K HDR - a quality previously only available in the top-of-the-range…

The Yayvo ‘White Friday’ sale sets new record

Yayvo.com, Pakistan’s fastest growing eCommerce store, kept all its promises this White Friday with widely-appreciated customer service. With an exceptional delivery performance, 52% of the orders were delivered within 2 days of order placement. #YayvoWhiteFriday17 proved by far an event that brought smiles to the online shoppers across Pakistan all its fans, customers and shoppers alike, the official statement says. The Pre-White Friday galore Yayvo.com,  an e-commerce venture by TCS, started its White Friday sale…