Global News

[ad_1] The “Make in Pakistan” mobile phones dream seems to have fallen flat, despite tax benefits of over Rs46 billion given in the last fiscal year, as the government has failed to ensure localisation of mobile handsets manufacturing in violation of a state policy. The criminal negligence on part of the Engineering Development Board (EDB) and the Ministry of Industries has also led to giving illegal tax benefits beyond June 2022 on packaging materials, in addition to creating another preferential businessmen-class after the car assemblers. Sources told The Express Tribune that the EDB and Ministry of Industries have failed to ensure the one year to two years localisation plan of the devices and the material used in the manufacturing of the mobile phones. Three years ago, the previous government had approved the mobile device manufacturing policy to promote locally manufactured mobile handsets. It also gave incentives in the shape of reducing or waiving off duties, sales tax an

[ad_1] LAUNCESTON: Asia's crude imports lifted to a record high in July as the top-importing region's two biggest buyers, China and India, continued to take large volumes of discounted Russian oil . A total of 27.92 million barrels per day (bpd) arrived in Asia in July, according to data compiled by Refinitiv Oil Research , eclipsing May's previous record high of 27.35 million bpd and higher than June's 27.53 million bpd. Much of the strength in Asia's imports can be put down to China, with Refinitiv estimating the world's biggest crude buyer saw arrivals of 12.04 million bpd in July, the third consecutive month that imports have been above 12 million bpd. Russia remained the top supplier to China, with pipeline and seaborne arrivals of 2.04 million bpd in July, which was down from June's 2.56 million bpd. However, it was still enough to exceed imports from Saudi Arabia, which Refinitiv estimated at 1.82 million bpd in July, down from 1.94 million bpd