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Author Archives: CT Report

US deeply interested in expanding trade, investment ties: Chad Miner

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KARACHI: Chief of the Economic Unit of Consulate General of United States Chad Miner has said that the US government was deeply interested in expanding trade and investment ties between United States and Pakistan which is the largest exporter of goods to US. Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), Chad ... Read More »

NAB to issue red warrants of son in law of Shehbaz Sharif

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LAHORE: National Accountability Bureau (NAB) has tightened the noose around son in law of former Chief Minister Shehbaz Sharif. The Bureau has asked its headquarters to issue red warrants of Ali Imran. NAB Lahore wrote a letter to headquarters on April 22 asking to issue red warrants of Ali Imran. Upon not receiving any notice from headquarters NAB Lahore again ... Read More »

State customs overpaid RM41.4m in LPG subsidies in three years

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KUALA LUMPUR : The state customs has overpaid a total of RM41.4 million in liquefied petroleum gas (LPG) subsidies claim from 2015 to 2017. According to the activities of the Federal Ministries/Departments 2018 section under the Auditor General’s Report 2018 series 1, the overpayment is due to a claim submitted to the Treasury without the approval of the State Customs ... Read More »

Shipping activity at Port Qasim

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KARACHI: Brisk shipping was recorded at the Port Qasim on Monday, where seven ships Conti Lyon, CPO Hamburh, Lorentzos, SBI Sabina, Yamilah-III and Tomson Gas were scheduled to load/offload containers, cement, coal, palm oil, diesel oil and LPG allotted berths at Container Terminal, Multi-Purpose Terminal, Bulk Terminal, Liquid Terminal, FOTCO and Engro Terminal respectively. Meanwhile, six more ships carrying Containers, ... Read More »

Pakistan Stock Exchange gains 14 points amid high volume

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KARACHI: The stock market gained a nominal 14 points on Tuesday amid high volume trading, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,972 points as against 32,958 points showing an increase of 14 points. Analysts at Arif Habib Limited said that the market volumes finally breached the anemic 40 million level and totaled 138.7 ... Read More »

State Bank raises benchmark interest rate to 13.25pc

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KARACHI: In line with market expectations, the State Bank of Pakistan (SBP) raised the key interest rate by 100 basis points to 13.25%, on likely pickup in inflation in the near future. The announcement was made by SBP Governor Reza Baqir at a press conference on Tuesday. He said that the inflation forecast has been revised up to 11-12% for ... Read More »

Development of data collection by PBS will improve credibility: President Alvi

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ISLAMABAD: President Arif Alvi has said the development of electronic data collection system by Pakistan Bureau of Statistics will augur well towards enhancing the credibility of Price Statistics and reducing the time tag. The President said this at a presentation given by Pakistan Bureau of Statistics (PBS) on Tablet Based Price Data Collection System, in Islamabad on Tuesday. Arif Alvi ... Read More »

FBR withholds five million notices against benamidars

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ISLAMABAD: The Federal Board of Revenue (FBR) has withheld five million notices against benamidars and tax evaders. According to the FBR sources, only fifty notices will be served to the law violators per month and the institution will try to bring them to logical conclusion. It has been learnt that the notices are also halted as some elements are trying ... Read More »

International Trade Centre launching project to reduce poverty in Pakistan

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ISLAMABAD: The Geneva-based International Trade Centre – the joint agency of the United Nations and the World Trade Organization – is launching a project to reduce poverty in Pakistan by strengthening small-scale agribusinesses in Balochistan and Sindh. The project known as ‘Growth for rural advancement and sustainable progress (GRASP) will help small and medium-sized enterprises in horticulture and livestock become ... Read More »

Pakistan’s coastal belt is enriched with natural resources: Ali Zaidi

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KARACHI: Federal Minister for Ports and Shipping Ali Zaidi on Tuesday said Pakistan’s coastal belt is enriched with natural resources, new Shipping Policy will bring improvement, according to media. Chairing the first meeting of the committee on the blue economy, constituted on the directions of Prime Minister Imran Khan, the minister said world’s blue economy stands around $23 trillion. The meeting ... Read More »

Facebook’s new currency plan under scrutiny in Congress

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NEW YORK: Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from United States President Donald Trump, his treasury secretary and the head of the Federal Reserve. Congress begins two days of hearings on Tuesday on the currency planned by Facebook, to be called Libra, starting ... Read More »

Pak rupee further depreciates by 64 paisa, hit Rs160.50 against dollar

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KARACHI: The Pakistani currency on the back of deteriorating macroeconomic indicators, continue to lose ground and cumulatively depreciate against the US dollar. The rupee further lost its value by 64 paisa against the US dollar and hit Rs160.50 in the interbank market at the early trade hours on Tuesday. Within just two days, the rupee lost its value against the ... Read More »

Accountability Court to indict Saad, Salman Rafique on August 8

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LAHORE: An accountability court in Lahore on Tuesday fixed August 8 as the date of indictment of former minister for Railways and Pakistan Muslim League-Nawaz (PMLN) Member of the National Assembly (MNA) Khawaja Saad Rafique and his brother Salman Rafique in the Paragon Housing Society case. Meanwhile, the court extended Khawaja brothers’ judicial remand till August 8. After appearing before ... Read More »

SC adjourns hearing of judge Arshad Malik’s video scandal case till July 23

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ISLAMABAD: The Supreme Court (SC) on Tuesday sought legal assistance from the attorney general as it heard a petition asking for a probe into the Videogate controversy involving an accountability court judge. Chief Justice Asif Saeed Khosa, during the hearing, observed that the controversy ‘must be looked into’ as the meetings by the judge – Arshad Malik – are ‘unusual ... Read More »

Pakistan reopens airspace for civil aviation with immediate effect

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ISLAMABAD: Pakistan’s airspace was reopened to civil aviation with immediate effect, the Civil Aviation Authority (CAA) said on Tuesday, following months of restrictions imposed in the wake of a standoff with India earlier this year. “With immediate effect, Pakistan airspace is open for all type of civil traffic on published ATS (Air Traffic Service) routes,” according to a Notice to ... Read More »

FBR transfers 42 BS-16 officers of Pakistan Customs Service

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ISLAMABAD: The Federal Board of Revenue (FBR) has transferred and posted 42 BS-16 officers of Pakistan Customs Service with immediate effect. Read More »

Gold price soars by Rs 1000, traded at Rs82,600 per tola

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LAHORE: The per tola price of 24 karat gold soared by Rs1000 and was traded at Rs82,600 as compared to the last closing at Rs 81,600. According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed an increase of Rs 858 and was traded at Rs 70,800 against Rs 69,942. The price of silver remained constant and ... Read More »

Plastic exports up 31pc in 11 months

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KARACHI: The exports of plastic materials from the country witnessed an increase of 31.34 percent during the first eleven months of fiscal year (2018-19) as against the exports of the corresponding period of last year. The plastic materials exports from the country were recorded at $290.431 million during July-May (2018-19) against the exports of $221.123 million during July-May (2017-18), showing ... Read More »

KCCI supports govt’s resolve to bring everyone into tax net: Junaid Madka

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KARACHI: Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli and President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, while warmly welcoming the assurance given by Prime Minister Imran Khan during his last meeting with Karachi’s business community, stated that the Karachi Chamber fully supports the government’s resolve to bring everyone into the tax net ... Read More »

Court extends Rana Sanaullah’s judicial remand till July 29

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LAHORE: A judicial magistrate on Tuesday extended judicial remand of Pakistan Muslim League-Nawaz  MNA and former provincial law minister Rana Sanaullah in a narcotics case till July 29. The court also directed Anti-Narcotics Force (ANF)  for submitting the challan (charge-sheet) of the case. Besides Rana Sanaullah, other suspects including   Usman Ahmad, Sibtain Haider, Muhammad Akram, Umar Farooq  and Amir Rustam ... Read More »