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Author Archives: CT Report

NAB Lahore arrests owners of Toyota Motors Gujranwala involved in Rs3b scam

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LAHORE: The National Accountability Bureau (NAB), Lahore arrested Javed Muzaffar Butt and Malik Usman Riaz, the owners of Toyota Motors, Gujranwala who were accused of a renowned illegal investment scandal. Both the accused were allegedly involved in receiving illegal investments from the general public on the promises of paying hefty profits over the invested amounts. As per the claims received ... Read More »

Dollar up by 24 paisa to close at 156.50 at interbank

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KARACHI: The Pakistani rupee continued to depreciate against the US dollar in the interbank market on Tuesday and closed at Rs156.50 after losing 24 paisa. In the open market, the greenback remain unchanged and closed at Rs156.40. Yesterday, the local currency lost its strength by 5 paisa against the greenback and closed at Rs156.24 in the interbank market. In the ... Read More »

Oil & gas reserves found in Kohat

Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011.  World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed.                                        AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

ISLAMABAD: The Oil and Gas Development Company (OGDC) announced Tuesday that it has discovered oil and gas reserves at its Chanda Well-5 in Kohat district of Khyber Pakhtunkhwa. According to a preliminary test, the well could produce 76 Barrel per Day (BPD) crude oil and 0.512 Million Standard Cubic Feet per Day (MMSCFD) gas. “This is the first discovery of ... Read More »

KPT ships movement, cargo handling report

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KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 48 hours, ending at 0700 hours on Tuesday. SHIPS BERTHED: Kota Nabil Container Ship Butinah Phosphate X Press Annapurna Container Ship ER Felixstowe Container Ship SHIPS SAILED: Canvasback MP The Belichick Crown Virtue Cape Male Kota Nabil Jasmine Express CARGO HANDLING ... Read More »

Oil prices rocket on slashed Saudi output

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LONDON: Brent crude surged by 20% the biggest gain since the 1991 Gulf War – after weekend drone attacks on two Saudi oil facilities halved output in the world’s top crude exporter, fuelling fresh geopolitical and growth fears. West Texas Intermediate (WTI) oil meanwhile soared 15% also after President Donald Trump warned that the US was “locked and loaded” to ... Read More »

FBR changes valuation system to meet international standards: Shabbar Zaidi

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ISLAMABAD: Federal Board of Revenue (FBR) has issued Customs General Order (CGO 19 of 2019) to completely change the customs valuation system at customs stage. In a tweet Federal Board of Revenue Chairman Shabbar Zaidi has said “I am pleased to inform that FBR has completely changed the valuation system at customs stage (CGO 19 of 2019 has been issued). ... Read More »

Accountability Court extends Khawaja Saad & Salman Rafique remand till Sept 23

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LAHORE: An accountability court on Tuesday granted yet another 6-day extension in judicial remand of PML-N leaders, Khawaja Saad Rafique and his brother Khawaja Salman Rafique, who are being probed by the National Accountability Bureau (NAB) in the Paragon Housing scam. After the duo was brought to the accountability court amid tight security, the defence counsel, Amjad Pervaiz presented his ... Read More »

Pak Rupee depreciates by 26 paisa against dollar

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KARACHI: The Pakistani rupee continued to depreciate against the US dollar in the inter-bank market on Tuesday and hit Rs156.50 after losing 26 paisa at the early trade hours. Yesterday, the local currency lost its strength by 5 paisa against the greenback and closed at Rs156.24 in the inter-bank market. In the open market, the dollar remained unchanged and closed ... Read More »

Met office launches mobile phone app, YouTube channel

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ISLAMABAD: The Pakistan Meteorological Department (PMD) has launched a mobile phone application and a Youtube channel to keep the citizens up to date on weather conditions throughout the country. The Met Office has also launched a new website besides revamping its media studio. The details were unveiled at a ceremony organised to inaugurate a state-of-the-art IT Centre at the PMD ... Read More »

IMF delegation to hold talks with government officials today

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ISLAMABAD: A delegation from the International Monetary Fund (IMF) arrived in Islamabad on Monday on five-day visit to discuss the financial bailout plan with the economic team of Pakistan. IMF Director for Middle East and Central Asia Jihad Azour is leading the delegation expected to hold talks with senior members of the Pakistan Tehreek-e-Insaf government. According to reports, the IMF ... Read More »

FIR lodged against UMA, shipping agent of KMTC

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KARACHI: Collectorate of Appraisement East led by Collector Nadeem Memon registered an FIR against M/s Al-Aswed Associates and others who attempted to clear restricted goods through mis-declaration with active connivance of Sohail Shams of M/s United Marine Agencies (UMA), an agent of shipping line KMTC. According to FIR, M/s Al Aswed Associates imported consignments declared to contain “shippers load, count ... Read More »

IMF team calls on PM Imran Khan

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ISLAMABAD: The International Monetary Fund’s (IMF) delegation on Tuesday called on Prime Minister Imran Khan in Islamabad, according to media. As per details, the delegation was led by Director Middle East and Central Asia, IMF, Jihad Azour, whereas, Adviser Finance Abdul Hafeez Sheikh, Governor State Bank of Pakistan and the Secretary Finance were also in attendance during the meeting. The ... Read More »

Egyptian firm Swvl to start operations in Islamabad & Rawalpindi from next week

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ISLAMABAD: Egyptian transport technology start-up Swvl will expand into two more cities in Pakistan — Islamabad and Rawalpindi in the next two weeks, according to its chief executive. The international firm operates buses along fixed routes and allows customers to reserve and pay for them using an app, its co-founder and CEO Mostafa Kandil said. According to him, the company ... Read More »

FBR seeks exemption of retail tax on batteries, auto parts, tyres

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ISLAMABAD: Federal Board of Revenue (FBR) has forwarded a summary to the federal cabinet for excluding import of storage batteries, auto parts, tyres and tubes from purview of retail price taxation. This mean that tax would be imposed at import price, not at retail price. According to media, in the summary the FBR also proposed abolishing of 3 percent value ... Read More »

Govt will take all possible measures to facilitate exporters: Razak Dawood

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LAHORE: Advisor to Prime Minister for Commerce, Textile, Industry, Production and Investment Abdul Razak Dawood has said a long-term integrated export strategy is adopted to encourages investment in manufacturing for producing export surpluses, encourages value addition, and resolves long-standing issues like competitiveness and productivity He was speaking at the LCCI Export Trophy – 2019. LCCI President Almas Hyder, Senior Vice ... Read More »

Cotton revival indispensable for economy: Asad Qaiser

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ISLAMABAD: The Adviser for Commerce, Textile, Industries and Production & Investment, Abdul Razzak Dawood has said the imposition of 10 percent sales tax on purchase of domestic raw cotton and 17% tax of yarn has complicated the matters regarding cotton production. The Speaker National Assembly Asad Qaiser, while taking notice of declining cotton production and land under cotton cultivation stressed ... Read More »

China-run Hambantota port in Sri Lanka links with Thailand’s Ranong

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ECONOMYNEXT – Sri Lanka’s China managed Hambantota Port has inked a deal with Thailand’s Ranong port with a view to developing shipping routes in the region, the company said. A joint working group will be established to develop coastal shipping in the Bay of Bengal between the two ports. Ranong Port had recently signed an agreement with India’s Krishnapatnam port. ... Read More »

Singapore business confidence hits near 2-year low in Q4

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SINGAPORE – Local business confidence dropped to a near two-year low for the final quarter of 2019, according to Singapore Commercial Credit Bureau (SCCB)’s latest Business Optimism Index study, with manufacturing and wholesale trade braced for a downturn. Business sentiment dipped from +6.91 percentage points in Q3 to +4.82 percentage points in Q4. Year-on-year, it nearly halved from +9.19 percentage ... Read More »

President Kovind embarks on visit to Slovenia from Switzerland

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President Kovind embarks on visit to Slovenia from Switzerland Switzerland, Sep 16 (ANI): President Ram Nath Kovind left for Slovenia on September 15. President Kovind, accompanied by his wife Savita Kovind, had wide range of discussions with his Swiss counterpart Ueli Maurer. Air India One flight carrying President Ramnath Kovind detected ‘Rudder Fault’ at Zurich (Switzerland) airport on Sep 15. ... Read More »

Persistent U.S. Business Group Seeks Better China Ties With New Silicon Valley Office

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It was nearly a month ago that President Donald Trump called on American companies to leave China. Many U.S. businesses, however, continue to see the country as a growth market despite trade tensions, so much so that the American Chamber of Commerce in Shanghai on Friday will open up its first San Francisco office to help facilitate exchange. Many members ... Read More »