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Author Archives: CT Report

Pakistan’s debt & liabilities soar to Rs33tr

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ISLAMABAD: Pakistan’s debt and liabilities skyrocketed to Rs33.3 trillion at the end of 2018 with addition of Rs3.4 trillion in just six months, reported the State Bank of Pakistan on Friday. The Pakistan Tehreek-e-Insaf (PTI) government had promised to revive loss-making enterprises, but it is struggling to control these losses. By December, total losses of public sector enterprises (PSEs) surged ... Read More »

Govt plans to borrow another $1.44b to manage circular debt

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  ISLAMABAD: Pakistan plans to borrow another 200 billion rupees ($1.44bn) to help clear power sector debt destabilising the finances of the government and private power producers, a senior official tasked with energy reforms said. Pakistan’s economy and society have been racked by a decade of chronic electricity shortages which have crippled its manufacturing sector and stoked voter anger in ... Read More »

NAB Court extends judicial remand of Saad, Salman Rafique by 16 days

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LAHORE: An accountability court on Saturday extended Pakistan Muslim League-Nawaz (PML-N) leader Saad Rafique and his brother Salman Rafique’s judicial remand by 16 days in connection to the Paragon Housing scam case. The Khawaja brothers were presented before the court as their judicial remand ended today. The court then granted a 16-day extension in their judicial remand. As the hearing ... Read More »

Turkish officials seize 7 tons of cannabis, half million packs of smuggled cigarettes

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Turkish police and customs units have seized large hauls of marijuana and smuggled cigarettes and detained dozens in separate operations on Tuesday in their relentless anti-narcotics and anti-smuggling fight. The police in Istanbul seized two tons of marijuana during an anti-narcotics operation Tuesday, Interior Minister Süleyman Soylu said. Soylu said later on Tuesday that five tons of cannabis was also ... Read More »

Massive amount of Rs2187.401m of Multan Customs stuck in litigation

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MULTAN: Massive amount of Rs2187.401 million of Customs Collectorate revenue stuck in litigation due to pending cases in the various courts including Supreme Court, Lahore High Court (LHC), Appellate Tribunal Inland Revenue (ATIR), Collector Appeal and Adjudication. Sources told Customs Today that about 257 various cases involving revenue amount of Rs.2187.401 million of the Collectorate is facing pendency in the ... Read More »

NAVTTC to focus on producing demand-driven skilled manpower for industry

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ISLAMABAD: Syed Javed Hassan, Chairman, National Vocational and Technical Training Commission (NAVTTC) said that his organization was focused on producing demand-driven and need-based trained and skilled manpower for industry in order to improve industrial productivity and promote industrialization. He was exchanging views with business community during his visit to Islamabad Chamber of Commerce & Industry. Dr. Nasir Khan, Director General ... Read More »

Belt & Road project will pave way for new era of development: Khusro Bakhtiar

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ISLAMABAD: Federal Minister for Planning and Development Khusro Bakhtiar has said that the Belt and Road project has given birth to a new concept of development. Addressing the inauguration ceremony for Friends of Silk Route organised by the Pakistan China Institute, he said the China-Pakistan Economic Corridor (CPEC) is above the interests and affiliations of the political parties. The energy ... Read More »

Dutch companies plan to invest in Karachi Port Trust projects

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KARACHI: Dutch Ambassador Ardi Stoios-Braken met Advisor to the Prime Minister on Commerce Abdul Razak Dawood to discuss investment opportunities for Dutch companies in the fields of agriculture and maritime, according to media reports. Dutch companies are keen to invest in projects at the Pakistan’s Karachi Port Trust (KPT), said the Dutch Ambassador Ardi Stoios Braken during a visit to ... Read More »

Global energy demand to soar one third by 2040: BP

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LONDON: Global energy demand will surge by a third over the next two decades on advancing prosperity, but Indian demand growth will eclipse that of flagging giant China, Britain’s BP forecast on Friday. “The demand for energy is set to increase significantly driven by increases in prosperity in the developing world,” BP said in its Energy Outlook 2019 for the ... Read More »

Holding company for state-owned enterprises launched: Asad Umar

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LAHORE: January 28 - Federal Minister for Finance Asad Umar chairing a meeting of LCCI. APP photo by Tabasam Naveed

ISLAMABAD: Federal Finance Minister Asad Umar on Friday announced that Sarmaya-e-Pakistan, the holding company for state-owned enterprises, has been launched. Taking to Twitter, the finance minister said, “Sarmaya-e-Pakistan, the holding company for state owned enterprises, incorporated.” The main aim of the company is to turnaround state-owned enterprises. Umar added, “Turning around the state-owned enterprises and eliminating their losses which are ... Read More »

PSX ends down despite positive reports of investments

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The equity market ended down on Friday despite positive reports of investments deals on visit of Saudi Crown Prince. The benchmark KSE-100 index closed at 40,486 points as against 40,507 points showing a decline of 20 points (-0.1 percent DoD). Analysts at Arif Habib Limited said that despite positive news flow from macro perspective such as visit of Saudi ... Read More »

Pak Rupee gains in early trading on Saudi investment expectations

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KARACHI: The Pak Rupee gained against dollar in early trading Friday owing to expectations of investment on visit of Saudi Crown Prince, which is scheduled on December 16, 2019. The dollar is being traded at Rs138.91 in interbank foreign exchange market. The exchange rate ended last day at Rs138.93 to the dollar. Currency experts said that the expected inflows under ... Read More »

Advance tax not collected on arbitrary grounds: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) clarified on Friday that advance tax is not collected on arbitrary grounds. Federal Board of Revenue (FBR) has clarified certain media reports appearing in a section of the press claiming “advance taxes give artificial boost to revenue collection”. In a statement issued today, FBR has termed the news report as misconceived and misguiding as ... Read More »

Aleem Khan remanded into NAB custody till Feb 25

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LAHORE: An accountability court on Friday handed over Pakistan Tehreek-e-Insaf (PTI) leader and one of the top lieutenants of the party in Punjab, Aleem Khan, on a 10-day remand to the National Accountability Bureau (NAB) Lahore. The PTI stalwart was detained by NAB on February 6 after he appeared to record statement in cases linked to an offshore company revealed ... Read More »

Top foreign banks bid for role in sale of two LNG plants

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KARACHI: JPMorgan Chase & Co, CLSA and Credit Suisse Group AG are pitching for a role on Pakistan’s biggest privatisation in a decade, expected to raise around $2 billion, according to a Bloomberg report. Citigroup Inc and Standard Chartered Plc made their own separate proposals, while Lazard Ltd is pitching with Pakistani brokerage Next Capital Ltd. According to experts privy ... Read More »

Customs Court seeks details of Ayyan Ali’s assets in currency smuggling case

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RAWALPINDI: A customs court on Friday sought details of model Ayyan Ali’s assets during a hearing of the currency smuggling case, according to media reports. Customs Court Judge Arshad Hussain conducted the hearing during which the counsel for the supermodel urged the court to postpone the proceedings. Rejecting the request, the judge said that the court could not let legal ... Read More »

Zafar Ali Shah calls for promulgation of rent control law in Islamabad

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ISLAMABAD: The senior leader of PTI and senior advocate Supreme Court Syed Zafar Ali Shah has called upon the government to take measures for the early promulgation of a balanced rent control act in Islamabad to meet the long-standing demand of the traders of federal capital. He said this while exchanging views with Ahmed Hassan Moughal, President, Islamabad Chamber of ... Read More »

Asad Ishaq will be laid to rest tonight

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KARACHI: Asad Ishaq (brother-in-law) of Shahbaz Ghazi, proprietor of M/s Oriental Freight & Logistics has passed away Innalillahe-wa-inna alehey Rajeoon. His Namaz-e-Janaza will be offered tonight after isha prayers at 8:15 pm at Rehmania Masjid, Tariq Road. Large number of people including relatives and friends of deceased family are expected to attend the funeral prayers.     Read More »

Air France to resume operations to Pakistan soon: Ghulam Sarwar

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KARACHI:  Federal Minister for Petroleum and Natural Resources Ghulam Sarwar Khan has said that Air France is planning to resume its services to Pakistan, just like British Airways. “Pakistan is a country on the move and is looked upon favorably in the comity of nations. It has rebuilt and strengthened relations with its traditional friends and allies. Pakistan is a ... Read More »

Current fiscal deficit to cross 6.3pc of GDP: Finance ministry

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ISLAMABAD: The government is anticipating the fiscal deficit for the current fiscal year to reach 6.3 per cent of gross domestic product (GDP) and miss the 5.1pc target set in September last year by a wide margin. According to finance ministry’s revised estimates for fiscal operations, the fiscal deficit has been worked out at Rs2.39 trillion in absolute terms against ... Read More »