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Author Archives: CT Report

Rs 15b detention scam: PICT threatens importer to cause financial/physical damage

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KARACHI: An importer has snubbed shipping lines, their agents and terminal operator including Evergreen Line, Greenpak Shipping, United Marine Agencies, KMTC and PICT who instead of resolving the issue of additional demmurage and detention, kept on blackmailing importers through legal notices and publishing news on an unregistered website. In his letter written to PICT, the importer exposed the malafide of ... Read More »

World Taekwondo Club Bharia Town Phase-8 got first position in Jashn-e-Azadi Taekwondo Championship

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ISLAMABAD: The Islamabad Chamber of Commerce & Industry organized the first ICCI Jashn-e-Azadi Taekwondo Championship as a part of Independence Day celebrations. National Taekwondo Club, Islamabad Sunny Taekwondo Club, World Taekwondo Club Bharia Town Phase-5, World Taekwondo Club Bharia Town Phase-8 and Taekwondo Club DHA-II participated in the Championship. Total 130 kids took part in the competitions. World Taekwondo Club ... Read More »

Cake cutting ceremony at ICCI to celebrate 71st Independence Day of Pakistan

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ISLAMABAD: The Islamabad Chamber of Commerce & Industry held a cake cutting to celebrate the 71st Independence Day of Pakistan. Sheikh Amir Waheed President, Muhammad Naveed Malik Senior Vice President, Nisar Mirza Vice President, Islamabad Chamber of Commerce & Industry, Zubair A. Malik Chairman Founder Group, ICCI former Presidents Mian Akram Farid, Tariq Sadiq, Baser Daud, Muhammad Ejaz Abbasi, Muzzamil ... Read More »

SBP amends instructions on advance payment against imports

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KARACHI: The State Bank of Pakistan (SBP) revised the instructions relating to advance payment facility allowed to importers through authorized dealers and had also restricted the import on open account basis to manufacturing and industrial users for import of spare parts/raw materials only. A notification issued by the SBP stated that “in view of representations made by a number of ... Read More »

Another 15 fake accounts found in Rs35b money-laundering case, FIA tells SC

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ISLAMABAD: Federal Investigation Agency (FIA) Director General Bashir Memon informed the country’s top court on Monday that the FIA had discovered another 15 accounts with transactions worth Rs6 billion. During the hearing of the suo motu case pertaining to alleged money laundering of Rs35 billion through fake accounts, a three-member bench headed by Chief Justice Mian Saqib Nisar and comprising ... Read More »

Pak rupee closes firm against dollar

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KARACHI: The Pakistani rupee on Monday made recovery against dollar in interbank and closed firm against dollar in open market. As per the local money market, the dollar dropped 10 paisas in interbank for buying at Rs123.9 and for selling Rs124.10. In open market, the greenback remained firm to close at Rs 122 for buying and Rs124 for selling. On ... Read More »

Three Appraising Officers granted performance allowance

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ISLAMABAD: Three Appraising Officers of BS-16, selected through the process of internal job posting (IJP), have been granted performance allowance. The officers, including Imdad Ali, Hafiza Arslan Shagufta and Ayesha Mahmood who are presently posted at Moedel Customs Collectorate, Faisalabad, have been granted performance allowance equal to 100 per cent of minimum of their basic pay (in pay scale-2011) with ... Read More »

Four IR officers of BS-17 granted performance allowance

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ISLAMABAD: Four Inland Revenue Service officers of BS-17, selected through the process of internal job posting (IJP), have been granted performance allowance. The officers, including Syeda Lubna shah, Faiza Sadaf, Alishpa Asif and Saman Gulzar who are presently posted in Regional Tax Office-II, Lahore, have been granted performance allowance with effect from July 24, 2018. Grant of performance allowance will ... Read More »

IHC rejects NAB request to adjourn Sharifs’ appeals

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ISLAMABAD: A division bench of the Islamabad High Court (IHC) on Monday turned down a request of the National Accountability Bureau (NAB) to take up appeals filed by the imprisoned members of the Sharif family seeking suspension of their sentences after summer vacation. The two-judge bench, comprising Justice Athar Minallah and Justice Miangul Hassan Aurangzeb, was hearing the appeals filed ... Read More »

NAB chairman says pursuing ‘case not face’ policy

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QUETTA: Jun09 – Justice (Retd) Javed Iqbal speaks during a press conference in Quetta.
ONLINE PHOTO by Ahmad Kakar

ISLAMABAD: The National Accountability Bureau (NAB) Chairman Justice (R) Javed Iqbal has said that the Bureau has adopted ‘seeing case not face’ policy to nab the corrupt. “The NAB is committed to nab corrupt, proclaimed offenders and absconders by utilising all resources and it is absolutely committed to eradication of corruption from Pakistan,” Justice Javed Iqbal said while addressing the ... Read More »

Traders call for reforms in taxation system

Multan RTO collects Rs1 50b under Tax Amnesty Scheme copy

LAHORE: The business community has called for major changes in tax authority, besides getting rid of the external influence to achieve the target of self-reliance and economic stability. LCCI standing committee on economic reforms chairman Kashif Anwar stressed the need of major reforms in tax system, asking the new government to seriously concentrate on broadening the tax base where every ... Read More »

Accountability court sends accused on judicial remand in Saaf Pani case

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LAHORE: An accountability court on Monday sent the accused, in Saaf Pani Company scam, to the prison on a judicial remand. The corruption case hearing of Saaf Pani Company was held at an accountability court of Lahore, where the National Accountability Bureau (NAB) maintained that the accused Qamarul Islam is charged for illegally awarding the contract of 84 water treatment ... Read More »

Port Klang defers rate hike six months till March 2019

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Malaysia:Port users at Malaysia’s Port Klang’s will get a six-month reprieve as the government deferred the planned 15% tariff hike from September 1 this year to March 1, 2019. The planned hike, which would have applied to the terminals operated by both Westports and MMC-owned Northport, was pushed back to give more time to port users and other industry players ... Read More »

‘Inaccuracies’ causing delays to film tax relief

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Ireland is losing international TV and movie productions due to delays and issues with the tax incentive scheme, according to sources close to the industry. An upgraded Section 481 was launched in 2015, and one major benefit was that tax relief was available upfront once the production company took certain actions. However, sources said that this upfront payment – which ... Read More »

FIA arrests 64 human traffickers in Gujranwala

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SIALKOT: The Federal Investigation Agency (FIA) has tightened its noose around the human traffickers as it arrested 32 notorious human traffickers in Gujranwala Division. According to the Mufakhar Adeel, FIA Divisional Deputy Director, the accused would send people abroad illegally after getting big chunks from them by showing them the golden dreams of their lucid future in abroad. He added ... Read More »

Companies in Brexit ‘supply shock’ as fewer EU citizens come to UK

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UK:Companies are suffering from a “supply shock” as fewer EU citizens come to the UK, and companies struggle to fill vacancies, according to a survey of 2,000 employers. The Chartered Institute of Personnel and Development (CIPD) said the number of applicants per vacancy had fallen since last summer across all levels of skilled jobs, and said shortages were forcing many ... Read More »

Sri Lanka Telecom (SLTL) to issue 90mn shares in private placement, price TBD

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Sri lanka:Trading in shares of Colombo Stock Exchange (CSE) listed Sri Lanka Telecom (SLTL) were halted today pending an announcement of un upcoming private placement. Shares of SLTL have been languishing for several years after the megadeal in which Global Telecommunications Holdings NV (a company in the group that controls Maxis) bought 45% of the company with certain management control ... Read More »

Saudis looking to invest big in Tesla before privatization

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While Tesla CEO Elon Musk teased last week about taking the company private, several suitors may have already been courting the electric car giant months ago. Saudi Arabia’s Public Investment Fund, the country’s sovereign wealth fund, is in talks with Tesla about becoming a significant investor as part of the move towards privatization, sources with knowledge of the fund’s plans ... Read More »

Singapore data: Jul vessel arrivals for bunkering fall 3% on year to 3,297

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Singapore:Bunker fuel sales in Singapore in July fell 8.1% year on year to 4.04 million mt, preliminary data released Monday by the Maritime and Port Authority of Singapore showed. however, up month on month by 2.9% from 3.92 million mt in June.Meanwhile, vessel arrivals in Singapore for bunkering fell 2.6% year on year to 3,297 in July, but were up ... Read More »

Uniper casts doubt over French business in light of coal exit

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FRANKFURT:German energy group Uniper on Tuesday warned that it would have to review its entire business in France if a planned shutdown of coal-fired power plants will be implemented. French President Emmanuel Macron in November said the country would phase out all coal-fired stations by 2021. “We couldn’t absorb a blow like this with our remaining business in France, which ... Read More »