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Author Archives: CT Report

NAB starts another high level probe against Nawaz Sharif on complaint of Asad Kharal


ISLAMABAD: The NAB launched another high level inquiry against former prime minister Nawaz Sharif over money laundering allegations on the complaint of senior investigative journalist, Asad Kharal. The spokesperson for NAB said Kharal recorded his statement before the bureau and submitted relevant record to NAB investigators. According to the spokesperson, the complainant provided details about alleged money laundering by Sharif and ... Read More »

China’s tariffs on US oil would disrupt $1b monthly business

File photo of a Chinese national flag fluttering at a construction site for a new residence complex in Beijing

SINGAPORE: China’s threat to impose duties on US oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States’ trade deficit with most of its major trading partners, including China, US President Donald Trump said last week he was ... Read More »

France crowned champions of air traffic control strikes


PARIS: Hindered by strikes and outdated equipment, French air traffic control is responsible for a third of aviation delays in Europe, a report in France claimed on Monday. Between 2004 and 2016, French air traffic controllers were on strike 254 days, while second-placed Greece only had 46 days of stoppages, Italy 37 and Germany four, according to a senate finance ... Read More »

General Electric to cut 1,200 jobs in Switzerland

The logo of General Electric is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015.  REUTERS/Benoit Tessier  - RTR4YIOG

GENEVA: General Electric  will cut 1,200 jobs in Switzerland at its troubled power generation business, about 200 fewer than its original proposal, the U.S. industrial conglomerate said on Monday. GE had announced plans in December to cut as many as 4,500 jobs in Europe – including 1,400 in Switzerland – as it aims to reduce its global footprint by 30 ... Read More »

Brexit deal: ‘Meaningful vote’ battle to resume in Lords

Post-Brexit UK

LONDON: The battle over Parliament’s say in the Brexit process between MPs, peers and ministers resumes in the Lords later. Peers will vote on an amendment forcing ministers to consult Parliament in the event of there being no deal. Theresa May avoided defeat on the issue last week but rebels say concessions made by Downing Street are “valueless”. MPs overturned ... Read More »

Three-week winning streak at stock market snapped

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

KARACHI: Stocks snapped three-week winning streak triggered by the smooth transition of power to the caretaker government that led to create confidence in the minds of the investors over the holding of timely polls on July 25. But in the outgoing week, some other developments put the political issues on the back-burner as KSE-100 index declined by 267 points (0.61 per ... Read More »

World Bank to give $500m for solar energy, regional connectivity


ISLAMABAD: The World Bank is committing over half a billion dollars through two projects to support renewable energy in Sindh and expand economic activity between Pakistan and Afghanistan through the development of an economic corridor along the Khyber Pass. “The projects will address Sindh’s energy needs through the generation of solar power benefitting the entire province and support trade between ... Read More »

US imports push Japan into trade deficit in May

fiscal deficit

WASHINGTON: Imports of US aircraft helped push Japan to a trade deficit in May, official data showed on Monday, but experts said it was a temporary effect not linked to ongoing trade tensions. Japan’s imports rose 14.0 per cent in May from a year earlier, according to finance ministry data. Exports also enjoyed an 8.0 percent rise but the overall ... Read More »

New JIT constituted to support high-level JIT to probe attack on Asad Kharal


LAHORE: Shahzad Sultan, head of JIT formed to investigate attack on senior journalist Asad Kharal, has constituted a sub-JIT to take the case ahead speedily. Asad Kharal was attacked few days ago by armed assailants, most probably for pursuing billions of rupees corruption and green channel smuggling cases. It is reported that sub-JIT comprises four officers including SP Naveed, DSP ... Read More »

Fresh currency notes worth Rs360bn issued for Eid

pakistani currency

ISLAMABAD: As people seeks to collect crisp currency notes to distribute as Eidi, paper money worth Rs360 billion was issued across the country ahead of Eid-ul-Fitr. According to the State Bank of Pakistan, the demand for currency notes this year was 50% more than what it was in 2017. The total booking limit of 2.7 million customers was also increased ... Read More »

Swiss asset manager Pictet buys into Chinese video game maker behind ‘Knives Out’, sells Tencent stock


Swiss asset manager Pictet has been buying up shares in Chinese online video game developer NetEase, while taking a profit on Tencent Holdings, as the technology sector is now trading at a higher premium than overall global markets, according to Nolan Hoffmeyer, senior investment manager with Pictet’s thematic equities team. NetEase, the developer of popular video game Knives Out, was ... Read More »

Uncertainty threatens to hamper investment in developing countries: UN report


UNITED NATIONS :Financial uncertainty caused by “significant risks” to global trade is responsible for a sharp fall in international investment flows which could hurt developing countries the most, according to a new UN report. UNCTAD, the UN Conference on Trade and Development, reports that foreign direct investment or FDI – fell by nearly a quarter last year, to $1.4 trillion. ... Read More »

Labor will reverse Coalition’s cuts to ABC if elected, says Shorten


Labor will move to reverse the latest cuts to the ABC’s funding if it wins government at the next federal election, as the public broadcaster shapes up as the latest battleground between the two major parties. After Mitch Fifield made his sixth complaint about ABC coverage in as many months, Labor stepped up its advocacy on behalf of the public ... Read More »

Huawei denies being locked out of bidding to help build 5G network


China: The Chinese telecommunications company Huawei has said it is still talking to the Turnbull government about participating in the 5G wireless network and might not have to register on the proposed foreign influence transparency register. Huawei’s Australian chairman John Lord told the ABC on Thursday he had not been advised of any government decision to block the company’s participation ... Read More »

Deal to boost OPEC oil output ‘inevitable’, says Saudi minister


It’s “inevitable” that OPEC and its allies will agree to boost oil output gradually at their meeting in Vienna next week, said Saudi Arabia’s Energy Minister on Thursday. “As usual we will do the right thing,” Khalid Al-Falih told reporters in Moscow. “I think we’ll come to an agreement that satisfies most importantly the market.” Russia and Saudi Arabia, leaders ... Read More »

Russian ‘Smart City’ among finalists to host Expo 2025


Russia : The Russian city of Ekaterinburg has entered the final round of bidding to host the World Expo 2025. At the heart of Russia’s bid is the ‘Smart City’ concept proposed to be constructed before the fair. Ekaterinburg, a city of 1.5 million in the Ural Mountains, faces off against the Japanese city of Osaka and Azerbaijan’s capital Baku, ... Read More »

I did not promise to extradite Turkish coup soldiers: Greek PM


Greek Prime Minister Alexis Tsipras said on June 13 that he did not promise to Turkish President Recep Tayyip Erdoğan that he would extradite eight former Turkish soldiers who fled the country a day after the July 2016 coup attempt. “I couldn’t have promised about this. I’m aware of the principle of separation of powers in a country like Greece. ... Read More »

Asad Kharal grateful to CJP, Army Chief, Chairman NAB for best treatment


LAHORE: Senior investigative journalist Asad Karal thanked Chief Justice of Pakistan Mian Saqib Nisar for ordering his admission to CMH Lahore. Asad Kharal said, “I was treated properly as per advise of the three Brig doctors. I am really thankful to Honorable Chief Justice of Pakistan Justice Mian Saqib Nisar, worthy Chief of Army staff General Qamar Javed Bajwa and worthy ... Read More »

Asad Kharal thanks Lahore Corps Commander Lt General Aamer Riaz for best wishes


LAHORE: Senior investigative journalist Asad Karal has thanked Lahore Corps Commander Lt General Aamer Riaz for sending a bouquet and best wishes to him. Asad Kharal, who was seriously injured in an assassination attempt in Lahore few days ago, said, “Special Thanks to Respected Lt General Mr. Aamer Riaz Hi(M) Commander 4 corps Lahore for sending his best wishes to ... Read More »

ICCI calls for one month’s extension in Amnesty Scheme


ISLAMABAD: Muhammad Naveed Malik, Acting President, Islamabad Chamber of Commerce & Industry has called upon the government to give at least one month’s extension in tax amnesty scheme so that maximum number of business community and other people could take benefit of it. He said this while talking to a delegation of businessmen that called on him led by Mian ... Read More »