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Author Archives: CT Report

Pakistan Stock Exchange gains 550 points as investor confidence improves


KARACHI: After few early bumps, the Pakistan Stock Exchange managed to stand its ground to end the last session of the week with gains. Foreign investors continued to offload stocks worth $2.28 million on Thursday. The positivity came on a media report that the policy board has decided to formulate a stock market fund to boost the investors’ confidence. The ... Read More »

Business-friendly policies bearing fruit: President Alvi

President Dr Arif Alvi 1

LAHORE: President Dr. Arif Alvi said that the business-friendly policies, adopted by the Pakistan Tehreek-e-Insaf (PTI) government were bearing fruit, according to media reports. Addressing second edition of the international textile exhibition on Thursday, Dr. Arif Alvi said that foreign investment was increasing in Pakistan due to improved security situation in the country. He urged the business community to explore ... Read More »

Govt to facilitate Mubadala Petroleum in strengthening foothold in Pakistan


ISLAMABAD: Mubadala Petroleum, an international oil and gas company based in the UAE, has expressed a keen interest in further strengthening its foothold in Pakistan. Mubadala Petroleum CEO Musabbeh Al Kaabi called on Petroleum and Natural Resources Minister Ghulam Sarwar Khan at the Ministry of Petroleum on Thursday. United Arab Emirates Ambassador Essa Abdulla Al Basha Al Noami was also ... Read More »

Karachi Port Trust makes new record of fast cargo handling


KARACHI: Karachi Port Trust (KPT) makes a new record of unloading of cargo from ship within 24 hours at its East Warf. Some18900 metric tons of imported rocket mounted raw material, which is one of the most important raw materials from Marrakesh, has been unloaded from ship EUROPA BAY, said a KPT release on Thursday. The previous record was 16900 ... Read More »

Hamza Shahbaz appears before NAB

Hamza Shehbaz

LAHORE: Leader of the Opposition in the Punjab Assembly Hamza Shehbaz arrived at the National Accountability Bureau (NAB) office in Lahore on Friday. He was summoned in a case pertaining to assets beyond means of income and money laundering. The anti-graft watchdog had sought documents and details of all assets, domestic and foreign, owned by Hamza. The accountability watchdog also ... Read More »

Opec may raise oil output if prices increase


DUBAI: Opec could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said. Venezuelan crude production has dropped below 1 million barrels per day (bpd) because of US sanctions. Iranian supply could fall further after ... Read More »

Govt development spending decreases 23pc in nine months of FY2019

Spending cuts, isolated

ISLAMABAD: The government has disbursed an amount of Rs449 billion for development programme on completion of first three quarters of 2018-19, down 26 per cent, from Rs607 billion in same period last year. An update on the Public Sector Development Programme (PSDP) disbursements by the Planning Commission (PC) showed the government had expedited disbursement of development funds over the last ... Read More »

Abraaj founder Arif Naqvi, managing partner arrested on fraud charges


DUBAI: The chief executive and a managing partner of the collapsed Dubai private equity firm Abraaj Capital Ltd were arrested on United States charges that they defrauded their investors, including the Bill & Melinda Gates Foundation, a federal prosecutor said on Thursday. Abraaj founder and Chief Executive Arif Naqvi was arrested in the United Kingdom last Friday, while managing partner ... Read More »

Govt & IMF will be able to conclude deal before June


WASHINGTON: President Asian Development Bank Takehiko Nakao has appreciated the reform process in Pakistan and assured continued support of the bank. He was talking to Finance Minister Asad Umar in Washington. The two sides discussed continuation of Pakistan’s ongoing engagement with the Asian Development Bank. The Finance Minister apprised the President Asian Development Bank of the current macro-economic situation in ... Read More »

ExecuJet Prepares Swiss FBO for July Closing of Linate


The three-month closing of Italy’s Milan Linate Airport (LIN) beginning in July has ExecuJet preparing to handle a record number of aircraft movements in southern Switzerland, the unit of Luxaviation Group announced today. ExecutJet’s co-branded FBO at Lugano Airport (LUG) is expected to take traffic diverted from LIN. “Our FBO at Lugano Airport is ideally located for travelers who might ... Read More »

Air France Offers New Signature Cocktail in Business Class


Air France is now offering passengers traveling in its Business cabin the opportunity to indulge in a new signature cocktail, created in association with Hotel Lancaster in Paris. Created by the head bartender of the legendary five-star hotel in Paris, the new cocktail is offered as an aperitif on all flights of the company’s long-haul network. A real designer drink, ... Read More »

Bangladesh keen to sign FTA with South American trade bloc to promote export


Bangladesh has already submitted “Letter of Intent” to that effect to secure greater access for Bangladeshi products to a huge market of 300 million consumers across Argentina, Brazil, Paraguay and Uruguay Bangladesh has expressed it interest to sign Free Trade Agreement (FTA) with South American trade bloc MERCOSUR at an early date to tap the under-exploited South American market. Bangladesh ... Read More »

Malaysia KFC operator is aiming to revive IPO this year


HONG KONG: QSR Brands (M) Holdings Bhd., which runs KFC and Pizza Hut outlets in Southeast Asia, aims to revive an initial public offering as soon as the fourth quarter, people with knowledge of the matter said. The company on Wednesday shelved its Malaysia shares sale after talks with its bankers, without giving a reason. Discussions of the IPO revival ... Read More »

Singapore quarter one GDP rises 2.0 percent quarter-on-quarter


SINGAPORE : Singapore’s economy grew more than expected in the first quarter from the quarter before on an annualized basis, preliminary data showed on Friday. Gross domestic product (GDP) grew 2.0 percent in the January-March period from the previous three months on an annualized and seasonally adjusted basis, the Ministry of Trade and Industry said in a statement. It was ... Read More »

Brexiteer to Irish backstop: a handy Brexit glossary


Brexit — a portmanteau for “British exit” — has generated a lot of very specific lingo. And those terms we use to describe and define the United Kingdom’s breakup with the European Union can sometimes make this already complicated process even harder to follow. Here’s a handy glossary of Brexit terms, with some links to more in-depth coverage, to help ... Read More »

US Department of Commerce puts seven Hong Kong companies on warning list


The US Department of Commerce has put seven Hong Kong companies on an “unverified list” that urges US companies to exercise extra caution when doing business with them. They were included in the latest US Federal Register issued on Thursday, alongside 37 Chinese companies and schools. The seven Hong Kong companies include: Able Supply Chain Ltd, Boson Technology Co Ltd, ... Read More »

The UAE accounts for about 14 per cent of the world’s gold trade.


The gold, diamond and precious metals sector is one of the most important sectors for the UAE’s economic diversification, and is expected to witness significant growth in the coming period as part of the country’s diversification objectives, Juma Mohamed Al Kait, assistant undersecretary, UAE Ministry of Economy, said on Thursday. The UAE accounts for about 14 per cent of the ... Read More »

Sri Lanka Ports Authority to buy more cranes


Sri Lanka Ports Authority (SLPA) is to buy three Ship to Shore (STS) cranes from China under the expansion of the state-run Jaya Container Terminal (JCT) 5 to enable berthing of bigger ships. The 25 million US dollar investment has been approved by a Cabinet-appointed procurement committee, Ports, Shipping and Southern Development Minister Sagala Ratnayaka said. “This is the first ... Read More »

China poses security threat to Canada: report


China poses a significant national security cyber threat to Canada and uses businesspeople and mobilizes Chinese students in Canada to influence politics, says a new report to Parliament. “China is known globally for its efforts to influence Chinese communities and the politics of other countries,” said the National Security and Intelligence Committee of Parliamentarians document released Tuesday, April 9. “The ... Read More »

Carnival Cruise Ships Might Be Barred From U.S. Ports


One of the biggest cruise lines around may temporarily be unable to operate in the United States if a federal judge follows through on his threat. U.S. District Judge Patricia Seitz said she is considering stopping Carnival Corp. from docking its ships in U.S. ports after the company possibly violated its probation agreement with the U.S. A final decision will ... Read More »