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Author Archives: CT Report

PIA witnesses record rise in revenue; up to 45pc

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KARACHI: The administration of national flag-carrier Pakistan International Airlines (PIA) has witnessed record rise in revenue up to 45 per cent which benefitted the entity Rs63 billion as it started bearing fruits of its reformations and austerity drive, a private news channel reported on Thursday. Following the reformation process and austerity moves in line with the vision of Prime Minister ... 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 24 hours, ending at 0700 hours on Thursday. SHIPS BERTHED: YM Bamboo Container Ship CoSCO Hong Kong Container Ship Botany Bay Container Ship Ubena Container Ship COSCO Japan Container Ship Sam Lion Clinkers Butinah Rock Phosphate Pacific Sarah Tanker CMA CGM ... Read More »

Gold price gains Rs800, traded at Rs88,200 per tola

GOLD JEWEL

ISLAMABAD: The price of 24 karat gold bounced by Rs 800 and was traded at Rs 88,200 per tola as compared to the last closing at Rs 87,400, Karachi Sarafa Association reported on Thursday. The price of 10 gram gold also witnessed decrease of Rs 686 and was traded at Rs 75,617 against Rs 74,931 of last day. The price ... Read More »

SECP registers 1,187 new companies

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LAHORE: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,187 new companies in August 2019, out of which 94 % companies were registered online through eServices and 52 % companies registered within same day. The new registration raised the number of total companies to 104,030, said a press release issued by SECP here on Thursday. The increasing trend ... Read More »

Dollar value dips, interbank rate drops to Rs156.18

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KARACHI: The US dollar depreciated against the Pakistani rupee by 12 paisa in the interbank market and closed at Rs156.18. In the open market, the green back plunges by 10 paisa to close at 156.60. On Friday, the Pakistani rupee depreciated against the US dollar by 20 paisa in the open market and closed at Rs156.70, while the green back ... Read More »

PSX gains 592 points to close at 31,547 points

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KARACHI: Pakistan Stock Exchange (PSX) witnessed a positive trend on Wednesday as the benchmark KSE-100 index gains 592 points and closed at 31,547 points. The equity market rose by 4.4 percent or 1,332 points in last three sessions. On Wednesday, the PSX witnessed a positive trend as the benchmark KSE-100 index gains 487 points and recovered to 30,954 points. A ... Read More »

Monetary Policy Committee to hold meeting on Sept 16

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KARACHI: The Monetary Policy Committee of the State Bank of Pakistan (SBP) is scheduled to meet on September 16, 2019 to take a cautious decision on policy rate amid rising trends in the Consumer Price Index (CPI)-based inflation and the federal government’s willingness to slash down the rate. In August, capital market observed healthy inflows, while the inflow from US ... Read More »

Pakistan to see deterioration in its ‘interest payments-to-revenue ratios’

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NEW YORK: In a Sector In-Depth report titled “Sovereigns – Global: B-rated sovereigns in APAC, LatAm and MENA most exposed to financing stress,” Moody’s Investors Service has identified countries that are most vulnerable to financial stress in the future. According to the report, “fragile investor confidence amid a slowing global economy, ongoing US-China tensions, and political risks in the Middle ... Read More »

Income, sales tax collection increased by 12pc in August: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) said that the collection of income tax and sales tax was boosted by 12 percent in the month of August. According to FBR, collection of sales tax was increased from 30.4 to 42.7 percent.FBR directed its offices to further raise the revenue in coming months. Federal Board of Revenue Chairman Shabbar Zaidi urged the ... Read More »

Govt to facilitate investors in SEZs: Dawood

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ISLAMABAD: Adviser to the Prime Minster on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood Wednesday said the government has taken strategic decision to facilitate investors by providing state-of-the-art infrastructure in Special Economic Zones (SEZs). He also assured facilitation to the investors from the Board of Investment (BoI), as the lead coordination agency of Pakistan Government, stated a ... Read More »

Oil prices gain after US inventories fall

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)

LONDON: Oil prices rose after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained $0.65, or 1%, to $63.03 a barrel by 1253 GMT while US West Texas Intermediate rose $0.58, or 1%, to $57.98 a barrel. Oil prices have risen ... Read More »

FATF to decide Pakistan’s fate in its Paris meeting next month

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ISLAMABAD: After a demonstration of strong ‘political commitment’ for moving against proscribed outfits, the upcoming plenary meeting of FATF will decide the fate of Pakistan on the possibility of exclusion or keeping on grey list for an extended period. The next FATF’s plenary meeting is scheduled to take place from October 13 to 18 in Paris and the Pakistani side ... Read More »

Shahid Khaqan Abbasi, Miftah Ismail’s remand extended in LNG case

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ISLAMABAD: An accountability court on Thursday extended the physical remand of former prime minister and Pakistan Muslim League-Nawaz (PML-N) leaders Shahid Khaqan Abbasi and former finance minister Miftah Ismail by 14 days in an ongoing probe into the liquefied natural gas (LNG) case. The PML-N leaders were presented before the court today, following the expiration of their remand. The National ... Read More »

Better governance, active supervision key to reviving SOEs: Hafeez Shaikh

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ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh has underscored efforts to contain losses in a number of State-Owned Enterprises (SOEs) through better governance and active supervision. He made this observation while chairing a meeting on improving governance structure of SOEs and role of Sarmaya Pakistan Limited (SPL) established earlier this year by the ... Read More »

Foreign exchange reserves increase by $132m to $15.751b

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KARACHI: The liquid foreign exchange reserves of the country have increased by $132 million to $15.751 billion by week ended September 06, 2019, State Bank of Pakistan (SBP) said on Thursday. The reserves held by SBP increased by $182 million to $8.462 billion by week ended September 06, 2019 as compared with $8.28 billion a week ago. The SBP attributed ... Read More »

Govt generates Rs467.4b through auction of T-bill

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KARACHI: The Treasury bill auction attracted massive bids of about Rs1.65 trillion but the auction result showed government borrowing less than the targeted amount. The auction reflected both government’s need for and banking sector’s willingness to park maximum liquidity in the risk-free high yielding papers. However, the government only raised Rs467.4 billion through the auction, much lower than investors’ expectations ... Read More »

Pakistan among top five remittance receiver in the region: ADB

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ISLAMABAD: Pakistan was in the top five in the remittance receivers in the region last year, according to the latest report by the Asian Development Bank (ADB). “The region’s top five recipients of remittances in 2018 were India ($78.6 billion), China ($67.4 billion), the Philippines ($33.8 billion), Pakistan ($21 billion), and Vietnam ($15.9 billion),” the ADB said in its 50th ... Read More »

KCCI opposes, proposer withdraws bill to extend FPCCI’s office bearers tenure

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KARACHI: Vice Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Haroon Farooki, General Secretary BMG AQ Khalil and Acting President KCCI Khurram Shahzad, who represented KCCI at a meeting of the Standing Committee on Commerce & Textile held in Islamabad on Wednesday, strongly opposed the proposed Bill to extend the tenure of FPCCI’s Office ... Read More »

FBR rejects reports regarding issuance of IFL for tobacco products

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ISLAMABAD: The Federal Board of Revenue has rebutted a media report, published on 5th August 2019, regarding issuance of Invitation for License (IFL) for ‘Electronic Monitoring Track and trace System for Tobacco Products’. FBR has clarified that the news item is “totally baseless and allegations levelled against the FBR chairman are basically an effort to sabotage the fair and open ... Read More »

Tax refund can be claimed within two years: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) has stated that income tax refund can be claimed within two years from the date of filing return of from the date on which the tax was paid, whichever is later. According to FBR, refund can be only claimed if the person has filed their Income Tax Return electronically. “A manual Return does not ... Read More »