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Author Archives: CT Report

Alibaba’s Ma steps down as industry faces uncertainty

(FILES) This file photo taken on October 11, 2017 shows Jack Ma, Alibaba Group founder and executive chairman, gesturing during the Music Festival of the Computing Conference 2017 in Hangzhou in China's eastern Zhejiang province. - Jack Ma steps aside on September 10, 2019 as chairman of Alibaba, ending a spectacularly successful 20-year run during which the charismatic former English teacher's e-commerce company left a profound impact on China's economy. (Photo by STR / AFP) / China OUT

BEIJING: Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company on Tuesday at a time when its fast-changing industry faces uncertainty amid a US-Chinese tariff war. Ma, one of China’s wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession ... Read More »

Hammad briefs FATF APG over anti terror measures

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ISLAMABAD: A senior level Pakistan delegation led by Minister of Economic Affairs Division Muhammad Hammad Azhar attended two days Face-to-Face meetings with FATF’s Asia-Pacific Joint Group (AP-Joint Group), to discuss Pakistan’s progress on FATF Action Plan. The Pakistan delegation effectively presented Pakistan’s progress on each of the FATF Action Plan items and provided additional information/clarification to the AP-Joint Group. The ... Read More »

Director I&I Irfan Javed detects tax evasion of Rs18.38m by M/s Spark World & Rs250m by M/s Rock Mars Industries

Irfan Javed

KARACHI: Directorate of Customs Intelligence and Investigations (I&I) Director Irfan Javed detected evasion of duty and taxes Rs1,83,83,539/-(Rs18.38 million) by M/s Spark World Private Limited East Wharf, Karachi. According to the details, Director Irfan Javed received actionable intelligence. He directed to block a consignment of M/s Spark World Private Limited, Lahore manifested at East Wharf, Karachi vide IGM No. 303 ... Read More »

FBR releases sales tax refunds worth Rs15.6b: Hafeez Shaikh

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ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh announced that Federal Board of Revenue has cleared Rs15.6 billion in sales tax refunds on Wednesday. Taking to the micro-blogging website Twitter, Hafeez Shaikh said that the amount was released against 8415 Refund Payment Orders (RPOs) to enhance the liquidity of businesses and economic activity in the country. He said, ... Read More »

Deputy Collector Tauqeer Dar posted at LFU, PFC, Railway Station

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LAHORE: Collectorate of Customs Preventive Collector Ahmad Rauf issued order for transfer and posting of Deputy Collector Tauqeer Ahmad Dar after availing ex-Pakistan leave. The official order stated that Deputy Collector Tauqeer Ahmad Dar is hereby posted at Land Freight Unit (LFU), PFC, Railway Station, Wagha and Railway Station (T-10) Lahore with immediate effect and until further orders. Read More »

NAB to file reference against Shahid Khaqan Abbasi

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KARACHI: The National Accountability Bureau (NAB) Karachi has recommended a reference against ex-minister of Petroleum and Natural Resources Shahid Khaqan Abbasi for appointing Shaikh Imran ul Haq as MD Pakistan State Oil (PSO) by violating the rules and procedures set by Federal Government for the appointments of CEOs in public sector enterprises. A statement issued by the NAB Karachi on ... Read More »

Mayor Waseem Akhtar gets SHC notice over fly infestation

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KARACHI: The Sindh High Court (SHC) on Wednesday once again issued a notice to Karachi Mayor Waseem Akhtar and other officials over the fly infestation in the city. The SHC issued a notice to Akhtar and other officials including DMC chairman after a citizen filed an application regarding the abundance of flies in Karachi. During today’s hearing, the court ordered ... Read More »

Court releases Nadeem Altaf after becoming approver in fake bank accounts case

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ISLAMABAD: An accountability court on Wednesday released a suspect in the fake bank accounts case after becoming an approver in the reference, according to media reports. Nadeem Altaf was presented in the court of Muhammad Bashir as his physical remand expired today. The NAB officials apprised the court about the suspect turning as an approver in the case and pleaded ... Read More »

Govt focusing on trade diversification in engineering goods to enhance exports: Dawood

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ISLAMABAD: Adviser to Prime Minister on Commerce, Textiles and Industries Abdul Razak Dawood Wednesday said trade diversification through engineering goods would increase the local exports for increasing revenue. He said through “Look Africa” policy, the government would facilitate the exporters to promote their engineering businesses in different untapped markets of African countries as well as in European Union by making ... Read More »

Private sector should operate as per rules & regulations: SBP Governor

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LAHORE: State Bank of Pakistan (SBP) Governor Reza Baqir today (September 7) said that stabilizing the economy of the country is their top priority and private sectors must act in accordance with the rules and regulations for it. While visiting the FPCCI Regional Office in Lahore, he expressed that it was SBP’s priority to keep up with other banks, without ... Read More »

Gold prices fall by Rs150 per tola

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KARACHI: Gold prices fell by Rs150 to Rs88,000 per tola in the local market on Saturday, according to media reports. The rate of 10 grams gold was down Rs129 to Rs75,445. Global gold rates, however, saw a $2 increase today as the yellow metal was traded at $1507. Yesterday, gold fell 1% as upbeat remarks from Federal Reserve Chair Jerome ... Read More »

FMs of Pakistan, China discuss bilateral ties

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ISLAMABAD: Chinese Foreign Minister Wang Yi held a meeting with Foreign Minister Shah Mahmood Qureshi at Foreign Office on Saturday. The two foreign ministers held discussions on bilateral relations and cooperation in diverse fields. Pakistan and China also signed a memorandum of understanding (MoU) for educational cooperation. The MoU was signed by Executive Director Higher Education Commission from Pakistan and ... Read More »

Punjab govt launches facility of online fee payments

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LAHORE: The Punjab government has started providing facility of online payment of fees as part of initiatives for ease of doing business in the province. This was stated during a meeting of provincial working group for ease of doing business, here at Civil Secretariat. The meeting reviewed progress on implementation of reforms initiated in different departments. The secretary planning and ... Read More »

Activities of Port Qasim

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KARACHI: A cargo volume of 164,771 tonnes comprising 140,127 tonnes of import cargo and 24,644 tonnes of export cargo including 3,574 loaded and empty containers (TEUs) was handled at Port Qasim during the last 24 hours on Friday. The total import cargo of 140,127 tonnes includes 55,675 tonnes of coal; 7,500 tonnes of palm oil; 7,090 tonnes of chemical; 17,206 ... Read More »

Weekly Review: PSX to remain positive on rate cut hopes

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 stock market to remain positive during next week owing to hopes of rate cut by the central bank on latest inflation numbers. Analysts at Arif Habib Limited on Saturday forecast that the market to remain positive on the back of expectation of a rate cut earlier than prior estimates after recent reduction in inflationary reading (Monetary Policy Statement ... Read More »

Judge video scandal: Court acquits three accused

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ISLAMABAD: A local court in Islamabad on Saturday acquitted Nasir Janjua and two others in the Judge Arshad Malik video scandal due to a lack of evidence. During today’s hearing, the Federal Investigation Agency (FIA) cleared the names of the three suspects after determining that no evidence was found against Nasir Janjua, Khurram Yousaf and Ghulam Jillani. “In view of ... Read More »

U.S. wants ‘near term’ results from new China trade talks

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WASHINGTON: The Trump administration wants to see “near term results” from U.S.-China trade talks in September and October, White House economic adviser Larry Kudlow said, but he declined to predict any outcomes or say if U.S. tariff delays were possible. Speaking on CNBC and Bloomberg TV, Kudlow confirmed that the top U.S. and Chinese trade negotiators would meet in early ... Read More »

Dr Piracha appointed as Pakistan’s permanent ambassador to WTO

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ISLAMABAD: Dr Muhammad Mujtaba Piracha has been appointed as Pakistan’s permanent ambassador to the World Trade Organisation in Geneva, Switzerland. As per a notification, signed by the secretary to the prime minister, “The prime minister has seen and is pleased to approve the nomination of Dr Muhammad Mujtaba Piracha, merit No 1 of the panel finalised.” Piracha is a Grade ... Read More »

Govt preparing comprehensive policy to develop Karachi: Ali Zaidi

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KARACHI: Federal Minister for Maritime Affairs Syed Ali Hyder Zaidi has said that the federal government is preparing a comprehensive policy for the development of Karachi and the first phase of cleaning drains has been completed and garbage will be lifted in the second phase of Clean Karachi Movement spearheaded by him. The federal minister was addressing a meeting with ... Read More »

FBR to update new units of measurement

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ISLAMABAD: Chairman FBR Shabbar Zaidi has directed to update the units of measurement in order to facilitate trade. According to the details, the exercise to update the units of measurement is likely to be completed in week’s time and new units of measurement shall be notified and difficulties faced by the importers/exporters regarding unit of measurements will get addressed. It ... Read More »