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Author Archives: CT Report

KSE-100 sheds another 486 points

A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

KARACHI: The stock market continued to bleed on Friday as the investors preferred to observe activities on the political and economic fronts. Indices remained volatile for the entire session whereas volumes declined slightly from the preceding session. On the economic front, the total foreign exchange reserves held by the country rose by $25 million on a weekly basis and were ... Read More »

Govt reduces petrol price by Rs4.59 from Sept 1

An employee serves oil at a petrol station still opened during a strikeon December 11, 2012 in Rome.  The strike of petrol stations in Italy started the day before at 7 PM and will last until December 14 at 7 PM.  AFP PHOTO / ANDREAS SOLARO / AFP PHOTO / ANDREAS SOLARO

ISLAMABAD: The prices of petroleum products are scheduled to be slashed effective September 1, according to media, with per-litre petrol to be Rs 4.59 less costly. The prices of high speed diesel, kerosene oil, and light diesel would be lowered by Rs7.67, Rs4.27, and Rs5.63 per litre, respectively. The new respective per-litre prices of petrol, high speed diesel, kerosene oil, ... Read More »

FBR transfers 11 PCS officers of BS-20 with immediate effect

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ISLAMABAD: Federal Board of Revenue (FBR) Secretary (Mgt-Customs-II) issued notification for transfer and postings of 11 (BS-20) officers of Pakistan Customs Service (PCS) with immediate effect and until further orders: Details are as under:- Federal Board of Revenue Chief (Headquarters), Islamabad, Dr. Samina Taslim Zehra is transferred and posted as Director, Directorate of Input Output Co-efficient Organization (South) Karachi. Directorate ... Read More »

MNA Aslam Bhutani, Collector Yaqoob Makoo attends ceremony to express solidarity with Kashmiris

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GWADAR: Muhammad Aslam Bhutani MNA Lasbela along with Collector of Customs Muhammad Yaqoob Makoo and Additional Collector Abdul Haye Shaikh attended a ceremony to express solidarity with Kashmiri people at Customs House. Senior officers and officials of Pakistan Customs Gawader also participated in the event. All the officers and officials of Gwadar Customs remained out of the office building from ... Read More »

Toyota Motors offers free registration on purchasing 1.3L Corolla

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LAHORE: Toyota Indus Motor Company (IMC) on Thursday announced to offer a limited-time free registration on the purchase of all 1.3L Toyota Corolla variants. According to the PakWheels, the Japanese auto giant always looks to attract its customers with creative and attractive promotions, and this time, it brings a free registration for its Toyota Corolla consumers. The offer is exclusively ... Read More »

Accountability Court orders confiscation of Suleman Shehbaz’s properties

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ISLAMABAD: An accountability court ordered confiscation of properties of former chief minister Punjab Shehbaz Sharif’s son, Suleman Shehbaz in relation to the ongoing money laundering case against the Sharifs. The major development came as the National Accountability Bureau approached the court to confiscate Suleman Shehbaz’s properties. The court, under Judge Malik Amir Mohammad Khan, heard the case today. In the ... Read More »

Pak Rupee gains 47 paisas in mid-day trade

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KARACHI: The Pak Rupee made significant gain of 47 paisas against dollar in mid-day trading on Friday owing to inflows of remittances and export receipts. The dollar is being traded at Rs156.75 to the dollar in interbank foreign exchange market in early trading. The exchange rate ended at Rs157.22 to the dollar in interbank foreign exchange market on Thursday. Currency ... Read More »

Petroleum prices likely to be reduced from September 1

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ISLAMABAD: Fuel prices in Pakistan are likely to be reduced as the Petroleum Division has on Friday received a summary recommending reduction in the rates. According to details, the price of High Speed Diesel will presumably be lowered by Rs7.67, Light Diesel by Rs5.63, petrol by Rs4.59 and kerosene oil by Rs4.27. The final decision will be made by finance ... Read More »

Oil prices drop on concern over US economy

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TOKYO: Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of US economy. Brent crude was down $0.31, or 0.5%, at $60.18 a barrel by 0638 GMT while US crude was down $0.18, or 0.3%, at $55.60 a barrel. Concerns about ... Read More »

Pakistan, AJK national anthems mark ‘Kashmir Hour’

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ISLAMABAD: ‘Kashmir Hour’ was observed between 12pm to 12:30pm throughout the country and the national anthems of Pakistan and Azad Jammu and Kashmir (AJK) were played in a show of solidarity with the oppressed Kashmiris. All people and traffic stood still with chants of ‘Kashmir Banega Pakistan’. Addressing the rally outside the PM Secretariat, Prime Minister Imran Khan said all ... Read More »

ADB VP pledges $7b for development projects during meeting with PM

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ISLAMABAD: Asian Development Bank (ADB) Vice President Shixin Chen, who is on his first official two-day visit to Pakistan, met Prime Minister Imran Khan and “reaffirmed ADB’s support for Pakistan’s development priorities”, a press statement issued by the bank said on Friday. The press statement revealed that ADB plans to provide $7 billion to Pakistan for “various development projects and ... Read More »

Sales tax refunds for exporters to be paid within 72 hours: Hamid Memon

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ISLAMABAD: The Federal Board of Revenue (FBR) is claiming that it will now pay sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters of five sectors within 72 hours of submission of refund claims. FBR Sales Tax Chief Hamid Memon announced in a news briefing on Thursday that in the next couple of ... Read More »

Collector Appraisement West Wajid Ali distributes work among deputy, assistant collectors

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KARACHI: Collectorate of Customs Appraisement West Collector Wajid Ali issued office order no: 87/2019-ESTT (AW) distributing work amongst deputy/assistant collectors.   Read More »

FBR appoints Nazir Ahmad Shoro as new chief commissioner RTO Multan

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MULTAN: The Federal Board of Revenue (FBR) has appointed Nazir Ahmad Shoro as new Chief Commissioner Inland Revenue Regional Tax Office Multan. According to details, Chief Commissioner Regional Tax Office Abid Raza Bodhla is currently attending five months training program for the capacity building and he was on training in Lahore from last one and half month. The Federal Board ... Read More »

SBP injects Rs 467b into market

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KARACHI: The State Bank of Pakistan injected Rs 467 billion into money market for one night (overnight) as reverse repo purchase through its open market operation. Eight bids of Rs 467 billion were offered and all were accepted. The rate of return accepted is 13.4 percent per annum, said a SBP press release. Read More »

PIA should pursue independent, sustainable business plan: APM Hafeez Shaikh

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ISLAMABAD: Adviser to Prime Minister on Revenue and Finance, Dr. Abdul Hafeez Shaikh has told the Pakistan International Airlines (PIA) management that the government wants the national flag career to effectively utilise its assets, improve revenue streams and ensure efficiency and financial discipline. He was talking to President & CEO PIA Air Marshal Arshad Malik and his team which met ... Read More »

Pakistan outlook ‘stable’: S&P

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ISLAMABAD: The Standard & Poor’s rating agency affirmed Pakistan’s ‘B-’ long-term and ‘B’ short-term sovereign rating while maintaining the long-term outlook at ‘stable’ rating. The New York-based rating agency also affirmed ‘B-’ long-term issue rating on Pakistan’s senior unsecured debt and sukuk trust certificates. It said Pakistan’s rating remained constrained by a narrow tax base and domestic and external security ... Read More »

Confectionery giant Mars takes 100% ownership of UAE business

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Food giant Mars has become one of the first multinationals to take advantage of the UAE’s new foreign direct investment (FDI) laws offering foreign companies 100 per cent ownership of onshore companies by buying out its local partner. The company, which has had a presence in the UAE for 40 years, has bought all of the shares in its onshore ... Read More »

TD Bank caps earnings at Canada’s 5 biggest banks with profit rise to $3.2B

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TD Bank Group reported its third-quarter profit grew to $3.248 billion, helped by improved results across the bank. The Toronto-based lender said Thursday the profit amounted to $1.74 per diluted share for the quarter ended July 31. The result was up from $3.105 billion or $1.65 per diluted share in the same quarter last year. On an adjusted basis, TD ... Read More »

Australia looks to export lithium, rare earth and coal to India

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The new Australian government is looking to expand its trade ties with India in areas other than from thermal coal, where it is confident that the demand will remain robust. The country is looking to export lithium for electric vehicles, rare earth for high-tech renewable component, and high-quality coal, said Matthew Canavan, the Australian minister for natural resources. “India and ... Read More »