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Author Archives: CT Report

Peshawar I&I to hold auction of 27 impounded vehicles on August 20

auction

PESHAWAR: Customs Directorate of Intelligence and Investigation has announced auction of confiscated vehicles on August 20, 2019. The following vehicles will be presented for auction: Toyota Mark X Motor Car, 2005, Chassis No. GRZ120-0024497 Toyota Corolla Star Car, 1994, Chassis No. CE106-0068675 Toyota Prius Motor Car, 2003, Chassis No. NHW20-002695 Toyota Fielder Motor Car, 2001, Chassis No. ZZE122-0024503 Toyota Hilux ... Read More »

Weekly inflation up 1.23pc

inflation

ISLAMABAD: The weekly inflation for the week ended on August 8, for the combined income group, witnessed an increase of 1.23 percent as compared to the previous week. The Sensitive price Indicator (SPI) for the week under review in the combined group was recorded at 270.31 points against 267.02 points registered in the previous week, according to the latest data ... Read More »

FTO directs FBR, FIA to start probe in misuse of gold & jewellery import

FTO

ISLAMABAD: Federal Tax Ombudsman (FTO) in a suo moto case directed Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to launch inquiry against officials, department and traders involved in misuse of gold import and other precious metals. The FTO asked the FBR and FIA to initiate inquiry against all the officers, departments and importer/exporters involved in misuse of ... Read More »

Karachi Port Trust Shipping Intelligence Report

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-I Breezy Victoria D. Mogas Alpine 15/08/19 OP-II Torm Hellerup D. Mogas GAC 14/08/19 ALONG SIDE (East Wharves): 2 Al Safa D. Jet Oil East Wind 15/08/19 10/11 Navios Sagittarius D. Meal Bulk-Sh. 16/08/19 ... Read More »

Phishing scam in guise of FBR runs rampant

FBR-Logo

ISLAMABAD: The Federal Board of Revenue (FBR) has warned against a phishing scam currently sweeping the nation’s email inboxes, trying to extort money from unassuming persons in the name of the FBR. According to media reports, the scam is being used to steal large amounts of money from the bank accounts of victims that follow the instructions in the emails ... Read More »

Global stocks choppy

stocks

LONDON: European stock markets lost ground again on Thursday as investors all but gave up hope that a US-China trade war could be nearing its end, while US equities nervously traded sideways. Fears over the stand-off between the world’s two biggest economies added to jitters over the state of the world economy which had inflicted heavy losses on equities on ... Read More »

Gold scales new peak of Rs88,300

US gold jewelry

KARACHI: Domestic gold price hit a new record peak of Rs88,300 per tola and Rs75,703 per 10 grams, up by Rs950 and Rs815 as compared to rates prevailing on Aug 10. The All Sindh Saraf Jewellers Association (ASSJA) attributed the fresh hike in rates to increase in world gold price by $16 per ounce to $1,514. Gold trading remained suspended ... Read More »

Govt orders all employees to declare assets by Sept 1

assets

ISLAMABAD: The government has directed all federal ministries and institutions and the governments of four provinces, Azad Kashmir and Gilgit-Baltistan to submit by Sept 1 the declarations of assets held and acquired by their employees during the fiscal year ending June 30, 2019. In separate office memorandums, the government has also notified 15 per cent ad hoc relief allowance (ARA) ... Read More »

Accountability Court approves judicial remand of Zardari till August 19

zardari

ISLAMABAD: An accountability court on Friday sent PPP co-chairman Asif Ali Zardari to Rawalpindi’s Adiala Jail on judicial remand till August 19 in the fake bank accounts case. Zardari was presented before accountability judge Mohammad Bashir who sent the former president to jail after NAB prosecutor Muzaffar Abbasi argued that there had been a new development in the case and ... Read More »

Govt issues clarification on SROs 927(I)2019 & 928(I)/2019

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ISLAMABAD: In response to business community, Ministry of Commerce and Textile Director-General (Trade Policy) Muhammad Ashraf has issued office memorandum about clarification on SROS 927 (I)/2019 and 928/(I)/2019 dated August, 9, 2019.   Read More »

Chaudhry Sugar Mills case: NAB summons Shehbaz on August 23

Shahbaz Sharif

LAHORE: The National Accountability Bureau (NAB) on Friday summoned Leader of the Opposition in National Assembly Shehbaz Sharif on August 23 owing to significant progress in the Chaudhry Sugar Mills and Lahore Waste Management Company (LWMC) scandal. Pakistan Muslim League-Nawaz (PML-N) Vice President Maryam Nawaz has already been arrested in the Chaudhry Sugar Mills reference whereas its shareholder Shehbaz Sharif ... Read More »

US cuts Pakistan’s aid by $440m

USA-Cuba

ISLAMABAD: The United States has further cut Pakistan’s aid by $440 million, bringing down its commitments under Kerry Lugar Berman Act to just $4.1 billion, which is slightly over half of the total amount that Washington had promised to give nine years ago. The decision to cut Pakistan’s economic assistance, being disbursed under the Kerry Lugar legislation of 2009, was ... Read More »

Power sector witnesses Rs121b increase in revenues

revenue

ISLAMABAD: The power sector revenues have witnessed a significant increase of Rs121 billion while curtailing line losses worth Rs16 billion. According to media, the government’s in October last year launched an anti-power theft campaign under which smart meters were introduced and a record 23,049MW electricity was distributed through improved transmission network. A sum of Rs1.3 billion was recovered from 5,318 ... Read More »

AEDB starts 50 MW wind power in Jamshoro

WIND FARM

KARACHI: Alternative Energy Development Board (AEDB) has executed the Implementation Agreement (IA) with Master Green Energy Limited (MGEL) for their 50 MW wind power project in Jamshoro, Sindh. Dr Rana Abdul Jabbar Khan has signed the IA with MGEL on behalf of the President, soon after taking over the charge of the post of Chief Executive Officer, AEDB. MGEL will ... Read More »

30pc vehicles to go electric by 2030: Amin Aslam

Electric-Cars-Charging-plug

ISLAMABAD: Pakistan has formulated a new transport policy under which at least 30 per cent of vehicles will go electric by 2030, said PM’s Adviser on Climate Change Malik Amin Aslam. Addressing a press conference in Islamabad on Friday, he said the policy will be presented before the next cabinet meeting for approval. He said the government will set up ... Read More »

Activists urge U.S. customs to ban palm oil imports from Malaysia’s FGV

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)

KUALA LUMPUR : A group of non-governmental organizations is calling on U.S. authorities to ban imports of palm oil from Malaysia’s FGV Holdings and investigate the company, citing concerns of forced labor and human trafficking on its plantations. U.S.-based NGOs International Labor Rights Forum (ILRF), Rainforest Action Network (RAN) and SumOfUs said they had filed a complaint with the U.S. ... Read More »

Singapore shares down 1.5% on Thursday afternoon, after near 2% dive at open

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SINGAPORE – Singapore shares skidded on Thursday along with markets in Asia after an inversion of the US yield curve during Wednesday’s (Aug 14) session on Wall Street stoked recession fears, already heightened by dismal economic data from China, Germany and the eurozone. Singapore’s Straits Times Index (STI) was trading at 3,100.36, down 47.24 points or 1.5 per cent, as ... Read More »

South Korea imports more U.S. oil in July as Iran shipments on hold

A two-mile Canadian Pacific train loaded with oil tank cars idles on a track in Enderlin, North Dakota, November 14, 2014.  REUTERS/Ernest Scheyder

SEOUL : South Korea’s oil imports from the United States and the United Arab Emirates jumped in July, with Iranian shipments remaining at zero for a third month due to U.S. sanctions, customs data showed on Thursday. South Korea, typically one of Tehran’s major Asian oil customers, halted importing Iranian crude from May after the U.S. government announced an end ... Read More »

Turkish exporters to capitalize on trade war, increase sales to US, China

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The U.S.-China trade war will increase Turkey’s exports to both countries. While Turkey has launched negotiations in four branches to export readymade clothing and textiles to the U.S. and fresh fruit, vegetables and cereals to China, more shares are expected from the two giant markets. China’s restriction on imports of agricultural products from the U.S. and the latter’s continuous trade ... Read More »

‘No deal Brexit’ customs plan for Manston airport site

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No deal Brexit preparations will include customs administration being carried out at the Manston airport site. The government’s HMRC department says it is the only site of its size available in Kent and “its owners are content to have it on standby for use if there is any serious travel disruption.” The site already has a special development order designating ... Read More »