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Author Archives: CT Report

NAVTTC to focus on producing demand-driven skilled manpower for industry

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ISLAMABAD: Syed Javed Hassan, Chairman, National Vocational and Technical Training Commission (NAVTTC) said that his organization was focused on producing demand-driven and need-based trained and skilled manpower for industry in order to improve industrial productivity and promote industrialization. He was exchanging views with business community during his visit to Islamabad Chamber of Commerce & Industry. Dr. Nasir Khan, Director General ... Read More »

Pakistan imports mobile phones worth Rs55 in seven months

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ISLAMABAD: Despite the government’s effort to curtail import bill the country imported mobile phones worth Rs55 billion during first seven months of current fiscal year. According to data released by Pakistan Bureau of Statistic (PBS) the import cell phones increased to Rs55.113 billion during July – January 2018/2019 as compared with Rs48.71 billion in the corresponding period of the last ... Read More »

Belt & Road project will pave way for new era of development: Khusro Bakhtiar

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ISLAMABAD: Federal Minister for Planning and Development Khusro Bakhtiar has said that the Belt and Road project has given birth to a new concept of development. Addressing the inauguration ceremony for Friends of Silk Route organised by the Pakistan China Institute, he said the China-Pakistan Economic Corridor (CPEC) is above the interests and affiliations of the political parties. The energy ... Read More »

Dutch companies plan to invest in Karachi Port Trust projects

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KARACHI: Dutch Ambassador Ardi Stoios-Braken met Advisor to the Prime Minister on Commerce Abdul Razak Dawood to discuss investment opportunities for Dutch companies in the fields of agriculture and maritime, according to media reports. Dutch companies are keen to invest in projects at the Pakistan’s Karachi Port Trust (KPT), said the Dutch Ambassador Ardi Stoios Braken during a visit to ... Read More »

Global energy demand to soar one third by 2040: BP

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LONDON: Global energy demand will surge by a third over the next two decades on advancing prosperity, but Indian demand growth will eclipse that of flagging giant China, Britain’s BP forecast on Friday. “The demand for energy is set to increase significantly driven by increases in prosperity in the developing world,” BP said in its Energy Outlook 2019 for the ... Read More »

Holding company for state-owned enterprises launched: Asad Umar

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LAHORE: January 28 - Federal Minister for Finance Asad Umar chairing a meeting of LCCI. APP photo by Tabasam Naveed

ISLAMABAD: Federal Finance Minister Asad Umar on Friday announced that Sarmaya-e-Pakistan, the holding company for state-owned enterprises, has been launched. Taking to Twitter, the finance minister said, “Sarmaya-e-Pakistan, the holding company for state owned enterprises, incorporated.” The main aim of the company is to turnaround state-owned enterprises. Umar added, “Turning around the state-owned enterprises and eliminating their losses which are ... Read More »

PSX ends down despite positive reports of investments

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 equity market ended down on Friday despite positive reports of investments deals on visit of Saudi Crown Prince. The benchmark KSE-100 index closed at 40,486 points as against 40,507 points showing a decline of 20 points (-0.1 percent DoD). Analysts at Arif Habib Limited said that despite positive news flow from macro perspective such as visit of Saudi ... Read More »

Pak Rupee gains in early trading on Saudi investment expectations

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KARACHI: The Pak Rupee gained against dollar in early trading Friday owing to expectations of investment on visit of Saudi Crown Prince, which is scheduled on December 16, 2019. The dollar is being traded at Rs138.91 in interbank foreign exchange market. The exchange rate ended last day at Rs138.93 to the dollar. Currency experts said that the expected inflows under ... Read More »

Advance tax not collected on arbitrary grounds: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) clarified on Friday that advance tax is not collected on arbitrary grounds. Federal Board of Revenue (FBR) has clarified certain media reports appearing in a section of the press claiming “advance taxes give artificial boost to revenue collection”. In a statement issued today, FBR has termed the news report as misconceived and misguiding as ... Read More »

Aleem Khan remanded into NAB custody till Feb 25

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LAHORE: An accountability court on Friday handed over Pakistan Tehreek-e-Insaf (PTI) leader and one of the top lieutenants of the party in Punjab, Aleem Khan, on a 10-day remand to the National Accountability Bureau (NAB) Lahore. The PTI stalwart was detained by NAB on February 6 after he appeared to record statement in cases linked to an offshore company revealed ... Read More »

Top foreign banks bid for role in sale of two LNG plants

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KARACHI: JPMorgan Chase & Co, CLSA and Credit Suisse Group AG are pitching for a role on Pakistan’s biggest privatisation in a decade, expected to raise around $2 billion, according to a Bloomberg report. Citigroup Inc and Standard Chartered Plc made their own separate proposals, while Lazard Ltd is pitching with Pakistani brokerage Next Capital Ltd. According to experts privy ... Read More »

Customs Court seeks details of Ayyan Ali’s assets in currency smuggling case

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RAWALPINDI: A customs court on Friday sought details of model Ayyan Ali’s assets during a hearing of the currency smuggling case, according to media reports. Customs Court Judge Arshad Hussain conducted the hearing during which the counsel for the supermodel urged the court to postpone the proceedings. Rejecting the request, the judge said that the court could not let legal ... Read More »

Zafar Ali Shah calls for promulgation of rent control law in Islamabad

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ISLAMABAD: The senior leader of PTI and senior advocate Supreme Court Syed Zafar Ali Shah has called upon the government to take measures for the early promulgation of a balanced rent control act in Islamabad to meet the long-standing demand of the traders of federal capital. He said this while exchanging views with Ahmed Hassan Moughal, President, Islamabad Chamber of ... Read More »

Asad Ishaq will be laid to rest tonight

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KARACHI: Asad Ishaq (brother-in-law) of Shahbaz Ghazi, proprietor of M/s Oriental Freight & Logistics has passed away Innalillahe-wa-inna alehey Rajeoon. His Namaz-e-Janaza will be offered tonight after isha prayers at 8:15 pm at Rehmania Masjid, Tariq Road. Large number of people including relatives and friends of deceased family are expected to attend the funeral prayers.     Read More »

Air France to resume operations to Pakistan soon: Ghulam Sarwar

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KARACHI:  Federal Minister for Petroleum and Natural Resources Ghulam Sarwar Khan has said that Air France is planning to resume its services to Pakistan, just like British Airways. “Pakistan is a country on the move and is looked upon favorably in the comity of nations. It has rebuilt and strengthened relations with its traditional friends and allies. Pakistan is a ... Read More »

Current fiscal deficit to cross 6.3pc of GDP: Finance ministry

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ISLAMABAD: The government is anticipating the fiscal deficit for the current fiscal year to reach 6.3 per cent of gross domestic product (GDP) and miss the 5.1pc target set in September last year by a wide margin. According to finance ministry’s revised estimates for fiscal operations, the fiscal deficit has been worked out at Rs2.39 trillion in absolute terms against ... Read More »

Pakistan takes all five actions prescribed by FATF

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ISLAMABAD: Pakistan has taken all the five actions prescribed by the Financial Action Task Force (FATF) ahead of its first review, but India is expected to play the spoiler’s role and may push the case to get tougher on eight proscribed organisations. The FATF’s plenary meetings would take place from February 17 to 22 in Paris. The global body that ... Read More »

NAB currently handling 44 cases of housing scams in Karachi

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KARACHI: The National Accountability Bureau (NAB) on Friday revealed that currently, it is handling 44 cases of housing societies scams in Karachi alone. According to a press release, thousands of people were deprived of their rightful titles of properties in connivance with regulators and officials of the Sindh Cooperation Department. The accountability bureau is handling a total of 53 housing ... Read More »

Pakistan decides to export 500,000 tons of wheat

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KARACHI: After producing surplus wheat in the past two years, Pakistan has decided to export 500,000 tons of the grain ahead of the arrival of new stock from March-April 2019. The government is expected to earn Rs16.4 billion (or $117 million) from the volume set aside for export as it has offered to sell the grain at Rs32,759 per ton. ... Read More »

Next stage of CPEC will focus and buy more from Pakistan: Envoy Yao Jing

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ISLAMABAD: Chinese Ambassador Yao Jing said that China will focus on more investment and buy more from Pakistan in the next stage of CPEC. He expressed these views during his meeting with Prime Minister Imran Khan on Thursday. Ambassador Yao Jing said that Pakistan and China are closest friends and partners and reaffirmed his government’s resolve to work closely with ... Read More »