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Author Archives: CT Report

Volume of exports of Iran’s Kordestan Province to reach $2.5M

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For the economic development of Iran’s northwestern Kordestan Province, product exports through the province’s customs points should reach $2.5 billion this Iranian year (started March 21, 2019), said Hossein Firouzi, Deputy Governor of Kordestan Province, Trend reports referring to IRNA. According to Firouzi, goods worth $1 billion were exported to Iraq via Kordestan Province’s customs points and border markets last ... Read More »

Iran simplifies import of products from Kazakhstan

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Cooperation between Kazakhstan and Iran is characterized by such vital areas as joint decision of the legal status of the Caspian Sea, regional cooperation, issues of ensuring a short and profitable route for Kazakhstan goods to the World Ocean, as well as trade and economic ties. Based on the bill ratifying the interim agreement on the creation of a free ... Read More »

New business funding portal to help Saudi entrepreneurs

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DAMMAM: An initiative aimed at helping entrepreneurs to access business funding has been launched by Saudi finance chiefs. The Kingdom’s Small and Medium Enterprises General Authority (Monsha’at) has signed joint agreements with a number of financial providers to allow business owners to apply for monetary backing through a newly established website. The announcement came as 720 young entrepreneurs took part ... Read More »

Russia and China will be the ONLY nations to prosper from Brexit claims Dutch minister

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Wopke Hoekstra said the only nations to benefit from the UK’s gruelling departure from the EU will be Europe’s biggest rivals Beijing and Moscow, Bloomberg reports. Mr Hoekstra said in an interview in Bucharest: “The only countries that benefit are Russia and China and for us it’s truly tragic that the largest military power is leaving the EU. “But it ... Read More »

India shares with China list of 380 products for exports to bridge trade deficit

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New Delhi: India has identified and shared with China a list of 380 products including horticulture, textiles, chemicals and pharmaceuticals as their shipments hold huge export potential in the neighbouring country, an official said. Increasing exports of these products would help India narrow the widening trade deficit with China, which stood at $50.12 billion during April-February 2018-19. During the period, ... Read More »

Hammad inaugurates state of the art new official website of FBR

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ISLAMABAD: Minister of State for Revenue Muhammad Hammad Azhar inaugurated the new state of the art official website of Federal Board of Revenue (FBR). Speaking on the occasion, the State Minister for Revenue stated that the new official website is user friendly and has the relevant information required by taxpayer needed to fulfill their tax obligations. The new website will ... Read More »

Fake accounts case: Pakistan seeks Canada’s help to repatriate Younas Kudwavi

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KARACHI: The Pakistan government has sought the help of Canadian authorities to repatriate Younas Kudwavi, one of prime accused in the National Accountability Bureau’s fake accounts case, officials said on Saturday. “We through concerned authorities [FIA & JIT] have sought the help of Canada for repatriation of Younis Kudwai. He [Kudwai] holds Canadian nationality,” a senior NAB official said. “According ... Read More »

DG Valuation determines customs values of toilet soap vide VR No. 1360/2019

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KARACHI: Directorate-General Customs Valuation determined customs values of toilet soap vide Valuation Ruling No. 1360/2019 under Section-25-A of the Customs Act, 1969. Earlier customs values of toilet soaps were determined vide VR No. 863/2016 dated 2.6.2016. Aggrieved with the valuation ruling, certain importers filed revision petitions before the Directorate General of Customs Valuation under section 25-D of the Customs Act, ... Read More »

Siraj Teli requests political parties to set differences aside for the sake of Karachi

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KARACHI: Chairman Businessmen Group & former president Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli has requested all political parties including PTI, PPP, PML-N, MQM and others to set aside their differences for the sake of Karachi which is the industrial, business and financial hub of the country, contributing more than 70 percent revenue to the national exchequer ... Read More »

FBR announces rules & procedure for selection of audit cases under new Audit Policy, 2018

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  ISLAMABAD: The Federal Board of Revenue (FBR) on Friday announced rules and procedures for the selection of audit cases under the new Audit Policy, 2018. The FBR notified that “in line with the earlier practice, this year for Audit Policy, 2018, the FBR would do a parametric selection.” The FBR plans to run data analytics on available population based ... Read More »

Saudis punished Canada by halting shipments in ports, denying visas: memo

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OTTAWA — The fallout from Saudi Arabia’s move to punish Canadian companies was felt within a month of the countries’ sudden diplomatic feud last summer, leading to visa rejections, a government ban on food from Canada and a blockage of shipments at the kingdom’s ports. A newly released federal document provides a close look at Saudi Arabia’s retaliation against Canada, ... Read More »

Exchange companies decide to stop dollar selling except for needy customers

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KARACHI: Foreign exchange companies have decided to stop sale of dollars except for needy customers for education, health and Hajj, said Malik Bostan, President, Forex Association of Pakistan (FAP) on Friday. The representatives of FAP today again held a meeting with Syed Irfan Ali Shah, Executive Director of State Bank of Pakistan (SBP) to discuss reducing dollar rate and availability ... Read More »

Chinese companies interested to invest in multiple sectors in Pakistan

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ISLAMABAD: A delegation of Chinese companies led by Yingfu Alex Gong, Managing Director, AAK & Associates LLC visited Islamabad Chamber of Commerce & Industry and showed interest for business collaboration and investment in multiple sectors of Pakistan including housing/construction, urban planning, power generation, oil & gas, auto sector, IT and textile. The representatives of Hunan Allonward Hydro-Generating Equipment Co. Ltd., ... Read More »

China trade talks going well: Donald Trump

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WASHINGTON: US President Donald Trump said on Thursday that trade talks with China were going well and he would only accept a “great” deal as negotiators hammered out differences ahead of a meeting between Trump and China’s vice premier later in the day. China and the United States are in the middle of intense negotiations to end a months-long trade ... 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 Friday SHIPS ARRIVED: Los Angeles Traders Containers Ship Banasol Tanker SHIPS SAILED: Kota Kaya CMA CGM Buterfly Express Athense ER Felixstowe Zhu Jiang Stolt Sun CARGO HANDLING TURNOVER: The total cargo handled at Karachi ... Read More »

FIA to launch ‘full fledged operation’ against dollar hoarding: Fawad

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ISLAMABAD: The government has decided to launch a “full-fledged” operation against the hoarding of US dollars and speculative currency trade in the country, Information Minister Fawad Chaudhry announced on Friday. He said the government has directed the Federal Investigation Agency (FIA) to launch the operation in coordination with the State Bank of Pakistan and the Ministry of Finance. The announcement ... Read More »

Stock market remains flat on lack of investors’ interest

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KARACHI: The stock market ended flat on Friday as lack of interest by investors in blue chips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,521 points against 37,516 points showing an increase of 5 points. Analysts at Arif Habib Limited said that after yesterday’s slide of around 500 points, the 100 index traded did slip another ... Read More »

NAB finds evidence of money laundering by Shahbaz family, issued arrest warrants against Hamza & Suleiman

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ISLAMABAD: National Accountability Bureau (NAB) has unearthed the shocking scheme of organized money laundering through which Shahbaz Sharif family member accumulated illegal wealth in recent years while Shahbaz Sharif was in power as chief minister Punjab. Sources have informed that so far Rs85 billion worth assets made through corruption and organized money laundering have been found by NAB. It is ... Read More »

Rupee value to strengthen in coming days: SBP

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KARACHI: State Bank of Pakistan (SBP) has said that the rupee value to stabilize as large payment was made last week. Talking to representatives of Forex Association of Pakistan (FAP) on Thursday, Executive Director of SBP Syed Irfan Ali Shah said that last week large payments made last week and now the local currency would not devalue further, said a ... Read More »

Pakistan’s GDP growth to fall behind Nepal, Maldives this year: UN

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ISLAMABAD: The annual Economic and Social Survey of Asia and the Pacific 2019 titled ‘Ambitions beyond Growth’, released by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) on Friday, forecast Pakistan’s GDP to remain lowest in the region at 4.2 per cent in 2019 and 4pc in 2020 compared to Bangladesh’s 7.3pc, India 7.5pc, Maldives ... Read More »