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Author Archives: CT Report

$2.3b external public debt in FY2018-19 lowest in 3 years

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ISLAMABAD: The Economic Affairs Division on Friday said that the net addition to the external public debt during FY2018-19 was only $2.29 billion which is the lowest in the last three years. Economic Affairs Division has said that the total external inflows during FY 2018-19 were $10.186 billion, including grants of $330 million, while external loans obtained by the government ... Read More »

Tourism facilitation section established in Pakistan Embassy Paris

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ISLAMABAD:A dedicated, custom designed and fully equipped Tourism Facilitation Section has been established at the Embassy of Pakistan in Paris to promote Pakistan as a preferred tourism destination for the French and the European tourists . The section was inaugurated by Jean-Bernard Sempastous, President, France-Pakistan Friendship Group in the French National Assembly and Moin ul Haque Ambassador of Pakistan to ... Read More »

PTA chairman recommends blocking social media in Pakistan

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ISLAMABAD: Pakistan Telecommunications Authority (PTA) Chairman Amir Azeem Bajwa has recommended that the government block social media websites in the country. Briefing a Senate Standing Committee, Bajwa said there was blasphemous content on social media and several fake accounts. He added that the majority of websites were being operated from outside the country. The PTA chairman called on the government ... Read More »

Work on ML-I to start by end of this year: Sheikh Rashid

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ISLAMABAD: Minister for Railways, Sheikh Rashid Ahmed on Friday ensured that work on ML-I, project would start by end of this year. The fast track would be laid down in three phases and for this, all feasibility and other paper work has been completed, for smooth ply of trains on this new tracking system, he stated while talking to a ... Read More »

KPT Shipping Intelligence Report July 26

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KARACHI: The Karachi Port Trust (KPT) issued here the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-I BW Orinoco D. Mogas GAC 25/07/19 OP-II Fotini Lady D. Mogas Alpine 24/07/19 ALONG SIDE (East Wharves): 1 Al Mahboobah D. Chemical Wilhelmsen 23/07/19 4 Safe Sea Neha II D. Gen. Cago ... Read More »

Punjab govt to launch app for tax payments to improve revenue collection

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LAHORE: The government of Punjab will launch a mobile phone application for all business-to-government (B2G) and public-to-government (P2G) payments in order to facilitate the public and improve revenue collection through an easy payment solution, disclosed Punjab Finance Minister Makhdoom Hashim Jawan Bakht. The application was being developed jointly by the Punjab Finance Department and the Punjab Information Technology Board (PITB), ... Read More »

Sterling edges lower after EU says Brexit deal only possible one

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LONDON: The British pound edged lower on Friday, weighed down by European Commission President Jean-Claude Juncker telling new British Prime Boris Johnson that a deal agreed forged by his predecessor was the best and the only Brexit agreement. Juncker told Johnson on Thursday that the European Union (EU) would analyse any ideas put forward by Britain, provided they were compatible ... Read More »

Maleeha Lodhi elected as vice president of Ecosoc

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NEW YORK: Pakistan’s ambassador to the United Nations Maleeha Lodhi was on Thursday unanimously elected as one of the four vice presidents of the Economic and Social Council (Ecosoc), the economic arm of the United Nations. Ambassador Lodhi, who was elected by acclamation after her candidature was endorsed by the 54-member body, will assume the Asia Pacific seat in the ... Read More »

Appraisement East distributes work among principal appraisers & appraising officers

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KARACHI: Collectorate of Customs Appraisement East Deputy Collector Muhammad Arslan Majeed Rana issued office order no. 23/2019 (East) dated 26.7.2019 for distribution of work amongst principal appraisers and appraising officers with immediate effect and till further orders:   Read More »

Foreign exchange reserves down by $387m to $14.486b

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KARACHI: The liquid foreign exchange reserves of the country have declined by $387 million to $14.486 billion by week ended July 19, 2019 as compared with $15.249 billion a week ago, State Bank of Pakistan (SBP) said. The reserves held by the central bank fell by$389 million to $7.612 billion by week ended July 19, 2019 as compared with $8.001 ... Read More »

SHC approves Mustafa Kamal protective bail in NAB case

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KARACHI: The Sindh High Court (SHC) on Friday approved Pak Saarzameen Party (PSP) leader Mustafa Kamal’s request for protective bail. On June 22, the National Accountability Bureau (NAB) had filed a reference against Kamal and others regarding the alleged illegal allotment of around 5,500 square yards of commercial land to Bahria Town for a multi storey building. Following this, an ... Read More »

MD SGS Pakistan for collective efforts to promote standardization of products

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KARACHI: Managing Director of SGS Pakistan Abdul Razzak Lakhani has stressed that the business and industrial community of Karachi Chamber of Commerce & Industry (KCCI) must work collectively with SGS Pakistan to promote the standardization of products both either being produced and imported in Pakistan or being exported to other countries which would certainly ensure sustainability and growth for the ... Read More »

BOI welcome $ 20m Chinese investment in services sector

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ISLAMABAD: Chairman board of Investment and State Minister for investment , Zubair Gilani on Friday welcome the $ 20 million investment in Services sector in the country. “BOI is committed to support the foreign investment and also provide facilities to the foreign investment through ‘ease of doing business, he said this while meeting to the Chief Executive Officer (CEO) of ... Read More »

Explore full trade potentials with Bangladesh: PM

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Prime Minister Sheikh Hasina today invited Chinese business people to explore the full potentials of business and trade relations with Bangladesh as the country is marching ahead in various areas of economic growth and development. “As Bangladesh is marching ahead in various areas of economic growth and development, I invite you to explore the full potentials of business and trade ... Read More »

Gold price soars by Rs200 to Rs84,400 per tola

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ISLAMABAD: The price of 24 karat gold jumped by Rs200 to Rs84,400 per tola as compared to the last closing of Rs84,200, Karachi Sarafa Association reported on Thursday. The price of 10 gram gold was soared by Rs189 and was traded at Rs72,360 against Rs72,171 of last day. The price of silver also witnessed increase of Rs20 and traded at ... Read More »

KSE-100 index of PSX ends flat amid selling pressure

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KARACHI: The stock market ended with a nominal gain of 45 points on Thursday amid selling pressure during the first half of trading. The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 32,446 points as against 32,401 points showing an increase of 45 points. Analysts at Arif Habib Limited said that market traded in a narrow range and saw ... Read More »

Hafeez Shaikh, Reza Baqir holds meeting with IMF MD, WB officials

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ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh and Dr. Reza Baqir, Governor State Bank of Pakistan spent a busy day in Washington, DC meeting with the IMF Managing Director David Lipton and senior officials of the World Bank and IFC. They spoke at length with the members of World Bank-IMF Pakistan Staff Association and heard ... Read More »

Pakistan & Germany ink accord worth Rs2160.48m on Social Health Protection Phase II

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ISLAMABAD: Economic Affairs Division Secretary, Noor Ahmed and Country Director, German Development Bank (KfW), Wolfgang Moeller, signed financing agreements for Social Health Protection Phase II. Under the agreement, KfW will provide grant assistance worth € 2.6 million and € 9.4 million for Gilgit Baltistan and Khyber Pakhtunkhwa respectively. The collective amount offered is equivalent to Euro 12 million. The financial ... Read More »

Reports of exorbitant WHT on rickshaws, bikes ‘baseless’: FBR

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ISLAMABAD:  Federal Board of Revenue (FBR) spokesperson on Thursday strongly refuted reports that the government has imposed withholding taxes to the tune of tens of thousands of rupees on auto-rickshaws and motorbikes, terming them “baseless”. The spokesperson, in a statement, said that under the Income Tax Ordinance 2001, taxes are only imposed on cars. He further clarified that the FBR ... Read More »

Pak Rupee weakens by 33 paisa against US dollar

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KARACHI: Pakistani rupee recovered 33 paisa against US dollar in interbank market and closed at Rs160.45. In the open market, the rupee appreciated against the greenback by 20 paisa and was traded around Rs160.70. The rupee saw a volatility free session as very little movement was recorded trading in a range of 19 paisa per USD showing an intraday high ... Read More »