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Author Archives: CT Report

$37b loan to be retired in next four & half years: Hammad Azhar

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ISLAMABAD: Minister of State for Revenue Hammad Azhar on Tuesday informed the Senate that a sum of $ 37 billion loan would  be retired in the next four and half years. Responding to various supplementary questions during question hour, the minister said out of said loan, $ 9.2 billion would be retired during this year. He said the incumbent government ... Read More »

Hutchison Ports Pakistan deploys 5 new hybrid yard cranes

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KARACHI: Hutchison Ports Pakistan has deployed 5 new hybrid yard cranes as the terminal continues with its productivity enhancement programme and to provide better customer service. It brings the terminal’s total number of hybrid yard cranes to 31.This new batch of equipment will improve the overall service potential of the terminal and will greatly increase berth productivity as well as ... Read More »

Pakistan Stock Exchange sheds 104 points amid bearish trend

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KARACHI: The Pakistan Stock Exchange (PSX) on Monday witnessed bearish trend as KSE 100 index plunged by 104.36points (0.28percent) to close at 37,026.27 points. In overall 64,501 trades, a total of 177,455,410 shares were traded, whereas the value of shares traded during the day stood at Rs 6.329 billion. Out of 352 companies, share prices of 183 companies recorded increase ... Read More »

Hafeez Shaikh asks FBR to simplify laws to promote cross-border trade

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ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired the 2nd  meeting of Steering Committee on National Single Window (NSW) to review the implementation of the trade related NSW. Member Custom (Operations) Jawwad Agha gave a presentation to the committee highlighting the concepts and benefits of NSW system. He informed that the implementation ... Read More »

Pak Rupee makes gain against dollar

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KARACHI: The Pak Rupee made gain against dollar on Tuesday after maintaining levels for 11 consecutive days. The rupee ended at Rs141.39 to the dollar from previous day’s closing of Rs141.40 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40. The market recorded a high of Rs141.398 and low of ... Read More »

Gold price dips by 200, trades at Rs68,900

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RAWALPINDI: According to Karachi Sarafa Association, the per tola price of 24 karat gold dipped by Rs200 on Tuesday and was traded at Rs68,900 as compared to the last closing of Rs69,100. The price of 10 gram gold also witnessed decrease of Rs171 and was traded at Rs59,071 against Rs59,242. The price of silver remained constant and was traded at ... Read More »

Govt postpones increase in petroleum prices

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ISLAMABAD: The government has delayed the decision to raise the price of petroleum products, Special Assistant to Prime Minister on Information Firdous Ashiq Awan announced on Tuesday. In a news conference following the federal cabinet meeting, Awan said the summary of the Oil and Gas Regulatory Authority (OGRA) to raise petroleum prices was reviewed. “Realizing problems faced by people, the ... Read More »

Court accepts NAB plea to close inquiry against Chaudhry brothers

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LAHORE: An accountability court on Tuesday accepted the National Accountability Bureau’s (NAB) plea to close an 19-year-old inquiry against Punjab Assembly Speaker Chaudhry Pervaiz Elahi and PML-Q chief Chaudhry Shujaat Hussain due to lack of evidence. Both brothers had been accused of causing losses to the state exchequer by influencing Lahore Development Authority (LDA) officials to exempt more than 21 ... Read More »

Punjab govt rejects Bahria Town offer, vows to build Dadhocha Dam

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ISLAMABAD: The Punjab government on Tuesday, during a hearing in the Supreme Court, rejected Bahria Town’s offer to build the Dadhocha Dam. In 2006, the Defence Housing Authority (DHA) had purchased 18,000 kanals near Rawalpindi at the site where the dam was to be built, and launched a housing scheme as a joint venture with Bahria Town. The DHA Valley ... Read More »

NAB Court extends judicial remand of Aleem Khan till May 13

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LAHORE: Accountability Court of Lahore on Tuesday extended judicial remand of Pakistan Tehreek-e-Insaf (PTI) leader Aleem Khan till May 13 in assets beyond known sources of income and offshore company case. On this occasion, strict security measures were taken outside the court with certain roads shut down using barriers and barbed wires. On April 20, Accountability Court of Lahore extended ... Read More »

Customs JIAP foils attempt to smuggle 1.2 kg heroin

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KARACHI: Customs staff deputed at Jinnah International Airport on Tuesday successfully foiled an attempt of smuggling by seizing 1.2kgs of brown heroin powder. According to sources, the illicit drug was being carried by a passenger Jawadullah who is a resident of Charssada and was trying to fly to Qatar. During thorough examination at Customs counter, heroin powder was recovered by ... Read More »

Govt to abolish fifth schedule of customs act in budget: Javed Ghani

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ISLAMABAD: The present government may abolish the concessional customs duty regime in the coming budget to generate over Rs100 billion as it faces a gigantic task of imposing over Rs600 billion in new taxes to meet a condition set by the International Monetary Fund (IMF) for a bailout package. “The Federal Board of Revenue and the National Tariff Commission (NTC) ... Read More »

Iran to keep exporting crude oil despite US pressure: President Rouhani

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TEHRAN: Iran will continue to export oil despite US pressure aimed at reducing the nation’s crude oil shipments to zero, Iranian President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday. “America’s decision that Iran’s oil exports must reach zero is a wrong and mistaken decision, and we won’t let this decision be executed and ... Read More »

ExxonMobil discusses LNG needs, offshore drilling with Ali Zaidi

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ISLAMABAD: A delegation of oil and gas giant ExxonMobil called on federal Minister for Maritime Affairs Ali Haider Zaidi on Tuesday, the ministry’s official Twitter account reported. ExxonMobil chairman Alex Volkov, along with his team, held productive discussions with the minister relating to LNG requirements in Pakistan and the offshore drilling project off the coast of Karachi, the ministry wrote ... Read More »

PM Imran to perform ground-breaking of Mohmand Dam on May 2

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ISLAMABAD: Prime Minister Imran Khan will perform the ground-breaking of Mohmand Dam on May 2, Senator Faisal Javed said on Tuesday. Javed took to Twitter to make the announcement. “Prime Minister Imran Khan to perform the ground-breaking of Mohmand Dam on 2nd May 2019. Special thanks to all the donors who are contributing for this great cause,” he tweeted. The ... Read More »

K-Electric to set up 700MW power plant

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KARACHI: K-Electric has planned to set up a 700MW power project with the assistance of a Chinese engineering firm, calling it a milestone project in the economic cooperation bet­ween China and Pakistan. The project, it said, would directly benefit the country’s economic hub and “meet the growing power demand of Karachi and its adjoining areas”. In a statement issued here ... Read More »

NAB forwards cases of Agha Siraj Durrani, PIA for approval

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KARACHI: The National Accountability Bureau (NAB) on Tuesday forwarded cases, including those of Sindh Assembly Speaker Agha Siraj Durrani and the national carrier, for approval from the director general of the accountability watchdog, said a statement. It was recommended to chairman NAB that approval of a reference against Durrani after completion of the investigation should be granted. “The board was ... Read More »

Pakistan-IMF technical level talks begin

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ISLAMABAD: Pakistan and the International Monetary Fund (IMF) started technical level talks to sort out details of the proposed bailout package over the next 10 days. The visiting IMF mission will stay in federal capital to conclude the technical details by May 6, while the policy level understanding will be reached over the next three days, a source at the ... Read More »

ICCI for exports diversification to improve economic growth

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ISLAMABAD: The Islamabad Chamber of Commerce & Industry has called upon the government to closely work with private sector for exports diversification and product sophistication as lack of export diversification has remained a major hurdle to improving economic growth and coping with balance of payments crisis in Pakistan. Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that ... Read More »

AJK traders protest Indian decision to suspend barter trade

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MUZAFFARABAD: A large number of traders staged a demonstration on Monday in protest against India’s unilateral decision to suspend barter trade across the Line of Control (LoC) in the disputed region of Jammu and Kashmir and demanded its immediate resumption. The protesters assembled outside the local press club from where they marched towards the office of the United Nations Military ... Read More »