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Author Archives: CT Report

PSX gains 524 points amid presence of positive triggers

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KARACHI: The KSE-100 Index of the Pakistan Stock Exchange (PSX) on Thursday continued to advance at a rapid pace for the fourth consecutive session by gaining 524 points and rising past the 31,000-point mark in the early trade hours. Till last report, the index stood at 31,497 points. Investors resumed buying with renewed vigour as uncertainty of the past few ... Read More »

Pak Rupee appreciates by 22 paisa against US dollar

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KARACHI: The Pakistani rupee on Thursday recovered by 22 paisa against the US dollar and hit Rs158.22 in the interbank market with slight fluctuation at the early trade hours. Ahead of Eid-ul Azha, Pakistan had received higher remittance inflows from overseas Pakistanis in the first month of July of the current fiscal year 2019-20 – which in turn assisted the ... Read More »

POL, MOL discover oil and gas reserves in TAL Block

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KOHAT: Pakistan Oilfields Limited (POL), with 25 percent shares, and MOL have made oil and gas discoveries in MOL operated TAL Block – that is located in the Kohat Plateau of Khyber Pakhtunkhwa (KP). In what can be termed a major boost to petroleum exploration activities in the country, MOL Pakistan has made sizeable oil and gas-condensate discoveries at its ... Read More »

India fails as FATF satisfied over Pakistan in curbing money laundering

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SYDNEY: All Financial Action Task Force’s (FATF) Asia Pacific Group (APG) members – countries, jurisdictions or territories within the Asia-Pacific region committed to implementing and enforcing the global anti-money laundering and countering financing terrorism (AML/CFT) safeguards established by the FATF have expressed their satisfaction over Pakistan’s measures and strict implementation of laws for curbing money laundering. After adopting Pakistan’s third ... Read More »

KPT Shipping Intelligence Report August 22

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KARACHI:The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) Berth Vacant… ALONG SIDE (East Wharves): 1 Chembulk Yokohama D. Chemical Alpine 21/08/19 5 Grace L. Clinkers Argonaftis 20/18/19 10/11 Navios Sagittarius D. Meal Bulk-Sh. 16/08/19 12/13 Flc Fortune D. Clinkers OC-Services 21/08/19 15/16 Gravity ... Read More »

US tariffs on China won’t fix the trade deficit: IMF

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WASHINGTON: US tariffs on China won’t fix the trade deficit, and neither will weakening the US dollar through interest rate cuts, International Monetary Fund economists said Wednesday. In unusually blunt language, the blog post seemed targeted straight at President Donald Trump who has persistently demanded that the Federal Reserve cut interest rates to weaken the US dollar and juice the ... Read More »

Judge Arshad Malik video scandal: SC to announce verdict tomorrow

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ISLAMABAD: The Supreme Court of Pakistan will announce its verdict on petitions regarding Judge Arshad Malik’s video scandal on Friday. The case is being heard by a three-member bench of the apex court headed by Chief Justice of Pakistan Justice Asif Saeed Khosa. Last month, the Supreme Court took up the case on a petition submitted by a citizen named ... Read More »

ADC Asma issues notice to owner of NDP Ranger truck

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FAISALABAD: The Customs Adjudication Additional Collector Asma Hameed issued a show cause notice to owner of a non-duty paid foreign origin used Hino Ranger truck which was brought into the country without payment of taxes. As per details Sargodha Anti-Smuggling Organization intercepted a used Ranger truck bearing registration no: MNI-675 Multan near 33 Phatak Bhalwal Road district Sargodha. The team ... Read More »

FCCI hails extension in Gen. Qamar Javed Bajwa tenure

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FAISALABAD: The extension of General Qamar Javed Bajwa as chief of army staff for three years was imperative in the current volatile situation between Pakistan and India, said Syed Zia Alumdar Hussain, President FCCI While appreciating this decision by the Prime Minister Imran Khan, he said that General Qamar Javed Bajwa after assumption of charge as Chief of Army Staff ... Read More »

Govt decides to strip NAB powers to probe private citizens

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ISLAMABAD: The government has decided to strip the National Accountability Bureau (NAB) of powers to investigate the affairs of persons other than holders of public offices by amending the National Accountability Ordinance (NAO), commonly known as the NAB law. Speaking at a press conference on Wednesday, the federal Minister for Law and Justice, Dr Farogh Nasim, explained the amendments being ... Read More »

Resource mobilization must to bring country out of economic malaise: FBR chairman

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ISLAMABAD: World Bank (WB) holds a day long workshop to mark the closing of Federal Board of Revenue’s five-year reform program titled ‘Multi-Donor Trust Fund for Accelerating Growth and Reforms’ (2015-19) (TAGR). According to the details, during the workshop Chairman FBR spoke about the significance of tax reforms and the commitment of the Federal Board of Revenue to implement crucial ... Read More »

Govt decides to waive Rs208b dues of industrialists

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ISLAMABAD: The present government is all  set to write off a minimum Rs208 billion in favour of a handful of industrialists with the stroke of a pen after it and the previous two governments failed to recover dues on account of gas infrastructure development cess (GIDC). It is seen as an injustice to the people, mainly poor farmers, who have ... Read More »

MoC extends implementation of SRO 604 related to solar panel import till August 31

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ISLAMABAD: The ministry of commerce has extended the implementation of SRO 604 up to August 31, 2019. The ministry issued the SRO on May 28, 2019 which is related to import of solar panel and related equipments. The ministry of commerce issued SRO 947(I)/2019 to extend the date of implementation of the SRO 604(I)/2019 from June 01, 2019 to August ... Read More »

Assistance from WB vital for achieving developments goal: Hafeez Shaikh

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ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh has said Pakistan is pursuing a growth-oriented programme for institutional reforms and economic revival and the technical and financial assistance from the World Bank is vital for achieving various development goals in different sectors of the Pakistan economy. He made this statement while talking to Mr. ... Read More »

Textile exports increase 3pc in July: SBP

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KARACHI: The exports of textile group from the country witnessed increase of 3.12 percent during the first month of current financial year as compared to the exports of the corresponding month of last year, State Bank of Pakistan (SBP) reported. During the month of July, 2019 textile products worth $1226.565 million exported as against the $1189.436 million during the same ... Read More »

Foreign direct investment declines by 59pc

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KARACHI: The net inflow of foreign direct investment (FDI) has declined by 59 percent in the month of July 2019, according to data released by State Bank of Pakistan (SBP) on Thursday. The FDI declined to $73 million in July 2019 as compared with $178.9 million in the same month of the last year. The inflows under FDI declined to ... Read More »

Telenor Pakistan offers to pay $224.6m for licence renewal

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ISLAMABAD: Telenor Pakistan announced on Wednesday that it has offered to pay $224.6 million to the government “under protest” for licence renewal purposes. The licences, which Telenor and Jazz had acquired in 2004 through an auction at a cost of $291m or approximately Rs17 billion then, expired over two months ago on May 25. The government had demanded a sum ... Read More »

Govt’s focus on reducing external imbalances bearing fruit: PM Imran

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ISLAMABAD: Prime Minister Imran Khan on Wednesday lauded his government’s efforts to improve Pakistan’s economy, saying their economic policies were beginning to bear fruit. The prime minister said this shortly after State Bank of Pakistan announced that Pakistan’s current account deficit had fallen by a massive 73 per cent to $579 million in July, the first month of this fiscal ... Read More »

Tractor production down 30.5pc in FY2019

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ISLAMABAD: The production of tractors in the country during the last fiscal year (FY19) dropped by 30.59pc as compared the production in the corresponding period of last year. During the last financial year, local assembling of tractors came down from 71,896 units to 49,902 units, according to the provisional quantum induces of Large Scale Manufacturing Industries (LSMI) released by the ... Read More »

PSX extend gains with 553-point rally

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KARACHI: The Pakistan Stock Exchange (PSX) carried forward its positive momentum for the third successive session, ending the day in the green zone again. The indices that opened positively on Wednesday soon turned their directions for some time but managed to recover and close the session with decent gains. On the economic front, Pakistan’s current account deficit dipped 73pc to ... Read More »