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Author Archives: CT Report

Bearish spell continues at PSX as index sheds 102 points

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: Bearish spell extended at the Pakistan Stock Exchange (PSX) for one more session on Wednesday, as the indices dripped all day long amid increased market participation. On the economic front, the Pakistani Rupee deteriorated to an all-time low of Rs161.94 against the US Dollar in the interbank market. According to market analysts, the rupee came under pressure due to ... Read More »

NEPRA hikes power tariff by 10 paisa per unit

ELECTRICTY

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed an increase of 10 paise per unit in the power tariff for consumers under the fuel adjustment mechanism for the month of May. The hike in power tariff will put an additional burden of Rs1.2 billion on consumers; however lifeline, K-Electric and agricultural consumers have been excluded from being ... Read More »

Chinese automaker to launch small tractors in Punjab

Tractor

LAHORE: Shifeng, a leading Chinese agricultural machinery and automobile manufacturing company, is planning to launch small tractors in Punjab after a successful venture in Khyber Pakhtunkhwa. The Chinese brand small tractors would be launched by a joint venture of local and Chinese counterparts under the brand of Dailuda & Shifeng, targeting the small landholding farmers, who are unable to afford ... Read More »

US company Solar Stick to invest in Pakistan’s solar energy sector

solar energy

ISLAMABAD: A US company has announced plans to invest in the solar power sector of Pakistan through a joint venture with a local company. The US-based company has already introduced its mobile solar technology in Pakistan, which can be used for civil and military purposes and assist in overcoming the circular debt. The announcement was made by US Embassy Commercial ... Read More »

UAE to enhance trade relations with Pakistan

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FAISALABAD: Pakistan and the United Arab Emirates (UAE) are moving towards greater economic cooperation, which will have a long-term impact on economic relations between the two countries, said UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al Zaabi. “We have taken initiatives to boost our trade and economic ties,” said the ambassador while addressing a meeting of textile exporters during ... Read More »

IPR Enforcement (South) seizes counterfeit battery cells of “Toshiba” brand

Dr Arslan

ISLAMABAD: Directorate of Intellectual Property Rights (IPR) (South) has intercepted a consignment of counterfeit battery cells bearing false trade description of “Tonoshiba”, which is similar to the well-known trademark of “Toshiba”. The consignment comprises 260,000 dozens of battery cells aggregating to 3.3 million pieces imported from China by M/s Nafees Traders vide GD No. KAWP HC-178108 dated 17.6.2019. The mentioned ... Read More »

Despite reservations, Pakistan to implement FATF reforms: Envoy

FATF-MEANING

WASHINGTON: Despite its reservations about the fairness of the jury which is to determine Pakistan’s performance against terror financing, the government is committed to implementing its action plan for dealing with this issue, says Islamabad’s Washington envoy Asad Majeed Khan. In a conversation with a prominent US scholar George Perkovich, recorded at the Carnegie Endowment for International Peace in Washington ... Read More »

Pakistan, three other countries got highest G20 coal subsidies

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LONDON: Pakistan is one of four countries which received highest amount of G20 international public finance for coal-fired power plants in 2016-17, according to a report issued by a London-based think tank on Wednesday. Despite promising a decade ago to phase out fossil fuel subsidies, the world’s leading economies more than doubled subsidies to coal-fired power plants over three years, ... Read More »

US dollar reaches Rs162 in interbank market

pak rupee

KARACHI: US dollar reached Rs162.47 in the interbank market on Wednesday. The US dollar rose by Rs5.2 as trading continued for the day. The rupee has been falling against the dollar following an agreement with the International Monetary Fund on a $6 billon loan with expected strict conditions including a “market determined” exchange rate. The rupee’s official exchange rate is ... Read More »

Gold surges to Rs80,500

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KARACHI: Amid stability in rupee-dollar parity, a massive jump in international gold prices on Tuesday pushed up local yellow metal rates to an all-time high of Rs80,500 per tola and Rs69,016 per 10 grams, up Rs1,300 and Rs1,115 over Monday’s rate. International gold price swelled by $21 per ounce to $1,429 which triggered a fresh price hike in domestic rates. ... Read More »

FBR promotes Asghar Khan, Basit Maqsood, Sadia Muneeb, Waheed Marwat to BS-20

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ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified promotions of four Pakistan Customs officers of BS-19 into BS-20 on regular basis with immediate effect. The following customs officers have been promoted to BS-20: Muhammad Asghar Khan currently posted as Additional Director, Directorate of Post Clearance Audit (PCA) Islamabad is promoted to BS-20. Basit Maqsood Abbasi currently performing his duties ... Read More »

Hafeez presides over meeting to discuss framework to facilitate farmers

hafeezsheikhfinanceadvisor

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, chaired a meeting here today to discuss the framework to facilitate the farmers through Warehouse Receipt Financing (WHRF). During the meeting, the Adviser was briefed about the importance of storage infrastructure for agriculture commodities which could save billions of rupees and make agriculture sector more ... Read More »

RCCI inks MOU with Dalian Fujian Chamber

RCCI President Malik Shahid Saleem and Dalian Fujian Chamber President Liao Meiying exchange documents after signing MOU at Chamber House Rawalpindi

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) and Dalian Fujian Chamber of Commerce inked a Memorandum of Understanding (MoU) aimed at expansion of trade and economic ties between Pakistan and China in different sectors including food, gems and jewelry, construction materials, electromechanical and valve production and sales, real estate development and renovation projects. President Dalian Fujian Chamber Ms ... Read More »

Disclose hidden assets or face imprisonment: FBR

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DUBAI: Pakistani nationals residing in United Arab Emirates (UAE) were warned to disclose their ‘hidden’ assets by June 30 to avoid penalties and imprisonment. All Pakistanis are required to declare their concealed assets under the new tax amnesty scheme called the Assets Declaration Scheme launched by the Pakistan Tehreek-e-Insaf (PTI) government on May 15. Although overseas Pakistanis are exempted from ... Read More »

Food exports decline 4pc to $4272m during 11 months

exports

KARACHI: The food exports from the country witnessed decreased of 4.61 percent by going down to $4272.750 million during the first 11 months of the ongoing fiscal year compared to the exports of $4479.357 million during the corresponding period of fiscal year 2017-18, Pakistan Bureau of Statistics (PBS) reported. The food commodities that contributed in negative growth of food group ... Read More »

NAB Court summons Gilani, 6 others for indictment on July 2

NAB

ISLAMABAD: An accountability court on Tuesday summoned six accused, including former prime minister Yousaf Raza Gilani, on July 2, for indictment in a reference pertaining to illegally awarding a publicity campaign. The National Accountability Bureau (NAB) had nominated a total of seven accused including Yousaf Raza Gilani and others in the reference. The trial court had ordered the NAB to ... Read More »

Aleem Khan tenders resignation from four PA bodies

Aleem-khan

LAHORE: Pakistan Tehreek-e-Insaf (PTI) leader Aleem Khan on Wednesday has resigned from membership of four standing committees of Punjab Assembly. Aleem Khan was part of privilege, human rights, and minority affairs committees while he has also left membership of Public Accounts Committee 2 (PAC) and special committee 6. The PTI leader was included in these committees during his National Accountability ... Read More »

SBP issues directives to banks for Assets Declaration Ordinance 2019

sbp

KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued directives to all banks to incline their operations to newly issued Assets Declaration Ordinance-2019. In a notification to the president and CEOs of all banks, the State Bank said that the ordinance has been promulgated with a view to provide for voluntary declaration of undisclosed assets, sales and expenditures, for ... Read More »

US journalist describes being interrogated by US Customs at airport

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When Rolling Stone contributing editor Seth Harp flew home from Mexico, Customs officials at the Austin airport detained him for secondary screening. He was told that he had to comply with a thorough search of his phone and laptop or he wouldn’t be allowed to enter the US. In retrospect, I was naive about the kind of agency CBP has ... Read More »

ICA officers seize cigarettes hidden in modified cars

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SINGAPORE: More than 389 cartons of duty-unpaid cigarettes were seized by Immigration and Checkpoints Authority (ICA) officers last Friday (Jun 21) in two attempted smuggling cases at Woodlands Checkpoint. Two Singaporean men, aged 30 and 44 years old, were handed over to Singapore Customs for further investigation after the cigarettes were found. The cigarettes were hidden in various modified compartments ... Read More »