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Author Archives: CT Report

Telenor Pakistan offers to pay $224.6m for licence renewal

Telenor-Pakistan

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 »

Spooked Trump insists US economy not in trouble

Donald Trump the campaigner talked tough on China: He threatened to slap tariffs of 45% on Chinese exports, and promised to label Beijing a "currency manipulator."Full credit: Ian Berry/CNNMoney/Shutterstock

WASHINGTON: President Donald Trump is so convinced that his re-election depends on the economy staying strong that the merest hint of recession has sent him into political crisis management mode. Unpopular and with a middling record of legislative achievements, Trump enters the 2020 campaign season facing significant headwinds — except on the economy. Growth has been on the upside for ... Read More »

Rupee depreciates by 11 paisa against US dollar; PSX gains 304 points

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KARACHI: The Pakistani rupee on Wednesday depreciated by 11 paisa against the US dollar and hit Rs158.70 in the interbank market with slight fluctuation at the early trade hours. Ahead of Eidul Azha, Pakistan 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 local ... Read More »

KPT Shipping Intelligence Report August 21

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Wednesday. ALONG SIDE (Bulk Oil Pier) OP-II Nordic Basel L. Naptha Hussain Trading 20/08/19 ALONG SIDE (East Wharves): 4 Flc Fortune L. Clinkers OC-Services 18/08/19 5 Grace L. Clinkers Argonaftis 20/18/19 10/11 Navios Sagittarius D. Meal Bulk-Sh. 16/08/19 11/12 Ever ... Read More »

Hamza remanded in NAB custody for 14 days in money laundering case

Hamza Shehbaz

LAHORE: An accountability court on Wednesday granted National Accountability Bureau (NAB) with 14-day physical remand of Punjab Assembly Opposition Leader Hamza Shahbaz in assets beyond means and money laundering cases. During the hearing, the anti-corruption watchdog told the accountability court that millions of dollars were transferred from Pakistan Muslim League-Nawaz (PML-N) vice president’s account by those “who were not having ... Read More »

Single Window most significant cross border trade facilitation initiative: Jawwad Owais Agha

Pakistan Single Window pic 1

ISLAMABAD: Federal Board of Revenue (FBR) and US. Agency for International Development (USAID) through its Pakistan Regional Economic Integration Activity (PREIA), jointly organized a one-day Stakeholders’ workshop on Pakistan Single Window (PSW) for managing Pakistan’s external trade at a local hotel in Islamabad. According to the details, the objective of the workshop was to encourage stakeholders’ participation and collaboration in ... Read More »

Asia Pacific Group adopts Pakistan’s Mutual Evaluation Report

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ISLAMABAD: The Asia-Pacific Group on Money Laundering (APG), held its 22nd Annual Meeting in Canberra, Australia from 18-23 August 2019. A senior level delegation from Pakistan headed by Dr. Reza Baqir, Governor State Bank of Pakistan, attended the meeting. The meeting adopted Pakistan’s third Mutual Evaluation Report (MER). The MER covers the period February to October 2018 and identifies a ... Read More »

SECP chairman Amir Khan holds meeting stockbrokers during visit of PSX

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KARACHI/ISLAMABAD: Amid continuous declines at the stock market, a team of officials from the Securities and Exchange Commission of Pakistan (SECP) led by chairman Aamir Khan paid a visit to the brokers of Karachi. During his maiden visit to the Pakistan Stock Exchange (PSX) on the third working day after assuming charge as SECP chairman, Khan held two separate meetings ... Read More »

Govt taking measures to boost exports: Razak Dawood

orgsize_301Abdul Razak Dawood

ISLAMABAD: Commerce Adviser Abdul Razak Dawood said the government is focusing on boosting exports through tariff rationalisation to attract investment. Undertaking institutional reforms, documentation of economy and easing of doing business regulations was the priority of the incumbent government, he said while meeting with the delegation of the business community. Dawood said that “We are committed for introducing business reforms ... Read More »

FBR issues tax notices to owners of private schools, tuition centres

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ISLAMABAD: Regional tax offices have widened the scope of issuing tax notices to the owners of private schools and tuition centres over their failure to come into the tax roll and pay their due taxes despite having booming business in big cities. The notices have been issued to unregistered private schools and tuition centres by the dedicated zones of the ... Read More »

NAB court approves 14-day extension in remand for Maryam Nawaz, Yousuf Abbas

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LAHORE: An accountability court in Lahore granted the National Accountability Bureau (NAB) a 14-day extension in the physical remand of PML-N leader Maryam Nawaz and her cousin Yousuf Abbas in the Chaudhry Sugar Mills (CSM) case. Earlier, the two had been remanded into NAB custody following their arrest on August 8. Amid strict security arrangements, the duo was presented in ... Read More »

FBR undertakes transfers & postings of 80 PCS officers of BS-17-18

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ISLAMABAD: Federal Board of Revenue (FBR) transferred and posted 80 officers of Pakistan Customs Service (PCS) of BS-17-18 with immediate effect and until further orders:-   Read More »

FBR transfers 21 PCS officers of BS-19 with immediate effect

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ISLAMABAD: Federal Board of Revenue (FBR) transferred and posted 21 officers of Pakistan Customs Service (PCS) of (BS-19) with immediate effect and until further orders:-   Read More »

SEZs & EPZs will be operationalized to enhance foreign direct investment

hafeezsheikhfinanceadvisor

ISLAMABAD: A meeting of the economic team of the prime minister was held under the chairmanship of the Adviser to the Prime Minister on Finance & Revenue which was attended by the Minister for Planning Development and Reform, Minister for Economic Affairs Division, Adviser to the Prime Minister on Commerce, Industry & Production and Investment, chairman Federal Board of Revenue, ... Read More »

FBR re-instates 1 principal appraiser, 3 appraising officers of Customs Port Qasim

FBR

ISLAMABAD: Federal Board of Revenue (FBR) Secretary (Management Customs-IV) Sakhawat Gul issued notification for re-instatement of one principal appraiser and three appraising officers of Collectorate of Customs Port Mohammad Bin Qasim with immediate effect and until further orders: Read More »

Court adjourns hearing of assets case against Durrani till Sept 4

Agha Siraj Durrani

KARACHI: An accountability court on Wednesday adjourned hearing in assets beyond means case against Sindh Assembly Speaker Agha Siraj Durrani and other accused. The court adjourned the hearing of the case due to the absence of the investigation officer of the National Accountability Bureau (NAB). During the hearing, the judge inquired about the official and he was informed that the ... Read More »

IHC reserves verdict on Mushtaq Sukhera’s termination

FTO Mushtaq Ahmed Sukhera

ISLAMABAD: The Islamabad High Court (IHC) reserved its judgment on a petition of Federal Tax Ombudsman (FTO) Mushtaq Sukhera, challenging his termination notification issued by Ministry of Law and Justice. IHC’s Chief Justice Athar Minallah reserved the decision on the petition after hearing arguments from both sides at length. In its reply submitted to this court, the law ministry had ... Read More »