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Author Archives: CT Report

World suffering ‘synchronised slowdown’: IMF

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WASHINGTON: Grinding trade disputes are undermining the global economy, which is set to see its slowest growth in nearly a decade, the new IMF chief said Wednesday. Research shows the impact of the trade conflict is widespread and countries must be ready to respond in unison with cash infusions, Kristalina Georgieva said in her first speech as managing director of ... Read More »

Pakistan to become hub of regional economic activity: Nafees Zakaria

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LONDON: Pakistan’s High Commissioner to the United Kingdom, Nafees Zakaria says Pakistan is rich in natural and human resources with a great scope for foreign investment. He made these remarks at a dinner reception at the High Commission in London to celebrate the appointment of Zameer Choudrey, Commander of the Order of the British Empire (CBE) to the House of ... Read More »

Chaudhry Mills case: NAB court extends Maryam, Yousaf’s judicial remand for 14 days

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LAHORE: Accountability court on Wednesday has extended judicial remand of Maryam Nawaz and managing director at Sharif Group of Industries and former Prime Minister Nawaz Sharif’s nephew Yousaf Abbas for 14 days in Chaudhry Sugar Mills case. During the hearing headed by duty judge Jawad-ul-Hassan, National Accountability Bureau (NAB) requested to extend judicial remand of Maryam Nawaz and Yousaf Abbas. ... Read More »

Owners of Benami accounts have to face dire consequences: FBR

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ISLAMABAD: The FBR has warned of having dire consequence for the beneficial owners of accounts and also for those maintaining such accounts under the Benami law. After refusal of Pakistan Banking Association (PBA) for updating Know Your Customer (KYC) requirements on account of beneficial owner in the light of Benami law, According to a letter written to the secretary PBA, ... Read More »

Pakistan ranked 110 among 141 countries on Global Competitiveness Index

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DAVOS: The World Economic Forum (WEF) has ranked Pakistan at 110 among 141 countries on the Global Competitiveness Index (GCI). The forum released the Global Competitiveness Report 2019 this week adopting a new methodology for measuring competitiveness by including indices which represents more knowledge and digital-based ecosystems. However, to give a comparison with the old methodology, the WEF has given ... Read More »

ANF court extends Rana Sanaullah’s judicial remand till Oct 18

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LAHORE: An anti-narcotics court in Lahore on Wednesday extended the judicial remand of Pakistan Muslim League-Nawaz (PML-N) Punjab President Rana Sanaullah till October 18 in a heroin smuggling case. The Anti-Narcotics Force (ANF) submitted a petition in the court to indict Sanaullah and his accomplices in the said case. To which, the court issued a notice to defense counsel and ... Read More »

APM Hafeez Shaikh lauds WB assistance for socio-economic development

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ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh has underscored the importance of technical and financial assistance from the World Bank to further strengthen its growth-oriented objective and developmental goals in different sectors of the Pakistan economy. He said this while talking to Patchamuthu Illangovan, Country Director for the World Bank in Pakistan, who ... Read More »

ADB to provide $2.7b in approved financing to Pakistan in 2019

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ISLAMABAD: Taking to the social networking website Twitter, the international development finance institution, Asian development bank (ADB) announced the provision of $2.7 billion in approved financing to Pakistan in 2019, according to media on Wednesday. Foreign investors’ confidence over the economy of the country was restored to a large extent after approval of a bailout package by the International Monetary ... Read More »

Hyundai to begin local production in Pakistan from Jan 2020

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KARACHI: Hyundai Nishat Motors Private Ltd (HNMPL) – a joint venture company between Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Limited – on Wednesday announced to start local assembly of Hyundai H-100 cabover truck from January, 2020, with 20 percent level of localisation. HNMPL also unveiled its ‘Hyundai Ioniq Hybrid car’ while inaugurating its digital showroom at the Emerald ... Read More »

Govt considering flat electricity rate for winter season

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ISLAMABAD: The government plans to introduce a relatively cheaper flat rate for electricity consumers in winter months to encourage higher power consumption. The move comes amid declining electricity consumption as ‘peak hours’ in summer turn into ‘lean hours’ in winter and power companies are unable to utilise the fuel the government orders for running power plants. As a result, consumers ... Read More »

RTO-II to detect income of doctors, lawyers & CAs

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KARACHI: Federal Board of Revenue (FBR) Regional Tax Office (RTO) – II has been authorized to assess incomes of professionals including lawyers, doctors, chartered accountants etc. for assessment of their incomes and enforce income tax returns. The Federal Board of Revenue (FBR) has revised jurisdiction of Chief Commissioner and Commissioners of Inland Revenue, RTO-II Karachi. The Zone-I of the RTO-II, ... Read More »

2nd phase of FTA with China to bring more trade, investment opportunities

Chinese Premier Li Keqiang receives Prime Minister Imran Khan at Great Hall of the people in Beijing on 8th October, 2019

ISLAMABAD: The leaders of Pakistan and China on Tuesday agreed that the implementation of the 2nd phase of China-Pakistan Free Trade Agreement (FTA) would lead to more trade, economic and investment opportunities between the two countries. Other areas of potential collaboration discussed between the two sides included railways, steel, oil and gas, industry and science & technology. Prime Minister Imran ... Read More »

Gwadar is developing rapidly: Ali Zaidi

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ISLAMABAD: Minister for Maritime Affairs Ali Zaidi on Tuesday said work at various projects in Gwadar is underway at a fast pace to develop the port city to an international standard. Addressing a news conference in Islamabad, here today, he said now the Chinese companies will set up industries in Gwadar, as an airport is also being constructed in the ... Read More »

Rs40,000 prize bonds worth Rs180b withdrawn

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ISLAMABAD: Central Directorate of National Savings (CDNS) Tuesday said that the investors of Rs40,000 prize bonds have withdrawn Rs180 billion by September 30, out of overall reserve of Rs259 billion investments in CDNS in the prize bonds. After the decision taken by the federal government, CDNS had discontinued the specific bond by June 24, 2019, senior official of CDNS said. ... Read More »

Pak Rupee ends down by five paisas against dollar

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KARACHI: The Pak Rupee ended down by five paisas against dollar on Tuesday in dull trading activities in foreign currency market. The rupee ended Rs156.46 to the dollar from previous day’s closing of Rs156.41 in interbank foreign exchange market. Currency dealers said that the market activities were remained dull as the exchange rate was remained in the band of eight ... Read More »

FBR chairman appreciates services of Member Admin Shad Muhammad

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ISLAMABAD: Federal Board of Revenue appreciated the services of Member Administration Shad Muhammad. Sources told Customs Today that during the Board-in-Council meeting Federal Board of Revenue (FBR) has acknowledged and appreciated the services of retiring Member Administration Shad Muhammad . All the members of FBR attended the meeting and paid tributes to the services of retiring officer. Chairman FBR Syed Muhammad ... Read More »

PSX again closes negative after losing 160.20 points

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KARACHI: Pakistan Stock Exchange (PSX) witnessed a negative trend on Tuesday as the benchmark KSE-100 index plunges 160.20 points and closed at 33476.62 points. The PSX registered negative trends at the start of trade today with the KSE-100 index showed a negative trajectory. On Monday, the Pakistan Stock Exchange registered a bullish trend as the KSE-100 index gained 603 points ... Read More »

Quetta Appraisement surpasses revenue collection target of 1Q

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QUETTA: Collectorate of Customs Appraisement collected Rs6716 million under the head of different duties and taxes during first quarter of current fiscal year. Sources told Customs Today that the Collectorate collected 3 percent more revenue than the assigned target for first quarter. It is necessary to mention here that the Collectorate of Appraisement collected Rs2431 million under the head of ... Read More »

SECP taking measures to regulate NGOs

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has taken measures to regulate non-profit organizations (NPOs) to enhance transparency in the sector, as a large segment of the NPO sector is seen as having a significant inherent vulnerability for terrorist financing (TF). A report published in media claims that one of the SECP’s top priorities is to improve regulations ... Read More »

KPT ships movement, cargo handling report on Oct 8

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  KARACHI:Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS BERTHED: Diavolezza Canola Sam Hawk Clinkers Scot Hamburg Tanker Marie Grace Clinkers CMA CGM Racine Container Ship Sea Power Tanker SHIPS SAILED: Pacific Sarah Seaspan Melbourne Diyala CARGO HANDLING TURNOVER: The total ... Read More »