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Author Archives: CT Report

Shipping activity at Port Qasim


KARACHI: Five ships APL New York, Magnus, Argent Daisy, BBC Sapphire and Yari scheduled to load/offload Containers, Condensate Oil, Palm oil, General Cargo and LNG were arranged berthing at Qasim International Container Terminal, FOTCO Oil Terminal, Liquid Cargo Terminal, Multi-Purpose Terminal and Pakistan Gasport Terminal respectively on Monday. While three more ships Maersk Sentosa, IVS North Berwick and Anet carrying ... Read More »

Govt to take action against elements hiding their assets: Hammad Azhar

Hammad Azhar 2

ISLAMABAD: The government would take action against those elements hiding their assets or accounts and avoiding taxes. The government was giving last opportunity to people to come forward and benefit from the tax amnesty scheme by declaring their unknown assets, said Minister of State for Revenue Hammad Azhar while talking to media. We have collected data of around 162,000 offshore ... Read More »

FBR restores advance federal excise duty on tobacco


ISLAMABAD: The Federal Board of Revenue (FBR) has restored the advance federal excise duty (FED) for Green Leaves Thrashing Units (GLTs) at Rs10. FBR Chairman Syed Shabbar Zaidi on Monday informed the National Assembly’s Special Committee on Agriculture Products that the board proposed to increase the duty to Rs300 from next fiscal year, but on the very committee’s recommendation the ... Read More »

Trade tensions will benefit none: Christine Lagarde


KUALA LUMPUR: Trade tensions between the United States and China will not benefit any party over the long term, Managing Director of the International Monetary Fund (IMF) Christine Lagarde said on Tuesday. Speaking at a press conference at the Bank Negara Malaysia Museum and Art Gallery here, Lagarde said the climate of trade tension was not conducive to global trade, ... Read More »

Gas prices likely to increase up to 190pc by July


ISLAMABAD: The prices of gas are likely to rise by 190 percent in the month of July, sources informed on Tuesday. The petroleum division has prepared a summary under which gas prices will increase next month. Sources said that monthly usage of 50 cubic metres of gas will be charged at Rs63 per unit, as per the recommendations. Usage of ... Read More »

PM Imran rejects any extension in deadline to avail tax amnesty scheme

tax amnesty

ISLAMABAD: Prime Minister Imran Khan reiterated that the deadline to avail the asset declaration scheme would not be extended and warned that the government would have no other option but to pursue the tax evaders with force if they fail to benefit from the scheme, Radio Pakistan reported on Tuesday. Talking to a private television channel, he urged people to ... Read More »

State Bank of Pakistan bans sale of Rs40,000 prize bond


KARACHI: The State Bank of Pakistan has banned the sale of old Rs40,000 prize bonds from today (Tuesday). The expiry date for enchantments of these bonds is March 31, 2020 after that the bonds will become useless since they would no longer be included in draws. The SBP has also directed banks to stop selling old and unregistered Rs40,000 prize ... Read More »

SHC approves bail of Sharjeel Memon in corruption case

KARACHI, PAKISTAN, OCT 23: National Accountability Bureau arrested Peoples Party
(PPPP) leader, Sharjeel Inam Memon outside the Sindh High Court after his bail was rejected in
5.76 billion rupees corruption in Information Department of Sindh, in Karachi on Monday,
October 23, 2017. (S.Imran Ali/PPI Images).

KARACHI: The Sindh High Court (SHC) on Tuesday granted former Sindh information minister Sharjeel Memon bail in Rs5.76 billion corruption case and ordered his name be placed on the Exit Control List (ECL). The court had reserved its verdict in the previous hearing in a bail plea filed by Memon. During today’s hearing, the court ordered Memon to submit Rs5 ... Read More »

SECP policy board proposes cut in regulatory fee


ISLAMABAD: The policy board of the Securities and Exchange Commission of Pakistan (SECP) has given directives for reducing the SECP’s regulatory fee considerably, calling back its officers and NAB cases as well as restoring revoked licenses of stockbrokers. The board chairman censured SECP Chairman Farrukh Sabzwari, who is also a member of the policy board, for neglecting the instructions. As ... Read More »

Nandipur case: Babar Awan’s acquittal plea accepted, Pervez Ashraf’s rejected

Pervaiz Ashraf, Babar Awan

ISLAMABAD: An accountability court on Tuesday accepted the acquittal plea of former law minister Babar Awan and Justice Riaz Kiyani in the Nandipur Power Project reference while rejecting the plea of former premier Raja Pervaiz Ashraf. The acquittal pleas of Shumaila Mehmood and Dr Riaz Mehmood were also rejected by the court. The National Accountability Bureau (NAB) had nominated a ... Read More »

Switzerland to return millions in laundered funds to Uzbekistan


The Office of the Attorney General said on Monday it would return CHF130 million ($133 million) after securing a conviction in its six-year investigation into allegations of money laundering involving the eldest daughter of the former Uzbek president, Islam Karimov. A relative of Gulnara Karimova has been convicted by a Swiss federal court for taking part in a scheme to ... Read More »

BIA cleaning staff nabbed for ‘smuggling’ gold


A female aged 55 attached to a cleaning service at the BIA was apprehended and handed over to Sri Lanka Customs by Airport security while attempting to smuggle gold jewellery weighing 2.187kg valued at Rs.11.5M into the country. According to the preliminary investigations, it has been revealed that a Transit passenger has handed over the parcel contain ing gold jewellery ... Read More »

Hong Kong teeters on edge of US sanctions


Hongkonger Hendrick Lui believes the United States should slap sanctions on those responsible for cracking down on recent mass protests against controversial legislation that aims to allow for criminal suspects to be extradited and tried in mainland China. Lui was among hundreds of mostly young demonstrators involved in a June 21 sit-in at the city’s Legislative Council (Legco) building and ... Read More »

Japan mulls partially lifting ban on chicken meat from Russia ahead of leaders’ G20 talks


VLADIVOSTOK, RUSSIA – Japan is considering partially lifting an import ban on chicken meat from Russia, with the two countries’ leaders expected to discuss the matter on the sidelines of this week’s Group of 20 summit in Osaka, government sources said Monday. Since 2005, Japan has banned imports of raw chicken meat from Russia due to concerns about bird flu. ... Read More »

France delays national school exams as heatwave begins


The French government on Monday said it was taking the unusual step of delaying national school exams scheduled for this week to protect pupils during a heatwave. Education Minister Jean-Michel Blanquer said the Brevet national diploma exam — a key test for children aged around 14 that was set for Thursday and Friday — would be delayed until next week. ... Read More »

US companies hunt for loopholes to beat China tariffs


US companies are turning to their lawyers for help in containing the costs of President Donald Trump’s tariffs on goods from China, looking for legal loopholes to help avoid or reduce duties without shifting production to other countries. Law firms and consultants say they are being inundated with requests for assistance from importers seeking to use provisions such as the ... Read More »

World Investment Report: Bangladesh second largest FDI recipient in South Asia


FDI in Bangladesh went up by 67.94% in 2018, report says Bangladesh registered a record level of foreign direct investment (FDI) inflow in 2018, topping the list in South Asia. In 2018, Bangladesh reached the highest ever level in the country’s history at $3.61 billion, according to World Investment Report 2019 by United Nations Conference on Trade and Development (UNCTAD). ... Read More »

Cannabis company Canopy Growth Corporation releases fourth quarter results


Canopy Growth Corporation, the Ontario based cannabis company, has announced its financial results for the fourth quarter of FY19. In the company’s June 20 press release, Canopy Growth highlighted the achievement of annual net revenue growth of 191% to $226.3mn. In the fourth quarter, revenue grew by 13% versus the third quarter, which the company credited to value-added products, extraction ... Read More »

Malaysia’s 1MDB criminal case against Goldman Sachs is now delayed until September


Malaysia’s criminal case against U.S. investment bank Goldman Sachs involving $6.5 billion 1MDB bonds will be postponed to September, a court ruled on Monday, after defense lawyers asked for more time to receive instructions from their clients abroad. Malaysian prosecutors had previously issued summonses to three Goldman Sachs units in the United Kingdom, Hong Kong and Singapore, requiring them to ... Read More »

Duty-unpaid beers discovered at Pasir Panjang Scanning Station


In a Facebook post on Friday, Immigration and Checkpoints Authority (ICA) revealed that 165 cartons and 1,575 bottles of duty-unpaid beers were discovered at Pasir Panjang Scanning Station earlier on Tuesday last week (18 June). ICA noted that beers were declared as “fresh cabbages and potatoes”. ICA said that its officers had detected anomalies in the scanned images of the ... Read More »