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Author Archives: CT Report

Malaysian companies may create palm oil packaging production in Uzbekistan


Uzbek Ambassador to Malaysia Ravshan Usmanov met with Deputy Director of the Malaysian Palm Oil Council Faisal Iqbal to discuss issues of the state and prospects for the development of trade and economic cooperation on February 18, 2019, Trend reports via Uzbek media. The main objective of MPOC (Malaysian Palm Oil Council) is to attract and implement innovative technological solutions ... Read More »

Govt will extend all possible facilitation to businessmen: Asad Umar

Asad Umar

ISLAMABAD: A delegation comprising Presidents of fourteen chambers of commerce and industries from all over the country called on the Finance Minister Asad Umar here on Tuesday. The delegation was led by Almas Haider, President LCCI. During the meeting, the delegation had discussion with the minister on overall business environment in the country, measures for facilitation to business community and ... Read More »

Profit-taking drags down KSE-100 below 40,000 points


KARACHI: The stock market lost ground for the fifth successive session on Tuesday as institutions resorted to profit-taking, which pushed benchmark index below the 40,000-point mark. After staying positive briefly, the KSE-100 index kicked off a negative run due to dismal data of foreign direct investment (FDI), which stood at just $1.45 billion for July-January FY19, down 17% on a ... Read More »

PM Imran directs FBR to adopt modern techniques to expand tax net

Prime Minister Imran Khan chairs meeting on Steps to Enhance Revenue Collection by FBR, at PM Office Islamabad on February 19, 2019

ISLAMABAD: Prime Minister Imran Khan directed Federal Board of Revenue (FBR) Chairman Dr Jehanzaib Khan to employ modern methods and techniques in order to bring non-tax payers into the tax net, according to Radio Pakistan. The prime minister, while chairing a meeting in Islamabad regarding the federal government’s steps to collect revenue, was reported to have said that tax evaders ... Read More »

Tang reveals plan for planting grapes despite subtropical weather


HONG KONG: Tang revealed the plan when interviewed by South China Morning Post arguing that wine is part of arts and culture, and the local climate can be suitable for planting grapes despite the capricious subtropical weather, and the city’s high labour and land cost. A key policy figure in eradicating tariffs on wine in Hong Kong in 2008, Tang ... Read More »

ECC directs to place names of personnel under investigation in NAB on ECL

Federal Minister for Finance, Asad Umar chairing the meeting of the Economic Coordination Committee of the Cabinet at the Cabinet Division, Islamabad on February 19, 2019.

ISLAMABAD: Finance Minister Asad Umar chaired meeting of the Economic Coordination Committee of the Cabinet (ECC) on Tuesday. The meeting considered and approved proposals presented by different ministries. Ministry of Industries and Production presented to the ECC an update on the current status of NAB cases regarding Pakistan Steel Mills. ECC expressed concern on the slow progress of the cases ... Read More »

300 trucks carrying cement stranded at Wagha border

trade at wagha

LAHORE: Around 300 trucks carrying cement are stranded at Wagha border after India clamped 200 percent duty on Pakistani products following Pulwama attacks. In addition to this, shipment of 170 containers from sea route has also stopped. According to media reports, cement exports to India are particularly of high significance, constituting 21% on average of the total cement exports over ... Read More »

Rupee ends down by 20 paisas against dollar

pak rupee

KARACHI: The Pak Rupee fell by 20 paisas against US dollar on Tuesday owing to higher demand for import and corporate payments. The rupee ended at Rs138.92 to the dollar from previous day’s closing of Rs138.72 in interbank foreign exchange market. Currency experts said that the local unit made significant gains a day earlier owing to the visit of Saudi ... Read More »

SME financing posts 14pc growth: SBP


KARACHI: State Bank of Pakistan (SBP) on Tuesday said that SME financing by banks has first time crossed the milestone of Rs500 billion. SME financing was recorded at Rs513 billion at the end of CY 2018 compared to Rs 450 billion in the corresponding period last year, exhibiting growth of 14 percent. The growth in SME financing was even more ... Read More »

LNG contract case: Shahid Khaqan Abbasi appears before NAB team

shahid khaqan

ISLAMABAD: Ex-premier and Pakistan Muslim League-Nawaz (PML-N) leader Shahid Khaqan Abbasi appeared before the joint investigation team of the National Accountability Bureau (NAB) on Tuesday in connection to the Liquefied Natural Gas (LNG) contract case, according to media reports. The four-member joint investigation team (JIT) interrogated the former premier for two hours. During the interrogation process, the team asked him ... Read More »

New deals with UAE delayed as Joint Ministerial Commission meeting postponed


ISLAMABAD: The United Arab Emirates (UAE) has postponed a scheduled meeting of the Joint Ministerial Commission (JMC), which will delay the signing of new agreements for economic cooperation. The meeting was planned to take place last week in Abu Dhabi, according to government officials. Foreign ministers of Pakistan and the UAE co-host the JMC meetings. UAE Foreign Minister Abdullah bin ... Read More »

Rupee depreciates against dollar in early trade


KARACHI: The Pak Rupee depreciated in the early trade on Tuesday owing to higher import and corporate payment demand. The dollar is being traded at Rs138.91 in interbank foreign exchange market. The exchange rate was ended Monday at Rs138.72 to the dollar in foreign currency market. The rupee made significant gain yesterday in early trading by 51 paisas but failed ... Read More »

Cotton production declines by 6.83pc


  KARACHI: Badly hit by falling area under cultivation, use of poor quality seed and pesticides, cotton production up to Feb 15 stood short by 6.83 per cent at 10.7 million bales over the corresponding period last year. “The government has to take necessary measures on war footing basis for enhancing cotton production in the country,” said Chairman Pakistan Cotton ... Read More »

India halts cement purchases from Pakistan


  KARACHI: Indian importers have asked Pakistani cement exporters to recall their containers destined for the country following 200 per cent increase in duty on various products and tense situation arising out after the Pulwama attack. “The industry has started receiving messages from Indian buyers to recall containers. Some exporters have started recalling their shipments,” a cement exporter, who asked ... Read More »

Roadmap for $21b Saudi investment finalized: Razzak Dawood


ISLAMABAD: Pakistan is expecting $21 billion worth of seven memorandums of understanding (MoUs) signed with Saudi Arabia to come to fruition in three phases over the next six years. The two sides have set up two major follow-up forums to ensure timely completion of feasibility studies and project implementation including the top level Saudi-Pakistan Joint Supreme Coordination Council (SPJSCC) and ... Read More »

Pakistan has come out of financial crisis: SBP Governor Tariq Bajwa

Tariq Bajwa

KARACHI: Governor of the State Bank of Pakistan Tariq Bajwa has said the country has come out of the financial crisis with the help of friendly countries and the economy has been set on the right path. Speaking at a private university in Lahore on Monday, he said uncertainty in the economy had ended. The government, he said, was on ... Read More »

HBFC to get R3.6b for low-cost housing


KARACHI: Pakistan Mortgage Refinance Company (PMRC) will provide Rs3.6 billion to House Building Finance Company (HBFC) for the provision of low-cost housing in the country. The PMRC, which gets cheaper loans from World Bank, signed an agreement with the HBFC at the central bank. The signing ceremony was chaired by the Governor State Bank Tariq Bajwa while high officials of ... Read More »

Banking Court issues notices on NAB plea to transfer case to Rawalpindi


KARACHI: Banking Court issued notices to the counsels of the accused for 20th February in mega money laundering case on National Accountability Bureau’s (NAB) plea seeking transfer of the case to NAB Court of Rawalpindi. NAB chairman Justice (r) Javed Iqbal wanted to transfer the case to Rawalpindi NAB court. In this regard the NAB officials submitted documents with NAB ... Read More »

Chief Collector Asif Mehmood Jah assures full support to Sialkot traders in resolving customs related issues

collector appeals asif jah

SIALKOT: Chief Collector of Customs (North) Dr. Asif Mehmood Jah has assured his full support and cooperation to the Sialkot exporters in resolving their FBR and Customs related issues, besides, jazzing up the pace of export activities, saying that that the Federal Board of Revenue (FBR) was making all-out sincere efforts to facilitate the business community to resolve Sialkot exporters’ ... Read More »

RCCI attaches high hopes with visit of Saudi Crown Prince


RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) acting President Muhammad Badar Haroon has said that visit of Saudi Crown Prince, Muhammad Bin Salman, will cement the trade, investment and economic relations between the two brotherly Islamic countries. The business community, at large, not only welcomes the Prince visit but also attaches high hopes with proposed memorandum on understandings ... Read More »