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Author Archives: CT Report

CPEC made Pakistan ideal destination for trade, investment: President Alvi


ISLAMABAD: President Dr Arif Alvi Thursday said China Pakistan Economic Corridor (CPEC) project had made Pakistan an important destination for global trade and investment. Talking to a delegation of International CPEC Workshop organized by National Defence University at Aiwan-e-Sadr, he said the government attached great importance to the socioeconomic development of country. He said development of Special Economic Zones (SEZs) ... Read More »

Foreign exchange reserves fall to $16.19b on sovereign bond repayment


KARACHI: The foreign exchange reserves of the country fell by $1.03 billion during a week owing to huge repayment made against Pakistan Sovereign Bond. The total foreign exchange reserves of the country fell to $16.196 billion by week ended April 12, 2019 as against the reserves level of $17.228 billion a week ago, State Bank of Pakistan (SBP) said on ... Read More »

Customs I&I to hold auction of 21 impounded vehicles on April 25


LAHORE: Directorate of Customs Intelligence and Investigation (I&I) announced auction of confiscated vehicles on April 25, 2019 at Allama Iqbal Town. The following vehicles would be presented for the auction: Toyota Progress Car, Engine 2927CC, Model 1999, Reg. No. DGA-271, Chassis No. JCJ11-0005820 BMW Car 745i, Model 2003, Reg No LZM-86, Chassis No, WBAGL22000DP3832 Honda Civic Hybrid Car, Engine, 1339cc, ... Read More »

KPT Shipping Report April 19, 2019

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KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-I Karachi D. Crude Oil PNSC 19/04/19 OP-II Constantinos D. Mogas Alpine 19/04/19 ALONG SIDE (East Wharves): 1/2 Maersk Barry L. Molasses East Wind 17/04/19 2 Oriental Sakura L. Ethanol East Wind 17/04/19 4 ... Read More »

Promotion of women entrepreneurship must to reduce poverty: Shamshad Akhtar


ISLAMABAD:  Ex-State Bank of Pakistan governor and Karandaaz Board Chairperson Dr Shamshad Akhtar said on Thursday that promotion of women entrepreneurship is the only way forward to reduce poverty and bring prosperity in the country. She said Pakistani women today are more likely to participate in the labour force and the decision-making process than their mothers and grandmothers. “Promotion of ... Read More »

Uber wins $1b investment from Toyota, SoftBank fund


  TOKYO: Japanese car giant Toyota and investment fund SoftBank Vision Fund on Friday unveiled an investment of $1 billion in US company Uber to drive forward the development of driverless ridesharing services. The latest cash injection, expected to close in the third quarter this year, came amid fevered anticipation of Uber’s public share offering which is expected to be ... Read More »

SC orders completion of Orange Line Metro Train project by May 20

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ISLAMABAD: The Supreme Court on Friday ordered three construction companies involved in the Lahore Orange Line Metro Train Project to submit guarantees of Rs10 million each, warning them that if the project wasn’t completed by May 20, the court take possession of their guarantees. A two-member bench of the apex court headed by Justice Gulzar Ahmed expressed displeasure over the ... Read More »

India suspends cross-LoC trade citing ‘misuse of trade routes’


LAHORE: The Indian government on Thursday suspended the cross-LoC (Line of Control) trade between the Azad Jammu and Kashmir (AJK) and the part of Kashmir it occupies, in a move that evoked strong reactions from traders who feared the decision could force them into destitution. According to a notification issued by India’s Ministry of Home Affairs, the trade was suspended ... Read More »

NAB chairman directs DGs to conduct complaint verification on solid evidence


ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (r) Javed Iqbal has said that the anti-graft organization is committed to eradicate corruption with absolute professionalism, transparency and on merit with iron hands. He was presiding over a meeting at NAB headquarters on Friday. He said NAB’s main focus is on mega corruption cases including money laundering and embezzlement of state funds. ... Read More »

FBR imposes ban on leaves of tax officials’ till June 30


ISLAMABAD: Federal Board of Revenue (FBR), Secretary (Mgt-IR-I) has issued circular for imposing immediate ban on its officials for availing any kind of leave, including ex-Pakistan. The circular stated that it had been observed with concern that the field formations of FBR are forwarding requests for grant of leaves, including ex-Pakistan leaves on daily basis despite the fact that the ... Read More »

Punjab govt to set up 307 fair price shops during Ramazan: Langrial

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LAHORE: Punjab Minister for Agriculture, Malik Nauman Ahmad Langrial has said that the provincial government will set up 307 fair price shops across the province during the holy month of Ramazan. In a statement issued here on Friday, Nauman Langrial said that the Fair Price Shops will be helpful to provide daily use items to masses at control rates during ... Read More »

FBR holds meeting with WB to review reforms on Ease of Doing Business


ISLAMABAD: Federal Board of Revenue (FBR) held a meeting with World Bank (WB) and reviewed the tax reforms introduced by FBR to promote ease of doing business for medium and small-sized companies. During the meeting the FBR officials briefed the World Bank team about the launch of e-payment of taxes through alternate delivery channels, which came into effect in March ... Read More »

KCCI’s delegation discusses budget proposals with FBR

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ISLAMABAD: A delegation of Karachi Chamber of Commerce & Industry (KCCI) held threadbare discussions on KCCI’s Budget Proposals for Federal Budget 2019-20 with Chairman Federal Board of Revenue Jehanzaib Khan and his team at a meeting held at FBR House in Islamabad on Thursday. KCCI’s delegation, which was led by Chairman Businessmen Group & former President KCCI Siraj Kassam Teli, ... Read More »

ICCI delegation visits Malaysia for organizing BoC in Kuala Lumpur


ISLAMABAD: The Islamabad Chamber of Commerce & Industry (ICCI) has panned to organize a Business Opportunities Conference (BoC) and Awards Ceremony in in Kuala Lumpur, Malaysia  in the last week of June 2019 with the aim to promote business linkages between the private sectors of Pakistan and Malaysia. For this purpose, a delegation of ICCI led by its President Ahmed ... Read More »

Food exports dip 2.4pc during nine months of FY2019


ISLAMABAD: The food exports from the country witnessed a negative growth of 2.4 per cent, as it went down to $3.34 billion during the first three quarters of the ongoing fiscal year (FY19) as compared to the exports of $3.43 billion during the corresponding period of FY18, Pakistan Bureau of Statistics (PBS) reported. The food commodities that contributed in the ... Read More »

Director FIA appreciates Sub Inspector Waqar Abbasi for recovering Rs25.5m

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LAHORE: The Director Federal Investigation Agency (FIA) Muhammad Waqar Abbasi has written a letter of appreciation to Sub Inspector FIA Punjab Zone-I Muhammad Waqar Abbasi for his remarkable performance during a successfill raid against illegal possession of foreign currency and illegal operators of hundi / hawala here on Thursday. Abbasi mentioned in the letter that “Your performance in this regard ... Read More »

Dr Hafeez Sheikh appointed finance adviser in major cabinet reshuffle


ISLAMABAD: The Prime Minister’s Office announced a major reshuffle of the federal cabinet today, with key portfolios of the finance, interior and information ministries seeing new faces. Prime Minister Imran Khan on Thursday appointed Dr Hafeez Sheikh as Adviser on Finance. Dr Abdul Hafeez Shaikh is an internationally renowned economist with more than 30 years of experience in economic policymaking, management ... Read More »

Abraaj founder’s extradition case adjourned, another former executive arrested


LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the United States on fraud charges, was adjourned until April 26, a court official said on Thursday. The official told Reuters that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing US extradition ... Read More »

 KPT ships movement, cargo handling report 18 April 2019


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 Thursday. SHIPS ARRIVED: Apl England Container Ship Maersk Barry Tanker Worldera 1 Clinkers SHIPS SAILED: Irenes Relilance Xena CSL Santa Maria Da Zi Yun CARGO HANDLING TURNOVER: The total cargo handled at Karachi Port ... Read More »

Current account deficit narrows by 29.44pc during first nine months

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KARACHI: Pakistan’s current account deficit narrowed by 29.44 percent during first nine-months (July-March) of current fiscal year owing to falling imports and improved foreign remittances. The current account deficit narrowed to $9.58 billion during first nine months of current fiscal year as compared with deficit of $13.589 billion in the corresponding period of the last fiscal year, according to Balance ... Read More »