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Author Archives: CT Report

PMERA prohibits Indian produced TV ads in solidarity with Kashmir

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LAHORE: Pakistan Electronic Media Regulatory Authority (PEMRA) has banned all TV commercials produced in India or commercials that contain Indian talent and characters. According to the notice issued on Pakistan’s 73rd Independence Day, PEMRA has reiterated its withdrawal of the permission to air all Indian channels and content on the directions of the Supreme Court of Pakistan dated October 27, ... Read More »

Gold hits new all-time high at Rs87,350 per tola

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KARACHI: Gold continued to outshine as it maintained the uptrend, hitting an all-time high for the fifth successive working day at Rs87,350 per tola (11.66 grams). Cumulatively, the yellow metal has soared around 4%, or Rs3,350 per tola, in the past five sessions, including Rs350 per tola on Saturday, despite the international bullion market closing slightly down over the weekend ... Read More »

Axle load regime to require $15b investment: Report

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KARACHI: The country will need to invest around $15 billion in a short period for inducting an additional 0.2 million trucks to fill the gap being created by implementation of axle load regime. A number of trade and industry bodies have asked the government to stop arbitrary implementation of axle load regime which could turn out to be disastrous as ... Read More »

Global stocks slump as growth fears trump trade joy

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LONDON: Stock markets on both sides of the Atlantic saw hefty losses Wednesday, gripped by fears for the global economy only a day after enthusiasm over possible detente in an ongoing US-China trade war had given them a dizzying lift. A German GDP contraction in the second quarter, weak Chinese industrial output and an inversion of the US yield curve ... Read More »

Economy heading in right direction: SBP Governor Reza Baqir

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KARACHI: The economy is facing with a number of problems and uncertainty but the situation is changing, said State Bank of Pakistan (SBP) Governor Reza Baqir while addressing the flag hoisting ceremony held at the State Bank Building to celebrate the country’s 73rd Independence Day. Baqir admitted that the economy is weak, unemployment is rising and inflation is moving upwards ... Read More »

LNG case: Shahid Khaqan Abbasi’s physical remand extended till August 29

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ISLAMABAD: An accountability court on Thursday extended the physical remand of former prime minister leader Shahid Khaqan Abbasi till August 29 in an ongoing probe into the liquefied natural gas (LNG) case. The PML-N leader was presented before the court today, following the expiration of his remand. During today’s hearing, Judge Mohammad Bashir asked the National Accountability Bureau (NAB) prosecutor ... Read More »

Tethyan Copper Company seeks early payment of $4b fine

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ISLAMABAD: Tethyan Copper Company asked a D.C. federal court to confirm a damages award of more than $4 billion issued against Pakistan in a dispute over the denial of a mining lease in the country. Tethyan Copper Company, which is jointly owned by Canada’s Barrick Gold Corporation and Chile’s Antofagasta PLC, said the $4.09 billion award was issued by an ... Read More »

Investment in saving certificates posts 19pc growth

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KARACHI: The investment in saving certificates has registered 19 percent growth to increase Rs2,217 billion in the last fiscal year owing to better rate of interest and safe investment avenue. The data released by State Bank of Pakistan (SBP) revealed that the investment increased to Rs2217 billion by June 2019 as compared with Rs1865 billion by end of same month ... Read More »

All 15 BMGians elected unopposed in KCCI Election 2019-21

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KARACHI: All candidates of Businessmen Group (BMG) have been elected unopposed for the Managing Committee of Karachi Chamber of Commerce & Industry for the year 2019-21. According to details, a total of 32 nominations were received by the Election Commission who all belonged to Businessmen Group. The nominations papers were scrutinized by the Election Commission, which rejected 10 nomination papers ... Read More »

Govt to table law in NA to protect ownership rights of indigenous goods in foreign markets

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ISLAMABAD: After a delay of more than 18 years, the government has finally decided to table Geographical Indication (GI) Bill in the National Assembly to protect ownership rights of goods produced in the country. Due to the absence of GI legislation, international brands continue selling Pakistan-origin goods such as Paul Smith’s Peshawari Chappal, Morrocan Ajrak and California Basmati, depriving the ... Read More »

Overseas Pakistanis face problems in payment of duty

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KARACHI: The fluctuating value of the rupee and changes in duties and taxes have posed serious problems to overseas Pakistanis in sending remittances back home and receiving clearance for vehicles and other goods. According to the details, in order to put an end to the trouble faced by the overseas Pakistanis, a proposal has been floated for payment of the ... Read More »

StanChart expects lower inflation, no further hike in policy rate

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KARACHI: The State Bank of Pakistan (SBP) has delivered broadly in line with the Standard Chartered Bank’s expectations so far in the current tightening cycle. In the last Monetary Policy Committee meeting in July, the SBP said interest rate adjustments from “previously accumulated imbalances” were complete and that future monetary policy decisions would be data-dependent. “We recently lowered our non-consensus ... Read More »

Pakistan suspends Lahore-Delhi bus service

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ISLAMABAD: Federal Minister for Postal Services and Communications Murad Saeed announced that Lahore-Delhi bus service had been suspended in the wake of recent steps taken by the Indian government in occupied Kashmir. In his tweet on Friday, the minister said in line with the decisions of National Security Committee (NSC), the federal government has suspended Dosti (friendship) bus service between ... Read More »

IMF warns increasing US tariffs could cut China growth sharply

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WASHINGTON: China’s economy already is slowing amid the trade conflict with the United States, but if Washington were to ramp up tariffs even further it could cut Chinese growth sharply, the IMF has warned. The International Monetary Fund already had trimmed its growth forecast for China to 6.2pc this year, assuming no new tariffs are imposed. But US duties of ... Read More »

Pakistan suspends Lahore-Delhi bus service

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LAHORE: After the permanent suspension of the Samjhauta Express in retaliation to India’s decision to revoke Article 370 of its Constitution that gave special status to Jammu and Kashmir, Pakistan has now suspended the Lahore-Delhi ‘Dosti’ bus service, the media reported. The announcement of the latest suspension was made by Federal Minister for Postal Services and Communications Murad Saeed in ... Read More »

US economy ‘handcuffed’ by Fed: Trump

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WASHINGTON: US President Donald Trump called on the Federal Reserve to lower interest rates by a full percentage point, saying the nation’s economy was being “handcuffed” by the US central bank’s monetary policy. Trump, speaking to reporters at the White House, said a strong US dollar was hurting American manufacturers and that the Fed needed to lower rates further despite ... Read More »

Weekly review: PSX drops 7pc; Rupee appreciates 67 paisa against dollar

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KARACHI: Pakistan Stock Exchange (PSX) witnessed a downward trend in the fifth consecutive week as the KSE-100 Index dropped by a massive 7 percent and shredded 2,237 points, and closed at 29,429 points, a private news channel reported on Saturday. According to analysts, the recent simmering tensions between nuclear-armed Pakistan and India over Kashmir dispute have pushed investors to adopt ... Read More »

FBR receives record 2.5m tax returns for tax year 2018

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ISLAMABAD: The Federal Board of Revenue (FBR) announced that nearly 67 per cent more income tax returns were received for the tax year 2018 compared to the preceding year. The board received 2.51 million tax returns for the first time in its history as against 1.49m returns filed tax year 2017. Last date for filing of income tax returns for ... Read More »

Electricity bill collection goes up Rs121b  from October 2018 to June 2019

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ISLAMABAD: The collection of bills by power distribution companies has gone up by Rs121 billion during the present Pakistan Tehreek-e-Insaf (PTI) government’s tenure from October 2018 to June 2019. According to a performance report prepared by the Power Division, the transmission and distribution losses (T&D) dropped 1.4%, having a positive financial impact of Rs160 billion during the nine-month period. During ... Read More »

Minimum gas charges enhanced by 39pc

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ISLAMABAD: After increasing gas tariff by up to 200 per cent, the government hiked minimum gas charges by 39pc for almost all consumer categories, except 9pc increase for commercial and no change for domestic consumers. The decision was notified by the Oil and Gas Regu­latory Authority (Ogra) on the advice of the Ministry of Energy — Petroleum Division. Minimum gas ... Read More »