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Author Archives: CT Report

CA deficit narrowing due to fall in imports, rise in exports: President Alvi

President Arif Alvi

ISLAMABAD: President Dr. Arif Alvi has said that the country’s economy was going through historic difficulties and the present government inherited current account deficit, budget deficit and circular debts. He said a huge chunk of revenue was being consumed to clear the debts, leaving limited resources for development work however, the current account deficit has been narrowing due to fall ... Read More »

Gold dips Rs1,200 per tola

gold jewelry

KARACHI: Gold prices fell by Rs1,200 to Rs86,600 per tola in the local market on Saturday, according to media. According to details, the per tola rate of the precious yellow metal dipped to Rs86,600 from Rs87,700. The price of 10 grams gold fell by Rs1,028 to Rs74,245. The decline in domestic gold rates is attributed to global price of yellow ... Read More »

PM visit to Torkham delayed at last minute will now take place on Sept 18

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LANDI KOTAL: Prime Minister Imran Khan postponed the visit to Torkham border at the last minute on Friday night. The visit scheduled for today (Saturday) was meant to formally inaugurate the round-the-clock functioning of the Pak-Afghan border crossing. It will now take place on Sept 18. Officials told media that the visit was postponed due to the premier’s hectic schedule ... Read More »

FBR updated units of measurements to facilitate legitimate trade

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ISLAMABAD: Federal Board of Revenue (FBR) notified the updated units of measurements through Customs General Order (CGO) 15 of 2019 in a bid to facilitate legitimate trade while eliminating discretion and data distortion in application of units of measurements. The board had notified standards units of measurements in 2012, however despite the issuance of updated recommendations by the World Customs ... Read More »

Global economy ‘far’ from recession: IMF

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WASHINGTON: Trade tensions are weighing on growth across the world, but the International Monetary Fund is “far” from forecasting a global recession, an IMF official told Reuters on Friday, as the fund prepares to release a new economic outlook next month. The IMF on Thursday said tariffs imposed or threatened by the United States and China could shave 0.8% off ... Read More »

First container line service launches between Karachi, Gwadar and the Gulf

gwadar-line

KARACHI: : In order to increase connectivity of the Balochistan Port, the first container line service has launched between Karachi, Gwadar and the Gulf. China Ocean Shipping Company (COSCO) issued a statement, according to which the new service rotation of Port Qasim to Karachi to Gwadar, Jebel Ali, Sharjah, Abu Dhabi, Jebel Ali, and Port Qasim connects Gwadar with international ... Read More »

Disney CEO Bob Iger resigns from Apple board

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NEW YORK: Apple said on Friday that Walt Disney Chief Executive Officer Bob Iger had resigned from the company’s board of directors on Sept. 10 as the two companies prepare to compete head-to-head in the streaming television business. Iger departed Apple’s board the same day the company revealed new details about Apple TV+, a $4.99-per-month service that will launch on ... Read More »

A weekly review: KSE-100 gains 1,014 points; Rupee strengthens by 40 paisa against dollar

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: Pakistan Stock Exchange (PSX) witnessed an upward trend in the outgoing week with the benchmark KSE-100 index gaining 1,014 points or 3.3 percent to settle at 31,481 points, Dunya News reported on Saturday. With a significant average trading volume of 13 million shares over a course of the week, PSX shares have risen by Rs125 billion. Collectively, foreign investors ... Read More »

PM Imran to inaugurate Torkham border crossing today

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PESHAWAR: Prime Minister Imran Khan will officially inaugurate the round-the-clock opening of the border crossing at Torkham between Pakistan and Afghanistan. The spokesperson of Khyber Pakhtunkhwa government, Ajmal Wazir Khan, told media that the PM will inaugurate the Torkham crossing today (Saturday). He said the opening of the Pak-Afghan border will promote bilateral trade and economic activities between the countries. ... Read More »

ADB to approve $350m for reforms in energy sector

Asian Development Bank

ISLAMABAD: The Asian Development Bank will shortly approve the energy sector reforms and financial sustainability programme worth $350 million that aims to address fiscal, governance, technical and policy deficits in Pakistan’s energy sector. According to media, these deficits have adversely impacted the sector’s quality and efficiency of services, and the sustainability of energy infrastructure and finances, thereby challenging Pakistan’s fiscal ... Read More »

CPEC meeting decides to counter challenges on fast-tract basis

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ISLAMABAD: A meeting was held to review the progress on China-Pakistan Economic Corridor (CPEC) projects on Friday discussed the challenges impeding the development work and decided to counter them on a fast-track basis to ensure timely completion of the projects. Planning and Develop­ment Minister Makhdum Khusro Bakhtiar, who chaired the meeting, emphasised the need for gearing up the momentum to ... Read More »

FBR allows refund, input tax adjustment of ST, FED paid by ghee manufacturers

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ISLAMABAD: The Federal Board of Revenue (FBR) has allowed refund/input tax adjustment of sales tax/federal excise duty paid by ghee/cooking manufacturers, oil mills, steel and other sectors which earlier operated under the sales tax special procedure. In this regard, the FBR has issued sales tax general order here. According to the FBR’s General Guidelines on the issue, there shall be ... Read More »

CA deficit narrowing due to fall in imports, rise in exports, President Alvi

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KARACHI: President Dr. Arif Alvi has said that the country’s economy was going through historic difficulties and the present government inherited current account deficit, budget deficit and circular debts. A huge chunk of revenue was being consumed to clear the debts, leaving limited resources for development work however, the current account deficit has been narrowing due to fall in imports ... Read More »

MoC to conduct interviews for new trade officers

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ISLAMABAD: Commerce Ministry has decided to conduct interviews for the recruitment of new trade officers in foreign countries, according to media. The progress is made on the appointment of 43 trade officers in foreign countries by the Commerce Ministry. The ministry took the decision to conduct interviews of the successful 80 candidates from September 16 to 18 as the Balochistan ... Read More »

ANF court extends Rana Sanaullah’s judicial remand till Sept 28

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LAHORE: An Anti-Narcotics Court in Lahore Saturday extended judicial remand of Pakistan Muslim League-Nawaz (PML-N) Punjab President and Member of the National Assembly (MNA) Rana Sanaullah till September 28 in a heroin smuggling case. Rana Sanaullah was produced before duty judge Khalid Bashir along with other suspects. The court ordered the Anti-Narcotics Force (ANF) to submit notification of prosecutor’s appointment. ... Read More »

Overseas remittances decline 8pc during July-August

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KARACHI: Remittances sent by overseas Pakistanis fell 8.38 per cent in the first two months of current fiscal year compared to 15.3pc growth noted in the same period last year. According to media, the State Bank of Pakistan (SBP) said the decline reflected the usual one-off post Eidul Azha effect. Overseas Pakistanis remit $1.69 billion in August as compared to ... Read More »

Domestic cement sales decline 5.5pc in July-August

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LAHORE: The impact of economic contraction became visible in the cement sector as it endured a decline of 5.49% in domestic sales in first two months of the current fiscal year while exports posted a healthy increase of 12.66 percent. According to data released by the All Pakistan Cement Manufacturers Association (Apcma), a continued contraction in construction activity has played ... Read More »

Govt to sell its stake in State Life Insurance Corporation

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ISLAMABAD: Federal Minister for Privatisation Muhammad Mian Soomro on Friday announced that the government will sell its shares in State Life Insurance Corporation, according to media reports. In a briefing to investors and financial sector, Muhammad Mian Soomro said that profit and market share of the State Life was shrinking, hence the incumbent government decided to sell its stake in ... Read More »

Gold price sheds Rs300 per tola

SilverSaver-Gold-Import-Duty

KARACHI: The per tola price of gold slashed by Rs300 and was traded at Rs 87,700 per tola, according to media. The price of 10 gram gold also witnessed a decrease of Rs 256 and was traded at Rs 75,531. The price of silver bounced by Rs 20 and was traded at Rs 1110 against Rs 1090 per tola and ... Read More »

Pak Rupee strengthens as dollar’s slide continues

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KARACHI: Pakistani Rupee bounces back against US dollar in interbank and Open market. The Interbank dollar became cheaper by one paisa, after which the new value of the US currency closed at Rs156.19. Likewise, in the open market, the value of the dollar fell, the US dollar fell 10 paisa and the greenback was closed at Rs156.30. On Thursday, the ... Read More »