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Author Archives: CT Report

SECP issues ‘Unit Linked Products and Funds Rules’ for insurance sector


ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued the Unit Linked Products and Funds Rules, 2015, through S.R.O 343(I)/2015, here on Wednesday. The new rules have addressed the investment governance process of the unit-linked funds, net asset valuation methodology and the disclosure of investment risk to the insurance policyholders, according to statement issued here. Additionally, certain features ... Read More »

Minister for Petroleum Shahid Khaqan meets Shahbaz Sharif  


ISLAMABAD: Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi on Wednesday met with Punjab Chief Minister Muhammad Shahbaz Sharif to discuss the matters pertaining to energy sector. The Chief Minister said that record decrease in the prices of petroleum products has resulted in substantial relief to the masses. He said that the ongoing projects in energy sector are being ... Read More »

SBP denies any hidden deal about KASB Bank with Chinese investors


KARACHI:  State Bank of Pakistan (SBP) has denied any deal about KASB Bank and clarifies that a Chinese investor approached State Bank through the bank’s existing shareholders. In a clarification issued here on Wednesday, State Bank said that as part of its mandate it is responsible for protecting the interest of depositors and ensuring stability of the banking system. Fulfilling ... Read More »

NAB aims to facilitate business community to earn more for country: DG


KARACHI: Director General National Accountability Bureau (NAB) Sindh, Col. (Retd) Siraj Naeem here on Wednesday said that NAB believes that national income is based on individual incomes and we should facilitate the business community to earn more for themselves and the country as well. In a meeting with Acting President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Abdul ... Read More »

TDAP’s Pavilion at Leather world Middle East from May 4-6  


KARACHI: Five exhibitors from Pakistan are expected to participate in the Middle East’s premier trade show “Leather world Middle East-2015” dedicated to the leather industry, scheduled to be held from May 4 to 6. Leather world Middle East is expected to attract wide participation from upstream exhibitors (tanneries, chemicals, and machinery) from the Middle East, Asia and Africa and downstream ... Read More »

Govt. focusing on agriculture, infrastructure, energy, telecommunication sectors: Dar


ISLAMABAD: Minister for Finance, Senator Mohammad Ishaq Dar said on Tuesday that in order to achieve broad-based economic development, the government had been focusing on agriculture, infrastructure, energy, and telecommunication sectors. “It is our belief that advancements in these sectors can propel the country to achieve an economic growth rate of around 7 percent by 2017-18”, Dar said while addressing ... Read More »

EPA to establish ‘Geomatic Center’ for environment monitoring  


ISLAMABAD: Pakistan Environmental Protection Agency (Pak-EPA), adopting measures for better atmosphere, plans to establish a ‘Geomatic Center’ for environment monitoring data base development in Islamabad. Protection of environment is a continuous phenomenon; however, during tenure of present government, some of the important programmes at the federal level are being pursued. Sources at Climate Change Division on Tuesday listed some major ... Read More »

Wheat production likely to be less than expectation this year

Pakistani farmers harvest their wheat cr

MULTAN: Special Secretary Agriculture, Syed Gulzar Hussain Shah has said that wheat production could be lower than expected this year in Punjab largely due to climatic conditions, but the situation would benefit farmers financially by ensuring good returns to them. In a release issued by Punjab agriculture department on Tuesday, the Special Secretary Agriculture, who is conducting visits to different ... Read More »

Faisalabad Excise conducts auction of ‘favourite’ numbers


FAISALABAD: Excise and Taxation Department earned Rs 490,000 from the auction of favorite numbers of new registration serial FDO 15 held in the office. According to sources,’FDO-1′ remained most favorite number of the new serial and it was auctioned in Rs 27,000 and another three digit number FDO-381 was auctioned in Rs 11,600. No one took interest in other single ... Read More »

Faisalabad Excise impounds 50 vehicles  

Impounded vehicles

FAISALABAD: Excise and Taxation Department Faisalabad during general checking in the district impounded 50 vehicles and seized registration documents of 85 others. According to official sources, teams of motor vehicle branch of District Excise and Taxation Department set up pickets at important roads, checked hundreds of vehicle to find 135 vehicle owners defaulter of token tax, while 38 were using ... Read More »

NAB decides to file two more corruption references of millions of rupees

NAB Chairman Qamar Zaman Chaudhry

 NAB Chairman Qamar Zaman determines to eradicate corruption ISLAMABAD: The Executive Board Meeting (EBM) of National Accountability Bureau (NAB) decided to file two corruption references including one against Ex-Minister for Food Balochistan, Asfand Yar Kakar, Ex-Secretary Food Balochistna, Ali Bakhsh, District Food Controller Muhammad Haseen Khan Afridi and against Ex-Director Food Balochistan, Abdul Wali Kakar. The Executive Board Meeting (EBM) ... Read More »

KPT shipping intelligence report


KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier): Berth No Ship Working Agent Berthing Date OP-I Interpid Republic D.Chemical Alpine 27/04/15 OP-II Turris D.Petrol GAC 27/04/15 ALONG SIDE (East Wharves): 10/11 Star Athena D.Coal OC-Services 27/04/15 11/12 Ha He D.Steel Aaras-SH, 27/04/15 ... Read More »

Broadening of tax base to bring ease for registered taxpayers: Aijaz


HYDERABAD: The Federal Board of Revenue (FBR) Inland Revenue Services (IRS) Hyderabad Chief Commissioner Syed Aijaz Mehmood has said that all out efforts were being made to broaden the tax net so that maximum revenue could be generated for the welfare of the people. Addressing the industrialists and traders here at the secretariat of Hyderabad Chamber of Commerce and Industry ... Read More »

Dar for improving resource base to meet rising expenditures

ishaq dar12

ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar here on Tuesday emphasized the need for improving overall resource base, so that these rising expenditures could be met. He was addressing the inaugural meeting of 9th National Finance Commission held here Tuesday. Finance Minister Senator Mohammad Ishaq Dar chaired the meeting which was attended by D. Abdul Malik Baloch, Chief Minister, ... Read More »

IT Minister assures NTG full support for investment in Pakistan 

Minister of State for IT Anusha Rahman

ISLAMABAD: Minister of State for Information Technology Anusha Rahman Tuesday said that Pakistan Software Export Board (PSEB) would extend full support to National Technology Group (NTG) in its new endeavour to invest in Pakistan. She was addressing a seminar organized by NTG, a Saudi company, here. NTG has announced to invest millions of dollars in Pakistan, providing a good opportunity ... Read More »

US$46 billion Chinese investment to improve national economy: TDAP


MULTAN: Director General Trade Development Authority of Pakistan (TDAP), Punjab, Shahzad Hussain Rana has said that 46 billion dollar Chinese investment will usher in a new era of prosperity in the country. Addressing a gathering of industrialists and business persons at Multan Chamber of Commerce and Industry (MCCI), he said that the credit for attracting such a huge investment goes ... Read More »

PAC seeks report of awarding contract to Habib Rafiq (Pvt) Limited by CAA

khursheed shah

ISLAMABAD: Public Accounts Committee (PAC) on Tuesday directed the Secretary Civil Aviation Authority (CAA) to provide detailed briefing on award of contract to Habib Rafiq Private Limited for construction work of passenger terminal building of Multan airport within one week. The PAC meeting was held here under the supervision of Syed Khursheed Ahmed Shah, including members Dr Azra Afzal Pechuho, ... Read More »

PR earns Rs 49.8 million from freight service in a day  

Pakistan Railways

LAHORE: Pakistan Railways earned a record income of Rs 49.8 million in a day by loading 1039 freight wagons on Tuesday. According to the PR sources, the PR earned the income by transporting goods from several stations in a single day and it achieved the target of loading more than 1000 freight wagons first time after September 30, 2010. The ... Read More »

KPT shipping movement report


KARACHI: Following were the movement of ships at Karachi Port during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS SAILED: KOTA Karim MID Falcon Trident Star Posen SHIPS BERTHED: Turris Tanker Corvette Container Ship Posen Container Ship Mare Carisicu Container Ship HE HE General Cargo Intrepid Republic Tankker EXPECTED SAILING DATE Corvette 28/04/15 Intrepio Republic 28/04/15 Mare ... Read More »

PAC asks Petroleum ministry to present audit report on oil, gas theft


ISLAMABAD: Sub-Committee of the Public Accounts Committee (PAC) on Tuesday directed Ministry of Petroleum and Natural Resources to conduct departmental audit regarding oil and gas theft and present report within two weeks. The Sub-Committee was convened here by Syed Naveed Qamar to review the inquiry on media reports regarding oil and gas theft from different blocks of Khyber Pakhtunkhwa (KPK) ... Read More »