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Author Archives: CT Report

KCCI’s delegation discusses budget proposals with FBR

KCCI-FBR Meeting Img

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

WhatsApp Image 2019-04-18 at 10.13.35 PM

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

current account deficit

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 »

Pakistan Stock Exchange closes positive after volatile trading

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

KARACHI: The Pakistan Stock Exchange (PSX) started the day on a bullish note, largely due to clarification from the central bank that the proposal to introduce the Treasury Single Account (TSA) is being examined as part of the government’s agenda to reform public financial management and that no decision has yet been made to implement it. The 100 Index, however, ... Read More »

FDI falls by 51.4pc during nine months of current FY

fdi international

KARACHI: The foreign direct investment (FDI) has declined by 51.4 percent to $1.27 billion during first nine months of current fiscal year as compared with $2.6 billion in the corresponding period of the last fiscal year, according to statistics issued by State Bank of Pakistan (SBP) on Thursday. The inflows of FDI fell by 20.9 percent to $2.51 billion during ... Read More »

Pak Rupee remains flat against dollar

pak rupee

KARACHI: The Pak Rupee remained unchanged against dollar on Thursday amid lackluster trading activities. The rupee ended Rs141.40 to the dollar, the same previous day’s closing level, in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40. The market recorded day high of Rs141.40 and low of Rs141.40 and closed at ... Read More »

CCOE directs to ensure smooth power supply during Sehri & Iftar timings


ISLAMABAD: Outgoing Finance Minister Asad Umer presided over a meeting of Cabinet Committee on Energy (CCOE) today. The committee decided that there would be no load shedding during Sehri and Iftar in Ramazan and directed the Power Division to ensure uninterrupted supply of power in this regard. CCOE expressed concern over complaints of longer duration of load shedding in rural ... Read More »

Tarin, Dr. Ishrat, Salman Shah, Hafeez Shaikh & Shamshad Akhtar strong candidates for replacing Asad Umar


ISLAMABAD: Asad Umar has announced that he will no longer be part of Prime Minister Imran Khan’s federal cabinet. In a tweet on Thursday, Umar said Prime Minister Imran Khan had offered him the energy minister portfolio instead of finance as part of a cabinet reshuffle. “As part of a cabinet reshuffle PM desired that I take the energy minister ... Read More »

Asad Umar leaves cabinet after being offered energy instead of finance ministry


ISLAMABAD: Asad Umar on Thursday announced his decision to leave the federal cabinet. “As part of a cabinet reshuffle PM desired that I take the energy minister portfolio instead of finance. However, I have obtained his consent to not take any cabinet position. I strongly believe @ImranKhanPTI is the best hope for Pakistan and inshallah will make a naya Pakistan,” ... Read More »

Govt to introduce Treasury Single Account to shifts deposits with SBP


KARACHI: The government is examining a proposal to introduce the Treasury Single Account (TSA) to shift deposits of various government departments and organisations with the State Bank of Pakistan (SBP). “While the proposal to introduce TSA is being examined by the Government of Pakistan in consultation with the SBP as part of its agenda to reform public financial management, however, ... Read More »

Foreign companies queue up to sue cash-strapped Turkmenistan


ALMATY: A deal for Russia’s Gazprom to resume gas purchase from Turkmenistan came not a moment too soon for the Central Asian state because it is so short of foreign currency that a number of foreign companies have taken it to court over unpaid bills. Turkmenistan’s economy had boomed until 2015, supported by high energy prices and gas exports, and ... Read More »

PPMA decides to slash prices of 395 essential medicines

illegal medicine

KARACHI: Pakistan Pharmaceutical Manufacturers’ Association (PPMA) announced to decrease the prices of 395 essential medicines. The prices of essential medicines were earlier reduced by the Drug Regulatory Authority of Pakistan (DRAP) but the pharmaceutical industry had refrained from implementing the authority’s decision. “Today, we announce to reduce the prices of 395 essential medicines from one per cent to 471pc. Within ... Read More »

Seminar at Sargodha University highlights importance of Chinese Studies in Pakistan


SARGODHA: Pakistan Institute of China Studies (PICS) at Sargodha University organized an In-house Seminar on developing China Studies at Sargodha University. Besides the Vice Chancellor, Dr Ishtiaq Ahmed, Dr Fazalur Rahman, Director PICS and senior faculty members attended the seminar. The Chinese participants included heads of Confucius Institutes – Prof Liu Chensheng, Punjab University, Dr Zhou Changming, University of Agriculture, ... Read More »

NAB Court extends judicial remand of Khawaja brothers till May 2


LAHORE: An accountability court on Thursday extended judicial remand of Pakistan Muslim League-Nawaz (PML-N) leaders Khawaja Saad Rafique and his brother Khawaja Salman Rafique till May 02 in Paragon Housing Society scam case. The imprisoned Khawaja brothers were produced before the accountability judge on completion of their previous 14-day judicial remand. Speaking to media on the premises of the court, ... Read More »

NAB law needs revision for businessmen to be free of fear: Asad Umar


ISLAMABAD: Finance Minister Asad Umar said the National Accountability Bureau’s (NAB) law needed revision given the fear it has lately instilled in the Pakistani business community. Talking with media, Umar acknowledged that the anti-graft watchdog has started probing the business sector now and was taking action, and that many businesspersons are now fearful of impending doom at its hands. The ... Read More »