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Author Archives: CT Report

Canada loses 24,200 jobs in July, pushing unemployment rate higher


OTTAWA : Wage growth accelerated last month to its fastest clip in more than decade, according to numbers released Friday from Statistics Canada. The 4.5 per cent burst came in a month that also produced less-positive data: the unemployment rate moved up to 5.7 per cent as Canada shed 24,200 jobs. The increase in wages — as measured by year-over-year ... Read More »

Mega-study reveals Asia and China dominate the commercial maritime world


Ocean shippers, carriers and forwarders have long known it and now the United Nations has proved it with numbers – China and Asia utterly dominate the commercial maritime world. In a massive 14-year study going back to 2006, the UN Conference on Trade and Development (UNCTAD) has ranked 1,249 ports by how well connected they are to other ports around ... Read More »

Gold price soars by Rs200 per tola to Rs87,000

gold prices dips

KARACHI: The price of 24 karat gold jumped by Rs200 and was traded at Rs87,000 per tola, Karachi Sarafa Association reported on Friday. The price of 10 gram gold also witnessed increase of Rs171 and was traded at Rs74,588. On Wednesday, the price of 24 karat gold jumped by Rs1750 and was traded at Rs86,250 per tola as compared to ... Read More »

Pakistan Stock Exchange sheds 308 points ahead of holidays

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

KARACHI: Continuing with the declining trend, the Pakistan Stock Exchange (PSX) ended the last session ahead of holidays also in the red. The indices, which opened the day positively, failed to sustain its gains and slipped to another 52-week low in the second half of the session owing to institutional selling. On the economic front, the State Bank of Pakistan ... Read More »

Pakistan cuts trade ties with India


ISLAMABAD: Pakistan completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country. The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India. Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy Order, 2016 and included India in ... Read More »

Assassination attempt on NAB deputy prosecutor registered


ISLAMABAD: An assassination attempt has been filed when shots of fire were reported outside the house of NAB Deputy Prosecutor Sardar Muzaffar Abbasi in Islamabad Sector I-8. Deputy Prosecutor NAB Sardar Muzaffar Abbasi made a written request to the police for the registration case which included murder and other provisions. His request states that he has no enmity with anyone ... Read More »

FBR waives CNIC condition for traders by two months


ISLAMABAD: The Federal Board of Revenue (FBR) delayed enforcement of Computerized National Identity Card (CNIC) condition on purchase of over Rs50,000 for nearly two months for traders, thwarting a nationwide strike that they were set to observe against the government. According to media, the interim understanding was reached during a meeting between the FBR and various associations of traders with ... Read More »

Govt forms authority to expedite CPEC projects

ISLAMABAD: August 08 - Prime Minister Imran Khan chairs meeting of the National Development Council at PM Office. APP

ISLAMABAD: The National Development Council (NDC), during a high-level meeting chaired by Prime Minister Imran Khan, has made important decisions with regard to the ongoing development projects, a private media outlet reported on Friday. The meeting was attended by Foreign Minister Shah Mehmood Qureshi, Chief of Army Staff (COAS) General Qamar Javed Bajwa, chief ministers of Balochistan and Khyber Pakhtunkhwa ... Read More »

Oil rises due to firm yuan


LONDON: Oil jumped more than $1 a barrel on Thursday due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by escalation in US-China trade tensions. Brent crude was up $0.67 at $56.90 a barrel by 1130 GMT, after hitting a session high of $58.01. ... Read More »

Traders postpone strike call after talks with FBR chief

TOPSHOT - A Pakistani elderly man sits at a shuttered market during a traders countrywide strike against the prices hike, in Peshawar on July 13, 2019. (Photo by ABDUL MAJEED / AFP)

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday held out assurances to traders that no action will be taken against them merely on the basis of information emanating from submitting their CNICs until Sept 30. The traders had announced a shutter down strike after the FBR mandated submission of CNICs during the sale and purchase of goods. Talking to ... Read More »

Maryam Nawaz remanded in NAB custody till August 21


LAHORE: Pakistan Muslim League-Nawaz (PML-N) Vice President Maryam Nawaz Sharif, who was arrested by National Accountability Bureau (NAB) on Thursday, was remanded into NAB’s custody till August 21. Maryam had appeared before an accountability court today in connection with the Chaudhry Sugar Mills case. Yousaf Abbas, a cousin of Maryam Nawaz who was also arrested by NAB the same day, ... Read More »

Plastic exports increase by 34pc during FY2018-19


ISLAMABAD: The exports of plastic material from the country witnessed an increase of 33.90 percent during the financial year 2018-19 as against the exports of the corresponding period of last year. The plastic exports from the country were recorded at $ 318.699 million during July-June (2018-19) against the export of $238.010 million during July-June (2017-18), showing growth of 33.90 percent ... Read More »

Govt removes shipping firm, two ports from privatisation list


ISLAMABAD: The federal government removed three more state-owned companies from the privatisation list and put the plan of selling a power company on the back burner which it had included in the active privatisation list 10 months ago. According to media, the Cabinet Committee on Privatisation (CCOP) erased Pakistan National Shipping Corporation, Port Qasim Authority and Karachi Port Trust from ... Read More »

Govt’s move for documentation of economy paying off


ISLAMABAD: The federal government’s move for documentation of economy is paying off. According to report, investors sold Rs 40,000 bonds during June 2019. The selling step up in Rs 40,000 bonds amounted to Rs65 billion in June 2019, and investment in 40,000 bonds now stands around Rs194 billion from Rs259 billion. Rs25,000 bonds saw small dip of Rs1 billion to ... Read More »

SBP injects Rs2416.5b into market

Pak rupee 9

KARACHI: State Bank of Pakistan on Friday injected Rs 2416.5 billion into money market for seven days as reverse repo purchase through its open market operation. All 26 bids offered were accepted. The rate of return accepted is 13.36 percent per annum, said a SBP statement. Read More »

RCCI suggests “National Security Fund” in preview of current economic situation


RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has called on an emergent meeting and passed a unanimous resolution in support of Government for suspending trade and diplomatic ties with India. The house strongly condemned use of cluster bombs along LOC and violation of human rights in Indian occupied Kashmir (IoK) and appealed to the United Nations, OIC and ... Read More »

Overseas Pakistanis remit $2.04b in July


KARACHI: Overseas Pakistani workers have remitted $2.04 billion in the first month of fiscal year 2019/2020 as compared with $1.98 billion in the same month of the last fiscal year, State Bank of Pakistan (SBP) said on Friday. During July 2019, the inflow of worker’s remittances amounted to $2.04 billion, which is 23.91 percent more than June 2019 and 2.9 ... Read More »

FBR extends date for filing sales tax, FED & federal excise return


ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the date for filing sales tax and federal excise return for the month of July 2019. A notification issued by the FBR said that the annexures of sales and purchases, which are due on August 10, 2019 can be submitted up to August 16, 2019. The FBR further said that payment ... Read More »

Techaccess Pakistan receives Oracle Advanced Customer Services ASEAN Best Partner Award

WhatsApp Image 2019-08-08 at 5.12.20 PM

ISLAMABAD: TechAccess Pakistan (TAP), a regional system integrator and a secure cloud enabler, received the Advanced Customer Services (ACS)ASEAN Best Partner Award by Oracle for the year 2019, during a ceremony held in Marriott Hotel, Islamabad. The ceremony was attended by the regional and local teams of Oracle, including Mr. Freddy Tan and Mr. Alvin Chia from Oracle ACS Singapore, ... Read More »

No action against traders till September 30: FBR Chairman Shabbar Zaidi


KARACHI: Chairman Federal Board of Revenue Shabbar Zaidi held a meeting with all groups of traders of Pakistan at Federal Board of Revenue (FBR) and discussed various issues about the traders. It has inter alia been agreed with consensus that no adverse action under the Income Tax Ordinance 2001 and Sales Tax Act, 1990 will be undertaken against the traders ... Read More »