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Author Archives: CT Report

NAB files reference against dealer of Toyota Hyderabad Motors

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HYDERABAD: The National Accountability Bureau (NAB) has filed a reference against Chief Executive Officer (CEO) of Toyota Hyderabad Motors a a leading car manufacturing company for alleged corruption involving over Rs.230 million. The amount was collected on the pretext of advance for booking the vehicles. According to media, two persons including owner of a Hyderabad based dealership, Muhammad Shoaib Soomro ... Read More »

FBR issues new instructions to banks regarding cash withdrawal

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ISLAMABAD: Federal Board of Revenue (FBR) issued new instructions to banks regarding providing details of cash withdrawal by filers and non-filers. The FBR issued SRO 469(I)/2019 dated April 17, 2019 to amend SRO 1165(I)/2018 dated September 28, 2018. The amendment has been made regarding amount deducted on cash withdrawal from banks by filers and non-filers during a month. Through SRO ... Read More »

FIA team raids two money changers involved in dollar hoarding

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ISLAMABAD: Federal Investigation Agency’s (FIA) team on Thursday raided two offices operated by currency exchange companies in Islamabad’s F-10 Markaz and Blue Area as part of a wider crackdown against dollar hoarding and money laundering. The teams seized records, foreign currency and millions of rupees in cash from the two outlets as they had been operating without a license, FIA ... Read More »

ICCI strongly opposes proposed increase in municipal taxes

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ISLAMABAD: Iftikhar Anwar Sethi, Acting President, Islamabad Chamber of Commerce & Industry has said that Municipal Corporation Islamabad (MCI) has proposed manifold increase in next budget in municipal taxes including trade license fee, signboard tax, property tax and water charges but the business community of the federal capital has totally rejected the proposed increase as it would create more problems ... Read More »

MoC stressed to approach SA for waiving anti-dumping duty on cement

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KARACHI: Chairman Pakistan-South Africa Business Forum (PSABF) Mohammad Rafiq Memon has said that Pakistan’s cement exports to South Africa have suffered terribly during the last couple of years because of the anti-dumping duty imposed by the South African government that resulted in shrinking cement export to around US$100 to US$150 million which was around US$700 million prior to imposition of ... Read More »

Mian Aslam inaugurates International Rawal Expo 2019

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RAWALPINDI: The five day International Rawal Expo 2019 being organized by Rawalpindi Chamber of Commerce and Industry (RCCI) has been formally inaugurated here at Ayub Park Rawalpindi, on Wednesday. Punjab Minister for Industries Mian Aslam Iqbal was the chief guest on the occasion. Punjab Minister for Industries Mian Aslam Iqbal appreciated the role of RCCI in promoting business activities in ... Read More »

CPEC to enter ‘new era’ after PM Imran’ visit to China: Envoy Yao Jiang

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ISLAMABAD: Chinese Ambassador to Pakistan Yao Jing said that the upcoming visit of Prime Minister Imran Khan to China would take the relations between the two countries into a ‘new era’ of development and prosperity. Addressing the participants during the launch of a book on Wednesday, ‘CPEC – A Precursor to Regional Economic Growth and Stability’, published by Strategic Vision ... Read More »

Ali Haider Zaidi seeks legislators’ cooperation for preserving marine environment

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ISLAMABAD: Minister for Maritime Affairs Syed Ali Haider Zaidi Wednesday sought cooperation of legislators to adopt sustainable models for preservation and protection of marine environment. He made these remarks while briefing National Assembly Standing Committee on Maritime Affairs. The meeting, chaired by Mir Amir Ali Khan Magsi, was attended by MNAs Faheem Khan, Mir Khan Muhammad Jamali, Nuzhat Pathan, Usama ... Read More »

KSE-100 sheds over 600 points

A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

KARACHI: Bears of Pakistan Stock Exchange (PSX) were again successful in capturing the market, as the indices bled for the most part of Wednesday. A lack of clarity on the economic front and expected reforms under the umbrella of the International Monetary Fund (IMF) kept the investor confidence low. Meanwhile, foreign investors took a U-turn after four sessions and closed ... Read More »

FBR detects a dozen benami accounts in Faisalabad

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FAISALABAD: Federal Board of Revenue (FBR), Regional Tax Office (RTO) has detected a number of benami accounts being operated in various banks situated at the Clock Tower bazaars and other areas and requested the State Bank of Pakistan to get the accounts verified through biometrics on a priority basis. Sources said the decision to write the SBP had been taken ... Read More »

EU targets $12b tariffs on US over Boeing subsidies

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BRUSSELS: The EU on Wednesday unveiled a wide-ranging list of US-made goods, from beeswax to car parts, subject to tariffs in retaliation for subsidies to Boeing as a transatlantic trade war risked re-erupting. “European companies must be able to compete on fair and equal terms… We must continue to defend a level-playing field for our industry,” said EU Trade Commissioner ... Read More »

ECC directs USC to expedite procurement of essential consumer items during Ramazan

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ISLAMABAD: The meeting of the Economic Coordination Committee (ECC) of the Cabinet was held here today with Finance Minister, Asad Umar, in the chair. The committee reviewed proposals of various ministries/divisions. The committee also considered and approved various demands of division ministries for supplementary and technical supplementary grants. Industries and Production Division gave a presentation to update the committee about ... Read More »

Pak Rupee ends firmer on lower dollar demand for imports

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KARACHI: The Pak Rupee ended firmer against dollar on Wednesday amid static demand for import and corporate payments. The rupee ended Rs141.40 to the dollar, the same previous day’s 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 Rs141.39 ... Read More »

Banking deposits reach at Rs13.45tr by end of March

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KARACHI: The banking deposits have reached to all time high at Rs13.45 trillion by end of March 2019 amid reports of government initiatives of Treasury Single Account (STA). The deposits of the banking system increased to Rs13.456 trillion by March 2019 as compared with Rs12.57 trillion in the same month a year ago, showing growth of seven percent, according to ... Read More »

Climate change lowers mango produce by 20pc

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KARACHI: Climate change has affected mango produce in Pakistan, particularly in Sindh and Punjab, by 20pc, according to the Economic Survey of Pakistan. The country may get late arrival of the crop in both the provinces owing to less production, it said. “Pakistan is assessed to be one of the vulnerable countries to climate change. This vulnerability is mainly due ... Read More »

Multan Railways division earnings up by 15pc

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MULTAN: Multan Railways has become top third division of the country with regard to passengers earning after Karachi and Lahore. Daily income of the division has increased up to 15 percent in fiscal year 2018-19 as compared to the last five years, a senior Railways official told media on Wednesday. “In freight earning Multan has got second ranking after Karachi”, ... Read More »

Customs I&I to hold auction of 24 non-duty paid vehicles on April 23

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KARACHI: Directorate of Customs Intelligence and Investigation (I&I) will conduct auction of following impounded vehicles on April 23 (Tuesday), 2019 at PECHS Karachi. Toyota Crown Car, Reg No. AA-7095, Model 1995 BMW Car, Reg No QZ-318, Model 2000 Mercedes Benz Car (E-500), Reg No. AC-3077, Model 2002 Toyota Crown Car, Reg No. AAK-226, Model 2005 Honda Inspire Car , Reg ... Read More »

Pakistan keen on attending second Belt and Road forum

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BEIJING: The second “Belt and Road” International Cooperation Forum will be held in Beijing late this month. Pakistan is enthusiastically looking forward to attending the forum and is actively doing all-round preparations, said Cheng Xizhong, visiting professor at Southwest University of Political Science and Law and a former defense attache in South Asian countries He said Pakistani Prime Minister Imran ... Read More »

Pakistan’s internet capacity to be increased by 96 Tb/s with new submarine cable system

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KARACHI: A landing party agreement signed between Cybernet Pakistan and PEACE Cable International Network Company Ltd is set to increase Pakistan’s internet infrastructure capacity by 96 terrabits per second with the country’s first carrier-neutral, open-access submarine cable system. Pakistan and East Africa Connecting Europe (PEACE) Cable International Network Company Ltd and Cyber Internet Services Pvt Ltd (Cybernet Pakistan) signed the ... Read More »

Tax amnesty scheme approval deferred for further deliberations by cabinet

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ISLAMABAD: The federal cabinet on Wednesday again deferred the approval of the much-awaited tax amnesty scheme because some of its provisions require “further fine-tuning”, Information Minister Fawad Chaudhry announced. They said Information Minister Chaudhry was of the opinion that there was a need for reforms in the Federal Board of Revenue (FBR) and the Pakistan Customs department before launching an ... Read More »