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Author Archives: CT Report

PSX adds 574pts as SBP receives $1b Saudi tranche

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KARACHI: The Pakistan Stock Exchange (PSX) gained over 570 points before closing after State Bank of Pakistan (SBP) received second tranche of $1 billion from Saudi Arabia on Friday. Furthermore, the Asian Development Bank (ADB) has planned to provide support to Pakistan by lending $7.528b for various development projects during the next three years. The KSE 100 index benchmark reached ... Read More »

Pak rupee recovers against greenback

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KARACHI: The Pakistani rupee on Friday recovered against the US dollar both in open market and interbank. As per the local money market, the US currency lost 10 paisas in interbank for buying at Rs138.50 and for selling at Rs139, while it shed 25 paisas in open market for buying at Rs139.50 and for selling at Rs140. On Thursday, the ... Read More »

Finance Minister Asad Umar to participate in Doha Forum

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ISLAMABAD: Finance Minister Asad Umar arrived in Doha, Qatar today on a two day visit to participate in the Doha Forum being held from 14 to 16 December, 2018. The invitation for the visit had been extended by the finance minister of Qatar. The Finance Minister Asad Umar will also meet senior Qatari leadership during the visit.   Read More »

24 Customs officers of BS-20 nominated for 110th NMC

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ISLAMABAD: Federal Board of Revenue (FBR) has nominated 24 Pakistan Customs Service (PCS) officers of BS-20 for 110th National Management Course at National Management College, Lahore. A notification issued by the FBR stated that the NMC will commence from February 11, 2019 to June 14, 2019 at National Management College, Lahore. All nominated officers have been asked to convey their ... Read More »

NAB approves 16 inquiries, two corruption references

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ISLAMABAD: The Executive Board of the National Accountability Bureau (NAB) approved the holding of fresh inquiries against top provincial leaders of the PPP ex-provincial ministers Nisar Ahmed Khoro, Sharjeel Memon and Abdul Karim Soomro in accumulating assets beyond known source of income case. Filing of reference against Khawaja Saddique Akbar, brother of PML-N leader Khawaja Asif, was also approved. The ... Read More »

Another $1b bailout package received from Saudi Arabia: SBP

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ISLAMABAD: A State Bank of Pakistan (SBP) official on Friday confirmed that a second $1 billion bailout package from Saudi Arabia had been received by Pakistan. SBP Spokesman Abid Qamar, confirming the development, said that the latest package had shored up the central bank’s foreign reserves, hitting the $9.4bn mark. The SBP spokesman added that another Saudi financial package was ... Read More »

NAB approves probes against politicians, bureaucrats

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ISLAMABAD: The National Accountability Bureau (NAB) has approved 16 inquiries, two investigations and as many references against various politicians, bureaucrats and others. The decision was taken during the NAB Executive Board Meeting chaired by its chairman Justice (retd) Javed Iqbal. According to the NAB spokesperson, the inquiries and investigations have been approved against the accused on the basis of allegations ... Read More »

Katowice meltdown: Switzerland calls India, Africa Group proposals ‘crappy’

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As the climate talks reached a frenetic pace on Wednesday, tempers frayed. In a rather undiplomatic spat at a ministerial-level meeting, Switzerland told India and the Africa Group of Nations that their proposals on climate finance were “crappy”. The intemperate language from the country, part of the Environmental Integrity Group, got both India and the Africa Group of Nations responding ... Read More »

Protests plunge French business activity into contraction: PMI

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PARIS : French business activity plunged unexpectedly into contraction this month, retreating at the fastest pace in over four years in the face of violent anti-government protests, a monthly survey showed on Friday. Data compiler IHS Markit said that its composite purchasing mangers index dropped to 49.3 points from 54.2 in November, sliding below the 50-point threshold between contraction and ... Read More »

16.1kg gold seized at Dhaka airport

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Dhaka : A preventive team of Dhaka Customs House seized some 161 gold bars weighing around 16.1 kg at Hazrat Shahjalal International Airport here on Thursday. Othello Chowdhury, Deputy Commissioner (Preventive Team) of the Dhaka Customs House, said they had information that a big consignment of gold would reach the country by a flight of Singapore Airlines. Based on the ... Read More »

The Malaysia-Singapore maritime border spat: A chronology

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KUALA LUMPUR (Bernama): Malaysia and Singapore, as close neighbours, share maritime boundaries and not all disputes on boundaries have been resolved. The Malaysia and Singapore bilateral spat on maritime boundaries with matters related to the Johor Baru port limits resurfaced on Dec 4 when the republic claimed that the recent extension of the limits had encroached into Singaporean territorial waters ... Read More »

9 caught with contraband cigarettes in Yishun and Sengkang

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SINGAPORE: Nine people have been caught with duty-unpaid cigarettes in two operations in Yishun and Sengkang, said Singapore Customs in a Facebook post on Thursday (Dec 13). The raids, conducted together with the Housing and Development Board (HDB), took place on Dec 6 and 11. Read More »

34 officers of BS-19 nominated for 25th SMC

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ISLAMABAD: Federal Board of Revenue (FBR) has nominated 34 officers of BS-19, including Pakistan Customs Service (PCS) officers, for 25th Senior Management course (SMC). The 25th SMC is commencing from February 25, 2019 to June 14, 2019 at National Management College, Lahore and National Institute of Management, Islamabad, Karachi and Peshawar. All nominated officers have been asked to convey their ... Read More »

FIA seizes records of 16 schools in Karachi, Sukkur and Hyderabad

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KARACHI: The Federal Investigation Agency raided on Friday 16 schools across Sindh and seized the records. The raids were conducted in schools in Karachi, Sukkur, and Hyderabad. The teams seized their computers and registers. FIA director said that a forensic will be conducted. The investigation agency has also written a letter to the State Bank and requested for their accounts ... Read More »

ENTREVESTOR: Ireland’s Xocean ponders a base in Halifax

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Since touching down in Halifax earlier in the autumn, James Ives has been wondering if the East Coast city could make a suitable North American base for his company, which uses unmanned boats to gather ocean data. Ives is the co-founder and CEO of Xocean, an Irish company that is developing a fleet of unmanned surface vessels (USVs) to gather ... Read More »

Hong Kong Stocks sink on soft China economic data

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Headline shares of the Hong Kong financial market declined on Friday, 14 December 2018, as investors moved to secure gains following the lackluster cues from Wall Street overnight amid skepticism about a U. S.-China trade deal and weaker than expected economic data from China. In afternoon trades, the Hang Seng Index declined 398.64 points or 1.5% to 26,125.71. The Hang ... Read More »

UAE Participates In Customs Procedures And Information Meeting In Cairo

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CAIRO, : The UAE participated in the 21st meeting of the Customs Committee on Procedures and Information affiliated with the Arab Economic Integration Department at the Arab League, which commenced on Wednesday at the headquarters of the General Secretariat of the Arab League. Majed Al Suwaidi, Head of Policies and Procedures Department at the Federal Customs Authority, represented the UAE ... Read More »

Nawaz shows court documents of son Hassan’s London properties

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ISLAMABAD: Former prime minister Nawaz Sharif on Friday presented documents pertaining to his son Hassan Nawaz’s properties in London that he had obtained from the London Land Registry Department. The documents regarding Hassan’s three companies were shown in court by Nawaz’s lawyer Khawaja Haris as Accountability Judge Arshad Malik resumed hearing of the Al-Azizia corruption reference against the former premier. ... Read More »

CICT adds capacity for bigger ships at Sri Lanka’s Colombo port

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Colombo : Colombo International Container Terminals (CICT) said it was buying more cranes that will enhance deep water capacity and enable Sri Lanka’s Colombo port to handle the biggest container ships afloat. A statement said the capacity enhancement by March 2019 would make Colombo “one of the few ports in Asia capable of handling vessels of 22,000 + TEUs (twenty-foot ... Read More »

UK-Portugal operation targets foreign cars and tax offences

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London : The operation was staged by GNR police’s fiscal and customs unit (UAF) and the Coast Control Unit, in cooperation with the UK’s Her Majesty’s Revenue and Customs (HMRC). The purpose of the three-day operation, which was carried out between 5 and 7 December, was to detect tax and customs offences. A statement from the GNR explained “Operation Guardian ... Read More »