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Author Archives: CT Report

Durrani appears before NAB in assets beyond means case

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ISLAMABAD: Jamiat Ulema-e-Islam (JUI-F) leader Akram Durrani on Thursday appeared before the National Accountability Bureau (NAB) for an inquiry into the accumulation of assets beyond means case. Durrani was earlier directed by the anti-graft watchdog to appear before it for an inquiry into assets beyond known sources of income. Sources said Durrani will be handed over a questionnaire by the ... Read More »

Asad Umar-led delegation holds meetings with officials of IMF, WB & multinational companies

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WASHINGTON: Pakistan’s delegation led by Finance Minister Asad Umar participated in the IMF/WB spring meetings 2019 and attended a number of bilateral meetings on the sidelines. The Finance Minister met with the new World Bank President Mr. David Malpass and apprised him of the macroeconomic situation in the country and discussed continuation of Pakistan’s ongoing engagement with the Bank. Malpass ... Read More »

Pak Rupee gains 4 paisas in early trade

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KARACHI: The Pak Rupee gained 4 paisas against dollar in early day trading on Thursday after the reports of significant fall in import bill in March 2019. The dollar is being traded at Rs141.34 to the dollar in interbank foreign exchange market. The foreign currency market was ended at Rs141.38 to the dollar. The import bill has been declined by ... Read More »

Swiss government to overhaul customs service

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Switzerland is revamping its national custom services to make it fit for the digital era. The differentiation between border guard and custom specialists will disappear under a new organisational structure. The government outlined its reform plan on Wednesday for the Federal Customs Administrationexternal link (FCA), which will become the Federal Customs and Border Security Office, saying it wants to “seize ... Read More »

France takes hard line as May lobbies for Brexit delay

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Brussels: France’s President Emmanuel Macron took a hard line Wednesday against a long delay to Brexit, as Prime Minister Theresa May lobbied EU leaders for more time to arrange an orderly divorce. Most of the 27 European leaders gathered in Brussels for Brexit crisis talks, including German Chancellor Angela Merkel, backed a plan for Brexit to be postponed for up ... Read More »

Digital tax not likely to affect foreign online businesses

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The digital tax, which is expected to be enforced from Jan 1 next year, is not expected to affect foreign online services’ bottom line as the customers are anticipated to remain loyal, while absorbing the minute additional cost. Several users and subscribers told The Malaysian Reserve (TMR) that they would not discontinue the services and packages even if the full ... Read More »

Shanghai still world’s busiest container port, but Singapore is climbing back

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The port of Shanghai has maintained its position as the world largest container port. However, new data from Alphaliner today shows its lead over second-placed Singapore narrowed last year. Shanghai posted 2018 throughput of 42.01m teu, 4.4% growth on 2017, while Singapore handled 36.6m teu, representing growth of 8.7%. And the 5.41m teu differential between them was narrower than the ... Read More »

Court extends Aleem Khan’s judicial remand till April 20

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LAHORE: An Accountability Court once again extended on Thursday the judicial remand of Pakistan Tehreek-e- Insaf (PTI) leader Aleem Khan’s till April 20 in a case pertaining to assets beyond known source of income. The PTI leader was produced before the accountability court by National Accountability Bureau (NAB) officials as his judicial remand ends today. A number of PTI workers ... Read More »

Exports slow down by 11pc despite rupee devaluation

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ISLAMABAD: Pakistan’s exports dipped by 11.13 percent on a year-on-year basis in March 2019, flattening at $17 billion in the first nine months of this fiscal year despite devaluation of the Pakistani rupee and the government’s incentives to the export sector. The country’s sale of goods to the outside world amounted to $1.979 billion in March this year. Last year ... Read More »

FBR to start survey in Punjab from April 15 to introduce single tax return reform

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ISLAMABAD: The federal government has decided to begin a survey on April 15 in Punjab with the aim to introduce single tax return reform, making the federal and provincial taxes consistent. A decision has also been made to make the Federal Board of Revenue’s (FBR) Directorate General for Special Measures operational. Federal Board of Revenue Inland Revenue Policy Member Hamid ... Read More »

Pakistan & China agrees to amend railways ML-1 accord

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ISLAMABAD: Pakistan and China have agreed to amend a framework accord on implementation of multibillion dollars mainline-I project of the Pakistan Railways in a bid to reduce the size of the much-delayed strategically important scheme and to complete it in three phases. According to media reports, the decision to split the project, which was once planned to be completed in ... Read More »

FBR seeks details of account holders for automatic exchange of information

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ISLAMABAD: Federal Board of Revenue (FBR) has asked financial institutions to provide details of their account holders by May 31, 2019 for the purpose of automatic exchange of information with OECD member countries. The FBR in a notice sent to Pakistan Stock Exchange (PSX) said that as per section 165(B) and 107(1) of Income Tax Ordinance, 2001 and other applicable ... Read More »

LEAs urged to intensify patrolling, snap checking in Jodia Bazaar, old city areas

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KARACHI: The leadership of Businessmen Group (BMG) and office bearers of the Karachi Chamber of Commerce and Industry (KCCI) have strongly condemned murder of a local businessman Muhammad Saleem, who was killed mercilessly at his business premises in Jodia Bazaar on Tuesday evening by unknown individuals. In a statement issued, Chairman Businessmen Group and Former President KCCI Siraj Kassam Teli, ... Read More »

Five-day Rawal Expo to begin from April 17

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RAWALPINDI: A five-day International Rawal Expo 2019 will start on April 17 in Rawalpindi and all arrangements in this regard are being finalised by Rawalpindi Chamber of Commerce and Industry (RCCI). Addressing a press conference here Wednesday, RCCI President Malik Shahid Saleem said a federal minister would be the chief guest at the inaugural ceremony to be held at Ayub ... Read More »

NAB arrests key suspect involved in rental power projects case

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ISLAMABAD: The National Accountability Bureau (NAB) said on Wednesday it had arrested a major suspect in the Rental Power Projects (RPPs) case. It may be recalled that in 2017 Pakistan lost the case in the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The case was filed against Pakistan by Turkish power company Karkey Karadeniz Elektrik Uretim. According ... Read More »

Spain wants to expand trade ties with Pakistan: Envoy Manual Duran Gimenez-Rico

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  SIALKOT: Ambassador of Spain in Pakistan Mr. Manual Duran Gimenez-Rico has said that the Spain was much keen to establish the strengthened mutual trade ties with Pakistan. He said that there were the bright opportunities of setting up the joint ventures (JVs) with Pakistani companies in different trade fields, as several Spanish companies were showing keen interest in this ... Read More »

Swat motorway to be inaugurated next month

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SWAT: Khyber Pakhtunkhwa Communication and Works Minister Akbar Ayub Khan said Prime Minister Imran Khan is expected to inaugurate Swat motorway on 25th of next month. Radio Pakistan reported that the work on the construction of 81 kilometre-long Swat Motorway would be completed by May at a cost of Rs34 billion. The provincial minister said that the motorway has been ... Read More »

Russia-Iran Trade Up 14.2% To $361Mln In January-February Year-on-Year – Customs Service

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MOSCOW : Trade between Russia and Iran saw a 14.2 percent year-on-year increase to $360.7 million in January and February 2019, the Russian Federal Customs Service’s data showed on Monday. The data showed that exports from Russia to Iran in the given period totaled $262. 7 million, having increased by 20.6 percent, while imports to Russia from Iran stood at ... Read More »

UAE, Saudi Arabia announce $200 million Ramadan aid package for Yemen

Saudi Arabia to cut flights, trade with Iran, ban visits

The UAE and Saudi Arabia have pledged $200 million for Yemen as a special humanitarian initiative during Ramadan, a UAE minister announced on Monday. Reem Al Hashimi, Minister of State for International Cooperation, said the donation is part of a $500 million joint initiative announced by both countries in November. The funding is primarily for food, with a total of ... Read More »

Honda will stop car production in Turkey after 2021: statement

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ISTANBUL : Honda has decided to end car production in Turkey following completion of the production of its current Civic Sedan model in 2021, the company said in a statement on Monday. It said it made the decision due to electrification developments in the industry globally and the need to ensure adequate production capacity. Operations in the automobile area that ... Read More »