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Author Archives: CT Report

Flour mills call off strike after talks with FBR

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ISLAMABAD: After successful talks with the FBR chairman Pakistan Flour Mills Association (PFMA) has called off its strike for Wednesday (today). “Our leadership held talks with the FBR team and decided to call off strike after getting assurances that there will be no tax burden on wheat, flour, maida, suji and other products,” PFMA leaders told this scribe here on ... Read More »

Govt committed to providing maximum facilities to investors: PM Imran

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ISLAMABAD: Prime Minister Imran Khan has claimed that Board of Investment (BOI) and all the ministries concerned are making hectic efforts to facilitate the investors since the government is committed to provide every possible facility to investors and the business community. He was talking to a delegation of US-Pakistan Business Council which called on him at the Prime Minister Office ... Read More »

Services trade deficit narrows by 4.64pc

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ISLAMABAD: The country’s services exports dipped by 4.64 per cent in May, Pakistan Bureau of Statistics (PBS) data showed on Wednesday. Services exports during the month dipped to $434.08 million compared to $455.19m during the same month last year. The fall in monthly exports come after recording modest gains in the preceding months. Data for the cumulative period between July-May ... Read More »

IMF to begin search for new leader as Lagarde resigns as of Sept 12

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WASHINGTON: Christine Lagarde will resign from the International Monetary Fund on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank, she announced Tuesday. Her departure allows the IMF board to begin the search for her replacement. “With greater clarity now on the process for my nomination as ECB President and the ... Read More »

ECC approves new PCT codes as per Finance Act, 2019

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  ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. The ECC also allowed that new PCT codes, as created in the Pakistan Customs Tariff through the Finance Act, 2019, may also be incorporated in SRO 693(I)/2006 dated 01.07.2006 so that levy of ... Read More »

Huawei to invest around $100m in Pakistan

Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar talking to Vice President of Huwaei Group, Mr. Mark Xueman, who along-with a delegation called on him in Islamabad on July 17th, 2019. Secretary Planning Zafar Hasan is also present.

ISLAMABAD: Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar, appreciating Huawei’s continued engagement in Pakistan, said on Wednesday the leading technology company can help develop and upgrade the IT sector. The minister was talking to Vice President of Huawei Group, Mark Xueman, who along with a delegation called on him. Secretary Planning Zafar Hasan, PD CPEC Hassan Daud ... Read More »

US deeply interested in expanding trade, investment ties: Chad Miner

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KARACHI: Chief of the Economic Unit of Consulate General of United States Chad Miner has said that the US government was deeply interested in expanding trade and investment ties between United States and Pakistan which is the largest exporter of goods to US. Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), Chad ... Read More »

Palm oil imports fall 9pc to $1.705b during eleven months FY2018-19

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KARACHI: The palm oil imports into the country witnessed negative growth of 9.66 percent during the first eleven months of the fiscal year (2018-19) as against the imports of same period of last year. The palm oil imports into the country during July-May (2018-19) were recorded at $1705.861 million against the imports of $1888.321 million during July-May (2017-18), showing declined ... Read More »

NAB Court extends remand of Sibtain Khan in illegal contracts case

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LAHORE: The National Accountability Bureau (NAB) Lahore today (July 17) extended the judicial remand of former provincial Minister for Forestry and Sibtain Khan for 14 days over awarding illegal contracts and directed the Investigation Officer (IO) to submit the inquiry report in next hearing. Accountability Judge Ameer Muhammad Khan conducted the proceedings of Chiniot mines and minerals scandal in which ... Read More »

NAB to issue red warrants of son in law of Shehbaz Sharif

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LAHORE: National Accountability Bureau (NAB) has tightened the noose around son in law of former Chief Minister Shehbaz Sharif. The Bureau has asked its headquarters to issue red warrants of Ali Imran. NAB Lahore wrote a letter to headquarters on April 22 asking to issue red warrants of Ali Imran. Upon not receiving any notice from headquarters NAB Lahore again ... Read More »

State customs overpaid RM41.4m in LPG subsidies in three years

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KUALA LUMPUR : The state customs has overpaid a total of RM41.4 million in liquefied petroleum gas (LPG) subsidies claim from 2015 to 2017. According to the activities of the Federal Ministries/Departments 2018 section under the Auditor General’s Report 2018 series 1, the overpayment is due to a claim submitted to the Treasury without the approval of the State Customs ... Read More »

Shipping activity at Port Qasim

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KARACHI: Brisk shipping was recorded at the Port Qasim on Monday, where seven ships Conti Lyon, CPO Hamburh, Lorentzos, SBI Sabina, Yamilah-III and Tomson Gas were scheduled to load/offload containers, cement, coal, palm oil, diesel oil and LPG allotted berths at Container Terminal, Multi-Purpose Terminal, Bulk Terminal, Liquid Terminal, FOTCO and Engro Terminal respectively. Meanwhile, six more ships carrying Containers, ... Read More »

Pakistan Stock Exchange gains 14 points amid high volume

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KARACHI: The stock market gained a nominal 14 points on Tuesday amid high volume trading, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,972 points as against 32,958 points showing an increase of 14 points. Analysts at Arif Habib Limited said that the market volumes finally breached the anemic 40 million level and totaled 138.7 ... Read More »

State Bank raises benchmark interest rate to 13.25pc

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KARACHI: In line with market expectations, the State Bank of Pakistan (SBP) raised the key interest rate by 100 basis points to 13.25%, on likely pickup in inflation in the near future. The announcement was made by SBP Governor Reza Baqir at a press conference on Tuesday. He said that the inflation forecast has been revised up to 11-12% for ... Read More »

Development of data collection by PBS will improve credibility: President Alvi

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ISLAMABAD: President Arif Alvi has said the development of electronic data collection system by Pakistan Bureau of Statistics will augur well towards enhancing the credibility of Price Statistics and reducing the time tag. The President said this at a presentation given by Pakistan Bureau of Statistics (PBS) on Tablet Based Price Data Collection System, in Islamabad on Tuesday. Arif Alvi ... Read More »

FBR withholds five million notices against benamidars

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ISLAMABAD: The Federal Board of Revenue (FBR) has withheld five million notices against benamidars and tax evaders. According to the FBR sources, only fifty notices will be served to the law violators per month and the institution will try to bring them to logical conclusion. It has been learnt that the notices are also halted as some elements are trying ... Read More »

International Trade Centre launching project to reduce poverty in Pakistan

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ISLAMABAD: The Geneva-based International Trade Centre – the joint agency of the United Nations and the World Trade Organization – is launching a project to reduce poverty in Pakistan by strengthening small-scale agribusinesses in Balochistan and Sindh. The project known as ‘Growth for rural advancement and sustainable progress (GRASP) will help small and medium-sized enterprises in horticulture and livestock become ... Read More »

Pakistan’s coastal belt is enriched with natural resources: Ali Zaidi

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KARACHI: Federal Minister for Ports and Shipping Ali Zaidi on Tuesday said Pakistan’s coastal belt is enriched with natural resources, new Shipping Policy will bring improvement, according to media. Chairing the first meeting of the committee on the blue economy, constituted on the directions of Prime Minister Imran Khan, the minister said world’s blue economy stands around $23 trillion. The meeting ... Read More »

Facebook’s new currency plan under scrutiny in Congress

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NEW YORK: Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from United States President Donald Trump, his treasury secretary and the head of the Federal Reserve. Congress begins two days of hearings on Tuesday on the currency planned by Facebook, to be called Libra, starting ... Read More »

Pak rupee further depreciates by 64 paisa, hit Rs160.50 against dollar

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KARACHI: The Pakistani currency on the back of deteriorating macroeconomic indicators, continue to lose ground and cumulatively depreciate against the US dollar. The rupee further lost its value by 64 paisa against the US dollar and hit Rs160.50 in the interbank market at the early trade hours on Tuesday. Within just two days, the rupee lost its value against the ... Read More »