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Author Archives: CT Report

Sri Lanka to be drug-free nation in two years : President

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President Maithripala Sirisena addressing the media during the incineration of drugs at the warehouse facility in Kelaniya said that the inaction of the death penalty has led to the proliferation of narcotics in the country and that the list of those sentenced to death as well as the date of the first execution has been fixed. “I am pleased that ... Read More »

UAE’s earliest known artwork discovered on Marawah Island

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Abu Dhabi: The latest archaeological excavations on Marawah Island, carried out by specialist teams from the Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi), have shed new light on Abu Dhabi’s earliest known settlement, which dates back 8,000 years. The most recent excavations, which took place over a period of five weeks in February and March, have ... Read More »

RCMP, customs agency struggling with information request backlogs

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The Canadian government’s lack of transparency is reflected in law enforcement agencies’ delays handling of access to information requests, a Calgary journalism professor says. Sean Holman calls access to information officials “blackout bureaucrats.” “Their job is to apply exemptions and exclusions in under the Access to Information Act,” the Mount Royal University academic said. “That’s not access to information; that’s ... Read More »

Qatari investors considering to take Islamabad airport on lease

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ISLAMABAD: The Qatari investors have shown a great interest in taking on lease the Islamabad International Airport. According to media, members of the Qatar Investment Authority, currently on a visit to Pakistan, have expressed their desire to take the managerial control of the new airport so as to handle its affairs effectively. “Although the Pakistani side is yet to respond ... Read More »

Tax Amnesty Scheme being introduced on demand of business community: Asad Umar

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LAHORE: January 28 - Federal Minister for Finance Asad Umar chairing a meeting of LCCI. APP photo by Tabasam Naveed

ISLAMABAD: Pakistan tehreek-e-Insaf (PTI) government has announced to bring Tax Amnesty Scheme, Finance Minister Asad Umar has confirmed. Talking to media, the finance minister said, “The Tax Amnesty Scheme is being introduced on the demand of business community. This scheme will be brought before the upcoming budget.” He said the Tax Amnesty Scheme is being introduced to encourage the people ... Read More »

Pak Rupee ends down by 21 paisas in interbank

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KARACHI: The rupee depreciated by 21 paisas against dollar on Tuesday owing to hike in policy rate and petroleum products. The rupee ended Rs141.10 to the dollar from last Friday’s close of Rs140.89 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs140.90 and Rs140.95. The market recorded day high of Rs141.10 and ... Read More »

KSE-100 loses 319 points, dented by five-year high inflation

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KARACHI: The stock market closed lower on Tuesday in the wake of ongoing talks with the International Monetary Fund (IMF) for a bailout package and dismal data on inflation, which was recorded at 9.41% in March 2019 on a year-on-year basis. The KSE-100 index went down after making gains of 203 points in the beginning and lost 356 points by ... Read More »

Global tensions to force trade slowdown in 2019: WTO

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GENEVA: Global trade growth is expected to be lower in 2019 than it was last year, the World Trade Organization forecast on Tuesday, citing widespread “tensions” and economic uncertainty. The WTO had in its preliminary estimates predicted a 3.7pc expansion of trade for this year, but has revised that down to 2.6pc, marking a decline on the 3pc growth recorded ... Read More »

President Alvi appreciates FTO’s role in resolving tax payers’ complaints

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ISLAMABAD: President Dr Arif Alvi said the Federal Tax Ombudsman (FTO) was playing an important role in resolving complaints of the people against the decisions of tax collecting authorities. The President said this while talking to Federal Tax Ombudsman Mushtaq Ahmad Sukhera, who called on him here at the Aiwan-i-Sadr to present the annual report (2018) on Monday. Dr Alvi ... Read More »

Pak Rupee falls to Rs141.05 against dollar in interbank early trade

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KARACHI: The Pak Rupee depreciates by 16 paisas against US dollar in early trade on Tuesday owing to reports of IMF conditionalities for new loan program. The dollar is being traded at Rs141.05 in interbank foreign exchange market. The foreign currency market was closed yesterday at Rs140.89 to the dollar. The local currency was showing declining trend since last week ... Read More »

NAB executive board approves first reference in fake accounts case

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ISLAMABAD: The National Accountability Bureau (NAB) executive board on Tuesday granted approval for filing of the first reference pertaining to the fake bank accounts and mega money laundering case. NAB Chairman Justice (r) Javed Iqbal chaired the executive board meeting which granted approval for the filing of six corruption references, including one pertaining to the fake bank account case. A ... Read More »

Companies, entrepreneurs flock to Gwardar port free zone

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GWADAR: Witnessing increasing business for his bank in Gwadar port, a formerly remote fishing village in Balochistan province in southwestern Pakistan, Shakeeb Yusuf said he made the right choice as the robust business growth helped pave the way toward his promotion. Yusuf has been promoted to the full-time manager of Habib Bank Private Limited’s (HBL) branch at the port’s free ... Read More »

Euro central bankers warn of no-deal Brexit risk to markets

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FRANKFURT: Financial markets have not “priced in” the risk of a no-deal Brexit and could suffer turmoil if the “worst-case scenario” materialises, top European central bankers warned on Monday. The risk of Britain crashing out of the EU on April 12 is “something that we cannot neglect,” European Central Bank vice-president Luis de Guindos told European Parliament lawmakers in Brussels. ... Read More »

PM Imran welcomes Qatar’s interest in exploring investment opportunities

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ISLAMABAD: The Qatar Investment Authority (QIA) has expressed a keen interest to invest in housing, energy, tourism and airport management sectors of Pakistan, Radio Pakistan reported. A meeting was held between Prime Minister Imran Khan and a delegation of QIA, headed by Qatar Investment Department and QIA’s Regional Investment Fund Head Sheikh Faisal Bin Thani Al-Thani, in Islamabad. The delegation ... Read More »

Pakistan Customs surpasses revenue target, collects Rs510.11b till March

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ISLAMABAD: Pakistan Customs has surpassed the target by collecting Rs510.11 billion as duty and taxes during July – March 2018-19. According to statement, the target for collection of customs duty for the first nine months was Rs509.3 billion. The duty collection from July to March 2018-19 is higher 19.2 percent when compared with Rs482 billion in the corresponding period of ... Read More »

Qatar can benefit from investing in tourism, energy sectors: Bakhtiar

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ISLAMABAD: Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar Tourism, energy and infrastructure sectors of Pakistan offer massive investment potential and Qatar can benefit from investing in these areas. While talking to a Qatari delegation, headed by Qatar Investments Department Head and Qatar Regional Investment Fund Head Sheikh Faisal Bin Thani Al Thani on Monday, the minister reiterated ... Read More »

SBP summons currency dealers as dollar touches Rs144

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  KARACHI: The State Bank of Pakistan (SBP) summoned currency dealers after the dollar touched an intraday high of Rs144, eventually closing at Rs 142.7 in the open market. Noting the speedy rise in the price of dollar, the SBP on Monday invited exchange companies to cool down the rapid increase. “The State Bank told us not to charge more ... Read More »

OGDC drills six wells, makes two discoveries in 1H of FY2019

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ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) has drilled six new wells and made two discoveries during the first half of the current fiscal year (FY19). Out of the total new drills, three were exploratory/appraisal wells while the remaining were development wells. Meanwhile, the company’s exploratory efforts yielded two new oil and gas discoveries namely Chanda-1 and Mela-5 ... Read More »

Interpol arrests Omni Group CFO Arfi Khan

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ISLAMABAD: The Chief Financial Officer (CFO) of Omni Group Arif Khan has been arrested by Interpol in Dubai, Federal Investigation (FIA) sources revealed to media on Wednesday. Khan arrested in connection with the money laundering case is expected to be extradited to Pakistan later this week. According to sources, the Omni Group CFO looked after the affairs of five to ... Read More »

Zardari’s close aide Owais Muzaffar arrested in Dubai

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ISLAMABAD: Asif Ali Zardari’s close aide and former provincial lawmaker Owais Muzaffar was arrested from Dubai, according to media on Tuesday. Muzaffar, alias Tapi, has been arrested for his involvement in a case pertaining to money laundering of billions through fictitious bank accounts. Asif Ali Zardari, Faryal Talpur, Omni Group’s Anwar Majeed and his son Abdul Ghani Majeed, former Pakistan ... Read More »