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Author Archives: CT Report

Trade balance improves 19pc during FY2018-19


ISLAMABAD: Pakistan trade balance has improved by 19pc, as the deficit declined from $37.6 billion to $30.6 billion during the last fiscal year. “The country’s exports remained stable at around $23 billion,” the one-year performance report shared by the Establishment Division revealed. “Pakistani exports were protected from external shocks arising from regional geopolitical uncertainty in the wake of Pulwama incident, ... Read More »

Army Chief General Qamar Javed Bajwa gets three-year extension


ISLAMABAD: Chief of Army Staff (COAS) General Qamar Javed Bajwa has been given an extension in term for three years. Prime Minister Imran Khan approved an extension in the term of the Army Chief for another three years. The decision has been taken in view of the the situation along the eastern border particularly Afghanistan and Indian occupied Kashmir (IoK), ... Read More »

Pak Rupee depreciates 24 paisa against dollar; PSX gains 589 points

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The Pakistani rupee on Monday depreciated by 24 paisa against the US dollar and hit Rs158.90 in the interbank market with slight fluctuation at the early trade hours. Contrarily, the rupee appreciated by 20 paisa in the open market and was being sold at Rs159.20 till the last report came in. Ahead of Eidul Azha, Pakistan received higher remittance ... Read More »

US economists expect recession in 2020 or 2021: survey


WASHINGTON: A majority of economists expect a US recession in the next two years, but have pushed back the onset amid Federal Reserve actions, according to a survey released Monday. The National Association for Business Economists (NABE) found far fewer experts now think the next recession will start this year compared to a survey in February. NABE conducted its policy ... Read More »

KPT Shipping Intelligence Report August 19

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier) OP-I Lahore D. Crude Oil PNSC 18/08/19 OP-II Ardomore Seavaliant D. SB Oil Alpine 18/08/19 ALONG SIDE (East Wharves): 4 Flc Fortune L. Clinkers OC-Services 18/08/19 10/11 Navios Sagittarius D. Meal Bulk-Sh. 16/08/19 12/13 ... Read More »

1,320MW coal-fired power project under CPEC starts operation


ISLAMABAD: The China Power Hub Generation Company’s (CPHGC) 1,320MW coal-fired power project in Balochistan under the China-Pakistan Economic Corridor (CPEC) has declared Commercial Operations Date (COD) and is now commercially operational. The CPHGC is a joint venture between The Hub Power Company Ltd. (HUBCO) and China Power International Holding, announced this COD of its 1,320MW imported coal power plant and ... Read More »

NAB likely to start probe into IESCO billing scam


ISLAMABAD: Though the Federal Investigation Agency (FIA) has already been investigating the Islamabad Electric Supply Company (IESCO) billing fraud, the National Accountability Bureau (NAB) has also been requested to join hands and initiate an investigation into the fraud. Sources told that the NAB has received a complaint regarding fraud in IESCO worth Rs207,752,411, which was pocketed during the period starting ... Read More »

Money laundering case: Zardari, Talpur’s judicial remand extended till Sep 5

Asif Zardari, Faryal Talpur

ISLAMABAD: An accountability court in Islamabad extended the judicial remand of former president Asif Ali Zardari and his sister, Faryal Talpur, till September 5 in the long-running money laundering and fake bank accounts case. Accountability Court Judge Muhammad Bashir, while hearing the Park Lane reference and money laundering case against the two Pakistan Peoples Party leaders earlier today, instructed the ... Read More »

Govt to introduce new shipping policy next week: Ali Zaidi


KARACHI: Federal Minister for Maritime Affairs Syed Ali Haider Zaidi has said that the Economic Coordination Committee (ECC) has approved the new shipping policy, which would strengthen the shipping sector and benefit exporters, Federal Minister for Maritime Affairs Ali Zaidi said. “I will hold a press conference next week to share the details of the new policy,” the minister said ... Read More »

Customs Preventive to hold auction of 24 impounded vehicles tomorrow


KARACHI: Collectorate of Customs Preventive has announced to hold auction of impounded vehicles on August 20, 2019 (tomorrow) at Anti-Smuggling Organization (ASO) Headquarters, NMB Wharf, Ghass Bandar, East Wharf, Karachi. Following vehicles will be presented for auction: Used Toyota Lexus Car, Reg No. UC-868 -Model-2006-(As per seat Belt), Chassis: JTHBG 963905034702 / Engine EMH-3 GR-FE158467 – 3485 cc. Used Toyota ... Read More »

Hammad Azhar plants sapling as part of Ten Billion Tree Tsunami Programme


ISLAMABAD: Federal Minister for Economic Affairs Muhammad Hammad Azhar inaugurated “Plant for Pakistan Day” campaign by planting sapling in the vicinity of office building of the Economic Affairs Division to mark the formal launch of the “Urban Forestry” model as part of the Ten Billion Tree Tsunami Programme conceived by the Prime Minister of Pakistan. Officers of the division also ... Read More »

FBR enhances 60pc domestic tax collection during one year


ISLAMABAD: The Federal Board of Revenue (FBR) in one year of the Pakistan Tehreek-e-Insaf (PTI) has increased 60 percent collection of (Inland Revenue) IR Domestic Taxes. According to the one year performance report of the PTI government shared by Special Assistant to Prime Minister on Information and Broadcasting Firdous Ashiq Awan, the FBR while broadening the Tax Base (Inland Revenue ... Read More »

Govt all set to introduce dollar certificates


KARACHI: With an aim of reducing buying and selling of U.S. dollars, the government has prepared to introduce dollar certificates in which the investment will be made in rupees and profit will be paid every 6 months. According to media, the certificates will be sold at the currency exchange rate of the same day and the profit will be generated ... Read More »

Zaidi reiterates commitment to completely cleanse Karachi from garbage


KARACHI: Federal Minister for Maritime Affairs Syed Ali Hyder Zaidi, while appreciating the immense participation of the business community, Public, KMC, DMCs and Sindh government in Federal government’s ‘Clean Karachi Campaign’, reiterated his commitment to completely cleanse Karachi from garbage and devise strategies to ensure cleanliness all over the city on regular basis. Speaking at a meeting during his visit ... Read More »

NAB claims major breakthrough in fake accounts case


ISLAMABAD: The National Accountability Bureau (NAB) has claimed a major breakthrough in the fake accounts case against former president Asif Ali Zardari, his sister Faryal Talpur and others. According to media reports, Dubai resident and member of Summit Bank Board of Directors Nasser Abdulla Lootah has agreed to become an approver in the case. Further, after agreeing to become an ... Read More »

Punjab govt approves plan to ban plastic bags


LAHORE: Punjab Chief Minister Usman Buzdar on Monday said that the approval to ban plastic bags in the province will be accorded in the next cabinet meeting. While addressing at the “Plant for Pakistan” campaign in Lahore, Buzdar said: “Like Islamabad, the Punjab government has also decided to ban plastic bags in the province.” The imposition of the ban will ... Read More »

Commerce ministry extends date for submitting DLTL claims

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KARACHI: The ministry of commerce has extended the last date for submission /resubmission of claims of Drawback of local Taxes and Levies (DLTL). The State Bank of Pakistan (SBP) on Monday informed banks that the commerce ministry extended the date for claiming DLTL. The central bank said that in terms of Commerce Division, Ministry of Commerce & Textile’s letter F.No. ... Read More »

Govt constitutes committee for audit of power-sector


ISLAMABAD: The government has set up a committee for auditing the power sector, eliminating circular debt and developing a future road map, in a bid to identify and examine causes of high cost of electricity in Pakistan. According to a notification issued by the Ministry of Energy (Power Division), the committee will also discuss the establishment of private power generation ... Read More »

KPK Revenue Authority issues guideline for consumers regarding fake invoices

Tax Revenue

PESHAWAR: In the wake of complaints regarding fake invoices in various outlets, the Khyber Pakhtunkhwa Revenue Authority has issued a guide line for consumers to notice KPRA particulars along with verification of KPRA. The Khyber Pakhtunkhwa Revenue received a number of queries in respect of mentioning of Sales Tax Registration Number (STRN) on sales tax invoices issued by the service ... Read More »

PIA generates Rs7-8b through Hajj operations


KARACHI: The Pakistan International Airlines (PIA) has generated a revenue of Rs7-8 billion out of the anticipated Rs25 billion from Hajj operations. Around 250,000 people went to perform Hajj from Pakistan this year. PIA spokesman Mashood Tajwar told media that PIA flew more than 82,000 pilgrims, which is 20 percent more than the previous year when 68,000 people had flown ... Read More »