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Author Archives: CT Report

PM Imran to inaugurate Torkham border crossing today

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PESHAWAR: Prime Minister Imran Khan will officially inaugurate the round-the-clock opening of the border crossing at Torkham between Pakistan and Afghanistan. The spokesperson of Khyber Pakhtunkhwa government, Ajmal Wazir Khan, told media that the PM will inaugurate the Torkham crossing today (Saturday). He said the opening of the Pak-Afghan border will promote bilateral trade and economic activities between the countries. ... Read More »

ADB to approve $350m for reforms in energy sector

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ISLAMABAD: The Asian Development Bank will shortly approve the energy sector reforms and financial sustainability programme worth $350 million that aims to address fiscal, governance, technical and policy deficits in Pakistan’s energy sector. According to media, these deficits have adversely impacted the sector’s quality and efficiency of services, and the sustainability of energy infrastructure and finances, thereby challenging Pakistan’s fiscal ... Read More »

CPEC meeting decides to counter challenges on fast-tract basis

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ISLAMABAD: A meeting was held to review the progress on China-Pakistan Economic Corridor (CPEC) projects on Friday discussed the challenges impeding the development work and decided to counter them on a fast-track basis to ensure timely completion of the projects. Planning and Develop­ment Minister Makhdum Khusro Bakhtiar, who chaired the meeting, emphasised the need for gearing up the momentum to ... Read More »

FBR allows refund, input tax adjustment of ST, FED paid by ghee manufacturers

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ISLAMABAD: The Federal Board of Revenue (FBR) has allowed refund/input tax adjustment of sales tax/federal excise duty paid by ghee/cooking manufacturers, oil mills, steel and other sectors which earlier operated under the sales tax special procedure. In this regard, the FBR has issued sales tax general order here. According to the FBR’s General Guidelines on the issue, there shall be ... Read More »

CA deficit narrowing due to fall in imports, rise in exports, President Alvi

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KARACHI: President Dr. Arif Alvi has said that the country’s economy was going through historic difficulties and the present government inherited current account deficit, budget deficit and circular debts. A huge chunk of revenue was being consumed to clear the debts, leaving limited resources for development work however, the current account deficit has been narrowing due to fall in imports ... Read More »

MoC to conduct interviews for new trade officers

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ISLAMABAD: Commerce Ministry has decided to conduct interviews for the recruitment of new trade officers in foreign countries, according to media. The progress is made on the appointment of 43 trade officers in foreign countries by the Commerce Ministry. The ministry took the decision to conduct interviews of the successful 80 candidates from September 16 to 18 as the Balochistan ... Read More »

ANF court extends Rana Sanaullah’s judicial remand till Sept 28

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LAHORE: An Anti-Narcotics Court in Lahore Saturday extended judicial remand of Pakistan Muslim League-Nawaz (PML-N) Punjab President and Member of the National Assembly (MNA) Rana Sanaullah till September 28 in a heroin smuggling case. Rana Sanaullah was produced before duty judge Khalid Bashir along with other suspects. The court ordered the Anti-Narcotics Force (ANF) to submit notification of prosecutor’s appointment. ... Read More »

Overseas remittances decline 8pc during July-August

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KARACHI: Remittances sent by overseas Pakistanis fell 8.38 per cent in the first two months of current fiscal year compared to 15.3pc growth noted in the same period last year. According to media, the State Bank of Pakistan (SBP) said the decline reflected the usual one-off post Eidul Azha effect. Overseas Pakistanis remit $1.69 billion in August as compared to ... Read More »

Domestic cement sales decline 5.5pc in July-August

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LAHORE: The impact of economic contraction became visible in the cement sector as it endured a decline of 5.49% in domestic sales in first two months of the current fiscal year while exports posted a healthy increase of 12.66 percent. According to data released by the All Pakistan Cement Manufacturers Association (Apcma), a continued contraction in construction activity has played ... Read More »

Govt to sell its stake in State Life Insurance Corporation

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ISLAMABAD: Federal Minister for Privatisation Muhammad Mian Soomro on Friday announced that the government will sell its shares in State Life Insurance Corporation, according to media reports. In a briefing to investors and financial sector, Muhammad Mian Soomro said that profit and market share of the State Life was shrinking, hence the incumbent government decided to sell its stake in ... Read More »

Gold price sheds Rs300 per tola

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KARACHI: The per tola price of gold slashed by Rs300 and was traded at Rs 87,700 per tola, according to media. The price of 10 gram gold also witnessed a decrease of Rs 256 and was traded at Rs 75,531. The price of silver bounced by Rs 20 and was traded at Rs 1110 against Rs 1090 per tola and ... Read More »

Pak Rupee strengthens as dollar’s slide continues

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KARACHI: Pakistani Rupee bounces back against US dollar in interbank and Open market. The Interbank dollar became cheaper by one paisa, after which the new value of the US currency closed at Rs156.19. Likewise, in the open market, the value of the dollar fell, the US dollar fell 10 paisa and the greenback was closed at Rs156.30. On Thursday, the ... Read More »

KSE-100 Index loses 65.30 points

A man takes a nap on a couch under an electronic board displaying share prices during trading session at the Karachi Stock Exchange April 2, 2014. REUTERS/Akhtar Soomro/File Photo

KARACHI: Pakistan Stock Exchange (PSX) witnessed a bullish trend on Friday as the benchmark KSE-100 index loses 65.30 points and closed at 31,481.31 points. The equity market plunged by 0.21 percent or 65.30 points in today’s session. On Wednesday, the PSX witnessed a positive trend as the benchmark KSE-100 index gains 487 points and recovered to 30,954 points. A total ... Read More »

FBR transfers 19 PCS officers of BS17-19 with immediate effect

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KARACHI: Federal Board of Revenue (FBR) on Friday announced transfers and postings of Pakistan Customs Service (PCS) officers in BS-17-19 with immediate effect until further orders. The FBR notified transfers and postings of following officers: Muhammad Nayyar Shafiq (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (AIIA), Lahore from the post of Secretary, Federal ... Read More »

Multan-Sukkur Motorway (M-5) opened to light traffic

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MULTAN: The Multan-Sukkur Motorway has been opened to light traffic, Radio Pakistan reported on Friday. According to a statement issued by the Ministry of Communications, the newly-built 392-kilometre long Multan-Sukkur Motorway (M-5) will be opened to light traffic today (Friday). The six-lane Multan-Sukkur Motorway is an integral link of China Pakistan Economic Corridor, which will reduce the travelling time between ... Read More »

FBR to launch mobile app for tax return filing today: Shabbar Zaidi

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that the revenue collection body will launch a mobile app for salaried persons to file tax returns on Friday. Talking to media, Shabbar Zaidi said that the mobile app will help citizens and salaried people to file their tax returns. He said that FBR decided to introduce the mobile ... Read More »

PM to inaugurate Torkham border crossing tomorrow

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PESHAWAR: Prime Minister Imran Khan will officially inaugurate the round-the-clock opening of the border crossing at Torkham between Pakistan and Afghanistan. The spokesperson of Khyber Pakhtunkhwa government, Imran Khan inaugurate the Torkham crossing tomorrow (Saturday). He said the opening of the Pak-Afghan border will promote bilateral trade and economic activities between the countries. The border has been opened on trial ... Read More »

Govt to open Commercial Section in Pak embassy in Addis Ababa

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ISLAMABAD: Adviser to the Prime Minister on Commerce and Textile Abdul Razak Dawood announced that Ministry of Commerce is opening a Commercial Section in Pakistan’s Embassy in Addis Ababa, Ethiopia, this year to develop linkages between the businesses of the two countries. He elaborated the Look Africa Policy Initiative of the Ministry of Commerce, which calls for enhancing engagement and ... Read More »

KPT Shipping Intelligence Report

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KARACHI : The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-I Lahore D. Crude Oil PNSC 12/09/19 OP-II Pacific Sarah D. Mogas GAC 11/09/19 ALONG SIDE (East Wharves): 4 Ken Orchid D. Gen. Cargo Sea Hawks 12/09/19 10/11 Navios Sagittarius D. Meal Bulk-Sh. ... Read More »

Google will promote original reporting with algorithm change

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SAN FRANCISCO: Original reporting will be highlighted in Google´s search results, the company said as it announced changes to its algorithm. The world´s largest search engine has come under increasing criticism from media outlets, mainly because of its algorithms — a set of instructions followed by computers — that newspapers have often blamed for plumenting online traffic and the industry´s ... Read More »