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Author Archives: CT Report

NPPMCL discusses privatization of two power plants

ISLAMABAD: The 8th meeting of Transaction Committee for Privatization and National Power Parks Management Company Limited (NPPMCL) on Monday held to discuss the progress in relation to a range of matters in connection with proposed privatization of two power plants, Haveli Bahadarshah and Balloki. The committee discussed the matter after 12 investors were pre-qualified for the final bidding process, said ... Read More »

Pakistan likely to import insecticides from India to fight locusts

LAHORE: Pakistan is likely to import insecticides from arch-rival India to brace itself for any locust attacks this summer, bypassing a ban on trade between the neighbouring nations. A copy of Cabinet agenda for a Tuesday meeting has the import option on it. Pakistan severed all diplomatic and trade ties with New Delhi in August after India revoked the special ... Read More »

PM Imran directs action against smuggling, hoarding of basic food items

ISLAMABAD: Prime Minister Imran Khan on Monday issued directives to the government to take effective action against the smuggling and hoarding of basic food items. PM Imran presided over a high-level meeting attended by senior ministers and advisors. The meeting focused on steps to be taken to bring down prices of essential food items. Minister for Planning, Development & Special ... Read More »

Weekly inflation decreases 0.21pc   

ISLAMABAD: The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on February 13, for the combined consumption group, decreased by 0.38 percent as compared to the previous week. The Sensitive Price Indicator (SPI) for the week under review in the above mentioned group was recorded at 130.85 points against 131.35 points registered in the previous week, according ... Read More »

KCCI criticizes NDMA for failing to respond to Kemari poisonous gas incident

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan, while expressing deep concerns over the death of six people and hospitalization of dozens of others on Sunday night in Kemari area due to diffusion poisonous gas in the air, stated that it was really unfortunate and worrisome to see that the National Disaster Management Authority (NDMA), ... Read More »

Moody’s revises global GDP forecast over coronavirus outbreak

NEW YORK: Moody’s Investors Service on Monday revised down its global GDP growth forecast following the adverse affects of Wuhan coronavirus (now officially COVID-19) on the world’s economy. “We have revised our global GDP growth forecast down, and we now expect G-20 economies to collectively grow 2.4% in 2020, a softer rate than last year, followed by a pickup to ... Read More »

PSX gains 33 points to close at 40,276 points

ISLAMABAD: The Pakistan stock exchange (PSX) Monday noted bullish trend as KSE 100 index closed at 40,276.93 points as compared to 40,243.26 points on the last working day with the positive change of 33.67 points (0.08 %). A total of 99,965,470 shares were traded compared to the trade 117,597,500 shares during the previous day, whereas the value of shares traded ... Read More »

US dollar gains Rs0.11 in interbank against Pak Rupee

ISLAMABAD: The exchange rate of US dollar against Pakistani rupee bounced by Rs0.11 in interbank on Monday and was traded at Rs154.27 as compared to Rs154.16 of last trading day, State Bank of Pakistan (SBP) reported. The SBP further reported that in interbank the price of Euro appreciated by Rs0.17 and was traded at Rs167.37 against the last closing of ... Read More »

LHC seeks details of cases involving Chinese

LAHORE: The Lahore High Court has sought details of the cases pending before districts courts of Punjab province involving citizens and companies of China. In a letter to all district and sessions judges in the province, Director General of Directorate of District Judiciary Rehan Bashir said the LHC requires complete record of the cases relating to the Chinese citizens and ... Read More »

Clearance operation resumes after EPA clears Customs House: Wasif Memon

KARACHI: Customs clearance has been resumed after a briefed period of closure as Environment Protection Agency (EPA) cleared the Custom House Karachi from any threat owing to spread of toxic gas. Chief Collector Wasif Memonon Monday told media that all customs clearance operation had been resumed. He said that EPA had cleared the building and there was no threat detected. ... Read More »

KPT shipping intelligence report Feb 17

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-II Quetta D. Crude Oil PNSC 15/02/20 ALONG SIDE (East Wharves): 1 Oriental Sakura D. Base Oil East Wind 14/02/19 4 Da Cai Yun L. Mill Scale Crystal Sea14/02/20 10/11 Hercules D. Meal Alpine ... Read More »

FBR asks govt employees to file tax returns by Feb 28

ISLAMABAD: The Federal Board of Revenue (FBR) has asked all the federal ministries/divisions/ departments to ensure filing of income tax returns by all salaried employees or face prosecution. The FBR also requested the higher judiciary, including its officers and honorable judges, to file their tax returns. The FBR has found that so far more than 50 percent public sector employees ... Read More »

EU mulls over report to extend GSP Plus facility to Pakistan  

BRUSSELS: The Generalized System of Preferences Plus (GSP+) status given to Pakistan has come under discussion at the European Parliament on Monday as it reviews the country’s request to extend the facility. In February 2018, the European Union (EU) extended Pakistan’s Generalised System of Preferences plus (GSP-Plus) status after the European Parliament’s Committee on International Trade expressed satisfaction on the ... Read More »

Stock market stays in search of direction

KARACHI: The stock market remains in search of positive triggers on Monday as not much progression could be seen at the benchmark KSE-100 Share Index that dropped 142.98 points or 0.36pc as of 11.19am. The Index reached 40,100.28 as potential investors continue to react to the impact of the coronavirus outbreak hurting imports and other factors. The Index opened at ... Read More »

Govt rejects speculations on IMF review

ISLAMABAD: The Ministry of Finance has described as misleading and factually incorrect a news item published in a section of the press suggesting that tough prior actions [are] needed for IMF’s $452 million third tranche. In an official statement issued here, the Ministry of Finance has stated that it is completely normal for quarterly reviews to sometimes take a few ... Read More »

KPT rejects reports regarding toxic gas leakage from port area

KARACHI: Karachi Port Trust (KPT) has clarified new reports about leakage of toxic gas from inside port area. KPT spokesman in a statement on late Sunday night said that there has been no leakage of chemical or gases inside the KPT port area and from any berthed vessel/ship. “All safety precautions remain applied while handling POL or chemicals from ships ... Read More »

Investors keen to invest in Allama Iqbal Industrial City

FAISALABAD: Chairman Faisalabad Industrial Estate Development and Management Company (FIEDMC) Mian Kashif Ashfaq has said the government is working on multiple fronts to enter into new markets in order to boost exports in post-Brexit scenario. Talking to a delegation, he said foreign investors are keen to invest in Allama Iqbal Industrial City in Faisalabad, a prioritised Special Economic Zone under ... Read More »

Customs House closed after poisonous gas faints 4 people

KARACHI: The Customs House was closed on Monday after four people fell unconscious there while dozens started vomiting as a result of a “mysterious gas leak” in the Kemari port area of the metropolitan, according to Karachi Customs Agents Association. The Customs authorities said employees have been given leave since air quality is not good. At least five people were ... Read More »

Hafeez Shaikh stresses upon need to adopt technological change in business sector

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh said that increasing exports remain the top priority of the incumbent government and business graduates should play their role in increasing the capacity of the government. Addressing the Deans and Directors Conference 2020, Hafeez Shaikh said that the economy is coming out of the crisis situation and it’s ... Read More »

Australia to provide Pakistan $1.2m grant for uplift of rural areas

ISLAMABAD: Australian government will provide Pakistan 1.2 million Australian dollar grant for uplift of rural areas. According to a statement issued by the ministry, Economic Affairs Division Acting Secretary Ahmad Hanif Orakzai and Australian Center for International Agriculture Research (ACIAR) Chief Executive Officer Professor Andrew Campbell signed a memorandum of subsidiary agreement on “understanding the drivers of successful and inclusive ... Read More »