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Author Archives: CT Report

PKR loses 65 paisa against greenback

KARACHI: Pakistani rupee (PKR) depreciated by 65 paisa against US Dollar (USD) in today’s interbank session as the currency closed the day’s trade at PKR 160.46 per USD. The rupee saw a volatility free session as very little movement was recorded trading in a range of 68 paisa per USD showing an intraday high bid of 160.50 and an intraday ... Read More »

Traders flay district admin for ‘highhandedness’ on pretext of Covid-19 SOPs

PESHAWAR: Traders in Peshawar on Wednesday flayed district administration for highhandedness, imposition of heavy fines, undue arrest, seal of bazaars and markets on pretext of violating coronavirus standards operating procedure (SOPs). The business community said that they are not against coronavirus SOPs and ready to cooperate with the government to follow SOPs but their dignity should need to be intact ... Read More »

Multan Excise collects Rs430m property tax till Nov

MULTAN: Excise, Taxation and narcotics department has collected Rs430 millions out of Rs675 millions property tax set target for fiscal year 2020 till November. Deputy Director Admin/ETO property tax Khalid Hussain Qasoori told APP here on Wednesday that five percent rebate offer has been ended and added that this offer is only available for payment of taxes through E-payment. He ... Read More »

LHC seeks detailed report on wheat, sugar price hike

LAHORE: The Lahore High Court (LHC) directed on Wednesday the authorities concerned to submit a detailed report on skyrocketing prices of wheat and sugar. A single bench comprising Justice Sajid Seth was hearing a writ petition seeking directives for the government to bring down the prices of essential food items. Over the course of the hearing, the court asked why ... Read More »

Asian markets struggle to build on rally but optimism remains

HONG KONG: Asian markets were mixed Wednesday after the previous strong run-up, with profit-taking playing against vaccine prospects and renewed hopes for a fresh US stimulus. With several pharma giants submitting their inoculation drugs for regulatory authorisation in the US and Europe, there is optimism abound that the world economy can finally get back on course in 2021. And in ... Read More »

Pakistan’s exports increase by 7.2pc amid COVID-19 pandemic

ISLAMABAD: Pakistan’s exports crossed the $2 billion mark for a second consecutive month in November, Adviser to the Prime Minister on Commerce Razak Dawood announced in a tweet Tuesday. The commerce adviser said exports have increased by 7.2% year-on-year in November, according to the provisional figures received by the government. “We have just received provisional figures for export of goods. ... Read More »

ECC removes 5pc RD on import of cotton yarn to enhance value-added exports

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet. Minister for Planning, Development and Special Initiatives Asad Umar, Minister for Production and Industries Hammad Azhar, Minister for Privatization Muhammad Mian Soomro, Adviser to the PM on Commerce Abdul Razak Dawood, Minister for Power ... Read More »

KPT shipping intelligence report Dec 2

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Wednesday. ALONG SIDE (Bulk Oil Pier) OP-I Karachi D.Crude Oil Apns 01/12/20 OP-II Gs Future D.Palm Oil Alpine 30/11/20 ALONG SIDE (East Wharves): 1/2 Dm Emerald D. Chemical East Wind 01/12/20 2/3 Grace L.Clinkers Sirius Logistics 30/11/20 4/5 Ince Il ... Read More »

FBR needs to collect Rs3275b in seven months to achieve target of FY21

ISLAMABAD: Federal Board of Revenue (FBR) is required to collect Rs3,275 billion in remaining seven months to meet the revenue collection target for the current fiscal year. The FBR has been assigned to collect Rs4,963 billion as revenue collection target for the fiscal year 2020/2021. The FBR provisionally collected Rs1,688 billion during first five months (July – November) 2020/2021, according ... Read More »

Car prices increased by upto Rs100,000 despite USD depreciation

ISLAMABAD: Two major auto manufactures have raised the prices of their vehicles in the range of Rs60,000 to Rs100,000. The price of Corolla 1.6 MT has increased by Rs. 60,000 at Rs. 3.219 million, while Corolla 1.6 AT will cost Rs.3.369 million after an increase of Rs.60,000. According to the notification, the company increased the price of Corolla 1.6 MT ... Read More »

Surge in coronavirus cases likely to hit revenue collection in 2Q of FY21

ISLAMABAD: The ministry of finance has said that the rising cases of coronavirus may slowdown economic activities and adversely impact revenue collection in second quarter (October – December) of the current fiscal year. The finance ministry issued monthly economic November 2020 update and said that fiscal performance for first quarter (July –September) FY 2021 was quite satisfactory, however, challenges still ... Read More »

Inflation increased by 8.3pc on YoY basis in November: CPI

ISLAMABAD: The Pakistan Bureau of Statistics (PBOS) said that inflation increased by 8.3% on year-on-year basis in November 2020 as compared to 8.9% in the previous month and 12.7% in November 2019. According to PBOS, the prices of potatoes, onions, tomatoes, chicken and vegetables rose during November with the highest price increase in urban areas being recorded in the price ... Read More »

Govt reduces power tariff for industries by Rs4.96

ISLAMABAD: Government has reduced power tariff by 4.96 rupees per unit for industries in a bid to increase industrial growth and production. According to notification issued by National Electric Power Regulatory Authority (NEPRA), price for commercial electricity has been reduced to Rs8 from 12.96 rupees. The notification further said that the new tariff, which is for entire country including Karachi, ... Read More »

AC adjourns hearing of assets reference against Ishaq Dar

ISLAMABAD: An accountability court in Islamabad has adjourned the hearing of assets reference against former finance minister Ishaq Dar due to absence of the defence counsel. The accountability court’s judge Mohammad Bashir heard the assets reference against Ishaq Dar. Co-accused Naeem Mehmood and Mansoor Raza appeared in the hearing. The assistant lawyer told the court that defence counsel Qazi Misbah ... Read More »

Low gas pressure hampering 50pc production: NKATI

KARACHI: Faisal Moiz Khan, President North Karachi Association of Trade & Industry (NKATI), while protesting against the promise of Sui Southern Gas (SSGC) and non-supply of gas to industries, asked Prime Minister Imran Khan to take notice and to issue directives for supplying gas with the required pressure to industries of North Karachi. In a statement, NKATI president said that ... Read More »

Pak Rupee depreciates by 40 paisas against dollar

KARACHI: The Pak Rupee fell by 40 paisas against the dollar on Tuesday owing to payment demand for import and corporate payments. The rupee ended 159.82 to the dollar from the previous day’s closing of Rs159.42 in the interbank foreign exchange market. Currency dealers said that the demand for import and corporate payments was higher during the day. They said ... Read More »

KPT ships movement, cargo handling report Dec 1

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS BERTHED: JBU Opal Tanker Bright Venture Wheat Diyala Container Ship Hyundai Platinum Container Ship Ningbo Express Container Ship DM Emerald Tanker. SHIPS SAILED: Chem New York CMA CGM Orfeo Greenwich Bridge Ital ... Read More »

FBR tells 22 banks their employees must file tax returns

ISLAMABAD: The Federal Board of Revenue (FBR) has written to the managements of 22 banks in Pakistan and told them to ensure their employees file their income tax returns. These banks are AlBaraka Bank (Pakistan) Limited, Bank Alfalah Limited, Citi Bank NA, Faysal Bank Limited, Habib Bank Limited, Industrial and Commercial Bank of China Limited, Meezan Bank Limited, Samba Bank ... Read More »

Quetta Appraisement exceeds CD collection target by 25pc

QUETTA: Collectorate of Customs Appraisement has collected Customs Duty of Rs696 million as against target  of  Rs559 million during November 2020, surpassing the target by 25 percent. Sources told that during the period July-November 2020, the Collectorate has collected customs duty (CD) of Rs3.001 billion as against target of Rs2.346 billion surpassing the target by impressive 28 percent. The collectorate ... Read More »

FIA asked to probe Rs80bn misappropriation in Nandipur power project

ISLAMABAD: Power Division Minister Omar Ayub Khan has said that the previous government had signed expensive energy agreements to generate costly electricity to fill its pockets and ignored refurbishing of the transmission lines. Talking to the media persons along with Special Assistant of the Prime Minister on Petroleum Division Nadeem Babar, Omar Ayub said that due to efforts of the ... Read More »

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