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Author Archives: CT Report

OGDCL acquires 556 LKMs 2D seismic data in 1Q

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has acquired 556 Line Kilometers (LKMs) seismic data during first quarter of the current fiscal year. “Besides, around 689 Line km of 2D seismic data was also processed/reprocessed using in-house resources. The company’s seismic data acquisition is 85 percent of total 2D seismic data acquired in the country,” according to OGDCL’s quarterly ... Read More »

Malaysia keen to expand palm oil trade with Pakistan

ISLAMABAD: A statement by the Ministry of Primary Industries in Malaysia, following the minister’s visit to Pakistan, said: “Pakistan is one of Malaysia’s most regular and dependable buyers of local palm oil and products,” Malaysian Primary Industries Minister Teresa Kok said, The Malaysian minister met Prime Minister Advisor for Commerce, Textiles, Industry and Production and Investment Abdul Razak Dawood during ... Read More »

FTO takes notice of FBR online system’s failure

ISLAMABAD: The Federal Tax Ombudsman (FTO) has taken suo moto notice of the failure of the Federal Board of Revenue’s (FBR) online system which did not allow people to submit asset declaration under the tax amnesty scheme for tax year 2019. The failure of FBR’s system did not permit people to avail amnesty despite having submitted tax returns worth Rs2.6 ... Read More »

Reza Baqir emphasises optimum performance to uplift economy

ISLAMABAD: Governor State Bank of Pakistan, Reza Baqir in a statement emphasised on the need for enhancing the country’s exports. The governor opined that the Gross Domestic Product (GDP) rate of the country was faced with a decline and needed improvement. Governor State bank continued that inactive loans for the country made 8 percent of the total loans on Pakistan. ... Read More »

KPT shipping intelligence report Jan 13

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 Shalamar D. Crude Oil PNSC 12/01/20 ALONG SIDE (East Wharves): 1 Bay Spirit D. Base Oil Sinotrans 12/01/20 2 Sea Ambition D. Chemical Alpine 13/01/20 11/12 Glovis Maria D. Coke Wilhelmsen 12/01/20 ALONG ... Read More »

Govt’s prudent economic policies bearing fruits: Hammad Azhar

LAHORE: Minister for Economic Affairs, Hammad Azhar has said that investment in the country has increased by 78 per cent because of the prudent policies of the government. Talking to media, after addressing a function, he said the government has taken major and difficult decisions for economic stability in the country. He said steps are also being taken to reduce ... Read More »

Asian markets mostly up as focus moves to China-US pact

HONG KONG: Asian markets mostly rose Monday as investor attention turned from the Middle East to the global economic outlook and this week’s planned signing of the China-US trade pact. While the optimism that characterised the end of 2019 is returning to trading floors, dealers were left a little disappointed by a below-par jobs report out of Washington, which also ... Read More »

Pakistan Stock Exchange observes bullish trend

KARACHI: The Pakistan Stock Exchange (PSX) has been observing bullish trend amid presence of positive triggers on Monday with a new 17-month high of 43,453.34 points before falling back to 43,254.01 points around 12.34am. The benchmark KSE-100 Share Index opened at 43,289.94 today. The previous week witnessed massive overall spike in the stocks as local and foreign investors rampaged across ... Read More »

Hyderabad I&I seizes smuggled goods worth Rs300m during 1H of FY2019-2020

HYDERABAD: Directorate of Customs Intelligence & Investigation was tasked to focus and to intensify efforts to abort any such attempt of narcotics, smuggling within the jurisdiction. On direction of Director Customs I&I Sadiqullah Khan Special Investigation Unit cultivated a network of informers specialized in this area and acting upon their advice mounted surveillance on strategic locations in and around Hyderabad ... Read More »

Quetta Preventive recovers non-duty paid goods worth Rs100m

QUETTA: Collectorate of Customs team impounded huge quantity of smuggled goods worth Rs100 million at Kuchlak during a joint operation with FC. According to sources Collector Customs Preventive Iftikhar Ahmed received credible information that a huge quantity of smuggled goods are dumped in Khuchlak area and are being transported to Quetta and onwards into country. A team was constituted by ... Read More »

Customs I&I seizes 1880 bags of non-duty paid betel nuts worth Rs157.74m from SITE area

KARACHI: Under supervision of Director Irfan Javed, Directorate of Customs Intelligence and Investigation (I&I) seized 1880 bags weighing 78.8 MT of foreign origin smuggled/non-duty paid betel nuts worth Rs157.64 million. According to the details, Director Irfan Javed received specific information that huge quantity of foreign origin smuggled/non-duty paid betel nuts (Areca) nuts unfit for human consumption are being transported to ... Read More »

Goods transporters end strike after successful talks with govt

KARACHI: Goods transporters have agreed to end their strike after holding successful negotiations with the provincial government. The announcement was made by the transporters during a press conference along with Sindh Governor Imran Ismail. Transporters said that all of their demands have been accepted. United Goods Transporters Alliance (UGTA) had announced strike last week against a hefty increase in penalties ... Read More »

New measures to help achieve $24b remittances target for FY2020

ISLAMABAD: The growth in foreign remittances that soared to $ 11.4 billion during the July-December period of FY 2020 is likely to continue for the rest of the year due to a host government measures that may help achieve the target of $ 24 billion set for the financial year 2020. “Due to this increasing trend in remittances, the target ... Read More »

Fitch affirms Pakistan at ‘B-‘, stable outlook

ISLAMABAD: Fitch Ratings, on Monday issued rating with regard to Pakistan’s economy and affirmed a “B-” status with a stable outlook. According to Fitch Ratings, the ‘B-’ rating reflects a challenging external position characterised by a high external financing requirement and low reserves, weak public finances including large fiscal deficits and a high government debt-to-GDP ratio, and weak governance indicators. ... Read More »

APOTA lends support to transporters’ strike

KARACHI: All Pakistan Oil Tankers Association (APOTA) has announced its support to United Goods Transporters Alliance (UGTA) in their strike, and threatened to join them in 72 hours if the UGTA’s demands are not met. Negotiations of the UGTA, alliance of 18 goods transporters associations in Karachi, failed after which the alliance decided to present their new line of action. ... Read More »

FBR collects additional Rs209b revenue in first 5 months

ISLAMABAD: The Federal Board of Revenue (FBR) says it collected additional Rs209 billion during the first five months of this fiscal year 2019-2020 due to structural changes in taxation system, procedures and withdrawal of exemptions. The FBR data shows that these much-needed reforms in taxation system are already producing fruit despite a huge import compression of around $5billion and slowingdown ... Read More »

PM to announce concessions for trade bodies on Jan 20: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday said that Prime Minister Imran Khan has graciously consented to preside over a meeting with all the traders on Jan 20. He took to Twitter and expressed that PM Imran will formally announce the concession given to the traders community. He added that the government will seek assistance of ... Read More »

Oil slips towards $65

LONDON: Oil slipped further towards $65 a barrel on Friday as tensions in the Middle East over Iran eased for now and investors focused on rising US inventories and other signs of ample supply. Iran responded to a US drone strike that killed a top Iranian general on Jan 3 with a missile attack on Iraqi air bases hosting US ... Read More »

Collector Appraisement transfers appraisers, inspectors

LAHORE: Collectorate of Customs Appraisement and Facilitation Mughalpura Dryport, Deputy Collector Mohammad Nauman Tashfeen issued orders for transfer and posting of 4 appraisers and 32 inspectors with immediate effect and until further orders:- Details are as under:- 1. Appraiser Faryal Amber from Appraisement Hall to DTRE 2. Appraiser Razia Yaqoob from Appraisement Hall to PRV Cell 3. Appraiser Qasim Khan ... Read More »

Gold price gains Rs800, traded at Rs90, 300 per tola

ISLAMABAD: The per tola price of 24 karat gold appreciated by Rs 800 on Saturday and was traded at Rs 90,300 as compared to Rs 89,500 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed increase of Rs 686 and was traded at Rs 77, 418 against last closing of Rs76,732. The price ... Read More »