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Author Archives: CT Report

SBP generates Rs634b through T-bills auction

KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised Rs633.57 billion through T-bills, against the target of Rs500 billion. The SBP conducted the auction for the sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs) and received bids amounting to over Rs1.2 trillion. Bids worth Rs949.75 billion were received for 3-month T-bills, ... Read More »

LHC rejects bail pleas in highway corruption scandal

LAHORE: A division bench of the Lahore High Court (LHC) dismissed the bail petitions filed by two accused involved in Rs60 million fraud in Mian Channu-Hala road project. The bench consisting of Justice Muhammad Tariq Abbasi and Justice Chaudhry Mushtaq Ahmad heard the bail pleas filed by the accused- Shaukat Hussain Baloch and Naveed Murad. During the proceedings, the petitioners’ ... Read More »

CPEC project halted in South Punjab amid coronavirus fear

MULTAN: The working on the ongoing project under China-Pakistan Economic Corridor (CPEC) in South Punjab has been stopped today (Thursday) in a wake of coronavirus fear. According to details, the screening process of 71 Chinese engineers and their security personnel is underway to diagnose anykind of virus in their bodies. On the other hand, Chinese health authorities said there were ... Read More »

Govt to privatize six state-owned enterprises this year

ISLAMABAD: Privatization Minister Muhammadmian Soomro said on Wednesday that the Privatisation Commission would be completing the sale transactions of six state-owned entities in the ongoing financial year. “The privatisation process will be completed in a transparent and efficient manner, he assured, while speaking at a news conference along with Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous ... Read More »

Gold price sheds Rs450 per tola

KARACHI: The gold prices on Wednesday decreased by Rs450 per tola and traded at Rs 91,050 in the domestic market. Similarly, the price of 10 grams of yellow metal saw a decrease of Rs385 and traded at Rs78,060. Meanwhile, gold edged higher in the global market after falling 1% in the previous session, on elevated concerns over an economic impact ... Read More »

SECP proposes amendment in AML, CFT laws

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has recommended amendments in anti-money laundering (AML) and Counter-Financial Terrorism (CFT) laws. The draft regulations were issued on the SECP’s official website which aims to further strengthen the AML and CFT laws. The amendments will be finalised in light of the recommendations received by SECP authorities. Earlier in December last year, SECP ... Read More »

Bearish trend continues as KSE-100 sheds 400 points

KARACHI: After a positive start to the trading session, the Pakistan Stock Exchange (PSX) once again fell under the radar of bears, as the indices failed to recover the losses accumulated in the previous session and closed in the negative zone on Wednesday. Foreign investors offloaded equities worth $3.87 million on Tuesday with major selling witnessed in the cement sector ... Read More »

Pak Rupee unchanged against US dollar in interbank

ISLAMABAD: The exchange rate of Pakistani rupee against US dollar remained stable at Rs 154.56 on Wednesday against the last day’s trading, State Bank of Pakistan (SBP) reported. In the open market, the buying and selling rates of Pakistani rupee against dollar stood at Rs 154.4 and Rs 155 respectively. The SBP further reported that in the interbank, the price ... Read More »

BRT Peshawar to be completed by March 2020

PESHAWAR: Khyber Pakhtunkhwa Minister for Information Shaukat Yousafzai has said that Bus Rapid Transit (BRT) Peshawar project will be completed by the end of March this year. Talking to media in Peshawar, the provincial information minister ruling out the propaganda of increase in the cost of the BRT Peshawar, he said the total cost of BRT Peshawar project is Rs34 ... Read More »

Markets rebound after facing worst day since Oct due to virus outbreak

LONDON: European markets rebounded after the previous day’s thumping, which saw investors worried about the economic fallout from the coronavirus outbreak in China huddle in safe-haven assets. There was relief as Europe’s Stoxx 600 and Wall Street futures bounced as much as 0.5% from their closing levels on Monday, which was the worst day for world stocks since October. Chinese ... Read More »

SC orders FBR to re-investigate into illegal tax refunds case in 3 months

ISLAMABAD: The Supreme Court of Pakistan (SCP) on Wednesday ordered the Federal Bureau of Revenue (FBR) to re-investigate into the illegal tax refunds case against Sales Tax Commissioner Abdul Hameed within three months. A three-member bench of the apex court headed by Chief Justice of Pakistan (CJP) Gulzar Ahmed presided over hearing of the case, and expressed anger at the ... Read More »

PM Imran reviews CPEC progress, directs ministries to fast-track projects

ISLAMABAD: Prime Minister Imran Khan said the ongoing development projects under the China Pakistan Economic Corridor (CPEC) should be completed on a fast-track basis. He also directed the authorities to give a final shape to consultations with China on future projects. The statements were made at a high-level review meeting to ascertain progress on different CPEC projects. Minister for Economic ... Read More »

ECC waives off port charges against Karkey till Jan 31

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 today. ECC considered and approved waiving off all port dues/ charges amounting to Rs194,951,059 on 31-1-2020 or till the vessels leave the port accruing against Karkey. The said waiver was required as a consequence ... Read More »

46 retailers using POS integrate with FBR

ISLAMABAD: About 46 retailers using point of sale (POS) software have integrated themselves with the Federal Board of Revenue (FBR). Names of vendors, their city names, contact numbers and name of their their websites have been posted on the FBR’s website. POS vendors are operating in Karachi, Lahore, Rawalpindi and Islamabad. The FBR amended Sales Tax Rules 2006 to make ... Read More »

Talks with IMF for third tranche of $450m to begin from Feb 3

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) will hold talks starting from Feb. 3 for disbursement of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF) finalised in May last year. The IMF delegation will perform quarterly review (from October till December) of the economy in the current fiscal year FY20. The global moneylender ... Read More »

Turkmenistan agrees to review TAPI gas price

ISLAMABAD: Turkmenistan has expressed its willingness to revisit the gas price of Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project and the Pakistani government has constituted a five-member Price Negation Committee (PNC) to negotiate with Turkmenistan in this regard. Earlier this month, the Petroleum Division had proposed the federal cabinet’s Economic Coordination Committee (ECC) that the gas price of TAPI, which was agreed ... Read More »

Assets case: SHC adjourns hearing of bail plea of Khursheed Shah, others

SUKKUR: The Sindh High Court (SHC) has adjourned the hearing of bail petition filed Khursheed Shah and others in assets beyond income case till February 10. A double bench of SHC heard the bail petition filed by Khursheed Shah and other persons nominated in the assets beyond income case. All of the nominees except Khursheed Shah had sought pre-arrest bail ... Read More »

Gold price sheds Rs150, traded at Rs91,400 per tola

KARACHI:  The per tola price of 24 karat gold depreciated by Rs150 on Tuesday and was traded at Rs91,400 as compared to Rs91,550 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed decrease of Rs129 and was traded at Rs78,361 against last closing of Rs78,490. The price of silver remained stable and was ... Read More »

Stock market retreats amid absence of triggers

KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday has been retreating over uncertainty after “serious reservations on the proposed New Brokers Regime (NBR)” were raised by PSX Stockbrokers Association (PSA), as stated in a letter to the Securities and Exchange Commission of Pakistan (SECP). The KSE-100 index has remained volatile in the early half of the day amid weak trading ... Read More »

State Bank keeps policy rate unchanged at 13.25pc

KARACHI: The State Bank of Pakistan has decided to keep the interest rate unchanged at 13.25 percent, saying supply side inflation continued to exert pressure on the economy. State Bank Governor Reza Baqir said that when the monetary policy committee had decided the interest rate in July, inflation stood at 8.4 percent. “A few months after that, inflation rate kept ... Read More »