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Author Archives: CT Report

Singapore economy expands 0.7% in 2019, slowest in a decade

SINGAPORE: The Singapore economy expanded by 0.7 per cent last year, down from 2018’s 3.1 per cent and its slowest in a decade, even as official flash estimates on Thursday (Jan 2) showed growth picking up pace slightly in the fourth quarter. This is Singapore’s slowest full-year growth since 2009, according to Bloomberg data. For the last three months of ... Read More »

Iran’s children face life-threatening medicine drought under US sanctions

Hundreds of Iranian children are at risk of dying as a result of a lack of medication entering the country due to U.S. sanctions, Iran’s health minister said Wednesday. In a letter to World Health Organization (WHO) head Tedros Adhanom, Saeed Namaki said unilateral U.S. sanctions have blocked shipments of vital medication and medical equipment. Contrary to U.S. claims that ... Read More »

Saudi Arabia gets ready to host the coveted Dakar Rally

Saudi Arabia’s hosting of the Dakar Rally this month is just the latest international sporting event to take place in the kingdom as part of a multi-billion-dollar push to boost its battered global image. In recent months the ultra-conservative kingdom has accelerated investment in sports, mirroring a longstanding strategy adopted by regional powers, the United Arab Emirates and Qatar. Saudi ... Read More »

China Eases Customs Curbs For Soy Imports Through Northern Border

China has eased customs regulations on imports of soybean through some northern border checkpoints, the commerce ministry said, a move that could smooth the way for shipments from neighbours such as Kazakhstan, Russia and perhaps Ukraine. The changes come as China looks to diversify soybean imports amid trade tension with the United States, its second largest supplier of the oilseed, ... Read More »

Tax-free Irish Google unit paid $50bn in dividends

An Irish arm of Google has paid dividends of $50.8bn (€45.3bn) over the past two years, ahead of it losing the benefits of the so-called ‘double Irish’ tax scheme. The latest accounts show its profits were entirely tax-free in 2018. During 2019, dividends of $27.9bn were paid by Google Ireland Holdings Unlimited (GIHU) to the company’s immediate parent. In 2018, ... Read More »

Transporters end strike after successful talks with Punjab Governor

LAHORE: All Pakistan Transport Owners Federation (APTOF) on Thursday announced an end to the countrywide strike after successful negotiations with Punjab Governor Chaudhry Mohammad Sarwar who assured them that their issues will be resolved by the month’s end. After a meeting held between members of the transport alliance and the provincial government during which Governor Punjab Ch Sarwar convinced transporters ... Read More »

NAB Rawalpindi files first reference of 2020

ISLAMABAD: National Accountability Bureau (NAB) Rawalpindi filed reference against corruption in Musharraf era ‘Saaf Pani Sab Ke Liye’ program. Project Director Sikandar Javed, GM Nespak Jameel Bajwa, former secretary Shahab Anwar, Jahanzeb Khan and Abdul Moeed Farooqi are nominated as accused in the case. Reference states that accused granted contracts of Rs3.5 billion to fake companies resulting in loss of ... Read More »

Sale of Rs10m goods: Manufacturers not entitled to claim input tax adjustment: FBR

ISLAMABAD: Federal Board of Revenue (FBR) would not allow input tax adjustment to those manufacturers who would sell Rs 10 million goods on a monthly basis to unregistered buyers. FBR Member Inland Revenue (Policy) Dr. Hamid Ateeq Sarwar while explaining salient features of the Tax Laws (Second Amendment) Ordinance 2019 to media at the FBR House said that the main ... Read More »

Pak Rupee loses 3 paisa against dollar in interbank market

ISLAMABAD (Dunya News) – The exchange rate of US Dollar against Pakistani rupee increased by 3 paisa in interbank on Thursday and was traded at Rs154.87 against Rs154.84 of last trading day, State Bank of Pakistan (SBP) reported. In open market, the buying and selling rates of Pakistani rupee against dollar stood at Rs154.4 and Rs155 respectively. The SBP further ... Read More »

Fish exports being enhanced at local level: Senate body told

ISLAMABAD: The Senate Standing Committee on Maritime Affairs on Thursday informed that the Maritime Ministry was taking concentrated measures to enhance fish exports at local level for uplifting living standard of coastal inhabitants. The conferences would be organized locally for better connectivity of fisherman with international market, besides to bring improvement in ship breaking industry, Secretary Maritime Affairs told Senate ... Read More »

Gold price reaches Rs88,200 per tola

KARACHI: The gold prices on Thursday increased by Rs100 per tola and traded at Rs88,200 in the local market. The price of 10-gram gold increased by Rs86 and traded at Rs75,617 in the domestic market. The gold prices on Wednesday decreased by Rs200 to Rs88,100 in the local market. Meanwhile, Gold prices in the international market rose slightly on Thursday ... Read More »

KSE-100 surges past 42000 mark after 16 months

KARACHI: Year 2020 has been strongly welcomed by the investors at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 share Index stormed past 42,000 level, and hit the record high of 42,480.76 points in around 16 months on Thursday. The KSE-100 Index closed today at 42,480.76 points with an increase of 1080.76 points or 2.54 percent amid positive sentiments ... Read More »

Oil climbs on U.S.-China trade optimism, Middle East tensions

SEOUL: Oil prices rose on the first trading day of 2020 as warming trade relations between the United States and China eased demand concerns, and rising tensions in the Middle East raised worries about supply. Global benchmark Brent crude futures LCOc1, were up 21 cents, or 0.3%, to 66.21 a barrel by 0130 GMT. U.S. West Texas Intermediate (WTI) crude ... Read More »

KPRA issues registration suspension notice to telecom company

PESHAWAR: Khyber Pakhtunkhwa Revenue Authority (KPRA) issued suspension of Registration Notice to one of the biggest telecom company of Pakistan for not paying due taxes for the last six months despite collection from their users/customers. This extreme measure came as a last resort after issuing several notices and meetings, to comply under the relevant Law and deposit the due taxes ... Read More »

Hafeez Shaikh gives go ahead to resolve matters with Etisalat

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the Inter-Ministerial meeting regarding the issue of pending payments by Etisalat. Minister for IT Khalid Maqbool Siddiqui was also present in the meeting. In the presence of all the stakeholders i.e secretary IT, secretary Privatization Commission and secretary Finance, pending matters regarding the final settlement ... Read More »

Stock market climbs to highest in more than a year, gains 1,040 points in intraday trading

KARACHI: The New Year 2020 has been strongly welcomed by the investors at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 share Index stormed past 42,000 level, and hit the record high of 42,440.37 points in more than a year on Thursday. At 01.59pm, the KSE-100 Index reached 42,440.37 points with an increase of 1,040.37 or 2.51 percent amid ... Read More »

KPT shipping intelligence report Jan 2

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-II Flagship Violet D. Mogas GAC 02/01/20 ALONG SIDE (East Wharves): 11/12 Ocean Cross L. Clinkers Crystal Sea 01/02/20 16/17 Polo D. L. Cnt. Golden 31/12/19 ALONG SIDE(P.I.C.T): 6/7 Wan Hai-611 D. L. Cnt. ... Read More »

CPI inflation grows 12.6pc in December

ISLAMABAD: The overall Consumer price Index (CPI) monthly-based inflation grew by 12.6 percent on year-on-year (YoY) basis in December, 2019 compared to same month of last year, Pakistan Bureau of Statistics (PBS) reported on Wednesday. With base year 2015-16, the CPI national for the month of December 2019 decreased by 0.3 percent on month-on-month (MoM) basis when compared to November ... Read More »

Transporters to observe country-wide strike over ‘heavy’ increase in fines

LAHORE: All Pakistan Transport Owners Federation (APTOF) will observe a country-wide strike today against the heavy increase in fines by the government. Last year in November, the Federal Cabinet had given approval for a massive increase in fines on highways and motorways. The fine which was Rs750 across the board for every violation will now be Rs1,500 for speeding for ... Read More »

Gold imports dip 4.8pc to $7.44m

KARACHI: The gold imports into the country decreased by 4.81 percent during the first five months of the current financial year (2019-20) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. Gold worth $7.443 million was imported into the country during July-November (2019-20) against the imports of $7.819 million during July-November (2018-19), according to ... Read More »