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Author Archives: CT Report

Hammad Azhar hopeful for further improvement in ease of doing business ranking

ISLAMABAD: Federal Minister for Economic Affairs, Hammad Azhar taking to the social networking platform Twitter expressed resolve to further improve Pakistan’s ranking on the ease of doing business index. Azhar in a tweet revealed how Pakistan had suffered a steep fall during the previous government’s tenure falling 26 ranks on the index. The tweet read: “During PMLN’s 5 years, Pakistan’s ... Read More »

FBR transfers 5 inspectors of BS-16 from Lahore to Peshawar

LAHORE: Federal Board of Revenue (FBR) issued orders for transfers and posting of following inspectors of BS-16 of customs department with immediate effect and until further orders:- Details are as under:- Inspector Akbar Ali Khan is transferred from Collectorate of Customs Appraisement Lahore and posted at Collectorate of Customs Preventive Peshawar. Inspector Mohsin Ali Tahir is transferred from Collectorate of ... Read More »

TEVTA, APTMA join hands to uplift textile sector

LAHORE: The Technical and Vocational Training Authority (TEVTA) and the All Pakistan Textile Mills Association (APTMA) have agreed to form a ‘Textile Sector Council’ to ensure better coordination. An understanding in this regard was reached during a meeting between TEVTA Chairman Ali Salman Siddique and APTMA Chairman Adil Bashir on Saturday. This agreement will facilitate both organisations to meet the opportunities ... Read More »

Hyderabad-Sukkur Motorway, other projects given go ahead

ISLAMABAD: The second Board of Directors Meeting of Public Private Partnership Authority, held under the chairmanship of Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar in Islamabad on Friday, gave go ahead to implementing agencies for development of three infrastructure projects namely Hyderabad-Sukkur Motorway, Northern Bypass & NUST Teaching & Research Hospital. Deputy Chairman Planning Commission Mohammad Jehanzeb ... Read More »

Pakistan, Nepal agree to enhance trade ties  

BAKU: President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of ... Read More »

PM Imran chairs meeting to review overall performance of financial institutions

ISLAMABAD: Prime Minister Imran Khan has chaired a meeting of the economic team where he was briefed over the overall performance of the financial institutions for the improvement of the national economy, according to media on Saturday. The meeting was attended by federal ministers including Khusro Bakhtiar, Ali Zaidi, Omar Ayub, Hammad Azhar, advisers Hafeez Shaikh, Abdul Razak Dawood, Firdous ... Read More »

IHC approves interim bail of Nawaz Sharif in Al-Azizia reference on medical grounds

ISLAMABAD: The Islamabad High Court (IHC) on Saturday approved the interim bail of former prime minister Nawaz Sharif until Tuesday in the Al-Azizia reference. The petition was heard by a two-member divisional bench that included IHC Chief Justice Athar Minallah and Justice Mohsin Akhtar Kayani. The court had excluded Justice Aamir Farooq, as he is on a holiday. PML-N President ... Read More »

A weekly review: PSX shed 212 points; rupee edges down

KARACHI: The Pakistan Stock Exchange (PSX) remained lacklustre in the outgoing week as investor participation was comparatively low amid lack of market moving triggers and investors in a state of uncertainty following the formal announcement of the Financial Action Task Force to keep Pakistan in the grey list till Feb 2020. The benchmark KSE-100 index lost 212 points, or 0.6 ... Read More »

Pakistan floats tender to buy 5 LNG cargoes for January

LONDON: Pakistan issued a tender on Friday to buy five cargoes of liquefied natural gas (LNG) for delivery in January 2020, Pakistan LNG documents showed. The delivery windows are Jan 6-7, Jan 11-12, Jan 16-17, Jan 23-24 and Jan 28-29. The deadline to submit offers is on Nov 26. Asian spot prices for LNG slipped this week, weighed by global ... Read More »

Amazon’s gloomy holiday forecast misses estimates, shares fall 7pc

NEW YORK: forecast revenue and profit for the holiday quarter below expectations, as it faces fierce competition and rising costs from its plan to speed up delivery times globally. Shares fell 7%, as revenue growth for the company’s lucrative cloud computing business also slowed down in the third quarter, missing analysts’ estimates. Amazon beat expectations on overall third-quarter revenue, ... Read More »

FBR not to interact with traders via personal visits, phone calls: Shabbar Zaidi

ISLAMABAD: In a step to ensure transparency, Federal Board of Revenue (FBR) Chairman Shabbar Zaidi announced that the tax officials will be barred from personal interaction with businessmen, according to media. Taking to the social networking website, Twitter, Shabbar Zaidi said that FBR will not interact with businessmen through personal visits, telephone calls, cell phone messages or emails. Automated system ... Read More »

Director Irfan Javed’s Customs I&I lodges FIR against M/s B.M.W. Electronics

KARACHI: Directorate of Customs Intelligence and Investigation registered FIR against M/s B.M.W. Electronics for evading duty and taxes by mis-declaring description and quantity of imported goods. According to the details, Director Irfan Customs Intelligence and Investigation Irfan Javed received credible information that M/s. B.M.W. Electronics are involved in evasion of duty/taxes by mis-declaring the actual description and quantity of imported ... Read More »

Accountability Court extends judicial remand of Maryam Nawaz till Nov 2

LAHORE: An accountability court  extended the judicial remand of PML-N Vice President Maryam Nawaz by November 2. She is an accused in the Chaudhry Sugar Mills alleged money laundering case. Jail officials produced Maryam before the court amid tight security as heavy contingents of law-enforcement agencies had cordoned off the court premises. The NAB again failed to submit a reference ... Read More »

FBR transfers 78 BS17-20 officers of IRS

ISLAMABAD: Federal Board of Revenue (FBR) in major reshuffle iand transferred 78 officials of BS-17 to BS-20 with immediate effect and until further orders. Details are as under:- Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-IV) Large Taxpayers Unit-II, Karachi from the post of Commissioner, (IP/TFD/HRM) Large Taxpayers Unit, Karachi. Zahoor Ahmad ... Read More »

Tax returns per year rise by 127pc: FBR chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi tweeted on Friday that the tax returns per day had risen by 127 percent compared to last year. According to the FBR’s records, the number of tax returns filed this year also increased. Tax returns filed so far (till October 25) stand at 918,027. Tax returns filed in the same period ... Read More »

Arif Habib, M.A. Tabba shows interest in taking over Reko Diq

ISLAMABAD: Pakistan’s top business tycoons have offered to take over the disputed copper and gold deposit that was once explored by international firms Barrick Gold Corp and Antofagasta Plc, according to people familiar with the matter. Officials of the Balochistan government are said to have met with a consortium of four business groups, including tycoons Arif Habib and Muhammad Ali ... Read More »

Indian ban on Malaysian palm oil opens a window for Pakistan

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has asked Government to issue special quota on import of Palm oil from Malaysia in preview  of recent steps taken by India companies to curtail the import of palm oil from Malaysia. The Indian move comes out following the support and categorical stance by Malaysia on Kashmir issue  at the United ... Read More »

IMF mission to arrive in Pakistan tomorrow

ISLAMABAD: An International Monetary Fund (IMF) mission will arrive in Pakistan on Sunday (tomorrow) to inspect economical plans made under the extended loan programme citing sources, according to media. Finance Ministry sources said that the IMF mission will begin its visit from October 28 which would be headed by Ernesto Ramirez Rigo. The delegation is arriving in Pakistan to review ... Read More »

KSE-100 index shed over 105 points to close at 33,657.46

KARACHI: The Pakistan Stock Exchange witnessed bearish trend as the KSE-100 Index closed today at 33657.46 points as compared to 33762.48 points on the last working day with a negative change of 105.02 points. The total turnover was 170,857,654 as compared to 121,325,410 on the last working day with Pak Int. Bulk having the highest turnover of 35,589,000. Total 357 ... Read More »

Pak Rupee gains 10 paisa against dollar in open market

ISLAMABAD: The Pakistani currency further recovered its value against the US dollar on Friday. The local currency gained 10 paisa in the open market and hit Rs156 against the greenback. The exchange rate of US dollar against rupee witnessed no change in interbank and was traded at Rs155.88. The SBP further reported that in interbank the price of Euro depreciated ... Read More »