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Author Archives: CT Report

Petroleum prices to remain unchanged for Feb

ISLAMABAD: The federal government has decided to maintain the prices of petroleum at the current level for the month of February. According to a notification issued by the Ministry of Finance, the existing prices of January 2020 will remain unchanged for the next month. The Oil and Gas Regulatory Authority (OGRA) on Thursday had sent a summary to the federal ... Read More »

FBR transfers Jawwad Agha, Javed Ghani & 11 PCS officials of BS-20

ISLAMABAD: Federal Board of Revenue issued orders for transfer and posting of 13 Pakistan Customs Service (PCS) officers with immediate effect and until further orders:- Details are as under: Member (Customs Policy) FBR HQ Javed Ghani (BS-22) is transferred and assigned additional charge of Member Customs (Operations), FBR HQ, Islamabad. Member (Customs Operations) FBR, Jawwad Uwais Agha (BS-21) is transferred ... Read More »

Leading telecoms group chooses Nokia and Ericsson for 5G network

PARIS: Orange, France’s biggest telecoms company, said it had chosen Nokia and Ericsson to deploy its 5G network in mainland France, as China’s Huawei Technologies faces intense political scrutiny in Europe. “For Orange, the deployment of 5G represents a huge challenge and is one of the main priorities of our Engage 2025 strategic plan,” said Orange France CEO Fabienne Dulac. ... Read More »

LPG price slashed by Rs10 per kg

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) Friday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of February. According to the notification, the authority has decreased the locally produced LPG price by Rs111.27 per cylinder of 11.8 kilogram. After the revised prices, the cylinder would be sold in open market at Rs1,680.21, which was available ... Read More »

Wheat crisis: Licenses of 28 mills suspended, LHC told

LAHORE: At least 204 mills have been found involved in the wheat shortage responsible for the wheat crisis in the country, according to a report submitted to the Lahore High Court on Friday, according to local media news. The report mentioned that since December last year, the licenses of 28 mills have been suspended, while a fine of Rs5.62 million ... Read More »

Stocks shed 272 points in volatile session

KARACHI: The Pakistan Stock Exchange (PSX) experienced a roller-coaster ride on the last trading session of the week, as the indices failed to sustain gains accumulated earlier in the day and closed in the red zone. The benchmark KSE-100 Index’s one-month return was recorded at 2.20pc, whereas its one-week return clocked in at -2.35pc. Foreign investors offloaded equities worth $1.81 ... Read More »

Petroleum division signs PCA with POL, MPCL for Taung block

ISLAMABAD: The Petroleum Division on Friday signed a Petroleum Concession Agreement (PCA) with Pakistan Oilfields Limited (POL) and Mari Petroleum Company Limited (MPCL) for Taung block, located in Jamshoro Sindh. Secretary Petroleum Mian Asad Hayauddin and Director General (Petroleum Concession) Imran Ahmed inked the agreement on behalf of the government with CEO POL Shuaib Malik and CEO MPCL Lt Gen ... Read More »

Pak Rupee records 20 paisa appreciation against US dollar

KARACHI: The Pakistani rupee registered a 20 paisa appreciation in its value against the US dollar in the open market in early trade on Friday. According to foreign currency dealers, the local unit appreciated by 20 paisa to 154.60 against the greenback as compared to yesterday’s closing of 154.80. A day earlier, the rupee had risen by eight paisa to ... Read More »

FBR extends date of filing of income tax returns till Feb 10

ISLAMABAD: Federal Board of Revenue (FBR) extended date of filing of income tax returns/statement for tax year 2019. A circular issued by FBR read as “in exercise of the powers conferred under Section 214-A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to extend the date of filing of income tax returns/statements for the Tax ... Read More »

KPT shipping intelligence report Jan 31

KARACHI:The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) Op-II Gulf Petroleum 4 D. Jet Oil Alpine 31/01/20 ALONG SIDE (East Wharves): 11/12 V Sanderling L. Clinkers Crystal Sea 29/01/20 13/14 Tomini Ability L. Clinkers Crystal Sea 26/01/20 16/17 Altonia D. L. Cnt. Golden ... Read More »

Ogra proposes hike in prices of petroleum products

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended to increase the prices of diesel and Light Diesel Oil (LDO) by Rs2.47 and Rs1.1 a litre respectively for February. However, it recommended a reduction of Re0.06 and Re0.66 a litre in the prices of petrol and kerosene respectively. Interestingly, the Brent Oil price on the market has reduced by ... Read More »

FBR detects big money laundering scam in Peshawar

ISLAMABAD: The Federal Board of Revenue unearthed one of the largest alleged money laundering and terror financing operations based out of Pakistan in which one of the accused possessed over Rs6 billion in different bank accounts but barely paid any taxes. According to media, FBR Directorate of Intelligence and Investigation in Peshawar moved the application seeking information against multiple bank ... Read More »

Customs I&I undertakes transfers & postings of principal appraiser, IOs, sepoys

ISLAMABAD: Directorate-General Customs Intelligence and Investigation has undertaken transfers and postings of the officials of the Directorate General with immediate effect and until further orders. Principal Appraiser Irshad Ali Shah is transferred from Regional Office Gwadar and posted at Regional Office Hyderabad. Intelligence Officer Muhammad Hanif Kurd is transferred from CBCM Islamabad and posted at Regional Office Gwadar. Intelligence Officer ... Read More »

Govt bars customs to clear second hand clothing, shoes & worn articles imported from China

KARACHI:  Government of Pakistan Port Health Establishment issued advisory on Pneumonia outbreak due to Novel Corona Virus to all the Collectorate of customs. The Advisory issued by Port Heath Officer Dr. Mohammad Ai Zardari read as “I have to convey the instructions received from Direcorate of Central Health Establishment, Islamabad that second hand clothing/used hoes and other worn articles should ... Read More »

Electric fan exports increase 2pc 

ISLAMABAD: The exports of electric fan witnessed increase of 2.50 percent during the first half current financial year (2019-20) as compared to the export of corresponding period of last year. The electric fan exports during July-December (2019-20) were recorded at $10.502 million against the exports of $10.246 million during July-December (2018-19), showing a growth of 2.50 percent, according to the ... Read More »

NDMA imposes ban on export of face masks, hand gloves

ISLAMABAD: Following the outbreak of coronavirus that has killed over 200 people, National Disaster Management Authority (NDMA) on Friday imposed a ban on export of face masks and hand gloves. According to a statement issued by the NDMA, the ban has been imposed as “a first precautionary measure” and to ensure availability of “sufficient basic first aid material”. To prevent ... Read More »

SBP reserves jump $184mn to $11.9b

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP), during the week ending January 24, increased by $184 million to $11.9 billion. According to data released by the State Bank of Pakistan (SBP) on Thursday, the total liquid foreign reserves held by the country stood at $18,362.7 million on 24th of this month. The break-up of the ... Read More »

Stocks close flat amid range-bound trading

KARACHI: Stocks were caught in a whirlwind activity on Thursday, as the indices traded within a narrow range throughout the session before ending flat. Foreign investors continued to offload equities on Wednesday, recording a net outflow of $0.375 million; major selling witnessed in cement sector ($0.623 million). The benchmark KSE-100 Index recorded its intraday low at 41,548.04 after shedding 350.66 ... Read More »

Pak Rupee rises eight paisa against US dollar

KARACHI: The Pakistani rupee rose by eight paisa against the US dollar in the interbank market on Thursday. According to forex dealers, the local unit settled at 154.47 for the day against Wednesday’s closing of 155 against the greenback. Last week, the Pakistani rupee remained stable against the US dollar in the interbank currency market. According to a weekly report, ... Read More »

OGRA recommends increase in POL prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Thursday sent a summary to the Ministry of Petroleum, recommending Rs2.47 increase in the prices of petroleum products from February 1. The OGRA has suggested an increase of Rs2.47 per liter in high Speed Diesel Oil price, increase of Rs1.10 per liter in Light Diesel Oil (LDO) price. The regulatory authority ... Read More »