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Author Archives: CT Report

Japan-UNDP signs accord $3.5m for police reform in FATA

ISLAMABAD: The Government of Japan and the United Nations Development Programme (UNDP) signed a bilateral agreement of $3.5 million to provide support to Pakistan in building capacity of law enforcement agencies in the newly merged districts of Khyber-Pakhtunkhwa. According to a press release, the main purpose of this agreement is to train the law enforcement personnel (Levies and Khasadars) to ... Read More »

Pakistan & Russia ink deal for investment, trade

ISLAMABAD: Pakistan and Russia have signed their largest-ever deal worth billions of dollars for expanding trade and business ties, Pakistani officials have announced, according to a report by RT. Russian Minister of Industry and Trade Denis Manturov is leading a 64-member delegation on an official four-day visit to Pakistan, and the deal includes huge investments in energy, rail and steel ... Read More »

Pak Rupee further appreciates by 20 paisa against dollar

KARACHI: The Pakistani rupee on Tuesday further appreciated against the U.S. dollar by 20 paisa and three paisa in the open and interbank markets, respectively. The local currency traded at Rs154.70 in the open market, and Rs154.93 in the interbank market, according to updates available with the media. Pakistan’s foreign exchange reserves have risen to nine-month high of $17.29 billion ... Read More »

Orange Line metro train set to hit rails today for trail run

LAHORE: Orange Line metro train is all set to hit the rails today (December 10) for its trial run, while the route has been decorated with flowerpots. According to details, the plan has been finalized for the test run. The OMLT will run from Dera Gujran at 2 pm to Stabling Yard near Ali Town. During the test run, the ... Read More »

FBR seeks details of Iqama holders from UAE to avoid termination of double-taxation treaty

ISLAMABAD: The request for sharing data was made through a formal letter sent by the Federal Board of Revenue (FBR) to the UAE finance ministry. The country’s top tax machinery has sent several rejoinders since October this year, but the UAE finance ministry has not responded. The FBR warned that “Pakistan would be constrained to seriously consider rolling out appropriate ... Read More »

Foreign exchange reserves swell to nine-month high of $17.29b

KARACHI: Pakistan’s foreign exchange reserves have risen to nine-month high of $17.29 billion as the State Bank of Pakistan (SBP) received $1.3 billion from the Asian Development Bank (ADB). Finance ministry spokesman Omar Hamid Khan said in his Twitter message that “Foreign exchange inflows continue to surge as workers remittance by overseas Pakistanis recorded at $1.81billion, up 8.4% in November ... Read More »

China agrees to exempt duty on 313 Pakistani products from Jan 1, 2020

ISLAMABAD: China agreed to exempt duty on 313 Pakistani products worth $7 billion to $8 billion under second China Pakistan Free-Trade-Agreement (FTA) from January Pakistan can now become a major exporter of goods with China providing duty relief on all its major exports. China’s new offer covers 88% of Chinese global imports, 91.3 of imports from Pakistan and 83% of ... Read More »

Weekly inflation falls 0.83pc

ISLAMABAD: The Sensitive Price Indicator (SPI)-based weekly inflation for the combined consumption group (as on December 5) decreased by 0.83pc as compared to the previous week. According to data released by the Pakistan Bureau of Statistics (PBS), the SPI for the week under review in the above-mentioned group was recorded at 135.18 points as against 136.80 points registered in the ... Read More »

Nepra slaps Rs50m fine over K-Electric

KARACHI: The National Electric Power Regulatory Authority’s (NEPRA) has imposed an amount of Rs 50 million as fine upon K-Electric directing the power utility to ensure fully secured power distribution system by April 2020. The power regulator has also directed the utility providing electricity to Karachi to ensure third party evaluation of its power distribution system. Scores of people died ... Read More »

Hong Kong business sentiment detaches from mainland China

Hong Kong’s economy has always been tied to that of mainland China. Those ties seem to have loosened a little. After six months of violent anti-government protests, business activity in the Asian financial hub has fallen even deeper into contraction — despite signs of a recovery on the mainland. Nowhere is the divergence clearer than in the respective purchasing managers’ ... Read More »

Singapore revokes bunker craft licence of Inter

Singapore – The Maritime Port Authority (MPA) of Singapore has revoked the bunker supplier license of Inter-Pacific Petroleum Pte Ltd (“Inter-Pacific”). With effect from 9 December 2019, Inter-Pacific will cease to operate as a bunker supplier in the Port of Singapore. Inter-Pacific had filed for judicial management at the High Court of the Republic of Singapore and a judicial manager ... Read More »

DP World, UAE Region showcases strength in petrochemical sector at GPCA 2019

DP World’s flagship Jebel Ali Port handles 65 per cent of the polymer exports from the GCC region and has showcased this at the 14th Annual GPCA Forum in Dubai, organised by the Gulf Petrochemicals and Chemicals Association on 3-5 December 2019. The company says a highlight of DP World, UAE Region’s participation at the 3-day event was the port’s ... Read More »

Sri Lanka elected Chair of Biological Weapons Convention Meet

The Meeting of States Parties (MSP) to the Convention on Biological Weapons, which concluded its four-day session in Geneva today unanimously endorsed Sri Lanka as the Chair of the Meeting of States Parties to be held in 2020. Sri Lanka’s Permanent Representative to the UN in Geneva Ambassador A.L.A. Azeez takes over the Chairmanship of the 2020 States Parties’ Meeting ... Read More »

Saudi Aramco’s shipping arm looks to charter tankers in LNG foray

Saudi Aramco’s shipping arm Bahri has issued an expression of interest (EOI) to charter up to 12 liquefied natural gas (LNG) tankers from 2025, its first foray into the superchilled fuel, industry sources said on Monday. No further details were immediately available and Saudi Aramco declined to comment. EOIs are preliminary enquiries that may or may not turn into full-fledged ... Read More »

Russia banned from Olympic Games over doping scandal

MOSCOW, : Russia was banned from the Olympics and world championships in a range of sports for four years on Monday after the World Anti-Doping Agency (WADA) ruled to punish it for manipulating laboratory data, a WADA spokesman said. WADA’s executive committee took the decision after it concluded that Moscow had tampered with laboratory data by planting fake evidence and ... Read More »

France ready to take Trump’s tariff threat to WTO

PARIS: France is ready to go to the World Trade Organization to challenge US President Donald Trump’s threat to put tariffs on French goods in a row over a French tax on internet companies, its finance minister said on Sunday. “We are ready to take this to an international court, notably the WTO, because the national tax on digital companies ... Read More »

Envoys for facilitating more EU import to Bangladesh

Head of missions of European Union (EU) countries in Dhaka has suggested Bangladesh to take some necessary steps, including improvement of customs tariffs and procedures, to facilitate more EU import from Bangladesh. Improvement in customs tariffs and customs procedures will help Bangladesh in creating a positive investment climate which in turn would contribute to ensuring sustainable economic growth, they said. ... Read More »

Customs busts drug trafficking syndicate, seizes RM5m worth of ketamine

The Customs Department believes that an international drug trafficking syndicate has been crippled with the arrest of four men, including a local resident, in two separate raids in Selangor earlier this month. Customs deputy director-general (enforcement and compliance) Datuk Abdul Latiff Abdul Kadir said the raid was carried out on December 2 and 3 in Batu Caves and Port Klang ... Read More »

The challenges facing former Bank of Canada governor Mark Carney

Christopher Neal was formerly communications adviser to the World Bank’s energy global practice. Mark Carney, recently tapped by United Nations Secretary-General Antonio Guterres to be UN Special Envoy for Climate Change, is no stranger to big challenges. As the former governor of the Bank of Canada, he managed to shield the country from the worst impacts of the 2008 financial ... Read More »

Australia’s Prime Minister deploys new PORT officers across nine airports

CAPA News Briefs CAPA publishes more than 400 global News Briefs every weekday, covering all aspects of the aviation and travel industry. It’s the most comprehensive source of market intelligence in the world, with around 50 per cent of content translated from non-English sources. The breadth of our coverage means you won’t need any other news sources to monitor competitors ... Read More »