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Author Archives: CT Report

HSBC to slash investment bank, 35,000 jobs in strategy overhaul

HONG KONG/LONDON: HSBC Holdings PLC said it would shed $100 billion in assets, shrink its investment bank and revamp its US and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years. The bank, which has struggled to keep pace with leaner and more focused rivals, is seeking to become more competitive as it grapples ... Read More »

Construction of CPEC projects continue despite coronavirus fears

LAHORE: China has taken stern measures for the prevention of the coronavirus epidemic in Pakistan to ensure the timely completion of China Pakistan Economic Corridor (CPEC) project, says the Chinese Consulate General in Lahore, Long Dingbin. Talking to China Economic Net, the diplomat said that China is making every effort to prevent and control the epidemic. The Consulate General in ... Read More »

Pak Rupee gains three paisa against US dollar in interbank market

KARACHI: The Pakistani rupee rose by three paisa against the US dollar in the inter-bank market on Wednesday. According to forex dealers, the rupee appreciated by three paisa to 154.20 against the greenback as compared to yesterday’s closing of 154.25. Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Tuesday said the foreign direct investment in ... Read More »

FBR extends filing of ST, FE return date up to Feb 26

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing sales tax (ST) and federal excise (FE) return for the month of January 2020 up to February 26, 2020. The FBR issued a notification addressing all chief commissioners Inland Revenue of Large Taxpayers Units and Regional Tax Offices to inform about extension in date of submission of ... Read More »

Govt likely to approve electricity tariff relief for industry, seasonal gas tariffs

ISLAMABAD: The government is likely to approve a tariff reduction plan for industrial electricity and introduce seasonal gas tariff in the country on Thursday with the view to give an impetus to industrial activities and provide relief to gas consumers. “This all is being done on the directives of Prime Minister Imran Khan who has got agitated over the steep ... Read More »

Stock market stages rally over reports of positive FATF outcome

KARACHI: After a considerable declining trend in the previous weeks, reports of positive outcome from the FATF meetings in Paris for Pakistan restored some of investors’ confidence in the stock market in the early trading hours on Wednesday. The benchmark KSE 100-Share Index reached 40,505.27 points after gaining 329.92 points or 0.82pc as of 11.19am. The Index opened at 40,221.82 ... Read More »

FTA talks with Turkey likely to commence in April: Razak Dawood

ISLAMABAD: Talks between Pakistan and Turkey on the Free Trade Agreement (FTA) are likely to begin in Ankara in April confirmed Adviser to Prime Minister on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood in a conversation with media. Dawood said that there was substantial progress towards initiating an FTA between the two countries. “Pakistan will finish its ... Read More »

Unloading of soybean halted at Karachi port over fears of fatal dust

KARACHI: Following the deaths of more than a dozen Karachi residents and scores being hospitalised due to air toxicity, unloading of soybean at Karachi Port was halted on Wednesday as a report called it the cause behind the deaths. According to a report compiled by the International Center for Chemical and Biological Sciences (ICCBS) at Karachi University, an aeroallergen from ... Read More »

IR officers to get information of WHT of importers through WeBOC

KARACHI: The officers of Inland Revenue to access online system of customs clearance for monitoring of withholding tax collected from importers. The sources in Federal Board of Revenue (FBR) said that the collectors of customs of sea ports/dry ports are obliged to collect withholding tax on imports as per prescribed rates. In the case of goods/equipment imported through airways, each ... Read More »

Utility Stores Corp further slash rates of pulses, ghee

ISLAMABAD: The rates of dal chana and dal masoor, have been slashed from five rupees to thirty rupees, revealed the document. The Utility Stores Corporation (USC) announced to further reduced the prices of pulses and ghee across all utility stores in the country on Wednesday. As per the documents available, the prices of pulses and ghee have been reduced on ... Read More »

Factory sealed in Punjab for making cooking oil from animals’ fat, offal

SHEIKHUPURA: The Punjab Food Authority (PFA) along with media team conducted a raid at a factory in Kot Abdul Malik city of Sheikhupura district and confiscated a huge cache of contaminated cooking oil extracted from animals’ fat and offal. According to details, teams of the Punjab Food Authority (PFA), led by its director-general Irfan Memon raided the factory where animal ... Read More »

Current account deficit shrinks by 72pc in seven months of FY2019-20

KARACHI: Pakistan’s current account deficit narrowed by 72 percent during first seven months (July – January) of 2019/2020 owing to inflows of workers’ remittances and decline in import bill. The current account deficit reduced to $2.65 billion during the first seven months of current fiscal year as compared with $9.48 billion in the corresponding months of the last fiscal year, ... Read More »

PM Imran seeks details of court cases decided in favour of Pakistan Customs

ISLAMABAD: Prime Minister Imran Khan has asked all the chief collectors and director generals to inform his office about the court cases disposed in favour of Pakistan Customs. According to details available with Customs Today that  2nd reminder No.1 (44) S (Lit-HC) Cus/2019 sent by Secretary Legal Customs of FBR that in shortest time all the Customs Collectorates working under ... Read More »

China to assist Pakistan in combating locust

ISLAMABAD: Ambassador of China Yao Jing has assured to consider supply of pesticides and spraying equipment to Pakistan as an emergency project to combat the locust attack. The ambassador called on Federal Minister for National Food Security and Research Makhdoom Khusro Bakhtiar, says a press release issued the other day. The minister apprised the ambassador about the requirement of pesticides ... Read More »

APM Hafeez Shaikh chairs meeting to evaluate prices of essential commodities

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a high level meeting to evaluate the current situation of prices of essential food items in the country. The Adviser was given a detailed briefing on the prices of essential items, the price trends over the years and the comparative situation of prices in the ... Read More »

FBR launches extensive probe into salaries, assets of doctors

ISLAMABAD: The Federal Board Of Revenue (FBR) initiated a crackdown against doctors in Pakistan on Tuesday who have hidden or misreported their salaries and assets. Data of doctors belonging to Karachi’s topmost hospitals has been sought by the accountability body. In the first phase doctors from 17 top-notch healthcare institutes of Karachi have been kept on the radar. Doctors who ... Read More »

Gold price gains Rs350, traded at Rs91,150 per tola

ISLAMABAD: The per tola price of 24 karat gold appreciated by Rs350 on Tuesday and was traded at Rs91,150 as compared to Rs90,800 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed increased of Rs300 and was traded at Rs78,146 against last closing of Rs77,846. The price of silver remained stable and was ... Read More »

Shipping activity at Port Qasim on Feb 18

KARACHI: Eight ships, MSC Cardoba, MSC Mehdi, Maersk Jalan, Jin Hao, Han Xin, Tiger Winter, Navig-8 Steelar and Georgia-M, carrying Containers, Coal, General cargo, Chemicals, Palm oil and Mogas were allotted berths at Qasim International Container Terminal, Port Qasim Electric Terminal, Multi-Purpose Terminal, Engro Vopak Terminal, Liquid Cargo Terminal and FOTCO Oil Terminal respectively on Monday. Meanwhile two more ships, ... Read More »

PSX witnesses bearish trend as index loses 101 points

KARACHI: Pakistan Stocks Exchange (PSX) remained bearish on Tuesday as KSE-100 index lost 101 points at the end of the day. The 100-index closed at 40,175 points after it lost a business of 0.25 percent in the day. On February 12, the PSX witnessed a bullish run as the index gained 816 points at the end of the day after ... Read More »

Apple’s sales warning rippled across Asian and European markets 

NEW YORK: Tokyo’s Topix index dropped 1.3 per cent on Tuesday, a seventh straight decline, while Seoul’s Kospi index and Hong Kong’s Hang Seng both shed 1.4 per cent. Shares opened lower in Europe, with declines across all of the region’s major bourses and the composite Stoxx 600 index down 0.8 per cent. Investors shifted into US sovereign debt, considered ... Read More »