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Author Archives: CT Report

PM approves 12 acre land for Sargodha dry port

SARGODHA: Prime Minister Muhammad Nawaz Sharif has approved to allot 12 acre of land for establishment of dry port at Mitha Lak, Sargodha. This was stated by Parliamentary Secretary for Information and Broadcasting Barrister Mohsin Shah Nawaz Ranjha, while speaking at a press conference organised by Sargodha Chamber of Commerce and Industry (SCCI). He thanked the PM for approving 12 ... Read More »

US fourth-quarter GDP growth revised up

WASHINGTON: United States economic growth slowed in the fourth quarter, but not as sharply as previously estimated, with fairly strong consumer spending offsetting the drag from efforts by businesses to reduce an inventory overhang. Gross domestic product rose at a 1.4 percent annual rate instead of the previously reported 1 percent pace, the Commerce Department said yesterday in its third ... Read More »

IMF okays another $502m tranche under EFF

ISLAMABAD: The executive board meeting of International Monetary Fund (IMF), after 10th economic review, has approved $502 million for Pakistan under the Extended Fund Facility (EFF). Finance Minister Ishaq Dar, welcoming the IMF’s decision, said the process of economic reforms undertaken by the present government under the leadership of Prime Minister Mohammad Nawaz sharif has led the country to a ... Read More »

Turkey imports natural gas from US for first time

ANKARA: Turkey imported 83 million cubic meters of liquefied natural gas from the United States in January after the latter became an LNG exporter with its shale gas resources, state-run Anadolu Agency reported based on information from the Turkish Energy Market Regulatory Authority (EPDK). According to the report, the import, which constituted 7.15 percent of the total LNG import of ... Read More »

US Customs agents rescue student

LAREDO: Border Patrol agents from the Laredo Sector rescued a teenager, United States Citizen, who was found in distress after playing in a ravine near the U.S. riverbanks. On Tuesday, March 22, 2016 at approximately 4:30 p.m., agents assigned to the Laredo North Station all-terrain vehicle (ATV) unit were conducting their assigned duties near Father Charles M.  McNaboe Park, when ... Read More »

US Customs seizes cocaine worth $300k

LAREDO: U.S. Customs and Border Protection (CBP) officers recently seized a significant amount of cocaine at World Trade Bridge. “CBP has numerous layers of enforcement which are utilized on a daily basis,” said Port Director Gregory Alvarez, Laredo Port of Entry.  “The officers’ experience, training and knowledge of CBP technology played a role in the discovery of this hard narcotic.” ... Read More »

China customs find khat, cannabis in foreign mail

BEIJING: Customs officers in south and northeast China have reported seizures of narcotic plants in mail from Ethiopia and the United States. On March 4, Dalian customs found seven mail boxes containing more than 60 kg of khat leaves, which contain amphetamine-like stimulant. It is illegal to plant, possess, sell or consume khat in China. Addresses on the mail boxes ... Read More »

Pak, Iran agree to boost trade to $5b, establish border markets

ISLAMABAD: Pakistan and Iran have agreed to enhance bilateral trade to $5 billion under a five-year Strategic Trade Cooperation Plan, besides establishing new border markets. Addressing a joint news conference after the one-on-one and delegation-level meetings, President Rouhani said the two sides discussed the whole range of bilateral relations as well as regional and international issues of mutual interest. Rouhani ... Read More »

Zijin’s 2015 net profit falls 29%

BEIJING: ZIJIN Mining Group Co, China’s biggest listed gold producer, yesterday reported a 29.4 percent fall in its 2015 net profit as a weak global economy pressured metal prices. Zijin posted a net profit of 1.7 billion yuan (US$261 million), down from the previous year’s 2.3 billion yuan. The mining group, which also produces other metals such as copper, lead ... Read More »

Haroon Akhtar supports PSX’s budget proposals

KARACHI: Minister of State and Special Assistant to Prime Minister for Revenue Haroon Akhtar Khan has said that the budget proposals put forward by the Pakistan Stocks Exchange (PSX) will be considered. According to a statement, the PSX’s budget proposals have sense and the finance ministry, FBR (Federal Board of Revenue) and all the concerned (departments) will support the initiatives. ... Read More »

Wapda workers urge govt to fulfil their demands

LAHORE: Wapda workers have urged the government fulfil their demands of up-gradation, regularisation of services and various allowances. They stated this while speaking at a gathering organised by Labour Union Power Station Tarbela Dam in Swabi on Friday. Leaders of All Pakistan Wadpa Hydro Electric Workers Union (CBA) from Lahore, Islamabad and Peshawar attended the gathering. The participants have unanimous ... Read More »

Govt expands VAT program to all industries

BEIJING: Construction, real estate, finance and consumer services will become the last four sectors to switch from business tax to value-added tax (VAT), starting from May 1, announced taxation authorities here the other day. The land fee paid to the government will be deductible from the tax base, according to a guideline released by the Ministry of Finance and the ... Read More »

5th int’l exhibition and conference on solar energy begins

LAHORE: Provincial Minister for Mines and Minerals Ch Sher Ali Khan has inaugurated a three-day 5th International Renewable Energy and Power Exhibition and Conference. After inauguration, the minister lauded the efforts of FAKT Exhibitions (Pvt) Ltd to arrange Solar Pakistan. The event is an international platform for the solar industry, he said, adding that at this stage events like these ... Read More »

Circular debt of power sector surges to Rs337.7b: Asif

ISLAMABAD: The circular debt of power sector has surged to Rs337.7 billion whereas the total receivables amount has increased to Rs657.3 billion. This was revealed by Federal Minister for Water and Power Khawaja Asif in a written reply to the National Assembly. At present receivables from the provincial governments stand at Rs104 billion while Rs60 billion and Rs32.5 billion has ... Read More »

Chinese state firms’ profits slump further

BEIJING: China’s State-owned enterprises (SOEs) saw profit declines accelerate in the first two months of 2016 as they are hit by a slowing economy, official data showed Friday. SOEs saw combined profits slump 14.2 percent year on year in the Jan-Feb period to 222.6 billion yuan ($34.2 billion), according to data from the Ministry of Finance, a much sharper drop ... Read More »

China’s social security fund posts higher investment return

BEIJING: China’s social security fund manager on Friday said its investment return for 2015 was 15.1 percent, up from 11.4 percent in 2014 despite downward pressure on the economy. The National Council for the Social Security Fund earned 228.7 billion yuan ($35.1 billion) from all investment last year, according to a statement on its website. The rate of return outperformed ... Read More »

French consumers more pessimist in March

PARIS: France’s consumer confidence index about the economic and financial situation decreased by one point in March from a month earlier to 94, the lowest level since August 2015, the national statistics bureau Insee said on Friday. Household appreciation for their past financial balance was stable. However, “their expectations have worsened again” with the index losing four points, hitting a ... Read More »

Three arrested as €120,000 drugs haul seized in Dublin

DUBLIN: Gardaí netted an estimated €120,000 worth of cocaine and cannabis and arrested three people during searches in Dublin on Friday. Members of the Drugs and Organised Crime Bureau arrested two men, aged 35 and 49, after a planned search of a car on Camden Street yielded a large haul of cocaine thought to have a street value of €20,000. ... Read More »

Singapore’s CNB seizes 2kg of drugs worth $156,000

SINGAPORE: Five people have been arrested and more than 2kg of drugs worth an estimated $156,000 were seized in a Central Narcotics Bureau (CNB) operation on Thursday. At about noon, CNB officers observed a car driven by a 47-year-old male Singaporean, who picked up a 43-year-old Singaporean man and a 21-year-old Indonesian woman. The driver drove to a carpark in ... Read More »

Shariah compliant banking has tremendous growth potential: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that Shariah compliant banking has tremendous growth potential and the government is determined to move ahead with this industry in Pakistan. He said this during a meeting with State Bank of Pakistan Governor Ashraf Mahmood Wathra, which was held to review the current profile of Islamic banking in Pakistan. It was noted that ... Read More »