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Author Archives: CT Report

IHC approves Abdul Majeed Ghani’s bail in five NAB cases

ISLAMABAD: The Islamabad High Court on Wednesday approved the bail of Abdul Ghani Majeed on medical grounds in five corruption cases filed against him. The court approved the bail and asked Ghani to submit bonds worth Rs100 million in the five references he is facing and disposed of National Accountability Bureau’s (NAB) plea challenging the bail. In its order, the ... Read More »

US companies willing to enhance investment in Pakistan

ISLAMABAD: Secretary Commerce of the United States of America, Wilbur Ross along with the accompanying delegation, called on the Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here. The Adviser welcomed the Secretary Commerce and said that Pakistan and United States had maintained a durable relationship over the years and there was a need to ... Read More »

FPCCI appoints Hasan Vohra as DC of Standing Committee on “Tourism Development”

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) appointed Hasan Shaikh Vohra of Walkers Travel, Clifton, Karachi as deputy convener of central standing committee. A notification issued by FPCCI President Mian Anjum Nisar read “I am pleased to appoint you as deputy convener of FPCCI’s central standing committee on “tourism development” for the year 2020. I trust you ... Read More »

Pharmaceutical goods’ export increase 4.49pc in 7 months

ISLAMABAD : The export of pharmaceutical goods from the country witness an increase of 4.49 percent during the first seven months of current financial year (2019-20) as compared to the export of corresponding period of last year. The pharmaceutical exports were recorded at $129.100 million during July-January (2019-20) as against the export of $123.555 million during July-January (2018-19), showing growth ... Read More »

Govt to issue Sukuk-II to raise Rs200b for retiring circular debt

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government may issue  Sukuk-II for raising Rs200 billion in a bid to retire mounting circular debt, according to media reports. It has been learnt that the Power Division has initiated the process to issue the Sukuk-II for raising Rs200 billion after getting a competitive interest rate of the loans from a consortium of banks.  The ... Read More »

Pak Rupee falls by four paisas against US dollar

KARACHI: The Pak Rupee ended four paisas down against dollar on Tuesday amid demand for import and corporate payments. The rupee ended Rs154.25 to the dollar from previous day’s closing of Rs154.21 in interbank foreign exchange market. Currency dealers said that the rupee depreciated due to demand for dollars from importers and corporate buyers. They said that due to coronavirus ... Read More »

KCCI underscores need to promote banarsi clothing in potential world markets

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has said that the market of Orangi town, which was a very old market established in 1958, holds excellent expertise in handcrafted banarsi clothing that must be effectively promoted in several potential markets around the world with a view to improve the meager exports of this particular ... Read More »

APTMA delegation to meet PM Imran tomorrow

LAHORE: Prime Minister Imran Khan is likely to meet the leading textile millers and office-bearers of the All Pakistan Textile Mills Association (APTMA) on Wednesday (tomorrow). According to sources, the impeccable sources added that APTMA’s Group Leader Gohar Ijaz would lead the delegation and it will comprise APTMA’s Chairman Dr Amanullah Kassim, APTMA Punjab’s Chairman Adil Bashir and other leading ... Read More »

Gold price falls by Rs2,200 per tola in local market

KARACHI: Gold rates fell by Rs2,200 to Rs94,250 per tola in the local market on Tuesday. Likewise, the price of 10 grams of precious yellow metal registered a drop of Rs1,886 and traded at Rs80,804. Meanwhile, gold prices in global market also witnessed decreased of $39 per ounce and was being traded at $1641 per ounce, over the impact of ... Read More »

KPT shipping intelligence report Feb 25

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier) Berth Vacant…. ALONG SIDE (East Wharves): 2 Liana D. Jet Oil East Wind 22/02/20 11/12 Senanur Cebi D. Clinkrs Crystal Sea 20/02/20 13/14 Bao Grand L. Clinkers Crystal Sea 22/02/20 16/17 Es Mercury D. ... Read More »

Asian markets plumb fresh depths as virus spreads rapidly

HONG KONG: Southeast Asian stock markets tumbled on Monday as a sharp rise in coronavirus cases in South Korea and Italy stoked fears of a global pandemic, while Malaysia plunged to a more than eight-year low amid political turmoil. The selldown cut across currencies, bonds and equities as investors sought to isolate their assets from the gathering storm. Markets in ... Read More »

PSX drops more 400 points as virus continues to demotivate investors

KARACHI: Panic and uncertainty continues to demotivate potential investors on Tuesday at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Share Index further lost 421.68 points or 1.08pc in the early trading hours and reached 38,722.05 (below 39,000). As of 11.34am, the apex of the day remained 39,247.75 whereas 38,693.02, the lowest so far. The latest bearish trend in ... Read More »

Pakistan asks IMF to revise FBR’s tax collection target

ISLAMABAD: Pakistan has shared data of import compression with the International Monetary Fund (IMF) and requested to revise the annual tax collection target of the Federal Board of Revenue (FBR) keeping in view reduction in overall imports. The Federal Board of Revenue (FBR) asked for the downward revision in its target from Rs5.238 trillion to Rs4.8 trillion in the wake ... Read More »

FBR issues sales tax refund claims of Rs32b: Seema Shakil

ISLAMABAD: A Senate panel reviewed matters pertaining to the refund of sales tax and payment of rebate to exporters. The meeting of the subcommittee of Senate Standing Committee on Finance was convened and chaired by Ramesh Kumar Chawla. Chawla said that the exporters in the country working on a small and medium scale faced problems, while the Federal Board of ... Read More »

Privatization of SME Bank Ltd & Pak Reinsurance Co Ltd will be completed soon

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Cabinet Committee on Privatization (CCOP) here. During the meeting, CCOP was given an update on the Privatization program. The Committee was briefed that in case of the SME Bank Limited and Pak Reinsurance Co. Ltd (up to 20% divestment) the privatization ... Read More »

DG Valuation revises customs values of LED bulb parts vide VR No2915/2020

KARACHI: Directorate-General of Customs Valuation Director Shafiq Ahmad Latki has revised customs values of LED bulb parts vide valuation ruling no: 2915/2020 under section 25-A of the customs act, 1969. The customs values of LED bulb parts under respective PCT headings are determined as follows:- Customs values of LED bulb parts were earlier determined through valuation ruling no. 1365/2019 dated ... Read More »

K-Electric seeks increase in power tariffs for two quarters of 2019

KARACHI: K-Electric has requested the National Electric Power Regulatory Authority (NEPRA) to allow increases in power tariff by Rs1.377 per unit and Rs1.444 per unit on account of fuel adjustments for two quarters from April-June and July to September, 2019, respectively. NEPRA will conduct public hearing on March 4, 2020 on the petition of the K-Electric. Likewise, the K-Electric has ... Read More »

Biometric verification to be made mandatory for duty-free import of mobile phones

ISLAMABAD: The government is mulling to allow international passengers duty-free import of mobile phones under Baggage Rules and various proposals are under consideration to avoid misuse of the facility, a local newspaper reported. It has been learnt that such a facility will be subjected to a strict system of checks like biometric verification to discourage the previous practice of misuse ... Read More »

Transport group imports reduced by 48.11pc in 1Q

ISLAMABAD: The transport group imports during first seven months of current financial year reduced by 48.11 percent as compared to the corresponding period of the last year. According to Pakistan Bureau of Statistics (PBS), the transport group imports came down from US $224,330 million in first seven months of last financial year to US $91,800 million of the same period ... Read More »

PSX plunges 1105 points on corona virus fears

KARACHI: The stock market plunged by 1,105 points or 2.7 percent on Monday owing to rising coronavirus cases in neighboring country. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,144 points as against 40,249 points showing a decline of 1105 points (-2.7 percent DoD). Analysts at Arif Habib Limited said that the market bled a total of ... Read More »