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Author Archives: CT Report

IFC to establish business centre at Wagah to facilitate Pak-India trade

ISLAMABAD: The International Finance Corporation (IFC), a member of World Bank Group, will set up a business centre at the Wagah border, Lahore, to facilitate Pakistan-India trade, while the government of Pakistan has approved the project after clearance from security agencies. The purpose of the project is to bring ease in trade between both the countries, besides developing a trade-friendly ... Read More »

FBR’s income tax notices to bear bar codes

ISLAMABAD: Federal Board of Revenue (FBR) will issue income tax notices bearing verifiable bar codes from next financial year. The income tax notices to be issued from 1st July 2015 will be computer-generated and they will bear bar codes that can be verified from the FBR’s web portal. To ensure that the income tax notices are genuine, taxpayers will be ... Read More »

LCCI, Swiss Embassy join hands to work together

LAHORE: Embassy of Switzerland and the Lahore Chamber of Commerce and Industry (LCCI) would work hand in hand to make the mutual trade and economic relations further stronger. This decision was made during a meeting between the Ambassador of Switzerland Marc P. George and the LCCI President Ijaz A. Mumtaz here at the Lahore Chamber of Commerce & Industry. LCCI Senior ... Read More »

Gilani returns Mrs. Erdogan diamond necklace to NADRA

ISLAMABAD: Former prime minister Syed Yousuf Raza Gilani has returned the diamond necklace of Turkish first lady Mrs. Erdogan. The necklace was submitted with the NADRA authorities by the staff of Mr Gilani after Cabinet Division and Foreign Office refused to accept it. The FIA on Sunday issued a notice to Gilani to return the necklace of the Turkish first ... Read More »

Court issues arrest warrants for 53 owners of commercial institutions

SIALKOT: The Social Security Department has sent several cases to the court of the special judicial magistrate for the recovery of the prolonged arrears of Rs 6.5 million. According to sources, at least 53 commercial institutions, including bricks kilns, commercial organizations, private hospitals, rice mills and schools owe millions of rupees to the social security department. The Court of Special ... Read More »

LCCI hails Altaf statement on Kalabagh dam

LAHORE: The Lahore Chamber of Commerce and Industry has welcomed the statement of MQM head Altaf Hussain regarding construction of Kalabagh dam and hoped that his gesture would pave way for early completion of this mega project. In a statement issued here Wednesday, the LCCI President Ijaz A. Mumtaz and Convener  Standing Committee on Kalabagh Dam Abdul Basit said that ... Read More »

ICCI calls for strict anti-smuggling measures to boost local industry‏

ISLAMABAD: Islamabad Chamber of Commerce and Industry has called upon the government to take strong anti-smuggling measures as rising phenomenon of smuggling was undermining the local industry and causing harmful consequences for the national economy. Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and industry said that national exchequer was reportedly losing around Rs.120 to 150 billion annually due to ... Read More »

World Bank VP calls Finance Minister

ISLAMABAD: The World Bank Vice President for South Asia Region, Ms Annette Dixon made a telephone call to Finance Minister, Mohammad Ishaq Dar. Ms Annette Dixon felicitated Finance Minister Dar on successful completion of growth DPC-2 and said that funds to the tune of USD 500 million would be released within twenty four hours. She  lauded the economic performance of ... Read More »

PR inks accord with a US based company to procure 55 locos

LAHORE: The Pakistan Railways (PR) Saturday signed an agreement with General Electric (GE) USA to procure 55 locomotives. PR Director Procurement Ziauddin Ahmed Qureshi and Ishfaq, representative of General Electric of the United States signed the agreement here at Railways Headquarters. Addressing a press conference, Minister for Railways Khawaja Saad Rafique, who oversaw the signing of the agreement, said today ... Read More »

US envoy calls on Finance Minister

ISLAMABAD: US Ambassador Richard G. Olson met Federal Finance Minister, Mohammad Ishaq Dar here. He was accompanied by Ms Daniela Ballard, US Embassy’s Economic Counsellor. The US Envoy had exchange of views with Minister Dar on the schedule of meetings of Pak-US Working Group on Economy and Finance as well as TIFA (Trade & Investment Framework Agreement) Council. Both sides ... Read More »

ICCI, Roots School ink MoU to promote entrepreneurial spirit in youth‏

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) and Roots Millennium Schools (RMS) have signed a Memorandum of Understanding to enhance cooperation for promoting entrepreneurial spirit, especially in youth. Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce & Industry and Chaudhry Faisal Mushtaq, Chief Executive Officer, Roots Millennium Schools signed the MoU. The signing ceremony was held at Chamber House. ... Read More »

Sindh Infrastructure Development Bond to be launched to raise $200m

KARACHI: The Sindh Infrastructure Development Bond, which aims to raise at least $ 200 million for development and infrastructure projects, is to be launched in the province soon, it is learnt. The sources told Customs Today that the Sindh government was committed to undertake major infrastructure projects across the province despite several serious challenges. In a bid to arrange alternative ... Read More »

Cabinet body deliberates over privatizing Neelum-Jhelum project

ISLAMABAD: Prime Minister Nawaz Sharif decided announce to form a high level committee to deliberate over the privitisation of Neelum-Jhelum hydropower project or seek investment in it. “The premier has decided to form a committee to look into the possibility of privatising the Neelum-Jhelum project or entering into a partnership with some investor to ensure its timely completion,” according to ... Read More »

Pak-Saudi Chamber, Smeda sign MoU

LAHORE: The Small and Medium Enterprises Development Authority (Smeda) and the Pak-Saudi Joint Chamber of Commerce and Industry (PSJCCI) inked a memorandum of understanding (MoU) to facilitate joint ventures between the two brotherly countries in the SME sector. The MoU’s manuscript was signed by the authority’s CEO Muhammad Alamgir Chau­dhry and PSJCCI President Mian Mehmoodul Hassan at Smeda’s head office. ... Read More »

Axact scam: FIA to shift Shoaib Shaikh to Islamabad

KARACHI: Preparations are afoot for shifting to Islamabad Axact CEO, Shoaib Shaikh and other suspects in connection with the company’s alleged involvement in the issuance of fake degrees online and money laundering, sources at Federal Investigation Agency said on Wednesday. The FIA will formally submit request with the Sindh Home Deparment and a local court, seeking permission to shift Shoaib ... Read More »

Dar calls for ensuring stable poultry prices during Ramazan

ISLAMABAD: Federal Finance Minister Ishaq Dar called for ensuring fair and stable poultry prices during the holy month of Ramazanul Mubarik. He said that in view of the sanctity of Ramazan and to facilitate people at large, the Poultry Association should closely monitor the poultry prices. He was talking to a four-member delegation of the Poultry Association of Pakistan, which ... Read More »

Govt urged to resolve issues to promote foreign investment‏

ISLAMABAD: Showing great concerns over 47 percent fall in foreign direct investment during July-May 2014-15 compared to the same period of last year, Islamabad Chamber of Commerce and Industry has called upon the government to take emergency steps for resolving all key issues that are holding back foreign investors from exploiting huge investment potential in various sectors of Pakistan’s economy. ... Read More »

Pakistan Steel Mills receives 73,000 MTN of Iron Ore

KARACHI: Two cargo vessels namely M.V. Alam Murni and M.V. Eastern Star reached at Pakistan Steel Jetty, Port  Qasim during last week. The Vessel M.V. Alam Murni carrying 50,000 MT iron ore of Brazilian origin is currently discharging the cargo and Vessel M.V. Eastern carrying 23000 MT iron ore is at the outer, said a press release of Pakistan Steel. ... Read More »

Oil traders lobby blamed for delay in LNG imports

  ISLAMABAD: A lobby of oil importers have been claimed to be involved in hindering the import of liquefied natural gas (LNG) from Qatar in a government-to-government arrangement, said Shahid Khaqan Abbasi Minister of Petroleum and Natural Resources. “The oil lobby doesn’t want to see LNG imports replace furnace oil in the production of electricity,” this is what Abbasi said ... Read More »

KPK Budget 2015-16: Govt to construct 10 micro hydle power plants in KP

PESHAWAR: The government will construct ten micro hydel power plants in the province, besides a technical laboratory, said Khyber Pakhtunkhawa Finance Minister, Muzafar Said Advocate in his budget speech here Monday. Minister Muzafar said that 39 projects for energy sectors in the budget have been proposed to overcome the shortage of energy and also eliminate the load-shedding in the country. ... Read More »