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Author Archives: CT Report

Pak rupee strengthens in cash-free market

KARACHI: The Pakistani rupee Friday strengthened against the American dollar in open market and remained firm in interbank. According to the local money market, the greenback lost 35 paisas in open market for selling at 107.15 and remained unchanged in interbank at 105.20. On Thursday, the dollar gained 10 paisas in the cash-free market to reach 107.50 and shed 35 ... Read More »

Japan stocks end: Nikkei 225 skids 2.2%

TOKYO: Japanese stocks suffered their biggest one-day drop in more than two months, adding momentum to a global selloff after the European Central Bank announced a smaller-than-expected burst of monetary stimulus. Japan’s Nikkei 225 Stock Average NIK, -2.18%  closed down 2.2%, the biggest one-day loss since Sept. 29. Shares fell 1.9% for the week, snapping a six-week string of gains. ... Read More »

Australian stocks dip at noon, S&P 200 dives 91.4pts

PERTH: The Australian sharemarket continued to struggle at noon, as bank stocks led the bourse down following an international sell-off sparked by the European Central Bank’s less-than-expected increase in monetary easing. At 12.05pm (AEDT), the benchmark S & P/ASX200 index had slumped 91.4 points, or 1.75 per cent, to 5136.3, while the broader All Ordinaries index was down 90.1 points, ... Read More »

Australian stocks retreat at open, S&P 200 slumps 89.9pts

SYDNEY: Australian stocks retreated at the opening on Friday as an international sell-off gathers pace following disappointing moves by the European Central Bank overnight. At the 10.15 a.m. (AEDT) official market opening, the benchmark S&P/ASX200 index slumped 89.9 points, or 1.72 percent, at 5137.8, while the broader All Ordinaries index was down 87 points, or 1.65 percent, at 5189.7. Expectations ... Read More »

Renewable energy sector grabs $3b investments in one year

ISLAMABAD: The country’s renewable energy sector has secured more than $3 billion foreign investment during the last one year. Alternative Energy Development Board (AEDB) Chief Executive Officer (CEO) Amjad Ali Awan revealed this while talking to APP. He said, “Due to the potential, robust policy framework, lucrative tariff structures and bankable security documents, Pakistan has become a choicer investment destination ... Read More »

PIA flight landed in China over bomb threat

ISLAMABAD: A flight of national flag-carrier, Pakistan International Airlines, made emergency landing at Tianjin airport in China after receiving bomb threat. The PIA flight PK-852 landed at Tianjin airport just after taking off from Beijing. According to a PIA spokesman here, now the flight has been cleared by the security officials and would soon be taking off for Tokyo. Read More »

Japanese company launching first washable smartphone

TOKYO: A Japanese company is going to introduce world’s first washable smartphone with the price tag of 21,600 yen ($175). Waterproof smartphones have been on the market for a while. But telecom company KDDI says its new “Digno rafre” phone – to be launched in Japan next week – is the only one that can withstand a soapy bath. “Our ... Read More »

FIA nabs human smuggler

LAHORE: The Federal Investigation Agency’s (FIA) Anti-Human Trafficking Circle Gujranwala has arrested a human smuggler. According to FIA spokesman, the team arrested the red book accused Faisal Ijaz of Gujrat after hectic efforts. The accused was also a court absconder in many cases. Further investigation is underway. Read More »

Modern tech being used to overcome energy crisis: Minister

LAHORE: The provincial government is utilising latest technology for development of the mines sector and overcoming the prevailing energy crisis in the country. This was stated by Provincial Minister for Mines and Minerals Chaudhry Sher Ali Khan, while presiding over a meeting to review progress on mines projects in Salt Range. He said that work was continuing speedily on three ... Read More »

CPEC project to promote peace in region

LAHORE: Chief Executive of Chinese province Gan su Wang San Yun has said that the China-Pakistan Economic Corridor will be proved a milestone for the promotion of peace and economic development in the region. He said this while talking to Provincial Minister for Labour and Human Resource Raja Ashfaq Sarwar at Lahore airport. He said China would provide full assistance ... Read More »

Shahbaz seeks investment for Knowledge Park in meeting with UK minister

LAHORE: Chief Minister Shahbaz Sharif has called on British Minister of State for Trade & Investment Lord Maude in London and discussed potential investment opportunities in Pakistan. According to a handout, the chief minister thanked Britain for enhancing export fund for Pakistan and said that Pakistani exports have substantially increased after granting of GSP Plus status to the country. He ... Read More »

Ginneries receive 8.631m cotton bales with 28.93% shortfall

MULTAN: The ginneries across the country have received 8.631 million or 8,631,933 cotton bales till Dec 1, showing 28.93 per cent shortfall as compared to corresponding period last year. According to a fortnightly report of Pakistan Cotton Ginners Association (PCGA), out of total arrivals, Phutti equivalent to 7,834,819 or 7.83 million bales has undergone the ginning process. The arrival at ... Read More »

Japanese govt to give Pakistani NGOs $0.25m grant

ISLAMABAD: The Japanese government has announced to give $254,889 to three Pakistani non-governmental organisations (NGOs) for the completion of social development projects in the country. The NGOs that will be given financial support include Sangtani Women Rural Development Organisation, Saint Raphael’s Hospital and Learning Awareness and Motivation Programme (LAMP). The agreements for the three projects were signed at the Japanese ... Read More »

US wants private sector to invest in Pakistan’s energy sector: Olson

WASHINGTON: Richard Olson, the United States’ Special Representative for Afghanistan and Pakistan, has said that America wants to promote new private sector to invest in Pakistan’s clean energy generation, transmission and distribution to help the country overcome energy crisis. He said this while speaking at the concluding session of the two-day US-Pakistan Clean Energy Business Opportunities Conference. The ambassador said ... Read More »

SBP’s reserves up by $110m to $14,78b

KARACHI: The State Bank of Pakistan’s foreign reserves increased by $110m to $14,787m (about $15 billion) during the week ending Nov 27, as compared to the previous week’s $14,677m. According to the data released by central bank, the total liquid foreign reserves held by the country stood at $19,819.3. The foreign reserves held by the State Bank of Pakistan (SBP) ... Read More »

Pakistan Stock Exchange will be launched on Jan 1

ISLAMABAD: The Pakistan Stock Exchange (PSE) would be launched on January 1, 2016 in a landmark event, which will likely to be attended by Prime Minister Nawaz Sharif and Federal Finance Minister Ishaq Dar. Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi said this during a meeting with Board of Directors and members of the Karachi Stock Exchange ... Read More »

Dar holds meeting to finalise modalities for Exim bank launching

ISLAMABAD: Modalities and various steps necessary for early operationalisation of the EXIM bank in Pakistan were discussed in a meeting, chaired by Federal Finance Minister Ishaq Dar. Senior officials concerned of the Ministry of Finance, Governor State Bank of Pakistan and other SBP officials were present in the meeting. The meeting was informed that the Bank having a paid up ... Read More »

Two Customs Intel Officers to retire next year

ISLAMABAD: Two Pakistan Customs Service officers of BS-16 are going to retire from the government service on attaining the age of superannuation. Mubarik Ali Shirazi, presently posted as Intelligence Officer, Directorate of Intelligence & Investigation, FBR, Lahore, will stand retired with effect from Mar 08, 2016. Muhammad Hussain, presently posted as Intelligence Officer, Directorate of Intelligence & Investigation, FBR, Lahore, ... Read More »

Customs seizes 162 drums of HSD oil worth Rs 12 million.

KARACHI; Custom Intelligence has seized a Mazda loaded with 162 drums carrying 6800 liters HSD oil. The value of recovered HSD oil worth is nearby 12 millions, it has learnt here. According to details, on the directions of Director Intelligence ASO Margoob Ahmed Siddiqui, Additional director Nadeem Ahsan and assistant director Kaleemullah assigned a team headed by Deputy Superintendent Hajji ... Read More »

Customs seizes 30 laptops worth Rs 1.2m

  KARACHI: Custom Intelligence has seized 30 laptops worth over Rs 1.2 million, it is learnt. As per details, Customs Intelligence has conducted a raid after receiving information in Regal Chowk Main Sadder Karachi and intercepted a hand trolley, loaded with 30 laptops. According to details, on the directions of Director Intelligence ASO Margoob Ahmed Siddiqui, Additional Director Nadeem Ahsan ... Read More »