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Author Archives: CT Report

Italy to invest 40m euros for youth development across Pakistan: Envoy

ISLAMABAD: Italian Ambassador to Pakistan Stefano Pontecorvo said that the Italian government planned on investing 40 million euros in Pakistan for the development of youth across the country. The ambassador was attending the inauguration ceremony in relation to a week-long Program for Poverty Reduction (PPR) in collaboration with the Italian Agency for Development Cooperation. “Sixty-five per cent of Pakistan’s population ... Read More »

China seeks stability in taxes & power tariff from Pakistan

ISLAMABAD: China has asked Pakistan to maintain stability in its taxes and power tariff while establishing a better regulated and more efficient power market for execution of CPEC projects. The Chinese side, through its official communication, also emphasised that “both sides shall enhance communication and coordination, analyse the impact of changing policies on CPEC projects”. According to media, official documents ... Read More »

Cement exports grow 16.48pc in four months FY2019-20

ISLAMABAD: Cement exports from the country grew by around 28pc to 798,000 tonnes in Oct 2019, as against 616,000 tonnes in the same month of 2018. The surge in cement exports was particularly seen from the southern region, which rose by 48.75pc, from 0.352 million tonnes in Oct 2018 to 0.591 million tonnes in Oct 2019. Exports from the northern ... Read More »

Gold falls Rs100 per tola

KARACHI: Gold rates in the local market decreased by Rs100 to Rs86,200 per tola on Saturday, according to media reports. The rate of 10 grams gold also fell by Rs86 to Rs73,902. It is noteworthy that gold prices in the global market slipped on Friday, on track to break a three-session winning streak as stock markets hit record highs following ... Read More »

US to extend license for its companies to continue business with Huawei

NEW YORK: The Trump administration is set to issue a two-week extension of a license allowing US companies to continue doing business with China’s Huawei, two sources familiar with the deliberations said. The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalized ... Read More »

Pakistan seeks LNG cargo for February

LONDON: Pakistan issued a tender on Friday to buy a cargo of liquefied natural gas (LNG) for delivery in February 2020, documents from state-owned gas firm Pakistan LNG showed. The delivery window is on Feb 16-17, and the deadline to submit offers is on Dec. 17. Meanwhile, Asian spot prices for LNG fell for the fourth week in a row ... Read More »

A weekly review: Stocks jump six-month high to 37,583.89 points

KARACHI: The stock market demonstrated bullish trend during the whole trading week lifting the KSE-100 index by 1605.73 points to 37,583.89 points on the last trading day (Friday) as compared to its position at 35,978.16 points last Saturday. With the continuous positive momentum throughout the week, the bulls rule the KSE-100 and cumulatively the index went up by over 4.46 ... Read More »

Quetta Preventive impounds 11 non-duty paid vehicles worth Rs90m

QUETTA: Collectorate of Customs anti-smuggling squad during campaign against non-duty paid vehicles impounded 11 vehicles worth millions of rupees. Sources told that the operation against these vehicles were supervised by Additional Collector Jamil Baloch, Yasir Kalwar, Deputy Collector Chaudhary Afzal, Assistant Collector Saleem Tahir, Rana Umair, Superintendent Saleem Agha, Inspector Jamil Kakar, Ali Zaidi Lehri and Tufail Ahmad. Sources further ... Read More »

Business-friendly changes made to curb under-invoicing: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) chairman Shabbar Zaidi on Saturday said that the financial body has made substantial business-friendly changes in imports’ system to curb under-invoicing. Shabbar Zaidi said in his Twitter message that FBR has made substantial changes in ‘unit of measurement’ system and ‘Valuation Rulings’ with respect to the import of goods. He also suggested importers providing ... Read More »

Development of green industry transforms Gwadar port into “green pearl”

ISLAMABAD: In a nursery which covers an area of around 4,000 square meters, moringa trees whose seeds have fairly high economic values grew taller than a person, Euphorbia milii plants with green leaves and red flowers were competing with each other on appearance, and seedlings in flowerpots made of discarded plastic bottles were nourished by atomizers. The nursery with over ... Read More »

Court extends judicial remand of Rana Sanaullah till Nov 30 in narcotics case

LAHORE: A special court for Control of Narcotics Substance (CNS) on Saturday extended the judicial remand of Rana Sanaullah till November 30 in 15kg heroin recovery case against him lodged by the Anti-Narcotics Force (ANF). Meanwhile, Sanaullah’s defence counsel pleaded with the court to grant it the complete record of the case against its client. “We have not been granted ... Read More »

Iranian tomatoes reach Taftan

KARACHI: After increasing prices of various flour varieties by Rs15-20 per kg from April till Nov 12, millers are reducing rates of flour no.2.5 to Rs47.50, down a rupee from Rs48.50 per kg. Prices of 10 kg bag for the same variety have been lowered to Rs480 from Rs490, according to media. Meanwhile, the government has issued import permit for ... Read More »

Collector Saqif Saeed’s Preventive nabs director of M/s E-Movers

KARACHI: Collectorate of Customs Preventive Investigation & Prosecution (I&P) branch arrested director of M/s E-Movers who was identified as Tanveer in relation to the replacement of Afghan transit trade cargo during transit. According to sources that after authentic of information passed by Customs Preventive Karachi, Directorate General of Transit Trade has unearthed a mega scam whereby high value and high ... Read More »

Iranian Businessman Imprisoned In U.S. For Exporting Carbon To Iran

WASHINGTON, :The U.S. Department of Justice (DOJ) said on Thursday that an Iranian businessman was sentenced to 46 months in prison for violating U.S. sanctions against Iran. In a press release, the DOJ alleged that Behzad Pourghannad had participated in exporting carbon fiber from the United States to Iran between 2008 and 2013. “Behzad Pourghannad conspired to circumvent U.S. export ... Read More »

Investing in Russia is a Gamble, Whatever the Government Says

Private investment has become the Russian government’s most longed-for dream. Unless investment triples from its current level, the economy will not see the 3% growth demanded by President Vladimir Putin. For officials, that means the national goal will not be fulfilled, and the government will not meet its KPIs. Conditions for investment in Russia are good right now, the government ... Read More »

The world’s most profitable company is about to go public

Nope. Those two don’t even come close. The answer is Saudi Arabia’s state oil company, Aramco. In 2018, Saudi Aramco made $111 billion dollars in profit. The second-most profitable company, Apple, made $60 billion that year. On November 3, Aramco officially announced its plan to go public for the first time in the company’s 86-year history. Energy historian Ellen R. ... Read More »

FBR’s Benami Transactions (Prohibition) Zones file 15 references involving billions of rupees

ISLAMABAD: The Benami Transactions (Prohibition) Zones of the Federal Bureau of Revenue (FBR) have filed 15 references with adjudicating authority against ‘benamidars’ and beneficial owner over alleged involvement of billions of rupees in the shape of real estate and shares belonging to property tycoons, businessman and politicians. Sources familiar with the matter told the media that in the last four ... Read More »

Govt giving subsidies to improve economy: Hafeez Shaikh

KARACHI: Adviser to Prime Minister on Finance Hafeez Shaikh on Saturday said the government is giving subsidies to industrialists and exporters to improve the economy. Hafeez Shaikh while addressing a ceremony of the Overseas Investors Chamber of Commerce and Industry , said International Monetary Fund has also expressed confidence on the economic reforms agenda of the government. The adviser said ... Read More »

China stands firm on demand US lifts tariffs to reach trade war deal

China is sticking firm to its demand that the US remove tariffs as talks on an interim trade deal continues, the Ministry of Commerce said on Thursday. Ministry spokesman Gao Feng said the trade war between the two nations started with the imposition of tariffs and it should end with their removals. “That is the important condition for reaching the ... Read More »

FBR releases tutorial videos on income tax filing to facilitate taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) has released tutorial videos on Income Tax Returns Filing to facilitate the taxpayers. According to the press statement issued here, Facilitation and Taxpayers Education Wing of FBR has prepared these videos, which have been uploaded on the Urdu and English version of its official website social media. The videos contain step by step easy ... Read More »