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Author Archives: CT Report

Challenges for Malaysia’s meandering economy

The Malaysian economy seemed to be in a state of suspension in 2019. While observers expected a burst of economic activity in line with the promises made during Pakatan Harapan’s ascent to power in 2018, the year delivered little terms of economic growth. In fact, the third quarter of 2019 offered a disappointing 4.4 per cent GDP growth. The year ... Read More »

US sanctions helped Russia to boost oil exports

Exports of Russian crude surged last year, with shipments to the US increasing threefold, as Washington tightened sanctions against a number of countries, the Russian Ministry of Economic Development has said. The volume of Russian oil exports was up 3.9 percent, according to customs data for January-November 2019. In a note, seen by business outlet RBC, the ministry said that ... Read More »

Saudi Arabia issues $5bn bonds to help plug budget gap

Saudi Arabia sold its first Eurobond of the year on Tuesday as tension in the Middle East eased over the US assassination of a top Iranian general. The kingdom issued $5 billion of debt, taking advantage of low borrowing costs globally. It’s seeking to plug part of its growing budget deficit by selling about $32 billion of local currency and ... Read More »

Amid Trump’s showdown with Iran, an ugly part of US history is reemerging

A surge of attempts to silence legitimate and thoughtful foreign policy criticism has reached new depths, impugning the loyalty of those who happen to have policy differences with those doing the impugning. The resulting damage is not just to individual reputations, but also to freedom of speech and to the care and wisdom that should be applied to the formulation ... Read More »

KPT ships movement, cargo handling report Jan 22

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Wednesday. SHIPS BERTHED: Cosco Pacific Container Ship KMTC Mumbai Container Ship JY Guardianship General Cargo AS Paola Container Ship M.T. Lahore Tanker Glovis Sirius car Carrier SHIPS SAILED: Cosco Pacific Gsl Manet Le Li ... Read More »

Pakistani envoy Asad Khan rings New York Stock Exchange’s closing bell

NEW YORK: Pakistan’s Ambassador to the United States, Asad Majeed Khan rang the NESTOL closing bell at the NASDAQ Stock Exchange in New York at a prestigious ceremony that signals the end of trading for the day on Wall Street. NASDAQ is the premier United States Stock Exchange, while NESTOL is an international software solutions company with extensive operations in ... Read More »

PM invites German company SAP to support ‘Digital Pakistan’

ISLAMABAD: Prime Minister Imran Khan on Wednesday invited SAP (System, Applications and Product), a software solution company of international acclaim, to support ‘Digital Pakistan’ initiative in skills development and training of youth in collaboration with major universities. In a meeting with Chief Executive Officer SAP Christian Klein on the sidelines of World Economic Forum at the Swiss resort Davos, the ... Read More »

Central banks join forces to look at future digital currencies

LONDON/FRANKFURT: Major central banks are looking at the case for issuing their own digital currencies, the Bank of England and European Central Bank said on Tuesday, amid a growing debate over the future of money and who controls it. The central banks of Britain, the euro zone, Japan, Sweden and Switzerland will share experiences in a new group headed by ... Read More »

Stocks edge down amid FATF speculations; gold price fall as dollar firms

KARACHI: Negative sentiments have been prevailing among investors as reflected by the Pakistan Stock Exchange (PSX) over uncertain speculations as the country’s delegation meets Financial Action Task Force (FATF) in Beijing for talks about measures taken to curb money laundering and terror financing. The benchmark KSE 100-share Index further dropped 289.47 points or 0.68pc and hit 42,337 points on Wednesday ... Read More »

Govt to convert CNG stations into EV charging terminals

ISLAMABAD: Government has approved an environmental policy that includes the proposal to transform 3,000 Compressed Natural Gas (CNG) stations across the country into Electric Vehicle charging stations. According to media, the Ministry of Climate Change was putting in a lot of effort to promote electric vehicles in Pakistan to help protect the natural environment, but it was yet to come ... Read More »

FBR reopens probe of eight years old sales tax refund scam

ISLAMABAD: Federal Board of Revenue (FBR) reopened investigations into an eight-year old tax refund scam against three companies suspected of embezzling billions of rupees through fake trade invoices. FBR officials told media that the bank accounts of the three companies had been frozen as part of the inquiry. The regional tax office in Karachi initiated the proceedings against M/s Oriental ... Read More »

Multinational firms keen to invest over $11m in Pakistan

DAVOS: One of the world’s leading suppliers of disposable personal hygiene products, Ontex is all geared up to double its investment in Pakistan in the coming years. The Belgian multinational that operates in more than 110 countries would invest €10 million or over USD11 million in Pakistan in the next two to three years. “We have invested €10 million in ... Read More »

FATF’s Working Group expresses satisfaction over Pakistan’s report

BEIJING: The Financial Action Task Force’s (FATF) Working Group has expressed satisfaction while reviewing Pakistan’s performance report from October 2019 till January 2020 in compliance with the global illicit financing watchdog’s action plan carrying 27 recommendations about the country’s anti-money laundering and combating financing of terrorism (AML/CFT) mechanism. The Pakistani delegation led by the Minister for Economic Affairs Hammad Azhar ... Read More »

Pakistan seeks further cooperation with ADB: Hafeez Shaikh

ISLAMABAD: Pakistan looks forward to further strengthening its partnership with the Asian Development Bank (ADB) under its new President Masatsugu Asakawa, Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said on Wednesday. Talking to media on the sidelines of the World Economic Forum (WEF) annual meeting at Davos, he said the PM had an excellent meeting ... Read More »

FBR issues clarification regarding levy of health tax on tobacco

ISLAMABAD: Federal Board of Revenue (FBR) has issued a clarification on a news item appeared in some section of press about the imposition of health levy on tobacco consumption. According to a press release issued by FBR, the legal and constitutional experts hold the view that health is a provincial subject and Federation cannot levy health tax on tobacco consumption. ... Read More »

GD filing in “One Customs” to be regulated from Feb 2

ISLAMABAD: Federal Board of Revenue (FBR) issued notification regarding filing of Goods Declaration (GD) through WeBOC glow. The notification read that as WeBOC is running successfully over the years and now updated version of WeBOC Glo has been launched. There, GD filing in One Customs shall be regulated as follows with effect from 3.2.2020. If any GD is to be ... Read More »

 Murtaza Syed appointed as deputy governor SBP

ISLAMABAD: The federal government appointed another man, who served at the International Monetary Fund (IMF), as the deputy governor of the State Bank of Pakistan (SBP). Murtaza Syed is currently the second such appointment at the top hierarchy of the SBP after the incumbent state bank’s Governor Reza Baqir had also served for the international financial body. A notification for ... Read More »

No tax imposed on wheat flour: FBR chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi on Tuesday clarified that there is no tax imposed on wheat flour in any form. “Govt has not imposed any tax on wheat flour,” he said, adding that the federal government has no role behind the current wheat flour crisis in the country. He said that FBR suffered Rs200 billion ... Read More »

Gold prices go up, trades at Rs89,950 per tola

ISLAMABAD: The per tola price of 24 karat gold appreciated by Rs150 on Tuesday and was traded at Rs89,950 as compared to Rs89,800 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed increase of Rs128 and was traded at Rs77,118 against last closing of Rs76,990. The price of silver remained stable and was ... Read More »

State Bank to announce monetary policy on Jan 28

KARACHI: The State Bank of Pakistan will announce monetary policy on January 28, 2020. SBP Governor Dr Reza Baqir will announce the policy at a press conference on that day. It is pertinent to mention here that the central bank has left the rate unchanged in the past two meetings.       Read More »