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Author Archives: CT Report

Poultry sector hits all-time low in 2019

KARACHI: The year 2019 has turned out to be another low-growth year for Pakistan’s poultry sector, which is at its all-time low, owing to various tax anomalies and the unfriendly export environment, as even those poultry businesses in Pakistan running state-of-the-art units now find it difficult to carry on. In the year 2019, Pakistan again failed to make its presence ... Read More »

Law Ministry issues NAB Amendment Ordinance 2019 notification

ISLAMABAD: The Ministry of Law has issued a notification on Saturday after the approval of NAB Amendment Ordinance 2019. Earlier, the Supreme Court of Pakistan (SCP) received an application against the National Accountability (Amendment) Ordinance, 2019, promulgated by the government through a presidential ordinance on Friday that made momentous alterations to the accountability law known as the National Accountability Ordinance, ... Read More »

Nepra hikes K-Electric tariff under under fuel cost adjustment

KARACHI: The National Electric Power Regulatory Authority (Nepra) has allowed K-Electric to collect consumer tariff on account of variation in fuel charges from July 2016 to June 2019. The regulator has allowed K-Electric to collect these adjustments in the next nine months from consumers. However, it has directed the electricity supplier to collect tariff from all consumer categories, except those ... Read More »

Investors keen to invest $5b in textile industry: APTMA

LAHORE: Pakistan textile industrialists are willing to invest $5 billion in the sector as China is pulling out of textiles, informed Group Leader All Pakistan Textile Mills Association (APTMA) Gohar Ejaz. Talking to local media, the textile industrialist said that the only industry working in Pakistan at the moment is the textile industry. “The domestic consumption has been curtailed in ... Read More »

Pak Rupee gains Rs0.04 against dollar, closes at Rs155.03

ISLAMABAD: The exchange rate of Pakistani rupee against US dollar on Friday gained Rs 0.04 as value of rupee went up to Rs 155.03 in the interbank against the last closing at Rs 155.07, State Bank of Pakistan (SBP) reported. In open market, the buying and selling rates of Pakistani rupee against dollar stood at Rs 154.9 and Rs 155.5 ... Read More »

Businessmen playing vital role for strengthening country’s economy: PM Imran

KARACHI: Prime Minister Imran Khan said that business community has an important role as it creates wealth. He said that wealth creation can only be made possible by facilitating the business community and through ease of doing business. Addressing the award distribution ceremony of Pakistan Stock Exchange, the PM said the countries that prosper stand on two principles: justice and ... Read More »

Pakistan Stock Exchange posts bearish trend

ISLAMABAD: The Pakistan stock exchange (psx) on Friday witnessed bearish trend as KSE 100 Index fell by 279 points (0.68%) to 40,848 points from 41,127 points on previous day. A total of 146,610,620 shares valuing Rs 7.7 billion were traded against 132,017,420 shares of Rs 6.52 billion during the last trading day. Shares of 348 companies were transacted, out of ... Read More »

FBR clears 75pc refund claims since August through Faster

ISLAMABAD: The Federal Board of Revenue’s (FBR) digital refund settlement system has cleared almost 75 percent or R11 billion of total pending claims received since August this year. FBR issued refunds worth Rs11 billion as against the claims of Rs15 billion, through its newly-introduced fully automated sales tax e-refund (Faster) system. In August, the FBR deployed the automated refund system, ... Read More »

KPT shipping intelligence report Dec 27

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-II Talara D. Mogas GAC 27/12/19 ALONG SIDE (East Wharves): 2 Oriental Cosmos L. Ethanol East Wind 27/12/19 ALONG SIDE(P.I.C.T): 8/9 Mol Globe D. L. Cont. OC-Network 26/12/19 ALONG SIDE(South Wharf): SAPT-4 Cscl Africa ... Read More »

Moroccan envoy lauds govt’s policies to diversify trade, investment

ISLAMABAD: Special Assistant to the Prime Minister on Information and Broadcasting Dr. Firdous Ashiq Awan has said that the world will witness an enlightened, moderate and progressive Pakistan through effective diplomacy and media engagements. Talking to Morocco Ambassador Mohamed Karmoune, she said both countries need to employ futuristic media engagement strategies for furthering socio-cultural exchange in order to strengthen bilateral ... Read More »

FBR busts gang involved in tax evasion of Rs10b by using fake industrial units

ISLAMABAD: Federal Board of Revenue (FBR) busted a country-wide gang involved in tax evasion of up to Rs10 billion using fake industrial units. According to sources, the action was carried out by the Karachi directorate of intelligence and investigation wing of the federal authority against a gang that operated country-wide. “It was involved in causing billions of rupees losses to ... Read More »

Dollar gains 13 paisa against rupee in interbank market

KARACHI: The US dollar appreciated 13 paisa versus the rupee in the interbank market at the start of trade on Friday. According to forex dealers, the greenback is trading at 155.20 against the local currency in the interbank market. They said the dollar has appreciated 31 paisa against the rupee over the past two days. The rupee had extended upward ... Read More »

Oil hits three-month highs as strong U.S. consumer spending underpins growth hopes

TOKYO: Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT, while the West Texas Intermediate ... Read More »

NAB orders inquiry into ‘China-cutting’ on land surrounding Mazar-e-Quaid

ISLAMABAD: The chairman of the National Accountability Bureau (NAB), Justice Retd Javed Iqbal has taken notice of ‘China-cutting’ on land in surroundings of Quaid-e-Azam Muhammad Ali Jinnah’s mausoleum and ordered the launching of an inquiry in it. An inquiry has been launched into the illegally carving out land in the surroundings of Mazar-e-Quaid over the directives of NAB chairman, the ... Read More »

Cabinet approves NAB Amendment Ordinance 2019

ISLAMABAD: The federal cabinet on Friday gave its approval to the National Accountability Bureau (NAB) Ordinance, 2019, which will now be sent to President Arif Alvi for his assent. The ordinance was given approval through circulation. Earlier, sources had said that the law ministry had forwarded a summary of the NAB Ordinance to Prime Minister Imran Khan so that it ... Read More »

Russia-Austria Trade Up 6.6% Year-on-Year To Over $5Bln

VIENNA : The trade between Russia and Austria from January to October increased by 6.6 percent compared to the same period last year exceeding $5 billion, Russian Ambassador to Vienna Dmitry Lyubinsky told Sputnik. According to the diplomat, Austria has traditionally been and remains one of Russia’s important economic partners in Europe. “Despite sanctions opposed by the overwhelming majority of ... Read More »

French businesses hit by strike encouraged to delay tax payments

The French government is encouraging businesses affected by three weeks of strikes against pension reform to apply for a deferral in paying their social charges. In mid-December, the government reactivated a procedure put in place for businesses affected by Yellow Vest protesters. By deferring payments, businesses can “recover cash flow at a complicated moment”, said Laurent Maillard, spokesman for President ... Read More »

Bangladesh- Dhaka to see six new upscale international hotels

Dhaka:Bangladesh capital, Dhaka is set to welcome half a dozen new upscale international hotel chains over the next couple of years, brought about by the growing influx of business travellers to Bangladesh. Bengal Group of Industries, is constructing a 370-room hotel in the capital’s Niketan area for about BDT 600 crore. The property will be managed by Swiss hotel chain ... Read More »

Room rates as low as US$12 a night bring no joy to Hong Kong

The outlook for Hong Kong’s hotel sector looked bleak as occupancy continued to fall on the run-up to Christmas despite room rates dropping to as low as US$12 a night. Hotel rates for Christmas hit a low of HK$93 (US$12) at the Winland 800 Hotel in Tsing Yi, which is offering the rate through the Trip.com website. The hotel did ... Read More »

Malaysia slaps anti-dumping duties on cold rolled coils from these countries

KUALA LUMPUR (Dec 26): Malaysia has imposed anti-dumping duties of between 3.84% and 26.39% on iron or non-alloy steel-based cold rolled coils with a width of more than 1,300m imported from China, Japan, South Korea and Vietnam to address unfair trade practices. Malaysia’s Ministry of International Trade and Industry (MITI) said in a statement today the government decided to impose ... Read More »