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Author Archives: CT Report

Asian shares gain as Trump fuels trade deal optimism

SYDNEY/TOKYO: Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were “moving right along”, and U.S. oil prices sat near 2-1/2-month highs after OPEC and other producers agreed to cut output. MSCI s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.5% and Japan s Nikkei .N225 added ... Read More »

US dollar shows depreciation against the PKR in interbank market

KARACHI: The US dollar (USD) after lingering past the Pakistan Rupee (PKR) in the past month lost its value and showed a slight decrease in interbank market. The greenback registered a depreciation of 5 paisa against the Pakistani Rupee at the start of trading for the day. The current value of the dollar against the rupee stands at Rs 155.04 ... Read More »

FBR refunds Rs30b to 554 exporters after canceling debt bonds

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday refunded Rs30 billion to around 554 entities after canceling debt bonds issued to them. In a bid to ease liquidity, the government had issued trade-able bonds worth Rs30 billion to exporters a few months ago, but exporters had faced difficulties swapping them, causing problems. Exporters had subsequently demanded that the government ... Read More »

ADB approves loans worth $1.3b for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved two loans totaling $1.3 billion for budgetary support and key reforms in Pakistan. The ADB approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank. The quick dispersing Special Policy-Based Loan is ... Read More »

Govt will facilitate SMEs to improve economy: PM Imran

ISLAMABAD: Prime Minister Imran Khan has said that ‘Kamyab Jawan Programme’ is for the youth and the government will facilitate Small and Medium Enterprises (SMEs) to bring improvement in the economy. He said the scheme will prove beneficial for those who are involved in setting up small and medium businesses. He said this while addressing a cheque distribution ceremony under ... Read More »

Sindh CM asks FBR to refund Edhi Welfare Foundation’s money

KARACHI: Sindh Chief Minister Syed Murad Ali Shah has requested the Federal Board of Revenue (FBR) chairperson Shabbar Zaidi to refund the amount paid by the Edhi Welfare Foundation – the country’s largest non-governmental organisation, as customs duty on the import of vehicles. According to media, Shah said that the EWF had paid Rs180 million in taxes on the import ... Read More »

Gold price reaches Rs85,400 per tola

KARACHI: The price of per tola gold remained constant on Thursday and traded at Rs85,400 per tola. The price of 10-gram gold was traded at Rs 73,173. On Wednesday, gold prices in the local market edged up by Rs200 to Rs85,400 per tola, The rate of 10 grams of yellow metal also increased by Rs128 to Rs73,173. Meanwhile, gold prices ... Read More »

PM Imran launches ‘Digital Pakistan Vision’

ISLAMABAD: Prime Minister Imran Khan on Thursday launched Digital Pakistan Vision. Addressing the ceremony at the Prime Minister’s Office in Islamabad on Thursday, he said that only those who set goal of their lives make progress, adding that the one who make tough decisions always succeeds. The prime minister said that ‘Digital Pakistan Vision’ should have been focused long ago. ... Read More »

PSX extends gains with 370-point rally

KARACHI: The Pakistan Stock Exchange (PSX) continued to accumulate gains on Thursday, with the benchmark KSE-100 Index adding over 500 points intraday. Foreign investors remained net sellers in the preceding session with a net outflow of $1.93 million. According to latest data released by the All Pakistan Cement Manufacturers Association (APCMA), domestic cement sales increased by 5.11pc YoY to 3.54MT ... Read More »

OPEC and allies prepare to deepen oil output cuts

VIENNA: OPEC and its allies led by Russia were moving closer on Thursday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a ... Read More »

KPT shipping intelligence report Dec 5

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-II Lake Sturgeon D. Mogas Alpine 05/12/19 ALONG SIDE (East Wharves): 4 BBC Diamond L. Gen. Cargo Project-Sh 04/12/19 10/11 Ipsea Colossus D. Dap WMA Shipcare 04/12/19 11/12 Gh Dawn Run D. Soyabean OC-Services ... Read More »

FBR thanks banks for withdrawing petition on furnishing account holders’ info

ISLAMABAD: Federal Board of Revenue (FBR) chairman Syed Shabbar Zaidi on Thursday thanked the Pakistan Banks Association (PBA) and the management of all banks for withdrawing their petition against the tax body’s directions for provision of details of their account holders. “I thank Pakistan Banks’ Association and the management of all the banks for complete cooperation in disposing off long ... Read More »

Wheat exports reduces by 88.10pc in four months of FY2019-20

ISLAMABAD: Wheat exports during first four months of the current financial year FY2019-20 reduced by 88.10 per cent as compared to the exports during the corresponding period of the previous year. About 48,081 metric tonnes of wheat valuing $11.442 million exported during the period from July-October, 2019 as against 456,689 metric tonnes worth $96.121 million of same period of last ... Read More »

Freight trains charges reduced by 10pc: Sheikh Rashid

LAHORE: Federal Minister for Railways Sheikh Rashid Ahmed has on Thursday announced to reduce charges of freight trains by ten percent. The minister talked to media in Lahore and told that the rates will be decreased from tonight. A shuttle train service will be started from Lahore city to Wagah from December 14, he said. Sheikh Rashid vowed to end ... Read More »

Customs I&I shows outstanding performance from July to Nov

KARACHI: Under the supervision of Director Irfan Javed, Directorate-General of Customs Intelligence and Investigation (I&I) showed significant performance from July to November, 2019. According to the details, the performance of the Directorate General Customs Intelligence and Investigation showed a considerable improvement in both its anti-smuggling and enforcement functions. A comparative statement reflecting the performance in both areas viz-a-viz performance during ... Read More »

Customs I&I shows outstanding performance from July to Nov

KARACHI: Under the supervision of Director Irfan Javed, Directorate-General of Customs Intelligence and Investigation (I&I) showed significant performance from July to November, 2019. According to the details, the performance of the Directorate General Customs Intelligence and Investigation showed a considerable improvement in both its anti-smuggling and enforcement functions. A comparative statement reflecting the performance in both areas viz-a-viz performance during ... Read More »

Moody’s changes five Pakistani banks’ outlook to stable from negative

KARACHI: Moody’s Investors Service (“Moody’s”) on Wednesday affirmed the B3 long-term local currency deposit ratings of five Pakistani banks, and changed the outlook to stable from negative. The banks include Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The rating actions follow Moody’s decision on December ... Read More »

China categorically rejects reports of abuse, organ trade involving Pakistani brides

ISLAMABAD: The Chinese Embassy in Islamabad categorically rejected the media report by an American press agency that had claimed that at least 629 Pakistani girls were sold as brides to China. The Associated Press on December 4 had reported that more than five hundred Pakistani girls were sold as brides to China recently, alleging acts of abuse, organized prostitution, organ ... Read More »

Govt decides to sell unused state properties at Dubai Expo

ISLAMABAD: The federal government has decided to sell its precious unutilised state properties at the Dubai Expo to attract foreign and Pakistani investors to the country and the funds generated through the exercise will be spent on public welfare schemes related to education, health, food and housing. It was decided at a meeting on abandoned state properties held at the ... Read More »

WAPDA all set to commence Diamer Basha Dam construction

ISLAMABAD: WAPDA is all set to commence construction work on Diamer Basha Dam following award of contract in six to eight weeks, while the under-construction Mohmand Dam and Dasu Hydropower Project (Stage-I) will be completed in 2024-25. These mega projects are going to change fate and destiny of the country. This was stated by WAPDA Chairman Lt Gen ® Muzammil ... Read More »