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Accountability court orders to freeze assets of Shehbaz Sharif family

LAHORE: An accountability court on Wednesday ordered to freeze properties of former Punjab CM and Pakistan Muslim League Nawaz (PML-N) President Shehbaz Sharif and his family members. The National Accountability Bureau (NAB) had filed a petition seeking to freeze properties belonging to Shehbaz Sharif and his family members. The court, in its verdict, directed concerned authorities to freeze all assets ... Read More »

Russian involvement in railways sector mutually beneficial:  Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Wednesday said that Russian involvement in development projects will be mutually beneficial for both Russia and Pakistan. Addressing a press conference along with Russian Trade Minister Denis Valentinovich Hammad Azhar specifically highlighted cooperation in the railway sector. “Russia is exporting [railways] equipment to European countries. On the other hand, Pakistan’s workshops ... Read More »

Bullish trend in PSX as 100-index touches 40,801 points

KARACHI: Pakistan Stock Exchange (PSX) continued a bullish trend on Wednesday as the KSE-100 index gained 138 points. The index is currently trading at 40,801 points. The market is seems to be stablizing as the investors are getting trust to invest in the PSX due to positive policies of the Pakistan Tehrek-e-Insaf government. Earlier, Advisor to Prime Minister on Finance, ... Read More »

Karachi Port Trust ships movement, cargo handling report Dec 10

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 Tuesday. SHIPS BERTHED: Kota Karim Container Ship Orient Pluto General Cargo Cosco Japan Container Ship Altonia Container Ship Coral Star Container Ship Cosco Hong Kong Container Ship E M Sapphire General Cargo Ningbo Express ... Read More »

Director I&I Irfan Javed recovers Rs221.7m duty, taxes from M/s OGDCL

KARACHI: Under the supervision of Director Irfan Javed Directorate-General of Customs Intelligence & Investigation (I&I) recovered Rs221,715,659/- (Rs221.7 million) on evaded by M/s Oil & Gas Development Company Limited (OGDCL) on import of seamless pipes imported vide GD No. KEWB-HC-2414 dated 5.12.2019. According to the details, in pursuance of an information of undue claim of exemption under SRO 678(I)/2004, dated ... Read More »

ADB sees stabilization in Pakistan’s economy this year

MANILA: The Asian Development Bank (ADB) expects stabilization of Pakistan’s economy in current fiscal year while predicting slower growth than expected for developing nations of Asia. In its Asian Development Outlook Supplement, the Manila-based lender assesses slower growth in Asia this year and next, citing weakening domestic investment due to external factors such as the U.S.-China trade war for its ... Read More »

Multan Adjudication decides 43 seizure cases worth Rs.38.225m

MULTAN: Customs Adjudication Multan Camp Office decides 32 seizure cases of worth Rs38.225 million during the month of November 2019-20. According to the details, Customs Adjudication has conducted hearing of different seizure cases during November 2019-20. Customs Adjudication collector, additional collector and deputy collector conducted trial of these seizure cases according to their authorized power to adjudicate cases as per ... Read More »

IHC grants bail to former president Asif Ali Zardari on medical grounds

ISLAMABAD: A special bench of the Islamabad High Court on Wednesday approved the bail of former president Asif Ali Zardari on medical grounds. The former president was asked to submit surety bonds worth Rs10 million in order to get bail. Last week, the IHC had admitted a bail plea filed by the former president seeking bail on medical grounds in ... Read More »

Govt committed to achieve sustainable development goals: Asad Umar

ISLAMABAD: Federal Minister for Planning and Development Asad Umer on Wednesday said that the incumbent government is fully committed to achieving the sustainable development goals (SDGs). Talking to the United Nations Development Programme (UNDP) resident representative Ignacio Artaza, who called on him at the Ministry of Planning Development and Reform, Asad Umer said that the government’s socio-economic agenda is aligned ... Read More »

Remittances jump 9.35pc during November

KARACHI: Pakistan’s remittances rose by 9.35 per cent to $1.819bn during November, from $1.664bn in corresponding month of FY19, reported the State Bank of Pakistan. However, on a monthly basis, foreign inflows declined by 9.05pc — or $181m — compared to October this year, when the figure stood at $2 billion. Similarly, remittances during the first five months of this ... Read More »

SHC seeks comments on petition filed by M/s Khurram and Sons

KARACHI: The Sindh High Court (SHC) issued notices to the customs’ high officials and deputy attorney general on a constitutional petition filed by M/s Khurram and Sons against enhancement of valuation of imported styrene butadiene rubber (SBR), synthetic rubber NBR6240 unit value $1.65/kg to $2.50/kg instead of $1.25 and $1.28 per kg under the garb of valuation ruling no 1091/2017 ... Read More »

Multan Adjudication decides 43 seizure cases worth Rs.38.225m

MULTAN: Customs Adjudication Multan Camp Office decides 32 seizure cases of worth Rs38.225 million during the month of November 2019-20. According to the details, Customs Adjudication has conducted hearing of different seizure cases during November 2019-20. Customs Adjudication collector, additional collector and deputy collector conducted trial of these seizure cases according to their authorized power to adjudicate cases as per ... Read More »

Customs Court approves remand of suspect in HSD Oil smuggling case

KARACHI: The Customs Court sent suspect namely Muhammad Nadeem son of Muhammad Essa to lock-up of customs department on physical remand who was nominated in a case of attempting to smuggle 60,000 liters high speed diesel valuing of Rs7,680,000 approximately. On 10 December 2019, investigation officer of Customs I&I produced the above mentioned suspect before the court and informed that ... Read More »

Rice import: Mexico delegation to visit Pakistan for lifting ban

ISLAMABAD: Pakistan is keen on enhancing trade and business interaction with Mexico and investors from both the countries can benefit from the available trade opportunities in the different sectors, said Senate Deputy Chairman Saleem Mandviwalla. Speaking with the media at Parliament House on Tuesday, he said that Pakistani rice was banned in Mexico a few years back and the recent ... Read More »

Promotion of regional trade govt’s top priority: Dawood

ISLAMABAD: Advisor to Prime Minister on Commerce Abdul Razak Dawood Tuesday said the government’s resolve to work for achieving economic, social and cultural development in the South Asian region by combating common challenges of poverty, unemployment, terrorism, transnational crimes and climate change. “South Asia has huge potentials for transforming development landscape of our region and to achieve this, South Asian ... Read More »

Pakistan Customs to launch internship programme for students from June 2020 

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Tuesday met heads of the National University of Sciences and Technology (NUST) and Lahore University of Management and Sciences (LUMS) to discuss participation in internship programme to be launched by Pakistan Customs. Pakistan Customs has decided to launch an internship programme for the university students from June 2020 aimed at ... Read More »

PSX witnesses bullish trend as benchmark index gains 221.79 points

KARACHI: Pakistan Stock Exchange on Tuesday witnessed bullish trend as the KSE-100 Index closed today at 40,664.60 points with a positive change of 221.79 points or 0.55 percent. Of the 93 traded companies in the KSE100 Index 61 closed up 30 closed down, while 2 remained unchanged. Total volume traded for the index was 157.14 million shares. Sectors propping up ... Read More »

Sajid Aziz Meer, Mirza Qasim Baig elected president & general secretary of LCAA

LAHORE: Lahore Customs Agents Association (LCAA) issued notification declaring results of elections of office-bearers. According to the notification issued by Chairman Election Commission Mian Ziaul Qayyum, following members are elected as office-bearers of the Association:- Sajid Aziz Meer of M/s Meer Brothers International as president Farooq Hassan of M/s Ports Way as senior vice-president Abdul Sattar Gujjar of M/s Sheen ... Read More »

ASF foils bid to smuggle NDP cigarettes at AIIA

LAHORE: The Airport Security Force (ASF) on Tuesday thwarted smuggling bid at the Allama Iqbal International Airport (AIIA) Lahore. According to the ASF spokesperson, a passenger named Amjad Javed, flying to Jeddah via Pakistan International Airlines'(PIA) flight-759 was taken into custody while boarding along with 22 bundles of smuggled cigarettes. The non-customs paid cigarettes bundles were handed over the Pakistan ... Read More »

Pakistan, Turkey express desire to expand trade ties

ISTANBUL: Foreign Minister Shah Mehmood Qureshi on Monday met his Turkish counterpart Mevlut Cavusoglu on the sidelines of the meeting at Istanbul in Turkey. Reiterating the historic and fraternal relations between the two countries, foreign minister conveyed the warmest and sincerest wishes for the people and the Government of Turkey on behalf of the people and the Government of Pakistan ... Read More »