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Tag Archives: Customs Today

Inflation falls 0.53% during outgoing week

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on October 30 witnessed a 0.53% decrease for the lowest income group as compare to the previous week. According to provisional figures released by the Pakistan Bureau of Statistics, the SPI for the lowest income group stood at 207.28 points against 208.38 in the previous week,. The SPI for the ... Read More »

In a decade time: Up to Rs14.68 per litre POL price cut takes effect

ISLAMABAD: Pakistanis finally received good news among the piles of bad reports especially of increasing inflation as Prime Minister Nawaz Sharif Friday announced reduction in the prices of petroleum products up to Rs14.68 per litre. Customs Today has another feather in its cap as this leading community newspaper was first to break this news of reduction in petroleum, oil & ... Read More »

Germany ready to help Pakistan stem crippling energy crisis

LAHORE: German is ready to help Pakistan eliminate energy crisis through renewable energy sources, declared German Ambassador in Pakistan German Ambassador Dr Cyrill Jean Nunn during a visit to Lahore Chamber of Commerce and Industry (LCCI). He urged the private sector to gear up for reaping benefits of the GSP Plus status granted by the European Union, stressing that Pakistan’s ... Read More »

Midday: Buoyancy keeps KSE afloat with 78 points

KARACHI: Buoyancy kept the Karachi Stock Exchange afloat as the benchmark KSE-100 index sustained modest gains of 78 points or 0.26% to cling to the level of 30283 points, though slight below the early gains of 83 point, till the midday trading on Friday. The sentiments remained positive, boosting confidence of the investors and keeping the score board ticking. The ... Read More »

Opening: Buoyant KSE adds 83 point to overnight gains

KARACHI: Stocks remained buoyant and kept on adding to the gains as the Karachi Stocks Exchange benchmark KSE-100 index gained 83 points or 0.28% to reach 30287.36 in early trading on Friday. The market opened at the overnight closing of 30207 points and kept on upward march. The investors responded positively to the positive trend in the market and remained ... Read More »

Forex reserves fall to $13.2b  

KARACHI: Pakistan’s total liquid foreign exchange reserves declined to $13.2 billion during the week ending October 24 as compared to $13.464 billion the previous week, said the State Bank of Pakistan (SBP). The reserves held by the SBP fell by $219 million to reach $8.568 billion from $8.787 billion. While the reserves held by other banks were $4.631 billion as ... Read More »

New Islamabad airport to be functional by Oct 2016

ISLAMABAD: New Islamabad International Airport (NIIA) will to operational by October 2016. Talking to a delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by its President Muzzamil Hussain Sabri, NIIA Project Director Pervez Hayat Khan claimed that 95 percent work of NIIA project had been completed. He informed that the airport was a state-of-the-art facility with three times ... Read More »

Asif Marghoob evolves strategy to curb oil smuggling

KARACHI: The Directorate General of Customs Intelligence and Investigation (I&I) Asif Marghoob Siddiqui has decided to launch a grand operation against illegal petrol pumps setup in Hyderabad and Sukkur. Talking to Customs Today at his office, the Director Customs Intelligence and Investigation Karachi Region said that the department, in close liaison with the district administration and law enforcing agencies (LEAs), ... Read More »

PATCO signs MoUs for producing export quality fruit, veg

ISLAMABAD: The Pakistan Agricultural Research Council Agrotech Company (PATCO) signed three memorandum of understandings (MoUs) with different companies for technical and scientific cooperation to promote agriculture in the country. The MoUs were signed with M/s Durrani Associates, Karachi; M/s Iftikhar Ahmed and Company, Karachi and M/s. Fauji Fresh and Freez Limited, Lahore. PATCO carry out business of marketing and promotion ... Read More »

Rs 5.7b uplift okayed: Karachi Port, Port Qasim to get scanners

ISLAMABAD: The Central Development Working Party (CDWP) approved three development projects worth Rs 5,779.25 million while four projects worth Rs 3,3027.298 million were referred to executive committee of National Economic Council (ECNEC) for approval. An official statement issued here said that seven projects worth Rs38,806.548 million were discussed in detail at the CDWP meeting which was chaired by Federal Minister ... Read More »

ICCI lauds Dar’s 14-point future roadmap

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) welcomed the 14-point “future roadmap” announced by by Finance Minister Ishaq Dar to improve economy and make Pakistan globally a competitive country. In a statement issued here, ICCI President Muzzamil Hussain Sabri called upon the government to start taking practical measures to ensure implementation of the roadmap in letter and spirit ... Read More »

Afridi tells NA cotton support price raised to Rs 3,000

ISLAMABAD: Federal Minister for Textile and Industry Abbas Khan Afridi told the National Assembly that the government had announced Rs 3,000 per 40-kg support price for cotton. During the question hours in the House, the minister informed that the Trading Corporation of Pakistan (TCP) had been directed to purchase cotton from the farmers at the rate of Rs 3,000 per ... Read More »

Kuwait emir meets King Abdullah amid oil row

RIYADH: Kuwaiti emir Sheikh Sabah al-Ahmad al-Sabah held talks Saudi King Abdullah during his visit to the kingdom amid a row between the two Gulf neighbours over a shared offshore oilfield. Both the kings discussed aspects of cooperation between the two brotherly countries along with regional and international affairs, said the official Saudi Press Agency without giving any further details. ... Read More »

Law Ministry to re-appoint Soofia Latif as special judge

KARACHI: The post of the Customs and Taxation Court judge, which had been lying vacant due to the retirement of special judge Soofia Latif, would soon be filled. Sources told Customs Today that the Ministry of Law had sent a letter to the Prime Minister’s Secretariat, seeking re-appointment of Soofia Latif as a special judge on contract basis. They said ... Read More »

Cotton trading booming ahead of Muharram holidays

KARACHI: The cotton trading picked up as a whopping 58 percent or 27,200 (155 kilograms each) surge has been witnessed in the local market. The development came due to huge buying of the commodity by the spinning millers who want to keep their mills functional before and after Muharram holidays (October 3-4). According to reports, there are always issues in ... Read More »

Islamic microfinance forum to take up poverty alleviation

ISLAMABAD: To create new Shariah standards, the two-day Global Islamic Microfinance Forum is scheduled to be held from November 1, in Dubai. The forum will also discuss how to build capacity and empower human resource. According AlHuda CIBE Chief Executive Officer Zubair Mughal, Islamic microfinance is inevitable to eradicate poverty in Muslim world. He pointed out that non-Muslims could also ... Read More »

Pak-US ties on course to trade partnership: US envoy

ISLAMABAD: US Special Representative for Afghanistan and Pakistan Daniel Feldman declared that the ties between Pakistan-US were moving from aid-based to trade-based relationship. Speaking to a group of journalists at the US Embassy, he ruled out extension in Kerry-Lugar legislation under which Washington provided about $5 billion in civilian assistance to Pakistan over the past five years. The Kerry-Lugar-Berman authorisation ... Read More »

Midday: Cyclone Nilofar fears narrow KSE gains

KARACHI: Vagaries including the speculations about Cyclone Nilofar in Arabian Sea triggered panic in the stock market as KSE-100 index lost most of early gains and plunged to 30266 points in the midday trading on Wednesday. However, it managed to hold 41 points or 0.14% of the early gains. Earlier at opening, the Karachi Stock Exchange showed tremendous resilience and ... Read More »

SRO 608: Punjab chambers in unison against tax at retail level

LAHORE: All major chambers and industrial representative bodies of Punjab, through a unanimous resolution, have pledged to fight against taxation at retail level, calling for immediate withdrawal of SRO 608 and extension in tax returns filing date. The resolution was adopted at a meeting convened by the Lahore Chamber of Commerce & Industry. The meeting was convened to discuss Tax ... Read More »

KSE cheers up, gains 93 points

KARACHI: Karachi Stock Exchange shrugged off overnight losses and showed tremendous resilience, taking the KSE-100 index to 30318.06 with a gain of 93.44 points or 0.31% in the early trading on Wednesday. The market opened on a positive note and appeared to have left the overnight marginal losses behind. The trading started at 30225 and the KSE-100 index kept upward ... Read More »