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Author Archives: CT Report

Weekly inflation goes up 0.53pc

ISLAMABAD: The Sensitive price Indicator (SPI) based weekly inflation for the week ended on February 04 for the combined consumption group, witnessed increase of 0.53 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 141.62 points against 140.88 points registered in the previous week, according to the ... Read More »

Multan Customs demolishes 180 illegal petroleum in South Punjab

MULTAN: Collectorate of Customs Enforcement and Compliance has sealed almost 180 illegal petroleum products during ongoing anti-smuggling operation against illegal petrol pumps. Sources told Customs Today that Multan customs authorities in coordination with the Ministry of Interior engaged in the anti-smuggling activities, have identified 520 illegal POL outlets in South Punjab. According to the officials, the crackdown against illegal petrol ... Read More »

Plastic import increases 18.08pc to $1,119m in 1H of FY21

ISLAMABAD: The import of plastic material into the country witnessed an increase of 18.08 percent during the first half of the current financial year (2020-21) as compared to the corresponding period of last year. Pakistan imported plastic worth $1119.093 million during July-December (2020-21) as compared to the imports of $947.744 million during July-December (2019-20), according to data released by the ... Read More »

KCCI upset over stoppage of payments by NSC

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) M. Shariq Vohra, while expressing deep concerns over the sudden stoppage of payments by National Saving Center (NSC), urged the government to look into this serious issue as any delay in these payments would intensify the hardships mostly for the senior citizens including retired individuals and widows whose lives depend on ... Read More »

Asian markets track Wall St records on stimulus optimism

HONG KONG: Hopes that US lawmakers would pass Joe Biden’s huge stimulus package helped push Asian markets higher again Monday, while traders were also cheered by falling infection rates and the rollout of vaccines. After a rout at the end of January, the global rally across equities appeared to be back on track, despite concerns that valuations may have become ... Read More »

Mega corruption cases against big fish should not to be kept in files: NAB chairman

  ISLAMABAD: Justice (r) Javed Iqbal Chairman NAB has said that mega corruption cases against big fish should not be kept in files and these should be taken to logical conclusion as per law. Chairman NAB directed all regional bureaus of NAB that all mega corruption cases against big fish should be taken to logical conclusion within the prescribed time ... Read More »

All punishments applicable to accused in plea bargain: NAB Chairman Javed Iqbal

ISLAMABAD, Feb 6, 2021: NAB was established to eradicate corruption and to recover looted money from corrupt elements and deposit in national exchequer. NAB under the dynamic leadership of Honorable Mr. Justice Javed Iqbal, Chairman NAB through its “Accountability for All” policy has not only apprehended big fish, besides recovering Rs. 714 billion looted money from corrupt elements since its ... Read More »

ECC approves agreements with 46 IPPs, supplementary grant to FBR

ISLAMABAD: The Economic Coordination Committee (ECC) meeting headed by Finance Minister Abdul Hafeez Shaikh has given approval to agreements with the independent power producers (IPPs). During the ECC meeting, it was decided in principle to approve agreements with the 46 IPPs and paying off their dues until 30 November 2020. The government would be able to save Rs836 billion from ... Read More »

DC Inamullah Wazir’s Customs JIAP foils bid to smuggle gold worth Rs4.8m

KARACHI: Collectorate of Customs team deputed at Jinnah International Airport (JIAP) foiled a bid to smuggle 500 grams of gold. According to sources, Deputy Collector Inamullah Wazir directed customs teams to enhance monitoring of passengers arrived from foreign countries. During checking of passengers who were arrived through Qatar Airways flight no: QR604. The customs team intercepted a passenger and recovered ... Read More »

Motor vehicle tax collection grows by 15pc to Rs12.7b in 1H FY21

ISLAMABAD: The collection of motor vehicle tax has increased by 15 percent to Rs12.7 billion during the first half (July – December) of 2020/2021 owing to improved business and commercial activities after ease in coronavirus lockdown. According to official statistics made available on Saturday, the motor vehicle tax collected by all the provinces increased to Rs12.7 billion during the first ... Read More »

Imports of six smuggling-prone goods surge 55pc

ISLAMABAD: The quantum of smuggled goods into the country decreased during the first seven months of FY21 as compared to the corresponding period last year, according to data of the Pakistan Customs which showed a higher collection of duties and taxes. Formal imports of six smugg­­ling-prone commodities — green tea, black tea, tyres, textile products, ­electronic goods and palm oil ... Read More »

Oil rises 1pc, hits highest in a year on growth hopes, OPEC+ output cuts

NEW YORK: Oil prices rose about 1%, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies. Oil was also supported as U.S. stock markets hit record highs on signs of progress toward more economic stimulus, while a U.S. jobs report ... Read More »

LHC to hear Rana Sanaullah bail petition in assets case on Feb 9

LAHORE: The Lahore High Court (LHC) has fixed the hearing of bail petition submitted by Rana Sanaullah in assets beyond income case on Saturday. The registrar office of the Lahore High Court (LHC) fixed the bail petition of Sanaullah for the hearing. A two-member bench of LHC will hear the petition on February 9. Earlier on January 28, the National ... Read More »

Exports cross $2b for four consecutive months: Razak Dawood

ISLAMABAD: Pakistan’s exports have crossed the mark of two $2 billion for four consecutive months for the first time in last eight years. This was informed at a consultative meeting by Prime Ministers Advisor on Commerce Abdul Razak Dawood via video link to review trade data till last month, reported Radio Pakistan. It was apprised that exports in last month ... Read More »

FBR transfers 14 PCS officers with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for transfers and postings of following officials with immediate effect and until further orders:- Muhammad Khalid Khan, Superintendent is transferred from Directorate of IOCO Lahore to Directorate of Customs Intelligence and Investigation Lahore. Zia-ur-Rehman Bhatti, Inspector is transferred from MCC E&C, Multan to Directorate of Customs I&I, Lahore. Gul Nawaz Khan, ... Read More »

US dollar set for best week in three months as pandemic recoveries diverge

TOKYO: The dollar headed for its best weekly gain in three months on Friday, lifted by growing confidence that the US economic recovery will outpace global peers. The dollar index touched a new two-month high in Asian trade amid signs of resilience in the labour market, with closely watched nonfarm payroll figures due later in the global day. The greenback ... Read More »

CCP impounds records of two major poultry feed mills

ISLAMABAD: The Competition Commission of Pakistan (CCP) carried out a search and inspection operation of two major poultry feed mills to confiscate proof of their suspected involvement in collusive activities and fixing of poultry feed rates. Sources told that CCP initiated the enquiry after taking notice of a concurrent increase in feed prices. According to the details, two authorised teams ... Read More »

Zameen Developments, Zedem International sign MoU to construct luxury apartment project in Islamabad

ISLAMABAD: Zameen Developments (a sister concern of and Zedem International have signed a memorandum of understanding (MoU) to develop a luxury apartment project in Islamabad. and Zameen Developments Chief Executive Officer (CEO) Zeeshan Ali Khan and Zedem International Director Chaudhry Zohair Majeed signed the agreement. Country Head Ahmed Hussain Bhatti, Senior Director North Hasan Danish, Zameen Developments ... Read More »

NAB rejects ‘one-sided propaganda’ campaign

ISLAMABAD: National Accountability Bureau (NAB) has rejected editorial published in a daily newspaper titled “NAB not impartial” on January 26, 2021. In its clarification, NAB stated that the editorial of daily newspaper is a malicious attempt to tarnish the exemplary image and prestige of National Accountability Bureau (NAB) as an institution in the eyes of its readers through one sided ... Read More »

Forex reserves rise to $20.163b

KARACHI: Pakistan’s foreign exchange reserves increased to $20.163 billion during the week ended January 29 from $20.106 billion a week ago, the central bank reported on Thursday. The forex reserves held by the State Bank of Pakistan (SBP) rose $33 million to $13.031 billion. The foreign exchange reserves of commercial banks also increased to $7.131 billion from $7.108 billion, it ... Read More »