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Author Archives: CT Report

Pakistan to continue supporting One Belt, One Road project: Envoy

BEIJING: Pakistan will continue to support China’s One Belt, One Road initiative. Pakistani Ambassador to China Masood Khalid, in an interview with Chinese newspaper People’s Daily, said that political and economic dividends that would follow One Belt, One Road initiative would be unprecedented. He said the project (One Belt One Road) was aimed at strengthening cooperation between countries along the ... Read More »

KP govt announces to implement 5 industrial incentives

PESHAWAR: The Khyber Pakhtunkhwa government has announced to start working for the implementation of five major industrial incentives to attract the investors in the province. The incentives were announced under the Provincial Industrial Policy, 2016 and include waiver of 5 percent mark up on industrial loans for five years to enable the local industry to provide cheap products, 25 percent ... Read More »

PRA organises seminar on Tax Day

SARGODHA: The Punjab Revenue Authority (PRA) has organised a seminar on the eve of Tax Day to create awareness among the people to pay their taxes regularly. Addressing the audience, PRA Additional Commissioner Asad Aziz said that payment of taxes was the prime responsibility of the people and in this regard, an awareness campaign had been launched to motivate the ... Read More »

SBP keeps policy rate unchanged at 6%

KARACHI: The State Bank of Pakistan has announced the fifth monetary policy of the ongoing fiscal year (2015-16) and kept key policy rate unchanged at 6 percent. The SBP’s Monetary Policy Committee, in its bi-monthly policy statement, observed that current macroeconomic stability, improved law and order, and China-Pakistan Economic Corridor related investments bode well for the future prospects for foreign ... Read More »

2,640MW coal-powered projects in Sahiwal, Port Qasim to complete by 2017 end

LAHORE: Chief Minister Shahbaz Sharif has said that the coal-powered projects in Sahiwal and Port Qasim will be completed by the end of next year, and will produce 2,640 megawatts electricity. The CM said this while addressing a ceremony arranged by Chinese company Hauneng Shandong Ruyi, at the University of Engineering & Technology. He also distributed certificates among the engineers ... Read More »

Cotton prices increases to Rs5,650/maund

KARACHI: The cotton prices have increased in local market over strong demand from spinners and some exporters. Traders purchased 12,000 bales of cotton where fine quality lint changed hands at the increased prices of Rs5,000-5,650/maund. The Karachi Cotton Association increased the cotton spot rate by Rs100 to Rs5,350/maund. Brokers said that slow arrival of phutti (seed cotton) to the ginning ... Read More »

Customs clearance activities remain suspended as WeBOC closes down

KARACHI: Some technical glitches in the web-based Customs clearance system (WeBOC) has blocked the activities of Customs clearance of imports and exports. Sources said WeBOC incurred the same problem on Saturday as it faced in March and there had been no clearance of import or export consignments through the system on the other day. WeBOC Director Dr Fareed Iqbal Qureshi ... Read More »

Lack of physical infrastructure behind low exports: FPCCI

PESHAWAR: The local business community has blamed the lack of physical infrastructure behind the low exports. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Standing Committee Chairman Ahmad Jawad, in a statement, said that the physical infrastructure, including farm-to-market roads, cold storages, processing facilities like washing, waxing and grading of fresh produce and the lack of awareness on ... Read More »

SECP seeks feedback on Draft Private Placement of Securities rules

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has sought feedback on the Draft Employees Provident Fund (Investment in Listed Securities) Rules 2016 from the stakeholders. The SECP, in bid to seek feedback, held a consultative roundtable, which was attended by a large number of stakeholders from the corporate sector, professional associations and bar associations, and chaired by SECP ... Read More »

Dar, Nisar discuss about withdrawal of concessionary regime

ISLAMABAD: Finance Minister Ishaq Dar discussed the third and final phasing out plan for withdrawal of concessionary regime with Federal Board of Revenue Chairman Nisar Muhammad Khan. The minister discussed this matter while chairing a meeting with FBR chairman and his team here on Saturday. FBR chairman briefed the meeting about the third and final phasing out plan for withdrawal ... Read More »

ICCI calls for political stability to revive the economy

ISLAMABAD: Showing some concerns over the destabilising political environment in the country, the Islamabad Chambers of Commerce and Industry (ICCI) has called upon all stakeholders to work for establishing strong political stability which was key requirement for growth of business and investment activities and steering the country out of economic problems. ICCI President Atif Ikram Sheikh said that economy had ... Read More »

Indiana casino revenue dips in March

LONDON: Northwest Indiana’s five casinos broke their three-month streak of collective year-over-year revenue gains in March, reporting a slight 0.6 percent dip from the same month last year. The casinos raked in a total of $89.57 million in March, compared to the $90.89 million they took in the same month last year, according to the monthly revenues report issued Friday ... Read More »

State revenues significantly improve

BATON ROUGE: The March 2016 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $5.342 billion, a 6% decrease compared to that time last year. Total major state revenue is less than it was at this point in March 2015. However, revenue was down 15% in December. Now it’s down 6%. That’s an improvement of nine percentage ... Read More »

Unemployment rates remain flat in Feb

WASHINGTON: The jobless rate stabilized in February, a month after cuts were recorded across the Southwest Michigan work force. According to a report from the Bureau of Labor Market Information and Strategic Initiatives, some of the cuts of support staff in education were made up for in February. However, construction continued to cut jobs seasonally. Employment in leisure and hospitality ... Read More »

Inflation expected to increase to 0.4% amid rising oil prices

LONDON: The Consumer Price Index (CPI) measure of inflation is predicted to step up after Brent crude achieved stronger growth last month than in March 2015. Inflation remained at 0.3% in February – the same as the month before – as the falling cost of second-hand cars was offset by rising food prices, according to official figures. The Office for National ... Read More »

Splendour of Seas docks in Port of Salalah

MUSCAT: The cruise ship Splendour of the Seas visited the Port of Salalah with 1,709 tourists of various nationalities aboard it, as part of its tour programme to several ports around the world. The tourist programme for the ship included tours to major archeological and historical landmarks in the Governorate of Dhofar, such as the Frankincense trees sites, Al Baleed ... Read More »

Sri Lanka requests equity swap for some of its $8 bln China debt

COLOMBO: Sri Lanka has asked China to swap some of the $8 billion the Indian Ocean country owes Beijing for equity in infrastructure projects and offered to sell stakes in Sri Lankan companies to Chinese ones, Sri Lankan officials said on Saturday. The ouster of President Mahinda Rajapaksa, who steered Sri Lanka toward China until 2015, was a setback for ... Read More »

Finland Industrial output up by 1.5% in Feb

HELSINKI: Output of total industries adjusted for working days went up by 1.5 per cent year-on-year in February 2016, according to Statistics Finland. The output grew in several main industries in the month. Seasonally adjusted industrial output went up by 1.6 per cent from January to February. Seasonally adjusted change in total industrial output (BCDE) from previous month, %, TOL 2008. ... Read More »

Iran, Iraq to seal gas oil deal

TEHRAN: The contract for exporting two million tons of gas oil to Iraq will soon be inked to turn the neighboring country into largest buyer of the Iranian oil product. Given that Iran possesses surplus capacity for the production and supply of gas oil, the export of the strategic oil product to neighboring countries and the Middle East region has been ... Read More »

Dubai Chamber of Commerce looks to improve bilateral relations with China

DUBAI: The Dubai Chamber of Commerce and Industry (DCCI) anticipates improving its bilateral relations with China at the China-UAE Trade and Cultural Exchange Summit 2016, which is hosted in Chengdu, China. China is the top trading partner for the United Arab Emirates (UAE). Its bilateral trade with the UAE totals at more than $47 million. This is a significant rise over ... Read More »