Author: capital

Customs warns KICT of legal action

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KARACHI: Pakistan Customs has warned the management of Karachi International Container Terminal (KICT) of possible contempt of court proceedings and legal action over escalating operational disruptions that are delaying customs clearance, hampering trade activity, and affecting overall port performance. In a letter issued by the Customs Appraisement West Collectorate to the KICT CEO, officials said operational bottlenecks at the terminal had intensified despite repeated written notices and daily verbal and telephonic coordination. Customs authorities reported persistent delays in container grounding, examination processes, and freight clearance over the past several months.…

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FBR asks FinMin to declare new transaction in return

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ISLAMABAD: The Federal Board of Revenue (FBR) has sent a nudging SMS to its boss, the finance minister, urging him to declare a transaction in his tax return, revealed Muhammad Aurangzeb on Wednesday while backing the FBR in its drive to broaden the tax base through such steps. “I also received a nudging tax message from the FBR,” said the finance minister in a meeting of the Senate Standing Committee on Finance. He was responding to the issue of text messages sent by the FBR to the taxpayers, carrying information…

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Banks power PSX rally despite volatility

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KARACHI: Bullish momentum continued to dominate trading at the Pakistan Stock Exchange (PSX) on Wednesday, where the benchmark KSE-100 index advanced a further 931 points, despite some volatility. Banking and other heavyweight financial stocks set the tone in early dealings as institutional buying in key names helped overcome the initial hesitation. Market participants pointed to improved risk appetite, with banking, fertiliser and select blue-chip sectors contributing significantly to the positive trend. There was volatility too as investors digested mixed macro signals and global cues. Despite that, bulls held firm control,…

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Pakistan takes over digital body presidency

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ISLAMABAD: Pakistan has formally assumed the presidency of the Digital Cooperation Organisation (DCO). Federal Minister for Information Technology and Telecommunications Shaza Fatima Khawaja, after taking over the role, said that Pakistan would promote joint global efforts in the areas of digital cooperation, cybersecurity, digital inclusion and artificial intelligence. A ceremony was held in Kuwait during the fifth General Assembly of the DCO, which was attended by senior officials from 16 member countries. According to a statement issued by the Ministry of IT on Thursday, the DCO was established to strengthen…

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Bitcoin plunges below $70,000 as slide continues

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SINGAPORE/LONDON: Bitcoin tumbled through the key $70,000 level on Thursday as a slide in the world’s largest cryptocurrency showed no signs of stopping. Bitcoin fell by as much as 3.8% to a low of $69,858, its weakest since November 2024, when Republican Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail. Bitcoin has already fallen nearly 8% for the week, taking its losses for the year so far to nearly 20%. Ether, which was down nearly 2% at $2,090, is down…

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Security for Chinese enhanced: Naqvi

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ISLAMABAD: Interior Minister Mohsin Naqvi and Chinese Ambassador Jiang Zaidong reaffirmed the enduring Pakistan China strategic partnership during a high-level meeting at the Ministry of Interior on Thursday. Minister Naqvi welcomed Ambassador Zaidong upon his arrival and received strong condemnation from China over the recent terrorist attacks targeting civilians and security forces in Balochistan. The ambassador expressed deep sympathy for the affected families, underscoring that China “stands in complete solidarity” with Pakistan during this difficult time. Ambassador Zaidong reiterated China’s firm stance against terrorism in all its forms and assured…

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Civil-military leadership reaffirms Kashmir stance

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MUZAFFARABAD: Prime Minister Shehbaz Sharif on Wednesday reaffirmed Pakistan’s unwavering political, diplomatic and moral support for the Kashmir cause, declaring that the Kashmiri people’s struggle for the right to self-determination would continue until its logical conclusion in accordance with United Nations Security Council resolutions. Addressing a special session of the AJK Legislative Assembly on Kashmir Solidarity Day, the prime minister also announced a special development package for the people of Azad Jammu and Kashmir (AJK). He paid tribute to the sacrifices of the Kashmiri people, saying history bore witness that…

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Pakistan, Uzbekistan sign joint declaration to expand strategic partnership

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Pakistan and Uzbekistan signed a joint declaration following the state visit of Uzbek President Shavkat Mirziyoyev, reaffirming their commitment to expand strategic cooperation across trade, connectivity, security, education and culture, the Ministry of Foreign Affairs said on Friday. The declaration said the talks and agreements signed during the visit would “further strengthen the strategic partnership between the Islamic Republic of Pakistan and the Republic of Uzbekistan”. Both sides expressed satisfaction over the trajectory of bilateral ties and agreed to deepen cooperation in political, economic and regional spheres, with the leaders…

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Pakistan, Uzbekistan set $2b trade target

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ISLAMABAD: Pakistan and Uzbekistan on Thursday agreed to enhance the bilateral trade to $2 billion within the next five years. To this respect a protocol for enhancing bilateral trade and economic cooperation between the two countries was signed in Islamabad by Prime Minister Shehbaz Sharif and Uzbekistan President Shavkat Mirziyoyev. The two countries also signed a number of accords aimed at enhancing bilateral cooperation in diverse fields including defence, agriculture, trade, industry, culture, education, disaster management, pharmaceuticals and others. Under the protocol, the two sides shall constitute a joint working…

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31 martyred, 169 injured in Islamabad imambargah blast; govt says bomber ‘travelled to Afghanistan’

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ISLAMABAD: At least 31 worshippers were killed and dozens more injured when a massive bomb tore through an imambargah in the Tarlai area of Islamabad on Friday, police and administration officials confirmed, adding that the bomber had “travelled to Afghanistan”. The explosion went off just as worshippers were offering Friday prayers at Imambargah Khadijah al-Kubra on the outskirts of Islamabad. The blast was so powerful that it was heard within a radius of hundreds of metrers, whipping up fear and panic among residents. Islamabad Deputy Commissioner Irfan Nawaz Memon confirmed…

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