FBR freezes bank accounts of top banker for concealing foreign assets KARACHI: The Federal Board of Revenue (FBR) has frozen the bank accounts of a top banker for tax recovery of over Rs1 billion on the charges of concealing foreign assets, official sources said on Thursday. –SHAHNAWAZ AKHTER Read more International Industries profits plunges … Read more
Stocks remain bullish on IMF deal development KARACHI: The Pakistan Equity Market opened in a green zone on Monday where investors’ confidence was enhanced due to the government fulfilling all the prior conditions of the International Monetary Fund (IMF). –JAVED MIRZA Read more Fauji Fertilizer profits increase 20% in 2021 KARACHI: Fauji Fertilizer Company Limited … Read more
Moody’s assigns B3 rating to Pakistan’s Sukuk offering KARACHI: Moody’s has assigned a B3 rating to the proposed US dollar-denominated trust certificates (Sukuk) issuance by the government of Pakistan, a statement said on Tuesday. –SHAHNAWAZ AKHTER Read more IMF Board to meet on January 28 for Pakistan’s sixth review KARACHI: The Executive Board of the … Read more
PSX announces Alfalah Consumer Index Exchange Traded Fund launch KARACHI: The Pakistan Stock Exchange (PSX) has announced the launch of Alfalah Consumer Index Exchange Traded Fund (ACIETF), a statement said on Monday. –LATIFUR REHMAN Read more Rupee gains 15 paisas against dollar KARACHI: The rupee gained 15 paisas against the dollar on Monday, as holiday … Read more
Karachi’s power consumers paying huge cost of KE-SSGC rift KARACHI: The electricity in January is going to cost Karachi consumers way more, as the power utility has expressed its inability to produce cheaper electricity due to gas shortages. –JAVED MIRZA Read more Askari Bank board approves amalgamation of its subsidiary KARACHI: The board of directors … Read more
Banks’ housing finance sharply rises 85% in 2021 KARACHI: Bank financing for housing and construction sharply increased 85 per cent, or Rs163 billion, to Rs355 billion in the financial year 2021, the State Bank of Pakistan (SBP) reported on Thursday. -SHAHNAWAZ AKHTER Read more Pakistan’s forex reserves fall $255 million to $24.019 billion KARACHI: Pakistan’s … Read more
CCoP to omit Mari Petroleum from Privatisation list ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has decided to omit Mari Petroleum Company Limited (MPCL) from the privatisation list. –HAMZA HABIB Read more Gwadar Free Zone promotion plan to be submitted to Cabinet panel soon ISLAMABAD: The governments of Pakistan and China held meetings of the … Read more
Rupee’s free-fall continues as dollar hits new high of Rs178.19 KARACHI: The free-fall in the rupee value continued on Tuesday, as the dollar hit a new record high of Rs178.19 at the closing of the interbank foreign exchange market, dealers said. –SHAHNAWAZ AKHTER Read more PDWP approves 4 uplift projects worth Rs3.40 billion LAHORE: The … Read more
Govt urged to take early steps for bridging gap between imports, exports LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to take immediate measures for bridging widening gap between imports and exports, a statement said on Monday. –IQTIDAR GILANI Read more CDWP proposes two projects worth Rs191.2 billion to Ecnec … Read more
KSE-100 Index gains 92 points amid dull trading session KARACHI: The Pakistan Stocks witnessed another dull trading session with low volumes on Thursday. However, the cutoff yields in the Pakistan Investment Bonds (PIBs) auction remained largely flat; thus, the index remained strong throughout the day. –JAVED MIRZA Read more Fertiliser Policy 2022 will enable movement … Read more
Pakistan eyes greater Central Asian trade benefits The emerging regional trade outlook after the US withdrawal from Afghanistan has led to an active engagement between Pakistan and Central Asian Republics. The US defeat in Afghanistan also eliminated the Indian influence in the neighbouring country, which sits at the crossroads to South and Central Asia. –JAVED … Read more
PDWP approves four uplift projects worth Rs12.274 billion LAHORE: The Punjab Provincial Development Working Party (PDWP) on Tuesday approved execution of four development schemes of various sectors with an estimated cost of Rs12.274 billion. –IQTIDAR GILANI Read more Global Building Material to invest $50 million in Pakistan LAHORE: Chinese internet-based B2B platform Global Building Material … Read more
Businessmen for bilateral trade with Maldives LAHORE: High Commissioner of Maldives to Pakistan Farzana Zahir has stressed the need to work together for enhancing tourism and bilateral trade, a statement said on Monday. –IQTIDAR GILANI Read more Pakistan stocks down 519.41 points amid profit-taking KARACHI: The Pakistan stocks witnessed a profit-taking session on the first … Read more
Minister reviews proposed draft of Public Finance Management Act LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht chaired a meeting and reviewed the proposed draft of the Public Finance Management Act, a statement said on Tuesday. –IQTIDAR GILANI Read more Rupee misery continues, dollar hits fresh record high of Rs176.79 KARACHI: The dollar jumped to the new … Read more
PTBA demands immediate removal of FTO KARACHI: The Pakistan Tax Bar Association (PTBA), the apex tax bar of the country, has demanded removal of Asif Jah from the office of the Federal Tax Ombudsman. –SHAHNAWAZ AKHTER Read more ECC approves withdrawal of sales tax on subsidy granted to distribution companies ISLAMABAD: The Economic Coordination Committee … Read more
Pakistan bourse remains bearish, as KSE-100 Index losses 257.67 points amid profit-taking KARACHI: The Pakistan equity market witnessed profit-taking in the overbought market, as the investors remained concerned over surge in the Pakistan Investment Bond (PIB) yields by up to 246bps, weak global equities and slump in the global crude oil prices, dealers said. –JAVED … Read more
PSMA thanks government for resolving genuine issues ISLAMABAD: The Pakistan Sugar Mills Association (PSMA) has expressed its gratitude to the government for resolving their genuine issues and problems. –HAMZA HABIB Read more Circular debt affects petroleum companies’ profits ISLAMABAD: The Petroleum Division has said the circular debt has affected the profitability of the listed petroleum … Read more
Advisory Committee finalises questionnaire for Census 2022 ISLAMABAD: The Advisory Committee has finalised the questionnaire for the Census 2022 and a summary has been forwarded to the Council of Common Interests for approval. –HAMZA HABIB Read more Bulls return to PSX as KSE-100 Index gains 178.41 points KARACHI: The Pakistan bourse staged a mild recovery … Read more
CCP to resume inquiry in sudden increase in retail prices of edible oil prices ISLAMABAD: The Competition Commission of Pakistan (CCP) will resume an inquiry to ascertain the reasons behind the sudden increase in the retail prices of cooking oil and ghee after the Supreme Court suspended the decision of the Islamabad High Court dated … Read more
Govt to take 5 prior actions before IMF Board meeting: Tarin ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said that the International Monetary Fund (IMF) has asked the government of Pakistan to take five prior actions, including amendments in the State Bank Act, before the approval of its Executive … Read more
Dollar gains 91 paisas against rupee on IMF uncertainty KARACHI: The dollar rebounded and gained 91 paisas to close at Rs174.67 on Thursday in the interbank foreign exchange market, dealers said. –SHAHNAWAZ AKHTER Read more PSX down 83.92 points amid profit-taking KARACHI: The Pakistan Stock market continued to witness profit-taking on Thursday where late recovery … Read more
IMF puts more conditions before signing review agreement with Pakistan: Tarin ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said that the International Monetary Fund (IMF) has demanded the Pakistan government to fulfil some more conditions prior to the sixth staff-level review agreement under its $6 billion Extended Fund Facility … Read more
FBR launches electronic monitoring of sugar production KARACHI: The Federal Board of Revenue has launched electronic monitoring of sugar production and supply to prevent tax evasion. — SHAHNAWAZ AKHTER Read more Sindh Ombudsman may hear sexual harassment case against KE’s CEO KARACHI: The Provincial Ombudsman is likely to begin hearing into a sexual harassment petition … Read more
PSX rebounds as KSE-100 Index gains 229.97 points KARACHI: Pakistan bourse rebounded on Wednesday, as Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin dispelled the impression that the government-International Monetary Fund (IMF) deal is intact and the negotiations are at an advanced stage, dealers said. The Pakistan Stock Exchange KSE-100 shares Index gained … Read more
Pakistan’s first quarter fiscal deficit narrows to 0.8% KARACHI: The budget deficit for the first quarter (July-September) of the current fiscal year narrowed to 0.8 per cent of the GDP, compared with the deficit of 1.1 per cent in the same quarter of the last fiscal year, according to details released by the Finance Ministry. … Read more
