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Impartial, transparent probe to be conducted into sugar subsidy case: NAB chairman

ISLAMABAD: A meeting of National Accountability Bureau (NAB) was held under the chairmanship of its chairman Justice Javed Iqbal at NAB headquarters. Deputy Chairman Hussain Asghar, Prosecutor General Syed Asghar Haider, Director General Operations Zahir Shah, DG NAB Rawalpindi Irfan Naeem Mangi and other senior officers attended the meeting. The meeting reviewed the report of Sugar Commission in detail and ... Read More »

Pakistan’s exports grow 5.8pc in July

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood chaired an internal strategy meeting at the commerce ministry to review the recent trade statistics and to devise plans for the enhancement of exports. As per the data shared by the commerce ministry, the country exported goods and services worth $1.998 billion in the first month of FY21, ... Read More »

New amendments by SECP only allow ATL listed individuals for registration

ISLAMABAD: The individuals whose names are not appearing on the Active Taxpayer List (ATL) of the Federal Board of Revenue (FBR) cannot apply to the Securities and Exchange Commission of Pakistan (SECP) for registering as securities advisers or futures advisers with the commission, a notification issued by the commission said on Tuesday. The SECP has proposed amendments to the Securities ... Read More »

NCC to decide on reopening marriage halls, tourism, parks: Hammad Azhar

ISLAMABAD: Government has started consultations with provinces over reopening marriage halls, tourism, restaurants, parks etc, said Federal Minister of Industries and Production, Hammad Azhar on Tuesday. The government had prepared the Negative List, in which those businesses were included that were not allowed to operate during the coronavirus lockdown. In his tweet, the minister pointed out that the Centre has ... Read More »

‘Reduction in trade deficits, improvement in remittance inflows to improve Pakistan’s BoP’

ISLAMABAD: Pakistan’s Balance of Payment (BoP) position is set to improve, on the back of reduction in the trade deficit and remittance inflows, said BCA Research – a Canadian foreign exchange company – in its latest research titled ‘BCA Overweight View in Pakistan Equities’. The report said that the country’s trade deficit will shrink further, as Pakistan’s export will likely ... Read More »

Najy Benhassine succeeds Illango Patchamuthu as WB’s Pakistan chief

ISLAMABAD: Najy Benhassine is the World Bank’s new Country Director for Pakistan effective August 1. He succeeds Illango Patchamuthu, who completed his term on July 31. Benhassine most recently served as Regional Director, MENA, World Bank (Macro-fiscal, Trade, Finance, Competitiveness, Poverty and Governance practices). Prior to this, he was Director for the Finance, Competitiveness & Innovation Global Practice. Since joining ... Read More »

Suggestion tabled for joint usage of PIA’s Roosevelt Hotel

ISLAMABAD: The Privatisation Commission has announced that the services for the consortium of financial advisers will be acquired at earliest. The Privatisation Commission, Pakistan International Airlines (PIA) and Aviation Division have started working on finalising terms of references (ToR). A declaration from the commission stated that a suggestion was tabled for the joint usage of the PIA’s Roosevelt Hotel on ... Read More »

Govt raises petrol price by Rs3.86

ISLAMABAD: The federal government has announced hiking the prices of petrol and high-speed diesel (HSD) up to Rs5 per litre ahead of Eidul Adha. The notification for the new prices read that the rate of petrol was increased up to Rs3.86 per litre and Rs5 per litre for high-speed diesel. The new price of petrol would be Rs103.97 per litre ... Read More »

Top builders assures PM of economic activities upto Rs1.3 trillion

ISLAMABAD: Prime Minister Imran Khan on Friday was assured by 13 leading builders of the country of launching various projects during next 4-5 months that will generate economic activities upto Rs1.3 trillion and addition of 100,000 housing units. The assurance was made during weekly meeting of National Coordination Committee on Housing, Construction and Development held in Islamabad with Prime Minister ... Read More »

FIA constitutes 11-member team for inquiry against sugar mafia

ISLAMABAD: Following the directives of Prime Minister Imran Khan, Federal Investigation Agency (FIA) on Friday has formed an 11-member team to launch inquiry on the report submitted by the sugar commission. According to details, the team will investigate the matter of illegally exporting sugar to Afghanistan while it will also find evidence regarding money laundering. Earlier, PM Imran Khan had ... Read More »

Sugar prices soar up to Rs 100 per kg in Islamabad, Peshawar

ISLAMABAD: The sugar crisis continues across the country as the commodity is being sold for Rs90 to Rs100 per kilogramme at different markets and shops. The price of sugar has reached Rs100 per kilogram in Islamabad and Peshawar after the price of sugar increased by an average of Rs4.08 per kilogram in one week, while in five weeks the price ... Read More »

Pakistan obtained $10.62b foreign loans during FY2019-20

LAHORE: Pakistan received $10.662 billion external inflows from multiple sources in the fiscal year 2019-20 against the budgeted estimates of $12.958 billion for the entire fiscal year which is 82 percent of the amount. According to the official data, the external inflows during the corresponding period of 2018-19 were $10.595 billion which were around (109 percent) of the annual budgeted ... Read More »

OGRA recommends Rs7 hike in petrol price

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Wednesday recommended to the Petroleum Division that the prices of petroleum products be raised. In a summary sent to the Petroleum Division, the OGRA has recommended price hikes of Rs7 per liter in petrol and Rs6 per liter in Light Diesel Oil. The regulator has also suggested Rs9.50 per liter in ... Read More »

SECP adopts measures to strengthen capital markets

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) during the past few months has undertaken reforms and initiatives aimed at strengthening capital markets in the country. According to sources in the SECP, measures taken by the commission have resulted in a turnaround at the Pakistan Stock Exchange (PSX). The SECP has revamped the regulatory framework to remove non-practical and ... Read More »

Pakistan gold prices surge to record high, crossing Rs123,800 a tola

KARACHI: Gold rates in Pakistan have surged to a record high, crossing the Rs123,800-a-tola mark on Monday, according to the All Sindh Sarafa and Jewellers Association (ASSJA), as markets opened on the first day of the week leading up to the Eid-ul-Azha 2020. Gold rates issued by the ASSJA indicate that the yellow metal rose Rs5,100, continuing its rally since ... Read More »

Disposal of any corruption case in 30 days not possible, NAB chairman tells SC

ISLAMABAD: Chairman NAB Justice (r) Javed Iqbal on Saturday informed the Supreme Court that it is impossible to conclude a corruption reference within a 30-day time frame due to a lack of accountability courts to adjudicate a high number of cases. The reply was submitted in response to the directions issued by Chief Justice of Pakistan Gulzar Ahmed to the ... Read More »

Punjab CM announces package for construction industry

LAHORE: Punjab Chief Minister Punjab Usman Buzdar on Saturday said the provincial government has announced splendid packages for the construction industry in order to increase employment opportunities amid the Covid-19 pandemic. In a statement, CM Buzdar said one-window service system has been introduced for approval of maps and construction of buildings. “One-window system has been introduced to get approval for ... Read More »

Pakistan generating revenue of $3b annually from IT

ISLAMABAD: The Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood on Friday informed that Information Technology (IT) Sector of Pakistan was generating a revenue of approximately $3 billion annually. In which $ 2.5 billion exports and $500 million domestic and Pakistan was ranked at no 9th in the world as a “Booming Digital Economy”, said a ... Read More »

Pakistan foreign reserves surge by $67m after ‘official inflow’

KARACHI: Pakistan has witnessed an increase in liquid foreign reserves during the week ended on July 17 and surpassed the United States Dollar (USD) 19,000 million mark. According to figures released by the State Bank of Pakistan (SBP), the country currently has foreign reserves of US$19,047.3 million. The rise in the reserves by US$67 million is mainly due to official ... Read More »

PIA going to commence flights to Turkey in August: CEO

KARACHI: The Chief Executive Officer (CEO) of Pakistan International Airlines (PIA), Air Marshal Arshad Malik, has unveiled a plan to commence flight operations to Turkey in August this year. Arshad Malik sought the assistance of Pakistani Ambassador to Turkey Muhammad Syrus Sajjad Qazi to play his role for the commencement of flight operations of the national carrier. The PIA CEO ... Read More »