PIA to induct four new aircrafts to its fleet: MD
KARACHI: Pakistan International Airlines (PIA) plans to induct four new aircraft in its fleet, this was stated by President & CEO PIA, Air Marshal Arshad Malik during his address to…
Pepsi pledges $1.0bn investment in Pakistan
KARACHI: PepsiCo will invest $1.0 billion in Pakistan with the aim of tapping the growing potential of beverages in the country. Mike Spanos, PepsiCo CEO for Asia, Middle East and…
Monetary policy announcement on Friday, the 30th
KARACHI: State Bank of Pakistan (SBP) is scheduled to announce the monetary policy for November-December 2018 on November 30, 2018, wherein analysts are unanimously expecting 100bps hike in the key…
Recent government initiatives a good omen for Islamic Banking industry
KARACHI: The Economic Coordination Committee (ECC) has directed the power division to plan Rs200 billion funding through Islamic financing to partially repay the outstanding circular debt, while the government is…
EOBI increases old-age pension by 20%
The Employees Old-Age Benefits Institution (EOBI) on Tuesday announced to raise pensions for elderly people by 20%, Express News reported. Previously, the dispensation was Rs5,250 but with the increase it…
SECP issues practices guide for conducting meetings
ISLAMABAD: The Securities & Exchange Commission of Pakistan (SECP) has issued a practices guide for conducting meeting of board of directors and general meeting. The guide is recommendatory in nature,…
PTI 100 days: All hat, no cattle
Disappointed with PTI government’s failure in taking any concrete measures in the first 100 days to facilitate industry and increase exports, the business community is left with no option but…
Pakistan likely to raise interest rates by another one percent to 9.5 percent
KARACHI: Consumer price index (CPI) for the month of November 2018 is expected to rise to 7.51 percent as compared to an increase of 6.78 percent registered in October 2018,…
Internet: Wi-tribe acquires Qubee
KARACHI: Wi-tribe, home broadband internet provider, has acquired the rival Qubee, which would provide an advantage to Wi-tribe in expanding its footprints in Pakistan. The financial details of the deal…
Pakistan’s overall fertilizer sales surge 24 percent
KARACHI: National Fertilizer Development Center (NFDC) released fertilizer off-take numbers for the month of October 2018, wherein total fertilizer off-takes arrived at 1.11 million tons, exhibiting an increase of 21…
Pakistan’s auto assemblers’ profits decline 27 percent
KARACHI: The profitability of the Pakistan’s auto sector declined by 27 percent to Rs4.6 billion for the quarter ended September 30, 2019, compared with the profits of Rs6.4 billion in…
IMF completes twelfth and final review mission to Pakistan
KARACHI: An International Monetary Fund (IMF) staff mission, led by Harald Finger, visited Dubai from July 26 – August 4, 2016 to conduct discussions on the twelfthand final review of…
Pakistan government’s total debts surge by 8.5 percent to Rs 16.383 trillion in 2014
KARACHI: The government of Pakistan’s total debt surged to Rs16.383 trillion as on December 31, 2014, a surge of 8.5 percent from Rs15.097 trillion as of December 31, 2013, central…
KCAA inaugurate library as part of golden jubilee celebrations
KARACHI: Karachi Customs Agents Association (KCAA) Managing Committee (2014-2015) celebrates the year 2015 as Golden Jubilee Year on completion of 50 years of excellence since its establishment in the year…
Importer booked for forging FTA certificates to defraud exchequer
KARACHI: The Model Customs Collectorate of Appraisement East has lodged an FIR against an importer for forging FTA certificate to take undue benefit of concessionary SRO and defrauding national exchequer.…
FBR initiates audit of jewelers; gold import/export data sought from Customs
KARACHI: The Federal Board of Revenue (FBR) has selected 60 taxpayers (Jewelers) for audit for the tax year 2013 through computer ballot. The Inland Revenue has asked Pakistan Customs to…
FIR lodged against wheat importer for defrauding the exchequer
KARACHI: Model Customs Collectorate (MCC) of Port Muhammad Bin Qasim has lodged an FIR against wheat importers who tried to defraud the exchequer taking the advantage of flaws in online…
Cross-check on FTA, concessionary imports withdrawn; re-emergence of revenue leakage, scams feared
KARACHI: Re-emergence of large-scale corruption and hence revenue leakage is feared as the Customs under pressure of clearing agents’ cartel has withdrawn the cross-check imposed on clearance of consignments under…
FBR notifies large-scale transfers and postings in IRS
KARACHI: The Federal Board of Revenue (FBR) has notified transfer/posting of Grade-19 officers of Inland Revenue Service (IRS). The officers moved would assume their new offices with immediate effect. Following…
Notification issued to impose 20 percent regulatory duty on sugar import
KARACHI: Federal Board of Revenue (FBR) on Wednesday issued notification to impose 20 percent regulatory duty on sugar import. The notification has been issued in pursuant to the decision taken…