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Home / Author Archives: M. Usman Tariq

Author Archives: M. Usman Tariq

Enforcement of tax laws can double FBR’s revenue: Tax Reform Commission chairman

ISLAMABAD: Chairman of Tax Reform Commission (TRC) Masood Naqvi has stated that the Federal Board of Revenue (FBR) could collect double revenue after enforcing tax laws. He also proposed that they would convince the multilateral donors such as the IMF and the World Bank for declaring one financial year without holding up refunds amounts and obtaining any advances in order to ... Read More »

Astronomers discover shockingly ancient black hole 420 trillion times as luminous as our sun

WASHINGTON: Astronomers have discovered the most luminous object ever — an old quasar blasting energy from a massive black hole that is 420 trillion times as luminous as our sun. The object, about 12.8 billion light years away, provides scientists with a view of an old quasar that existed just 900 million years after the Big Bang, and the fact ... Read More »

Shell Eco-marathon provides opportunities to students

LONDON: Three student teams who belong to three educational institutions of Oman are representing the Sultanate in the 4-day Shell Eco-marathon Asia. The sixth edition of the Eco-marathon started with competitions in the Americas, Europe, and Asia. The event brings to the forefront the future of mobility and encourages young aspiring engineers to think outside the box for sustainable solutions. ... Read More »

Cotton prices increase by Rs 50 to Rs 100 on strong demand with fine lint in focus

ISLAMABAD: The cotton market showed a strong buying trend and cotton prices increased by Rs 50 to Rs 100 on Thursday at the Pakistan cotton market. Most of the millers tried to replenish their stocks at current price. Much of the activity, however, remained confined to quality lint. As the current season is drawing to a close, quality lint is ... Read More »

Reserves rise to $16.036b from $15.238b; SBP’s by $777m to $11.194b from $10.417b

KARACHI: During the week ending Feb 13, Pakistan’s total liquid foreign exchange reserves stood at $16.036 billion compared to $15.238bn the previous week, the State Bank of Pakistan (SBP) said. The SBP reserves during the week increased by $777 million to reach $11.194bn from $10.417bn. The other banks’ holdings were $4.842bn as compared to $4.821bn. The bank received $717m on ... Read More »

ECC approves Rs150 worth new taxes on 285 importable items

ISLAMABAD: Following an agreement with the International Monetary Fund (IMF), the Economic Coordination Committee (ECC) of the Cabinet has levied taxes on more than 285 importable items and increased tax rates on almost all services. The ECC, under the chairmanship of Finance Minister Ishaq Dar, has approved imposing Rs150 billion worth of taxes to overcome Rs200 billion revenue shortfall for ... Read More »

APCAA to start its formal activities from March-2015

KARACHI: The All Pakistan Customs Agents Association has decided to start its formal activities for the welfare and facilitation of the customs agents from March-2015. This was revealed by a senior office-bearer of APCAA while talking to Customs Today. The sources confirmed that a meeting of customs agents belong to both APCAA and KCAA was held recently in which they ... Read More »

FBR will introduce assistance package to help bereaved families

ISLAMABAD: The Federal Board of Revenue (FBR) has asked to submit the lists of family members of the officials who died during their services. The board has also asked the officials to submit the details who are currently serving in different offices across the country to provide them the nomination forms so that their family members could receive family assistance ... Read More »

Profit margin of six big British energy groups to increase to 9pc this year

LONDON: Profit margins of big six British energy groups are expected to rise to 9 percent this year after wholesale prices tumbled. The energy regulator said that it expected suppliers to make £114 annual profit per household using electricity and gas, which reflects a 9 per cent margin, in the next 12 months. This is £9 more per household than ... Read More »

CPPA requests NEPRA to reduce Rs 3.20 per unit in power charges

ISLAMABAD: The Central Power Purchase Agency (CPPA) requested the National Electric Power Regulatory Authority (Nepra) to decrease electricity charges for a month by Rs3.2 per unit as the international prices of fuel are declining. Nepra has admitted the request for formal hearing. The reduction, if approved, will be applicable to all distribution companies except K-Electric. The relief will be given ... Read More »

Pakistan exports to 28-nation European bloc up by 20% to $6.38b in 10 months of 2014: Dastgir

KARACHI: Commerce Minister Khurram Dastagir has said that the exports of Pakistan to the European Union rose 20 per cent to $6.38 billion during the first 10 months of 2014 from $5.3bn last year. During a seminar where the ‘Business Guide for GSP+’ was also launched, the minister said the preferential tariff scheme boosted export of textile, leather goods, footwear ... Read More »

Dollar closes firm in value versus Pakistani rupee

KARACHI: The dollar remained firm against the rupee in the interbank market. It started the day’s trading at Rs 100.30 for buying, with 10 paisas variation in value closed at Rs 100.40 for buying and Rs 100.60 for selling. The euro witnessed upward correction against rupee as it started the day’s trading at Rs 115.96 for buying, closed at Rs ... Read More »

Prime minister Nawaz offers manpower to Bahrain

MANAMA: Pakistan has offered manpower to Bahrain. The offer was made by Prime Minister Nawaz Sharif at a meeting with Bahraini King Hamad bin Isa Al Khalifa in Manama. The prime minister said tremendous economic development taking place in Bahrain was impressive and Pakistan could help in its socio-economic development through the provision of manpower. He said Pakistan is looking ... Read More »

500 MMCFD gas, 34000 barrels oil per day added to system: Abbasi

ISLAMABAD: Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi has said that exploitation of indigenous hydrocarbon resources is the top priority of the present government to bridge the gap between demand and supply. The Minister Petroleum informed the media that since the taking over by the current government, 154 new wells have been spudded and 45 discoveries have ... Read More »

Microsoft claims 0.5 million people use Windows 10 Tech Preview every day

NEW YORK: Microsoft claims that more than 1.5 million people have signed up for the Windows 10 Technical Preview. The consumers are using it more actively than any previous Windows test build. After two months, the Technical Preview has roughly 450,000 “highly active” users who access the operating system every day. The average user spends around two hours per day ... Read More »

Pakistan produces 25 million tonnes of wheat annually: Bosan

ISLAMABAD: Minister for National Food Security and Research Sikandar Hayat Bosan has called upon the agricultural scientists and the farmers to maximize the use of latest technology and management practices to improve the agriculture production in the country. He was addressing the launching ceremony of Commemorative Postage Stamp on 100th birthday of Nobel Peace Prize Winner and Father of the ... Read More »

Tough choice for fans this Christmas: Galaxy Note 4 vs Nexus 6

LONDON: Christmas is reaching fast and Android fans are left with no time to decide a great phablet, but the Nexus 6 and Galaxy Note 4 are out there as the most distinguished contenders. Samsung’s Galaxy Note range has long held a reputation for being among the biggest smartphones on the market, and often the go-to phablet for many, but ... Read More »

Europe gives approval for first stem-cell therapy

NEW YORK: European regulators have given approval of the first medicine containing stem cells. The therapy treats a rare condition caused by burns to the eye. The European Medicines Agency said that Holoclar, from privately held Italian company Chiesi, had been given a green light for moderate to severe limbal stem cell deficiency due to physical or chemical burns. Left ... Read More »

Pesco line losses increase by 3pc: 300 distribution transformers approved

PESHAWAR: The Pesco line losses have increased by three per cent. It was disclosed at the 93rd meeting of the Pesco board of directors at the Wapda House, presided over by BoD chairman Malik Mohammad Asad Khan, according to a press release. Other board members, including Pesco chief executive Syed Hassan Fazil, Khaqan Murtaza, joint secretary ministry water of power, ... Read More »

Petrol price to decrease by Rs 5.15 in January

ISLAMABAD: The price of oil in the international market has decreased 50 percent since June. It expected that the price of petrol will decrease by Rs 5.15 in January. Consumers have already benefited from an Rs 19 decrease in the price of the commodity during the months of November and December. In January the price of diesel is expected to ... Read More »