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VIS Credit Rating Co. suspends IR issued by SNPCL

KARACHI: VIS Credit Rating Company has suspended the instrument ratings of single A assigned to the Privately Placed Term Finance Certificates of Sindh Nooriabad Power Company Limited and Sindh Nooriabad Power Company Phase-II (Pvt) Limited with immediate effect. The action has been taken due to non-availability of current information for ratings analysis. The ratings would be reassessed as and when ... Read More »

PIA cancels special flights to Baghdad, Najaf

KARACHI: The Pakistan International Airlines (PIA) on Monday announced to cancel its scheduled flights to Iraq’s holy cities of Najaf and Baghdad for Arbaeen. “Flights scheduled for Arbaeen from September 27, now have been cancelled”, said the PIA spokesperson. It was further announced that the passengers can get the refund of their tickets without any deduction. It may be noted ... Read More »

President Alvi, Turkmen counterpart discuss TAPI pipeline project

ISLAMABAD: President Dr. Arif Alvi and Presiden Gurbanguly Berdimuhamedov of Turkmenistan exchanged views on Pakistan-Turkmenistan bilateral relations, implementation of Turkmenistan Afghanistan Pakistan Iran (TAPI) Gas Pipeline Project, and TAP Power Transmission lines. They exchanged the views during a phone call by the President of Turkmenistan to President Alvi. According to a press release issued by the President’s Media Office, the ... Read More »

Orange Line Metro Train to be launched soon: Asim Bajwa

LAHORE: : China-Pakistan Economic Corridor Authority (CPECA) Chairman and Special Assistant to Prime Minister on Information and Broadcasting Asim Bajwa said that they were all set to launch Lahore-Orange Line Metro Train (OLMT) project soon. Taking to Twitter, Asim Bajwa said: “ Orange Train: On our way to launch the project soon; teething issues resolved, fare decided, trial runs underway, ... Read More »

Karachi’s Saddar market highest tax contributor in Pakistan

KARACHI: Saddar Market, the port city’s commercial hub, remained the highest contributor of taxes during the Tax Year 2018 with as many as 72,339 filers of tax returns. According to the Federal Board of Revenue’s (FBR) Tax Directory for the year ending on June 30, 2018, the Saddar market paid a whopping Rs77.20 billion worth of taxes, followed by Islamabad’s ... Read More »

Punjab govt launches web portal to facilitate construction industry

LAHORE: With an aim to facilitate the construction sector and ensure approvals by a time-bound process through one window operations, the Punjab government has launched a web portal service. Highlighting the features of the web portal, Chief Minister Punjab Usman Buzdar in his statement said that now the builders, developers can get permission letters with one click only through the ... Read More »

Pakistan gets stay over $6bn fine in Reko Diq case

ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) on Thursday granted a stay on enforcement of the massive penalty of $6 billion issued against Pakistan in the Reko Diq case. The Attorney General for Pakistan (AGP) office, in a statement, termed the positive development a “success” for Pakistan and its legal team. In July 2019, an ... Read More »

SBP’s reserves rise $13m to $12.8b

KARACHI: The State Bank of Pakistan’s (SBP) net reserves increased by $13 million to $12.82 billion during the week ending on 11th of September. Detailing the position of the reserves, the SBP, in a statement said that the overall foreign reserves of the country stood at $19.95 billion. Giving its breakup, it said that the SBP currently held the foreign ... Read More »

Pak-UK trade volume to reach £3b: UK envoy Christian Turner

ISLAMABAD: British High Commissioner to Pakistan Christian Turner said the United Kingdom (UK) has increased the trade volume with Pakistan thrice as much which would reach at Pound Sterling (£)3 billion. Speaking exclusively during TV programme ‘Power Play’, Dr Christian Turner said he has visited various areas of Pakistan which he found to be spectacular. He said Pakistan has “rich ... Read More »

IHC declares appointment of PTV chairman illegal

ISLAMABAD: The Islamabad High Court (IHC) has on Thursday declared the appointment of PTV Chairman Arshad Khan illegal. IHC’s Justice Mohsin Akhtar Kayani announced the decision pertaining to case against illegal appointments in the state-owned broadcaster. Along with Arshad Khan, the court also declared the appointments of the independent directors in the PTV Board of Directors. The hiring of Chief ... Read More »

COVID-19 pandemic threatens child education, health gains: World Bank

ISLAMABAD: The World Bank on Thursday said that the ongoing coronavirus pandemic threatens to diminish progress made in the last decade in improving child education and health, particularly in the poorest countries The conclusion comes in the Washington-based development lender’s Human Capital Index for 2020, which ranks countries on how well children are prepared for the future, with an emphasis ... Read More »

PIA incurs Rs280m loss after suspension of EU flights

ISLAMABAD: The Pakistan International Airlines (PIA) incurred a loss of Rs280 million after suspension of its flight operation to and from the European Union (EU) states, Aviation Minister Ghulam Sarwar informed the National Assembly on Wednesday. In a written reply, he said the national flag carrier’s receipts from its flight operation in the EU bloc fell to Rs1.41 billion from ... Read More »

Joint session of parliament to take up FATF-related bills today

ISLAMABAD: President Arif Alvi has summoned the joint sitting of parliament today to vote on crucial bills related to Financial Action Task Force’s (FATF) obligations. The joint session of the National Assembly and the Senate will take up the Anti-Money Laundering (Second Amendment) bill and Islamabad Capital Territory Waqf Properties Bill to meet the requirements of the FATF for passage. ... Read More »

BMA Capital joins hands with PMRC to raise funds for housing market

LAHORE: BMA Capital Management (BMA Capital) has joined hands with Pakistan Mortgage Refinance Corporation (PMRC) in raising funds for the housing market of Pakistan. To support its mission BMA Capital is acting as Sole Financial Consultant to PMRC for the issuance of rated, secured, technically listed, 3-year Sukuk of PKR2,000 million – with a green shoe option of PKR1,500 million. ... Read More »

Pakistan, China sign agreement for Rashakai SEZ development

ISLAMABAD: Prime Minister Imran Khan said it was his government’s top priority to provide jobs to the locals through promotion of industrialization under the China Pakistan Economic Corridor (CPEC). He was addressing an ‘agreement signing ceremony’ for the development of Rashakai Special Economic Zone. The prime minister on the occasion congratulated Khyber Pakhtunkhwa (KP) Chief Minister Mahmood Khan on the ... Read More »

Govt, IMF shortlist 12 state entities for privatisation

ISLAMABAD: The federal government, in consultation with the International Monetary Fund (IMF), has prepared a list of 12 organisations which will be privatised in a phased and sequential manner. According to sources, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) recently considered a summary submitted by the Finance Division and accorded in-principle approval to the proposed list of entities for privatisation ... Read More »

LSM grows 5.05pc YoY basis in July

ISLAMABAD: The Large Scale Manufacturing Industries (LSMI) production grew by 5.02 percent on year-on-year basis during the first month of current fiscal year as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported Tuesday. LSMI Quantum Index Number (QIM) was recorded at 134.14 points during July 2020 against 127.73 points during July2019, showing positive growth ... Read More »

Govt revises duty drawback rates from 4.39pc to 1.7pc for electric fans: Dawood

ISLAMABAD: The advisor to Prime Minister for Commerce and Investment, Abdul Razak Dawood on Monday said the government has revised duty drawback rates from 4.39 percent  to 1.7 percent for electric fans after 11 years. “I am pleased to announce that Federal board of Revenue (FBR) has issued the notification for new rates of duty drawback for electric fans”, the ... Read More »

CCP conducts search, inspection of PSMA’s Islamabad, Lahore offices

ISLAMABAD: As part of an ongoing enquiry into the possible anti-competitive activities in the sugar industry, the Competition Commission of Pakistan (CCP) carried out a search and inspection of the Pakistan Sugar Mills Association (PSMA)’s Lahore and Islamabad offices. The CCP authorized its officers to the ‘Enter and Search’ PSMA premises under Section 34 of the Competition Act, 2010 following ... Read More »

Tobacco exports increase by 137pc

ISLAMABAD: National Assembly (NA) Speaker Asad Qaiser’s efforts for tobacco growers over the last two years have yielded results with an increase in export of over 137 percent of the produce in the first month of the ongoing financial year after withdrawal of advance tax on the tobacco leaf. The withdrawal of the advance tax on tobacco has helped the ... Read More »