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ADB raises funding for Pakistan by $1b

ISLAMABAD: The Asian Development Bank (ADB) has increased funding amount for Pakistan by one billion dollars to support its energy sector, including hydropower and electricity generation programmes. Thereby, Pakistan will get $8 billion instead of $7 billion from the ADB. The programme has also been extended for improving Pakistan Railways’ services and inclusion of modern travelling facilities in urban cities. ... Read More »

Punjab deposits Rs455m as water cess, SC told

ISLAMABAD: The Supreme Court was informed by Additional Advocate General for Punjab Chaudhry Faisal Hussain on Tuesday said that the provincial government had deposited Rs455 million in the water conservation account on behalf of different companies as cess for utilising underground water resources. An SC bench headed by Justice Umar Ata Bandial was informed that Balochistan had also deposited Rs2.7m ... Read More »

Park Lane case: NAB finds new evidence against Zardari

ISLAMABAD: The National Accountability Bureau (NAB) has decided to file a supplementary reference against former president and Pakistan Peoples Party (PPP) co-chairman Asif Ali Zardari in the Park Lane Estate Company case. The accountability watchdog has obtained new evidence through investigating Securities and Exchange Commission of Pakistan’s (SECP) relevant record and testimonies of witnesses in the same case while probing ... Read More »

40,921 mt LPG consumed in 14 months

ISLAMABAD: The consumption of Liquefied Petroleum Gas (LPG) stood at around 40,921 metric tonnes (mt) during a 14-month period from April 2018 to May 2019 across the country. Domestic, commercial and industrial consumers used 3,174 mt LPG in April, 3,077 mt in May, 2,661 mt in June, 2,680 mt in July, 2,684 mt in August, 3,027 mt in September, 3,264 ... Read More »

Cabinet body decides to start talks over ML-1 project with China

ISLAMABAD: The Cabinet Committee on China-Pakistan Economic Corridor (CPEC) Monday decided to commence financing discussion over ML-1 project with China to finalize its mode and PC-1. Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar, while chairing the committee meeting, said it was a very important project under the CPEC portfolio and the government was committed to fast track ... Read More »

Number of SECP registered companies increases to 102,864

ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) has increased to 102,864 by end of July 2019, said a statement. The SECP said that in July it registered 1,525 new companies. As compared to the corresponding month of last financial year, it represents a growth of 41 percent raising the number of total ... Read More »

CCP decides to take Uber-Careem merger to second phase review

ISLAMABAD: The Competition Commission of Pakistan (CCP) has decided to move into phase 2 of its review of the international merger between ride hailing services, Uber and Careem, in Pakistan. According to media, the phase 2 review is a major move by the CCP and is meant to determine whether the merger will inadvertently or with forethought affect or bring ... Read More »

Park Lane reference: NAB arrests SECP Executive Director Javed Hussain

ISLAMABAD: The National Accountability Bureau has on Monday arrested Securities and Exchange Commission of Pakistan (SECP) Executive Director Javed Hussain in the Park Lane reference. The NAB Rawalpindi arrested Javed Hussain after conducting raid in Islamabad and accused that he concealed Pakistan People’s Party (PPP) co-chairman Asif Ali Zardari’s ownership of the company while holding the Pakistan president’s office at ... Read More »

CAA declares NOC mandatory for high-rise buildings near airports

ISLAMABAD: The Civil Aviation Authority (CAA) has put a pre-condition of obtaining a no-objection certificate (NOC) before constructing high-rise buildings within 15 kilometres of airports. In this regard, the CAA has issued directives to builders, developers, cellular companies and other departments concerned. The decision came after the approval of the federal cabinet. According to the statement issued by the CAA, ... Read More »

PM Office seeks amnesty plan for tax evaders

ISLAMABAD: The Prime Minister Office has directed the Ministry of Finance and the Federal Board of Revenue to submit a report based on the data analysis by the National Database and Registration Authority for an amnesty scheme-like plan for citizens who do not pay tax or pay less tax. According to media, the PMDU Wing of the PM Office had ... Read More »

OGDCL carries out 707 line-kms 2D, 620 sq kms 3D surveys

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has carried out 707 line-kms 2D and 620 sq kms 3D seismic surveys in its operational areas during first nine months of the last fiscal year. “The acquired 2D and 3D seismic data represents 55 percent and 47 percent of total seismic data acquired in the country respectively. Moreover, 5,088 Line kms ... Read More »

Govt appoints Shahid Yousaf as MD & CEO of PLL

ISLAMABAD: Pakistan LNG Limited (PLL) has replaced its top manager with immediate effect, appointing Shahid Yousaf as managing director and chief executive, the state-owned operator said on Saturday without giving a reason for the change. Former chief executive Adnan Gilani, a US-educated former Wall Street executive who had been the main public face of Pakistan’s push into the liquefied natural ... Read More »

Pakistan becomes world’s 4th fastest-growing freelance market

ISLAMABAD: Pakistan has been ranked as the 4th fastest growing freelance market with 47pc growth in freelance earnings during the second quarter of 2019, as compared to the same period of last year. According to the global payment platform ‘Payoneer’s Global Gig Economy Index’, published in Forbes, Pakistan was among the top freelance markets leaving behind regional countries including India, ... Read More »

PR decides to hand over Hazara & Farid Express to private sector

ISLAMABAD: Pakistan Railways has decided to hand over Hazara and Farid Express to private sector. According to media reports, Hazara Express was also in a private sector before when the contract ended its control was taken by Railways. Both the trains’ tenders have been issued to hand over them to private sector while this time quota for Railway employees and ... Read More »

SBP warns public against sale, purchase of foreign exchange with illegal money exchanges

KARACHI: State Bank of Pakistan (SBP) has warned general public against dealing of sale and purchase of foreign currency with illegal money exchanges. The central bank in an information to general public said that sale, purchase and transfer of foreign currency through hawala/hundi operators is illegal. The SBP said that people unknowingly may become part of money laundering and terrorism ... Read More »

Sensitive Price Indicator declines 0.08pc

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended August 22, 2019 registered a decrease of 0.08% for the combined income group, going down from 272.05 points during the week ended August 16, 2019 to 271.83 points in the week under review. The SPI for the combined income group surged 18.91% compared to the corresponding week of previous year. ... Read More »

NAB will not pursue income, sales tax cases against businessmen: Javed Iqbal

  ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice ® Javed Iqbal has announced that the anti-corruption watchdog will not pursue cases pertaining to income tax or sales tax against members of the business community, a press release issued on Friday said. The NAB chairman added that ongoing such cases against businessmen will be sent to the Federal Board of Revenue ... Read More »

Media reports of Pakistan being blacklisted by FATF baseless: Finance Ministry

ISLAMABAD: The Ministry of Finance on Friday rejected reports in the Indian media stating that Pakistan had been blacklisted by the Asia Pacific Group (APG) of the Financial Action Task Force (FATF). “Media reports circulating about Pakistan being blacklisted by APG are incorrect and baseless,” a spokesperson from the ministry said, adding that a press release would follow shortly. The ... Read More »

SC announces verdict in judge Arshad Malik video case

ISLAMABAD: The Supreme Court of Pakistan on Friday issued its detailed 25-page verdict on petitions in the video case of judge Arshad Malik. The verdict stated that it was not an appropriate stage for the Supreme Court to interfere in the matter of the relevant video and its effects, particularly when the video may have relevance to a criminal appeal ... Read More »

Better facilitation is a key to enhance exports of the country: Dawood

ISLAMABAD: Adviser to Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood chaired a meeting for the reorganization of Trade Development Authority of Pakistan (TDAP) to enable better facilitation to the export sectors of Pakistan. According to the details, the meeting was held over focused on specialization of Division at the Authority which was attended by senior officers ... Read More »