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SBP calls for comprehensive structural reforms to ensure economic stability

KARACHI: Government’s policy measures affected the performance of industrial sector and dampened manufacturing activities in FY19‘ While Pakistan’s economy moved along the stabilization phase led by demand management policies, vulnerabilities in the external and fiscal sectors persisted during Jul-Mar FY19, according to the State Bank of Pakistan’s ‘Third Quarterly Report on the State of Pakistan’s Economy’. “This implies that the ... Read More »

Foreign direct investment falls by 50pc during FY2018-19

KARACHI: The inflow of foreign direct investment (FDI) to the country has declined by 50 percent to $1.73 billion during fiscal year 2018/2019 as compared with $3.47 billion in the preceding fiscal year, State Bank of Pakistan (SBP) said on Monday. The inflows under FDI recorded growth of 24.5 percent to $3.16 billion during last fiscal year as compared with ... Read More »

IdeaGist hikes investment to $100m for PM’s startup programme

ISLAMABAD: IdeaGist, the world’s largest incubator, announced an increase in its technology investment from $55 million to $100m to support Prime Minister Imran Khan’s vision on entrepreneurship and innovation in emerging technologies. The additional amount of $45 million will be invested in incubating and accelerating new ventures in emerging technologies, said IdeaGist founder Hassan Syed in a statement issued here. ... Read More »

Users to no longer pay service charges on pre-paid cellular scratch cards

ISLAMABAD: Mobile phone service providers have started the implementation of a Supreme Court order to remove service/maintenance charges on pre-paid cellular scratch cards, Pakistan Telecommunication Authority (PTA) spokesperson Khurram Mehran told media on Monday. On a scratch card of Rs100, a user will now receive a top-up of Rs88.9 instead of Rs76.94. Mehran said that in a earlier hearing this ... Read More »

Reko Diq Case: PM orders commission to probe reasons behind ‘predicament’

ISLAMABAD: Prime Minister Imran Khan has ordered formation of a commission to investigate into the role of individuals in the Reko Diq case which eventually led to the imposition of $6 billion penalties by The International Center for Settlement of Investment Disputes, said a notification issued by the Attorney General office on Saturday. “The Prime Minister has directed the formation ... Read More »

Social media increasing outreach of female-owned home-based enterprises

ISLAMABAD: Social media has changed the face of female entrepreneurs running home-based enterprises in the twin cities as there has been an increasing trend of household start-ups for food, clothing and other home-made items where women working from home were selling goods to online buyers. Stay-at-home women were not lagging behind working women in terms of creating their own means ... Read More »

Pakistan slapped with $6b penalty in Reko Diq case by ICSID

ISLAMABAD: The International Center for Settlement of Investment Disputes (ICSID) has announced a massive $5.976 billion (Rs944.21 billion) award against Pakistan in the Reko Diq case, which is one of biggest in ICSID history. The international tribunal on Friday issued a 700-page ruling against Pakistan in the Reko Diq case.  According to sources that ICSID awarded a $4.08 billion penalty ... Read More »

Cabinet approves investigation against Khawaja Asif in Iqama case

ISLAMABAD: The federal cabinet on Saturday approved investigations against former defence minister Khawaja Asif for holding Iqama during his tenure as a minister. Special Assistant to Prime Minister on Information Dr Firdous Ashiq Awan said the investigation will reveal how a guarantor of national security became a national security risk himself, “Asif has become a missing person,” she said. “Those ... Read More »

Govt allows all companies to bid for LNG terminal contract

ISLAMABAD: The government has dropped plan of awarding a multimillion-dollar liquefied natural gas (LNG) terminal contract to a company and has allowed all five companies to participate in bidding. According to media, the move came after the Ministry of Maritime Affairs decided to approach the government for invoking the extreme urgency clause under Rule 42(d) for the award of contract ... Read More »

IHC to hear Nawaz’s plea against Al-Azizia verdict on Sept 18

ISLAMABAD: The Islamabad High Court (IHC) on Saturday fixed September 18 as the date for the hearing of former prime minister Nawaz Sharif’s plea for the suspension of his sentence in the Al-Azizia Steel Mills reference. A two-judge bench comprising Justice Amir Farooq and Justice Mohsin Akhtar Kiyani will hear the former premier’s plea. The same day, the court will ... Read More »

Traders observe countrywide strike against taxes

LAHORE/KARACHI/RAWALPINDI: Traders across the country are observing a countrywide complete shutter down strike against the government after a hike in sales tax in the federal budget today. Last week, the All Pakistan Anjuman-e-Tajran (APAT) had announced a nationwide shutter-down strike from July 13 against the government in several cities of the country for a hike in sales tax in the ... Read More »

Hussain Nawaz offered me ‘Rs500m bribe’ to resign after Al-Azizia verdict: Arshad Malik

ISLAMABAD: Accountability judge Arshad Malik has claimed that he was offered a Rs500 million cash bribe by the son of former prime minister Nawaz Sharif, Hussain Nawaz, who demanded that the judge resign on the grounds that he “could no longer deal with the guilt of having convicted” Nawaz under duress in the Al-Azizia/Hill Metal Establishment reference. According to an ... Read More »

‘50,000 jobs’: Chinese companies assure PM Imran to invest $5b in Pakistan

ISLAMABAD: A delegation of Chinese companies called on Prime Minister Imran Khan today and assured him of five billion dollars’ investment in Pakistan in the next three to five years, Radio Pakistan reported Friday. The business delegation included over fifty-five heads of various Chinese companies. The meeting was also attended by Adviser on Finance Abdul Hafeez Sheikh, Adviser on Commerce ... Read More »

SECP warns public about illegal activities of Galaxy Typing Jobs

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday warned the general public to be careful and not to be misled by any schemes, investment plans and programmes being offered by the M/s Galaxy Typing Jobs (SMC-Private) Limited through electronic or print media, website, emails, and mobile text messages. A press release issued by the commission said that ... Read More »

Pakistani businessmen attends World Palm Dates Exhibition in Turkey

ISTANBUL: A nine-member trade delegation of date growers and exporters from Pakistan is visiting Turkey to explore the market for fresh Pakistani dates. The delegation was sent by the Pakistan Horticulture Development and Export Company (PHDEC), Ministry of Commerce, on the directions of Commerce Secretary Sardar Ahmed Nawaz Sukhera. The decision was taken as part of the government’s market diversification ... Read More »

Lahore, Karachi traders divided over strike called against taxes

LAHORE/KARACHI: The Pakistan Traders Alliance on Thursday announced to end the strike after successful negotiations with the Punjab government on July 13, while the Karachi Electronic Dealers Association said they will continue will with the shutter-down strike in the city. Last week, the All Pakistan Anjuman-e-Tajran (APAT) had announced a nationwide shutter-down strike from July 13 against the government in ... Read More »

Supreme Court rejects review petitions of NUML, AIOU regarding tax

ISLAMABAD: The Supreme Court dismissed review petitions filed by the National University of Modern Languages (NUML) and Allama Iqbal Open University (AIOU) regarding tax matters. A three-member bench of the apex court headed by Chief Justice Asif Saeed Khan Khosa and comprising Justice Gulzar Ahmed and Justice Sheikh Azmat Saeed heard the review petitions and directed both the institutions to ... Read More »

Housing project will be expanded across Pakistan in phases: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Thursday said that the Naya Pakistan Housing Scheme will be expanded all over the country. Addressing a ceremony after laying foundation stone of Naya Pakistan Housing project in Islamabad Zone-IV, he said that the aim of this scheme is that the people who cannot buy their houses can purchase construct on installments. “Malaysia, Turkey ... Read More »

SBP issues procedure for obtaining loans under Kamyab Jawan SME Lending Program

KARACHI: State Bank of Pakistan (SBP) issued procedure for obtaining loan under Prime Minister’s Kamyab Jawan SME Lending Program. In a letter addressed to all banks, the SBP said on Thursday that small enterprises stimulate economic growth by providing employment opportunities, fostering innovation and reducing income inequalities. Lack of adequate financing facilities from formal sources is one of the key ... Read More »

Motorcycle production dips 2.93pc during first ten months of FY2018-19

ISLAMABAD: The production of motorcycles during the first ten months of fiscal year 2018-19 decreased by 11.88 percent compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. As many as 2,076,059 motorcycles were produced during July-April (2018-19) against the production of 2,355,818 units during July-April (2017-18), the data revealed. During the period under review, the ... Read More »