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Standard Chartered lauds sale of $1b Sukuk bonds at 7.75% interest rate    

KARACHI: Standard Chartered Pakistan Chief Executive Officer Shazad Dada has dubbed the issuance of Sukuk bonds an achievement for the country which it accomplished on time in collaboration with different Islamic banks by raising $1 billion. Standard Chartered Pakistan Chief Executive Officer Shazad Dada said that Pakistan received tremendous response from the international investors. He said that Standard Chartered was ... Read More »

$2b offered for PSM revamp: Pak-Russia agree to deepen trade, economic ties: Ishaq Dar

ISLAMABAD: The Russian Bank Vnesh­TorgovBank (VTB) and public-sector enterprise Tyazh­promexport have expressed their readiness to offer $2 billion ($1 each) credit line for rehabilitating and refurbishing Pakistan Steel Mills (PSM). The offers were made during their separate meetings with Senator Ishaq Dar during his visit to Moscow to attend Third Pak-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation. ... Read More »

Rs800m taxes, 120m bags annually: PJMA urges jute bags use for food items

KARACHI: The government should make compulsory the use of jute bags for storage and packaging of grains and other edibles. The use of jute bag is considered fit for human life, therefore, the government by promoting the sector can enhance its revenue from it which has been contributing Rs800 million to the exchequer in the form of different duties, taxes, ... Read More »

80mmcf gas sought for 200MW electricity, KP industries: CM Khattak approaches PM

PESHAWAR: Khyber Pakhtunkhwa (KP) has demanded gas for power generation and Chief Minister Pervez Khattak has written several letters to Federal Minister for Petroleum and Natural Resources and Prime Minister in this regard. KP Board of Investment and Trade (KP BoIT) Vice Chairman Mohsin Aziz, while talking to the journalists, called for provision of 40mmcf gas to the province for ... Read More »

Karachiites transport woes: Sindh yet to release funds for repair to CNG buses

KARACHI: Though Sindh Chief Minister Qaim Ali Shah inaugurated half of the previously running 36 CNG buses on Sept 5, the Sindh government yet to approve a summary submitted a month ago for repair to the remaining buses. The recently-inaugurated buses are plying on Quaidabad-Tower route while the remaining bus will run between Surjani and Tower. The miseries of the ... Read More »

100,000 deaths annually: Governor vows water filtration plant in every school to save lives

FAISALABAD: More than 100,000 children die every year of water-borne diseases caused by drinking of unhygienic and contaminated water. Punjab Governor Chaudhry Muhammad Sarwar said this at the inauguration of a Water Filtration Plant at University of Faisalabad. The governor revealed that local philanthropists and overseas Pakistanis had donated 150 Water Filtration Plants so far which were being installed in ... Read More »

Three zones, 10 teams: CDA goes all-out against encroachers

ISLAMABAD: The Capital Development Authority (CDA) have divided the capital into three zones and constituted 10 teams to retrieve occupied land and remove encroachment. According to the CDA, the directorate is supposed to enforce and establish writ of law in its respective area. It said that numerous complaints are being received regarding illegal encroachment in different areas. On November 28, ... Read More »

600-kg dead chicken, meat captured; three held from Tollington Market

LAHORE: The district government officials led by the District Officer (DO) Livestock carried out a raid and captured 600-kg dead chicken and meat from Tollington Market. Acting on a tip-off, a special team of the district government raided the city’s largest meat market and seized the dead chicken and meat, confirmed an official. The officials also managed to capture three ... Read More »

Online tickets purchase: HBL, Emirates to give credit card holders discount

KARACHI: Habib Bank Limited (HBL) and Emirates airline have signed an agreement through which the bank’s credit card customers will get discount offerings on online ticket purchases. The agreement was signed by HBL President and CEO Nauman K Dar and Emirates’ Vice President Pakistan Khalid Bardan. “This collaboration compliments the market standing of both organisations and we foresee a long ... Read More »

$35b global business, 1500 clients: Azure Global, ACCA team up in Pakistan

LAHORE: UK-based accounting company Azure Global has collaborated with ACCA to become the part of Pakistan’s fastest growing and most preferred destination for finance and accounting related shared services, which are worth $35 billion globally. In a newly announced move, Azure Global, the ranking financial outsourcing provider, will be entering into partnership with ACCA as approved learning partner as part ... Read More »

PSM seeks Rs8b for overhauling, Rs4.5b for boosting production

KARACHI: Pakistan Steel Mills’ (PSM) Board of Directors has decided to move a summary to the Economic Coordination Committee (ECC) seeking another Rs12.5 billion to boost production and overhauling. The PSM will request Rs8 billion from the government for capital repairs and modernisation of the plant, while an additional Rs4.5 billion package will be sought to meet the production targets. ... Read More »

R100m embezzlement: NAB apprehends PDA official, releases Director after Rs8.1m plea bargain

PESHAWAR: The National Accountability Bureau (NAB) of Khyber Pakhtunkhwa, after completing investigation in a Rs100 million embezzlement case, has arrested Peshawar Development Authority (PDA) Divisional Account Officer Nadeem Shad and ordered freezing of properties owned by him and Samba Bank Peshawar Regional Manager Sheraz Khan. According to NAB, Nadeem Shad had opened a fake bank account in connivance with Sheraz ... Read More »

Rs488/mmbtu instead of Rs123: Tuwairqi Steel to invest $900m, Qaim to resolve gas tariff

ISLAMABAD: Tuwairqi Steel Mills Ltd (TSML) Chairman Dr Hilal Hussain Al-Tuwairqi has said if the government does not reduce gas tariff the company will have to leave the country. On the other hand, Sindh Chief Minister Syed Qaim Ali Shah has agreed with Ambassador of the Republic of South Korea Song Jong-hwan to take up the matter of providing gas ... Read More »

28% cut in int’l oil rates: Govt needs to slash POL prices by 20%

ISLAMABAD: After a sharp decline of almost 28% in world Brent crude oil, trading from $114 in mid-June to $78 per barrel nowadays, it is expected that Pakistani government would provide further relief to the countrymen in shape of hefty cut of Rs 10 per litre in petrol prices. Standing Committee on Finance in its recent meeting has asked the ... Read More »

$45.6b Pak-China economic corridor to open new vistas, boost trade

HYDERABAD: China Deputy Consul General Mu Young Pung has said that Pak-China economic corridor will open new vistas of trade relations between the two countries and it will further strengthen the relations between the people of both countries. Chinese government announced that it will finance Chinese companies to build $45.6 billion worth of energy and infrastructure projects in Pakistan as part ... Read More »

95% Unilever brands being produced locally in 4 factories, 7 co-packers

ISLAMABAD: Pakistan is an emerging market with best potential for long-term growth and opportunities. This positive outlook built the local business in last eight years. Chief Executive Officer, Unilever Paul Polman acknowledged Unilever’s operations in Pakistan and said that it was amongst the best performing businesses units within company’s global operations. He said that this positive outlook builds on the ... Read More »

$1b Sukuk bonds sold at 6.75% interest for 5 years; debt reduced by Rs102b, debt-servicing cost by Rs5b

LONDON: Federal Finance Minister Ishaq Dar has expressed the confidence that the government would achieve $15 billion foreign reserves target by December 31 this year as response to Sukuk would far exceed the interest evinced in Euro Bonds. Pakistan raised $1 billion from the international Islamic bond market recently in London by selling its Sukuk papers at 6.75 per cent ... Read More »

Fish, products export earns over $52m

ISLAMABAD: Fish and fish products earned over $ 52 million in 2013-14, more than the amount earned in the fiscal year 2012-13, according to official documents available with Customs Today. Japan, USA, UK, Germany, Middle East and other countries remained major importers of Pakistani fish and fishery products. With a coastline of about 814 km, Pakistan has enough fishery resources ... Read More »

YoY Urea sales drop 14%, DAP up 234%, 1062000 tonnes expected for Rabi season

KARACHI: National Fertilizer Development Centre (NFDC) has reported that urea sales in October have declined by 14 per cent year-on-year and 2 per cent month-on-month, clocking in at 411,000 tons. Meanwhile, DAP (Diammonium phosphate) sale up by 234 per cent on a monthly basis while 1 per cent on a yearly basis. According to NFDC, on a cumulative basis, for ... Read More »

Conference: ‘Indifference’ of Textile Ministry draws Prgmea ire

KARACHI: Pakistan Ready-made Garments Manufacturers and Exporters Association (Prgmea) is unhappy with the Textile Ministry for its “indifference” towards the textile sector and termed a conference recently held at Lahore a “mere get together.” The association pointed out that in the absence of proper representation from the apparel industry how can the government achieve its desired results. The association expressed ... Read More »