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Virgin Atlantic to start Pakistan flights from December

ISLAMABAD: Virgin Atlantic will in December start services between Britain and Pakistan, where local airlines face a ban on flying to most European destinations due to a scandal over unqualified pilots. Virgin, 51% owned by Richard Branson’s Virgin Group and 49% by US airline Delta, said its flights will go on sale next month, becoming the second Western carrier after ... Read More »

SHC rejects petition for urgent hearing filed by M/s Burshane Petroleum (Pvt) Ltd for changing company name

KARACHI: A division bench of the Sindh High Court (SHC) dismissed application for urgent hearing filed by M/s Burshane Petroleum Pvt Ltd for changing its name from M/s Burshane Petroleum (Pvt) Ltd to M/s Darian International (Pvt) Ltd. On 25 August 2020, a two-member bench, headed by Justice Muhammad Ali Mazhar heard the constitutional petition. During the hearing, counsel for ... Read More »

SHC directs to release consignment imported by M/s Bearing Sale Centre

KARACHI: A division bench of the Sindh High Court (SHC) directed customs department to consider application of importer for provisional release of its consignment strictly in accordance with law on a constitutional petition filed by M/s Bearing Sale Centre against detention of its imported consignment of ball taper, needles, roller, spherical and cylindrical bearings. On 27 August 2020, during the ... Read More »

FBR directs field formations to adopt comprehensive strategy to curb smuggling of food items

ISLAMABAD: After strict instructions from Prime Minister Imran Khan to stop smuggling, Federal Board of Revenue (FBR) has directed all field formations to adopt comprehensive strategy to curb smuggling food items out of the country. According to details, Federal Board of Revenue has issued strict instructions to Directorate General of Intelligence & Investigation Customs, Islamabad and Chief Collector of Customs, ... Read More »

BoI aims to take FDI to $5b by 2023

ISLAMABAD: The Board of Investment (BOI) on Thursday unveiled an Investment Promotion Strategy for the three year period 2020 to 2023 announcing a Foreign Direct Investment (FDI) target of Rs5 billion by 2023. As per the strategy, the FDI target for 2020-21 stands at $4 billion, $4.5 billion for 2021-22, and $5 billion for 2022-23. The Investment Promotion Strategy was ... Read More »

Collector Basit Maqsood Abbasi pledges early resolution of businessmen issues

LAHORE: Customs Enforcement & Compliance Collector Basit Maqsood Abbasi has assured the business community of full cooperation for resolution of their issues on priority basis. He was speaking at Lahore Chamber of Commerce and Industry here on Thursday. Senior Vice President of the Lahore Chamber of Commerce & Industry (LCCI) Ali Hussam Asghar, Vice President Mian Zahid Jawaid Ahmad and ... Read More »

Exchange rate flexibility helps Pakistan reducing external vulnerability: IIF

ISLAMABAD: The Institute of International Finance has said that the exchange rate flexibility in Pakistan was helping the country to reduce external vulnerability. The Washington based global association of financial industry IIF in its report “Pakistan: Commitment to Reform Faces a Test” said Pakistan’s exchange rate was market-determined and had depreciated by 22 pc in real effective terms since 2017. ... Read More »

Weekly inflation goes down 0.14pc

ISLAMABAD: The Sensitive price Indicator (SPI) based weekly inflation for the week ended on August 27, for the combined consumption group, witnessed decrease of 0.14 percent as compared to the previous week. According to the latest data of Pakistan Bureau of Statistics (PBS), the SPI for the week under review in the above mentioned group was recorded at 135.03 points ... Read More »

Karachi rains: Prolonged power outages sink mobile networks as KE struggles to restore electricity

KARACHI: Citizens of Pakistan’s largest city on Friday found themselves with little means to contact friends, family and co-workers as a breakdown of mobile data and phone services caused by extended electricity outages added to their woes a day after heavy rains wreaked havoc in Karachi. Subscribers of multiple networks reported being unable to connect to cellular data and calling/messaging ... Read More »

Multan Customs cancels monthly auction of vehicles & goods

  MULTAN: Collectorate of Customs Enforcement & Compliance (E& C) cancelled monthly auction of confiscated vehicles and miscellaneous goods at last moment. According to details, Customs E&C announced to conduct auction of confiscated vehicles and goods on August 27. Multan Customs cancelled auction after facing various issues. All arrangement of auction was almost finalized but Customs Collectorate decided to postpone ... Read More »

PSX gains 219 points amid mixed trading

KARACHI: The stock market gained 219 points on Thursday amid mixed trading activities. The Index closed at 41,082pts as against 40,863pts showing an increase of 219pts. Analysts at Arif Habib Limited said that the market added another 414pts during the session and closed the session +219pts. Cement and Banking sector stocks played important role today. BOP’s financial results brought the ... Read More »

Physical work on two private sector LNG terminals to commence in few months

ISLAMABAD: Two multinational companies are all set to start physical work on setting up their Liquefied Natural Gas (LNG) terminals during next few months after the government opened up the energy sector under its ease-of-doing-business strategy. “The government had allowed five private sector companies to establish their own LNG terminals, out of which two firms Exxon Consortium and Mitsubishi will ... Read More »

ICCI hails CDA Board for reducing additional storey charges in markets by 50pc

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has lauded the decisions of Capital Development Authority (CDA) board for accepting most of its demands with regard to reducing additional storey charges in markets, simplification of lease renewal procedure and amendment in industrial building bye-laws. It thanked Amir Ali Ahmed Chairman and all members of CDA for taking business friendly ... Read More »

Alibaba puts India investment plan on hold amid China tensions

NEW DELHI/HONG KONG: China’s Alibaba Group has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters, amid souring business relations and rising political tension between the two nations after a clash on their Himalayan border. Alibaba, which has fuelled the growth of several Indian start-ups, will not put in fresh funds to ... Read More »

Govt asked to withdraw decision to shift FBR LTU from Quetta to Karachi & Peshawar

LAHORE: President of the Lahore Chamber of Commerce and Industry (LCCI) Irfan Iqbal Sheikh has said that the Government should withdraw its decision to shift the large taxpayers units of Federal Board of Revenue (FBR) from Quetta to Karachi and Peshawar to Islamabad because such actions will adversely affect the revenue targets and create unrest amongst the business community, tax ... Read More »

Over 1100 jobs available for CPEC project launched by Shanghai Electric: Asim Bajwa

ISLAMABAD: Special Assistant to Prime Minister (SAPM) on Information and Broadcasting and Chairman China-Pakistan Economic Corridor (CPEC) Authority, Asim Saleem Bajwa on Thursday has said that over 1100 jobs of various categories are available for a recently started project by Shanghai Electric at Thar Block-1. The special assistant took to social-networking website Twitter and posted, “Locals will get preference subject ... Read More »

Muzaffargarh dry port will become as part of ML-I & CPEC project: Farid Iqbal Qureshi

MULTAN: Muzaffargarh Dry port terminal will be declared as part of ML-I and CPEC project so that it could be completed at the earliest soon and Business Community of South Punjab could get benefit properly from this game changer project. It was stated by Chief Collector Appraisement Fareed Iqbal Qureshi at luncheon hosted by local exporters, importers, officers of Customs ... Read More »

SBP generates Rs634.8b from T-bill, PIB auction

KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised a collective amount of Rs634.8 billion from the auction of Pakistan Market Treasury Bills (T-bills), and floating-rate Pakistan Investment Bonds (PIBs), with both auctions held on Wednesday. Specifically, the government raised Rs547.8 billion through T-bills, against the auction target of Rs450 billion, and Rs87 billion through the ... Read More »

CEO of Zing Digicomm (Pvt) Ltd arrested on fraud charges

LAHORE: Ghazanfar Ali Khan, the CEO of Zing Digicomm (Pvt) Ltd – a fintech company providing branchless banking platform to banks – has been arrested for defrauding his business partner, Aurangzeb Khan. In a first information report (FIR), Aurangzeb Khan he co-founded Zing Digicomm with Ghazanfar Ali Khan in September 2016. He alleges that in mid-2017 he secured a 50 ... Read More »

FBR amends sales tax rules to bring more businesses into tax net

ISLAMABAD: Federal Board of Revenue (FBR) has amended sales tax rules in order to bring more businesses into the tax net. The FBR issued SRO 776(I)/2020 to amend Sales Tax Rules, 2006. Through the amendment the FBR explained that null return should be treated as a sales tax return which shows no data related to sales and purchases during a ... Read More »