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Asian markets swing as focus turns to US jobs data

HONG KONG: Asian markets fluctuated Tuesday following another healthy month for global equities, fuelled by expectations of cheap borrowing for years to come, while traders were turning their attention to the release of US jobs data later in the week. While the Nasdaq powered to yet another record as tech firms are fired by people being forced to stay at ... Read More »

FBR tax collection jumps to Rs593b for July, August

ISLAMABAD: The Federal Bureau of Revenue (FBR) collected Rs593 billion revenue against the assigned target of Rs551 billion, an addition of Rs39 billion in the first two months (July and August) of the incumbent financial year. However, the Bureau failed to manage the assigned target of August 2020 as it only collected Rs293 billion against the fixed target of Rs308 ... Read More »

SHC seeks comments on petition filed by M/s Glacier Int’l challenging VR No 1452/2020

Valuations Rulings - Pakistan Customs Today News Paper

KARACHI: The Sindh High Court (SHC) directed customs officials to file their para wise comments on next date of hearing on a constitutional petition filed by M/s Glacier International challenging valuation ruling 1452/2020 and seeking release order for its imported consignment of fleece fabric. On 31 August 2020, a two-member bench heard the constitutional petition. During the hearing, counsel for ... Read More »

Pak-Japan ties will continue to become stronger with every passing day: Hafeez Shaikh

ISLAMABAD: Japan’s Ambassador to Pakistan Mr. Kuninori Matsuda called on the Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here at the Ministry of Finance. The Adviser welcomed the Ambassador and said that Japan is a time tested friend of Pakistan and has always supported the country. He expressed confidence that Pakistan’s relationship with Japan will ... Read More »

FBR starts inquiry against 76 PCS & IRS officers on corruption charges

ISLAMABAD: The Federal Board of Revenue (FBR) Monday announced that the board initiated inquiry against 76 officers from different grade on corruption charges to ensure accountability and transparency in the institution. The officers from 17 to 20 grades have been facing corruption charges on different complaints received by FBR from July this year, Member FBR Administration, Bakhtiar Muhammad informed media ... Read More »

PSO posts annual loss of Rs6.46b

KARACHI: Pakistan State Oil Company Limited (PSO) on Tuesday declared Rs6.46 billion loss for the year ended June 30, 2020, according to financial results of the company submitted to Pakistan Stock Exchange (PSX). The company posted Rs10.56 billion after tax profit for the year ended June 30, 2019. The company recorded sales of Rs1,108 billion for the year under review ... Read More »

KPT shipping movements report August 31

KARACHI: Following were the movements of Ships at Karachi Port Trust (KPT) during last 48 hours, ending at 0700 hours on Monday. SHIPS BERTHED: Southamption Express Containers ship Greenwich Bridge Containers ship Jipro NeftisTanker Hanne Danica General Cargo Captain Karam Phosphate Ever Decent Container ship Oinoussian Star Tanker Bomar Lynx Tanker Navig 8 Sirius Tanker SHIPS SAILED: Northern Dedication Hanne ... Read More »

PM Imran rejects OGRA summary for hike in petroleum prices

ISLAMABAD: Prime Minister on Monday rejected an increase in the price of petroleum products. While rejecting the summary forwarded by the Oil and Gas Regulatory Authority (OGRA), the prime minister said that the people cannot be burdened during the current situation. The prime minister said that monsoon rains have wreaked havoc across the country and the country is facing a ... Read More »

SBP issues instructions to banks regarding import of sugar

KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks regarding import of sugar by private importers. The central bank said that the ministry of commerce had issued a public notice stating that the government had allowed import of 200,000 tons of white sugar by private importers as per the terms and conditions mentioned therein. The SBP said ... Read More »

PSX stays bullish, gains 54 points to close at 41,110 points

ISLAMABAD: The pakistan stock exchange (psx) on Monday witnessed bullish trend as KSE 100 index closed at 41,110 points as compared to 41,056 points on the last working day, with positive change of 54.71 points (0.13%). A total 451,737,492 shares were traded as compared to the trade 238,567,769 shares during the previous day, whereas the value of shares traded during ... Read More »

Sales tax to be 0pc on input stage for EV: MoIP

ISLAMABAD: A number of tax incentives and exemptions for two and three wheeler vehicles are on the card as the Ministry of Industry and Production (MoIP) and the Ministry of Climate Change (MoCC) finalised their proposals. Sources said that a high level committee, under the chair of Advisor to the Prime Minister on Commerce Razzaq Dawood, held a meeting with ... Read More »

NAB deposits Rs466b in national kitty after recovery from corrupt elements: Justice Javed Iqbal

ISLAMABAD: Corruption is a curse and is the only solution to eradicate menace of corruption is surgery as the corrupt elements inflicted multiple losses to the country. Corruption is inflicting irreparable losses to country. National Accountability Bureau (NAB) was established in 1999. The main aim of establishing NAB was to recover the looted money from the corrupt and put them ... Read More »

Court extends physical remand of Sharif family’s CFO till Sept 14

LAHORE: An accountability court here on Monday extended physical remand of the Sharif family’s chief financial officer (CFO) in a money laundering case for fourteen days. Judge Akmal Khan directed the National Accountability Bureau (NAB) to produce him on next hearing on Sept 14. The bureau produced Muhammad Usman, the CFO of Sharif Group of Companies, before the court and ... Read More »

Brighto Paints opens second showroom in Qatar

DOHA: Brighto Paints with its partnering firm Unique Trading Company sought to further globalize the Pakistani paint industry while simultaneously strengthening ties with Qatar by opening its second exclusive showroom in Qatar. Attendees included dignitaries and businessmen who are at the forefront of furthering economic ventures between Qatar and Pakistan such as Syed Ahsan Raza Shah the Pakistani Ambassador to ... Read More »

Restaurants across Karachi flooded with rainwater, causing losses of billions of rupees

KARACHI: Athar Chawla, Convener of the All Pakistan Restaurant Association (APRA), has expressed deep concern over the lack of drainage system in restaurants across the Karachi during the recent rains, requested to the Sindh government, DHA, CBC and the authorities of concerned departments to ensure immediate drainage to save the restaurant industry from further devastation so that business activities could ... Read More »

Govt raises profit rates on saving certificates

KARACHI: Government has raised profit rates on national saving certificates with effect from August 28, 2020. According to details, the profit rate on regular income certificate has been increased by 24 basis point to 8.04 percent and special savings certificates by 90 bps to 7.77 percent. The profit rate on defense certificates has been increased by 5 bps to 8.49 ... Read More »

Multan Adjudication concluding hearing of seizure cases & avoiding unnecessary delays: Deputy Collector Moeed Kanjoo

MULTAN: Collectorate of Customs Adjudication Multan Camp Office is delivering speedy justice through concluding seizure cases despite Covid-19 and facilitating them as per law. This was stated by Deputy Collector Customs Adjudication Abdul Mueed Kanjoo while talking with Customs Today other day. He stated that global pandemic Covid-19 has affected regular hearing of seizure cases in Customs Adjudication due to ... Read More »

MCCI establishes help desk to facilitate youth for Kamyab Jawan

MULTAN: Multan Chamber of Commerce and Industry (MCCI) has established special help desk to facilitate youth for Kamyab Jawan programme. Special Assistant to the Prime Minister (SAPM) on Youth Affairs Muhammad Usman Dar contacted President of Multan Chamber of Commerce & Industry (MCCI) Sheikh Fazal Elahi online and he agreed to establish a help desk of Kamyab Jawan Programme in ... Read More »

SHC issues notices on petition filed by M/s Sultan & Co against detention of consignment

KARACHI: The Sindh High Court (SHC) issued notices to the customs department and deputy attorney general of Pakistan and directing them to file their respective para wise comments on a constitutional petition filed by M/s Sultan & Co against detention of its imported consignment of stationary etc. On 27 August 2020, a two-member bench, headed by Justice Aqeel Ahmed Abbasi ... Read More »

Comprehensive economic reforms vital for sustainable growth: FPCCI

ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar stressed on the need for structural and economic reforms in order to ensure sustainable growth of the country’s economy. In a statement, he said that consistent borrowing by the country to increase reserves will only lead towards a debt trap adding that borrowing from other countries ... Read More »