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Wheat exports reduces by 88.10pc in four months of FY2019-20

ISLAMABAD: Wheat exports during first four months of the current financial year FY2019-20 reduced by 88.10 per cent as compared to the exports during the corresponding period of the previous year. About 48,081 metric tonnes of wheat valuing $11.442 million exported during the period from July-October, 2019 as against 456,689 metric tonnes worth $96.121 million of same period of last ... Read More »

Freight trains charges reduced by 10pc: Sheikh Rashid

LAHORE: Federal Minister for Railways Sheikh Rashid Ahmed has on Thursday announced to reduce charges of freight trains by ten percent. The minister talked to media in Lahore and told that the rates will be decreased from tonight. A shuttle train service will be started from Lahore city to Wagah from December 14, he said. Sheikh Rashid vowed to end ... Read More »

Customs I&I shows outstanding performance from July to Nov

KARACHI: Under the supervision of Director Irfan Javed, Directorate-General of Customs Intelligence and Investigation (I&I) showed significant performance from July to November, 2019. According to the details, the performance of the Directorate General Customs Intelligence and Investigation showed a considerable improvement in both its anti-smuggling and enforcement functions. A comparative statement reflecting the performance in both areas viz-a-viz performance during ... Read More »

Moody’s changes five Pakistani banks’ outlook to stable from negative

KARACHI: Moody’s Investors Service (“Moody’s”) on Wednesday affirmed the B3 long-term local currency deposit ratings of five Pakistani banks, and changed the outlook to stable from negative. The banks include Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The rating actions follow Moody’s decision on December ... Read More »

China categorically rejects reports of abuse, organ trade involving Pakistani brides

ISLAMABAD: The Chinese Embassy in Islamabad categorically rejected the media report by an American press agency that had claimed that at least 629 Pakistani girls were sold as brides to China. The Associated Press on December 4 had reported that more than five hundred Pakistani girls were sold as brides to China recently, alleging acts of abuse, organized prostitution, organ ... Read More »

Govt decides to sell unused state properties at Dubai Expo

ISLAMABAD: The federal government has decided to sell its precious unutilised state properties at the Dubai Expo to attract foreign and Pakistani investors to the country and the funds generated through the exercise will be spent on public welfare schemes related to education, health, food and housing. It was decided at a meeting on abandoned state properties held at the ... Read More »

WAPDA all set to commence Diamer Basha Dam construction

ISLAMABAD: WAPDA is all set to commence construction work on Diamer Basha Dam following award of contract in six to eight weeks, while the under-construction Mohmand Dam and Dasu Hydropower Project (Stage-I) will be completed in 2024-25. These mega projects are going to change fate and destiny of the country. This was stated by WAPDA Chairman Lt Gen ® Muzammil ... Read More »

ANF seizes 25kg cocaine worth Rs750m

KARACHI: The Anti-Narcotics Force seized on Tuesday four containers of cocaine from the South Asia Pakistan Terminals (SAPT) in Karachi’s Keamari. According to the ANF spokesperson, the cocaine is worth Rs 750 million in the international market and was seized from a container landed at the port after coming from abroad. The drugs, which were hidden in the wooden box ... Read More »

Govt rejects news report on $ 10.4b new loans

ISLAMABAD: Finance Division has described as inaccurate and misleading a news report appearing in a section of the press contending that the government’s foreign borrowing increased by US$ 10.4 billion from 18th August 2018 to 30th September 2019. In an official statement, the Finance Division has contended that the report is not only misleading, but is also against the national ... Read More »

APM Hafeez Shaikh chairs meeting to review progress on ST refunds to exporters

ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh on Wednesday met a group of leading businessmen representing various export sectors contributing nearly US $ 2 billion exports, to discuss and review progress on the issues pertaining to payment of sales tax refunds to exporters. During the meeting, Adviser to Adviser Commerce Ali Habib, FBR ... Read More »

SBP reserves up by US$431mn

ISLAMABAD: The Foreign exchange reserve held by the State Bank of Pakistan increased by US$431 million to US$9,112.9 million during the week ending on November 29, 2019 on Thursday. According to State Bank of Pakistan (SBP), the total liquid foreign reserves held by the country stood at US$15,993.2 million. According the break-up figures, the foreign reserves held by the State ... Read More »

Multan Preventive impounds vehicles & goods of Rs374.69m during November

MULTAN: Collectorate of Customs Preventive Anti-Smuggling Organization has impounded vehicles and smuggled items of Rs374.69 million in different actions during the month of November of the on-going fiscal year 2019-20. According to details, Customs Anti-Smuggling Organization (ASO) has carried out various anti-smuggling operations in the Jurisdiction in the month of November. Anti-Smuggling Organization has continued their rigorous crackdown against smuggled ... Read More »

Customs Court directs to complete probe against M/s Voroly Impex, M/s Welcome Service

KARACHI: The Customs Court directed investigation officer to complete investigation against suspects namely Muhammad Saleem, owner/ proprietor of M/s Voroly Impex, Abdul Razzaq, proprietor of M/s Welcome Services, Muhammad Junaid of M/s Welcome Services and others, who were booked for importer with active connivance of his clearing agent deposited fake/ forged/ bogus pay orders as security for the release of ... Read More »

Customs Court shows displeasures for non-appearance of suspects involved in money laundering

KARACHI: The Customs Court showed displeasured and directed counsel to produce their clients Zor Talab Khan, Umara Khan, Muhammad Hassan and Muhammad Hamza before the court on next date of hearing, who were booked in using 6 benami accounts to conduct business and evaded taxes more than Rs1 billion and also involved in money laundering. On 4 December 2019, case ... Read More »

Kuwait ready to ease business visa: Consul-General

KARACHI: Consul General of Kuwait Salem Yousif Al-Hamdan has said that in order to further discuss and devise strategies for easing the issuance of business visas, the Kuwaiti Interior Ministry was ready to hold negotiations and in this regard, Pakistan’s Ministry of Interior had been approached quite some time ago but unfortunately they have not received any response from them ... Read More »

Country heading towards prosperity & progress

RAWALPINDI: Minister Railways Sheikh Rasheed Ahmed has said that the country’s economic indicators are positive. Global institutes have acknowledged the improvement of the Pakistani economy. Five major institutions, including the IMF, Moody’s, World Bank, Islamic Bank, Asian Development Bank etc, praised the steps taken by the Government of Pakistan for economic stability. The Lei expressway and the ring road are ... Read More »

Trade fairs, exhibitions mean business for the country: LCCI

LAHORE: Trade Fairs and Exhibitions should be used as a tool for the growth of Pakistan’s exports. The government should support private sector for organizing trade fairs and exhibitions in the country. LCCI President Irfan Iqbal Sheikh said that trade fairs and exhibitions mean introduction of vendors to buyers which pave way for collaborations, jack up exports and bring much-needed ... Read More »

Govt urged to exempt investors from customs duty, income tax in SEZs

LAHORE: The government should exempt the factory owners and investors from Customs Duty and Income tax for the period of ten year. The Punjab government has already declared two industrial estates Vehari and Rahim Yar Khan both in south Punjab as special economic zones.  These economic zones can turn around the lives of people living in these areas as to ... Read More »

SHC seeks FIA reply on petition against ban on cryptocurrencies

KARACHI: The Sindh High Court (SHC) on Thursday issued notices to Federal Investigation Agency (FIA) officials on a petition against a ban on the use of digital currencies in the country. On 5 December 2919, a bench of the Sindh high court directed the authorities to assist it in understanding cryptocurrencies. State Bank of Pakistan (SBP) Governor Reza Baqir, Federal ... Read More »

SBP sells Rs398.44b worth of T-Bills

KARACHI: The State Bank of Pakistan (SBP) conducted Treasury Bills auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth worth Rs398.44 billion for 3, 6 and 12 months. The auction target was Rs300.00 billion against a maturing amount of Rs74.90 billion. Cut off yield for 3, 6 and 12 months were 13.5391, 13.2899 and 13.14 percent. The ... Read More »