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PIA registers loss of over Rs67b in 2018 over sloppy performance

ISLAMABAD: The Pakistan International Airlines (PIA), suffered a loss of more than Rs67 billion in 2018 over sloppy performance, registering a 32-percent increase in its deficit, according to the results announced following an approval from the national carrier’s board of directors. The exact loss, which amounted to Rs67,032,000,000, was revealed after the board’s meeting here in Karachi. The board during ... Read More »

Gen (r) Asim Bajwa to head CPEC Authority

ISLAMABAD: The federal government has decided to appoint former Inter-Services Public Relations (ISPR) chief Lt Gen (r) Asim Saleem Bajwa as the head of the China-Pakistan Economic Corridor Authority (CPECA) for a period of four years. A summary has been sent to the federal cabinet for approval, which will be accepted in the next meeting. President Dr Arif Alvi had ... Read More »

Accountability Court extends Khursheed Shah’s judicial remand by 15 days

SUKKUR: PPP leader Khursheed Ahmed Shah was taken to jail on Friday for another 15-days after an accountability court in Sukkur extended his judicial remand. He will be produced before the court on December 7. Shah is being probed by the National Accountability Bureau (NAB) for allegedly amassing assets beyond known means. During today’s hearing, NAB counsel urged the court ... Read More »

A weekly review: Stocks end on bullish note; rupee edges up

KARACHI: The stock market demonstrated bullish trend during the whole trading week lifting the benchmark KSE 100-share Index by 341 points to 37,925.79 points on the last trading day (Friday). On Friday at close, the index recorded an increase of 824.48 points, or 2.22%. Overall, trading volumes increased to 243 million shares compared with Thursday’s tally of 232.6 million. The ... Read More »

EDB seeks comments regarding duty free import of cars by privileged Pakistanis

ISLAMABAD: Engineering Development Board (EDB) sought comments from Ministry of Overseas Pakistani regarding import of cars for overseas Pakistanis. A memorandum issued by DGM-Incharge (Policy) stated that views/comments should be submitted at  the earliest on “duty free import of one hybrid car up to (3000 cc) to Foreign Exchange Remittance Card (FERC) holders, who remit USD 100,000/- over a period ... Read More »

FBR starts scrutiny of real estate transactions

ISLAMABAD: The Federal Board of Revenue (FBR) has started scrutiny of real estate transactions under one-time tax amnesty to see if they complied with the valuation table. Sources said FBR started scrutiny of payment made by purchasers of properties while availing immunity from disclosing source of income. The sources in the local tax office said the FBR had dispatched thousands ... Read More »

Economy heading towards stability due to govt measures: Hafeez Sheikh

ISLAMABAD: Advisor to the Prime Minister on Finance Dr Abdul Hafeez Sheikh Friday said that the present government was taking all important steps for controlling inflation and improving economic growth rate of the country. Talking to media, he said that the Pakistan Tehreek e Insaf (PTI) government had minimized over all expenditure, due to which, the economy was moving on ... Read More »

SHC seeks reply on petition filed by M/s Iffat Enterprises & others against FIR

KARACHI: The Sindh High Court directed high officials of customs department to submit their para wise comments on a constitutional petition filed by M/s Iffat Enterprises and M/s Akhtar & Sons against lodging first information report (FIR) and show cause notice issued by Model Customs Collectorate Appraisement East for charges of evasion of duty and taxes amounting to Rs. 4,350,579. ... Read More »

OGDCL discovers huge oil and gas reserves in Sindh

KARACHI: The Oil and Gas Development Company Ltd (OGDCL) has found new oil and gas reserves following drilling activities in potential areas of Sindh during exploration of Shale gas and Tight oil deposits. Sources familiar with the matter told the media on Saturday that authorities expect presence of 95 trillion cubic feet (TCF) Shale gas and 14 billion of stock ... Read More »

Govt working on policies to boost exports: Dawood

KARACHI: Advisor to Prime Minister for Commerce and Textile Abdul Razak Dawood on Saturday said that the government was making policies to increase export and decrease import for the economic stability in the country. Presiding over a meeting about “Export Strategy”, Dawood said the government wanted to support local industry through offering lucrative incentives to industrialists and businessmen. The advisor ... Read More »

Smuggled goods worth Rs 250 million apprehended, no one arrested

KARACHI: Smuggled goods worth Rs 250 million were apprehended in a massive crackdown in Yusuf Goth area Karachi, in a joint crackdown on smuggled goods dumped in warehouses by Directorate of Customs Intelligence and Investigation and Sindh Police. No one was arrested in the crackdown till filing of this report. Sources said on 22 November 2019 morning, the operation was ... Read More »

Pakistan Stock Exchange gains 824 points

KARACHI: Bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Friday, as the indices recovered the losses made in the previous session. Foreign investors bought shares worth $1.81 million on Thursday. On the economic front, the State Bank of Pakistan kept the interest rates unchanged at 13.25pc for the next two months. The decision, which was in line ... Read More »

Pak, US facing similar challenges along land borders: Chief Collector Wasif Memon

KARACHI: Chief Collector of Customs Enforcement (South) Dr Wasif Ali Memon has said that US and Pakistan law enforcement agencies face peculiar and similar challenges along their land borders during a training session held at DGTR (Customs), Karachi According to the details, two weeks training from 11th November to 22nd November 22, 2019 on “Customs Enforcement” was organized by Directorate ... Read More »

Chinese envoy urges media to play role in nullifying propaganda against CPEC

ISLAMABAD: Ambassador of China to Pakistan Yao Jing on Friday called upon the media to play its role in nullifying the effects of propaganda against China Pakistan Economic Corridor (CPEC). “Media is a major vehicle of information and platform of interaction”, he said while addressing the 5th CPEC Media Forum, and added “media from both Pakistan and China have already ... Read More »

SBP holds key interest rate at 13.25pc

KARACHI: State Bank of Pakistan (SBP) in its monetary policy has decided to leave the policy rate unchanged at 13.25 percent. According to SBP, the decision reflects the Monetary Policy Committee s view that recent developments have had offsetting implications for the inflation outlook. The bank last lifted rates in July by 100 basis points, raising the interest rate to ... Read More »

Collector Preventive Ahmad Rauf transfers 10 officers

LAHORE: Collectorate of Customs Preventive Collector Ahmad Rauf issued order for transfer and posting of following 10 officers with immediate effect and until further orders: Details are as under: Superintendent Zafarullah Khan Niazi is transferred from ASO and posted to superintendent in-charge gates. Superintendent Shahid Naseem Joiya is transferred from Investigation and Prosecution (I&P) and posted to I&P ASO. Inspector ... Read More »

FBR directs field formations to identify distributors selling goods originating from AJ&K

ISLAMABAD: Federal Board of Revenue (FBR) has directed field formations to identify distributors/dealers who are engaged in selling goods originating from Azad Jammu & Kashmir (AJ&K) to ensure payment of sales tax on such items.In this regard, the FBR has issued sales tax general order 107 of 2019 here on Wednesday. According to media, the question has been raised regarding ... Read More »

Court approves Nawaz, Maryam exemption from appearance in CSM case

LAHORE: An accountability court in Lahore on Friday granted PML-N Vice-president Maryam Nawaz and ailing former prime minister Nawaz Sharif, exemption from appearing before the court in Chaudhry Sugar Mills case,. On 22 November 2019, the court resumed hearing the case today during which separate applications were submitted on behalf of Nawaz and Maryam, requesting it to exempt them from ... Read More »

Sports goods’ exports decline over 3pc

ISLAMABAD: The exports of sports goods from the country witnessed declined of 3.94 percent during the first four months of current financial year (2019-20) as against the exports of corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The country exported sports goods worth $ 99.906 million during July-October (2019-20) against the trade of $104.007 million during July-October ... Read More »

Non-textile exports increase 4pc from July to Oct

ISLAMABAD: The government’s cash support to various sectors helped increase non-textile exports during the July-October period by four per cent to $2.96 billion compared to same period last fiscal year. The slight increase shows the exports of non-textile products have rebounded in the ongoing fiscal year reversing the declining trend seen during last few years. The government had extended cash ... Read More »