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Corruption costs €100 billion yearly to Greece

ATHENS: Greece’s government has declared war on corruption that will cost the country €100 billion every year. However, as the challenges ahead are enormous, Greece experts say. Panayiotis Nikoloudis, a well respected former Supreme Court prosecutor with a long history in tackling financial crimes, was named Greece’s first ever minister of state for combating corruption. Under this role, Nikoloudis has ... Read More »

Corruption costs €100 billion yearly to Greece

ATHENS: Greece’s government has declared war on corruption that will cost the country €100 billion every year. However, as the challenges ahead are enormous, Greece experts say. Panayiotis Nikoloudis, a well respected former Supreme Court prosecutor with a long history in tackling financial crimes, was named Greece’s first ever minister of state for combating corruption. Under this role, Nikoloudis has ... Read More »

Remittances up by 15pc to $6.077b in July-Oct; UAE excels in with $1.350b: SBP

KARACHI: The country got $6.077 billion remittances from July to October this year as compared to $5.275 billion it received during the same period of last year, showing 15 per cent or $802 million growth. According to the State Bank of Pakistan (SBP) report, the remittances in September were remained 33pc higher than the same month of fiscal year 2013-14. ... Read More »

Foreign reserves to be increased up to $15b thru sale of $500m Sukuk bond: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that foreign currency reserves will be increased up to $15 billion till December 31 this year through selling Sukuk bond worth $500 million as IMF has also nodded to give $1.1 billion instalment. Ishaq Dar, while talking to media, said that the government would first hold roadshows and then float sukuk in the ... Read More »

SBP profit increases by 14pc to Rs268 billion

KARACHI: The State Bank of Pakistan’s (SBP) Annual Performance Report has revealed that the central bank has earned huge profit of Rs268 billion for the government during the fiscal year 2013-14. According to the annual report approved by the SBP Central Board of Directors, the bank’s profit increased by 14pc to Rs2.68 billion from Rs235 billion it earned the last ... Read More »

Lenovo finally buys Motorola for $2.9b from Google

BEIJING: Lenovo has bought mobile phone manufacturer Motorola from Google in ‘just’ $2.9 billion only as the latter purchased it in $12.5 billion three years ago. Not all of the money will be going into Google’s coffers right away, however. Lenovo is paying $660m in cash plus $750m in newly issued stock, and has signed a promissory note to deliver ... Read More »

Energy crisis: Textile industry faces $1.2b loss in six months

LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman S M Tanveer has said that the textile industry has to bear $1.2 billion loss during the last six months due to acute power shortage and it will have to face further $2.2 billion loss in future, if the energy crisis is not overcome. S M Tanveer, addressing the press conference, said ... Read More »

NBP earns Rs12.1 billion profit in nine months

KARACHI: The National Bank of Pakistan (NBP) has recorded Rs12.1 billion profit-after-tax from January to September in 2014, showing a growth of 107 per cent. The NBP pre-tax profit increased by 143pc to Rs18 billion during in the nine months this year against Rs7.4 billion of the corresponding period of 2013. The bank’s earnings per share (eps) soared up to ... Read More »

NBP profits up by 107pc to Rs12.1 billion in nine months

KARACHI: The National Bank of Pakistan (NBP) has recorded Rs12.1 billion profit-after-tax from January to September in 2014, showing a growth of 107 per cent. The NBP pre-tax profit increased by 143pc to Rs18 billion during in the nine months this year against Rs7.4 billion of the corresponding period of 2013. The bank’s earnings per share (eps) soared up to ... Read More »

Flood-hit farmers to get Rs10b loan on 8% mark-up

KARACHI: To revive the economic activities in flood-hit areas, the State Bank of Pakistan (SBP) has launched a concessional loan scheme of Rs10 billion. As per the SBP loan scheme, the banks will charge 8 per cent mark-up per annum from the farmers and Small and Medium Enterprises (SMEs) of flood-affected areas against their financing for production, working capital loans ... Read More »

Engro Fertiliser earns Rs5.51b profit, Fauji records 49pc loss

KARACHI: Engro Fertiliser Limited and Fauji Fertiliser Bin Qasim have announced results of their performance during the first nine months of year 2014. Engro Fertiliser Limited announced profit-after-tax (PAT) of Rs5.51 billion, representing earnings per share (EPS) at Rs4.19 for the period under review with huge the growth of 70 per cent from Rs3.23 billion of the previous year. Meanwhile, ... Read More »

Punjab Revenue Authority likely to collect Rs40b taxes in FY14

LAHORE: Punjab Revenue Authority (PRA) will likely to collect Rs40 billion taxes during the current fiscal year as compared to Rs16 billion in FY2013 and Rs6 billion in FY2012. This was revealed by PRA Chairperson Iftikhar Qutab during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz. Executive committee members of the chamber and representatives ... Read More »

Delays in Nandipur power project cause over Rs113b loss

ISLAMABAD: Delay in the 425MW Nandipur power project have caused a huge loss of more than Rs113 billion to the national exchequer. This was disclosed by Federal Minister for Water and Power Khawaja Asif in the National Assembly while replying to questions raised by Pakistan Muslim League-Nawaz’s Shaista Pervaiz. In a written reply, the minister said that a judicial commission, ... Read More »

Pakistan’s imports up by 12.01pc to $12.5b in July-Sept

ISLAMABAD: The country’s total import bill increased by 12.01 per cent and reached $12.519 billion during the first quarter of fiscal year 2014 from $11.177 billion import of corresponding period of last year. According to Pakistan Bureau of Statistics data, the import of oil and eatables has decreased by 4.78pc to $4.79 billion in July-September 2014 as compared to $5.03 ... Read More »

Govt pays K-Electric Rs53b during current year, Rs312b in eight years

ISLAMABAD: The government paid Rs312 billion to the Karachi Electricity Supply Company (K-Electric) during the last eight years, in which Rs228 billion was paid in just last four years and Rs84 billion was paid last year, while with the highest ratio, Rs53 billion was given to the company during the ongoing year to fill the ‘tariff gap’, Minister of State ... Read More »

MCB reports record quarterly profit of Rs9.7 billion

KARACHI: MCB Bank has posted record quarterly profit before tax of Rs9.7 billion as compared to Rs9.4 billion reported in the current quarter, with the profit growth of 7 per cent, contributed by 12pc increase in Net Markup Income. The Board of Directors of MCB Bank Limited, met under the Chairmanship of Mian Mohammad Mansha, to review the performance of ... Read More »

Agri credit disbursement up by 38pc to Rs98b in July-Sept 14

KARACHI: Agriculture credit disbursement has increased by 38 per cent to Rs98 billion during the first quarter of current financial year. According to the State Bank of Pakistan (SBP), the banks disbursed Rs70.8 billion agriculture credit during the same corresponding period of last fiscal year. The disbursement is almost 20% of the overall annual agriculture credit target of Rs500 billion. ... Read More »

ADB lauds Pakistan’s economy; GDP up 4.1%, agri growth slips to 2.1%

ISLAMABAD: The Asian Development Bank (ADB) has lauded the Pakistan government’s policies due to which economic conditions have been improved, budget deficit shrank and foreign exchange reserves strengthened, but it also exposed weak figures of economy. According to the Asian Development Outlook Update 2014, Pakistan needs several years of concerted national commitment to make effective structural reforms for achieving high ... Read More »

FBR’s Rs2,266b tax collection: Tax-to-GDP ratio up by 8.9pc

ISLAMABAD: Federal Board of Revenue’s Rs2,266 billion tax collection during the fiscal year 2013 has raised the country’s tax-to-GDP ratio by 8.9 per cent. As per the FBR Biannual Review, the Board collected Rs2,266 billion during the FY13 as compared to 2012’s Rs1,946 billion, showing growth of 16pc and increasing Tax GDP ratio to 8.9pc. However, FBR has set Rs2,810 ... Read More »

Country’s public debt climbs to $149b, each Pakistani owes $825

LAHORE: The country’s total public debt has rocketed to $149 billion, including foreign debt of $65 billion and domestic debt of $84 billion. According to the data, provided by Institute for Social and Economic Justice (ISEJ) Campaign for Abolition of Third World Debt (CADTM Pakistan) and Tax Justice Roundtable during a press briefing in connection with Global Week of Action ... Read More »