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Tag Archives: Karachi Region

Foreign investment in bourses at two years’ high

KARACHI: The foreign investment in Karachi Stock Exchange in July rose three times the foreign inflow into Pakistan’s capital market during the corresponding period over the past two years. As per details, overseas investors have bought $648 million worth shares in local market over the past seven months of the current year while foreign net buying in July 2014 alone ... Read More »

Tracking system helped curb pilferage of ATT cargoes

KARACHI: The installation of tracking system on cargos of Afghan Transit Trade (ATT) has helped tremendously to eliminate the incidents of pilferage or missing of containers. According to an official report, more than 45,000 containers were tracked through the installation of security instruments, such as container security device (CSD) and Prime Mover Device (fixed on truck and inter-linked with CSD). ... Read More »

KATI bemoans long holidays on Eid

KARACHI: Long holidays on Eidul Fitr badly affected the trade and business activities in the country. According to Korangi Association of Trade and Industry (KATI) President Syed Farukh Mazhar, the government decision of four-day Eid holidays brought the entire economic activities in the country to a halt which adversely affected the already fragile economy. In a statement issued here, he ... Read More »

Forex reserves fall to $14.5b

KARACHI: Pakistan’s foreign exchange reserves decreased to $14.513 billion, from $14.637 billion the previous week, said State Bank of Pakistan (SBP). According to the SBP report, the reserves held by the SBP stood at $9.486 billion from $9.602 billion the previous week, a decrease of $116 million. During the week, the State Bank received $22 million from multilateral and bilateral ... Read More »

Importers rue poor facilities at KICT

KARACHI: The importers have expressed concern over the problems they have to face at Karachi International Containers Terminal (KICT) during examination of imported consignments, saying that the poor service delivery have been adding to the cost of doing business. Giving vent to their annoyance at the pathetic performance of terminal staffers, the importers demanded the authorities concerned to improve the ... Read More »

Foreign investment rises in FY14

KARACHI: The State Bank of Pakistan (SBP) declared that foreign investment rose to $4.377 billion in the previous fiscal year which was the highest amount since 2008-09. The country received a total of $2.665 billion foreign investment in fiscal year 2009. However, the sudden rise in the total foreign investment was due to $2.1 billion investment in the Eurobond. If ... Read More »

Auto makers fail to cash in on dwindling used cars import

KARACHI: Local vehicle assemblers, despite hectic lobbying, failed to take advantage of the sharp drop in the sale of used cars year-on-year during 2013-14. As per the relevant data, the import of used vehicles (from 660cc to above 3,000cc including 4×4 jeeps) plunged to 22,185 units in 2013-2014 as compared to 44,767 in 2012-13. The government collected around Rs9 billion ... Read More »

Record $15.8b remittances in FY13-14

KARACHI: The country received a record $15.83 billion in remittances from overseas Pakistanis in fiscal year 2013-14, an increase of 13.7 per cent over the previous year. The constantly increasing remittances have now become the second largest source of dollar inflows in the country after export proceeds. The details of remittances showed that overseas Pakistanis were sending more money back ... Read More »

Sanguine SBP says economy starts picking up

KARACHI: After many years of low growth, sentiments about the economy seem to have improved, said State Bank of Pakistan Third Quarterly Report for FY14 released here. The report said that revival of economic activity is a key development in FY14, with real GDP growth of 4.1 percent which is the highest in the past five years. While acknowledging the ... Read More »

Importers seek early sales tax adjustment

KARACHI: Importers and business houses are facing hurdles in getting adjustment of sales tax since July 2013 revision of PRAL system. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Ismail Sattar, in a statement, urged the Federal Board of Revenue (FBR) to direct the Pakistan Revenue Automation Ltd (PRAL) management to update the automated revenue service to ... Read More »

Sindh E&T exceeds tax collection target

KARACHI: Sindh Minister for Excise and Taxation Mukesh Kumar Chawla has said that the Excise Department has exceeded the targets of tax collection of Rs32 billion for the year of 2013-14. Chawla said the department had collected Rs32407.523 million against the target of Rs32011.500 fixed by the provincial government for year 2013-14, which is 101pc of the targets in all ... Read More »

SBP revises export refinance rate to benefit exporters

KARACHI: The State Bank revised Export Finance Scheme to provide more benefits to the exporters who were earlier complaining about adverse impact of steep fall in the value of dollar in the second half of the last fiscal year. The markup rate for exporters availing financing facilities under Export Finance Scheme (EFS) will be 7.5 per cent per annum from ... Read More »

Schedule for advance tax collection on cars booking issued

KARACHI: The authorised car dealers have issued schedule for collection of advance income tax, declaring different amounts for both the filers and non-filers of income tax, at the time of booking of cars and jeeps. Dealers will collect the advance income tax on behalf of their assemblers as per decision taken in the federal budget 2014-2015. The assemblers will then ... Read More »

Interception of infested-mango consignments worries exporters, farmers

HYDERABAD: The interceptions of fruit fly-infested mango consignments which originated from Sindh have worried mango producers of the province, for they have gone extra-mile to improve their farm management practices. Sindh’s mango orchard owners have worked hard with their Australian counterparts and the management of the United States Agency for International Development (USAID) over the past four years to ensure ... Read More »

$556m IMF tranche up forex reserves

KARACHI: Pakistan has received $556 million as the fourth tranche from the International Monetary Fund (IMF) under the Extended Facility Fund (EFF) approved by the fund last year. “We have got the $556 million into our foreign exchange reserves now,” a State Bank of Pakistan spokesman confirmed. Pakistan was granted the $6.8 billion IMF bailout package last year to help ... Read More »

Selling spree downs KSE to 9-month low

KARACHI: Stock market remained dull throughout the day, which saw volume shrunk 45pc to 73m shares, recording a 9-month low. Trading value fell to Rs4 billion which was at 14 months low. The KSE-100 index managed to claw up by 20.99 points to 29,697.79. While local institutions and individuals were on the sell side, the market received support from foreign ... Read More »

Customs seizes Rs60m smuggled cigarettes

KARACHI: A team of the Customs Intelligence and Investigation in collaboration with Pakistan Rangers recovered huge quantity of smuggled cigarettes of foreign brands including Pine, Ashima, Oris, Marlboro, Dunhill and Ruub. The seizure was made during a joint raid on a warehouse in Chanti Gali near Bolton market. As per details, acting on a tip-off, a team of the Customs ... Read More »

Tax officials bemoan non-promotion

KARACHI: The officers of the Federal Board of Revenue (FBR) bemoaned the dropping of their names from the list of promotion from BS-19 to BS-20. They contended that some elements in the PM Secretariat were giving wrong information about the integrity of the officials. Most of the officers belonging to Inland Revenue Service (IRS), Pakistan Customs Service (PCS), Karachi tax ... Read More »

PTA for govt steps to save declining leather goods exports

KARACHI: The Pakistan Tanners Association (PTA) has warned against the declining leather exports, expressing the apprehension that the situation warrants remedial measures lest Pakistan will lose leather goods market to Indian competitors. According to PTA’s Standing Committee on Gas and Infrastructure Chairman Usman Umer, the incumbent government, instead of offering incentives to the ailing industry, unnecessarily overburdening it by levying ... Read More »

Forex reserves up 6pc on week-on-week

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 6% on June 20 mainly on the back of privatisation proceeds, according to data released by the SBP. The central bank’s foreign exchange reserves increased $521 million to $9,190 million compared to $8,669 million in the previous week. During the week, the SBP ... Read More »