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Pakistan-FATF meeting to kickoff today

BANGKOK: Pakistan’s economic team is scheduled to hold a meeting today with the Financial Action Task Force’s (FATF) Asia Pacific Group (APG) for a final evaluation of its anti-money laundering. Talks will be held in Bangkok from 8th to 10th

SNGPL reverses notification of increasing gas rates in Lahore

LAHORE: Sui Northern Gas Pipelines Limited (SNGPL) has reversed the notification of increasing gas rates for tandoor owners on Saturday. The notification was reversed in Lahore after the Naan Bai Welfare Association staged a protest against SNGPL. According to the

Bullish trend at PSX – Index gains 252.43 points

KARACHI: Pakistan Stock Exchange (PSX) observed a bullish trend on Friday as the benchmark KSE-100 index gained 252.43 points and recovered to 30,467.20 points. The KSE 100 Index opened at 30,218.36 and closed at 30,467.20 gaining 252.43 points (0.84 percent).

Apple borrows $7 bn despite sitting on a $200 bn cash pile

San Francisco: The cash-rich company is looking to grab a piece of ultra-cheap money by releasing corporate bonds at the all-time low borrowing rates. The tech giant, Apple Inc., is releasing bonds in the cash market at all-time low borrowing

Over 7 lac new taxpayers registered: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that 783,039 new taxpayers filed returns with the tax department as a result of various schemes. Shabbar Zaidi said this while briefing the meeting regarding the performance of the

FATF to evaluate Pakistan’s progress on 8th Sept

ISLAMABAD: A Pakistani delegation will meet a Financial Action Task Force (FATF) team from 8th to 10th September for a final evaluation of its anti-money laundering and terror financing report. The Pakistani delegation will head to Bangkok on 7th September.

Government reverses GIDC ordinance after public outcry

The Government decides to withdraw the controversial ordinance amid public outcry. The decision of granting amnesty worth of Rs. 210 billion to large conglomerates was recently under heavy fire from political and civil members. The government will approach the Supreme

NEPRA approves hike in power tariff by 78 paisa

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has approved 78 paisa hike in power tariff under monthly fuel adjustment formula for July. According to sources, the rise in power tariff will put an additional burden of Rs 24.60 billion on

ECC decides not to increase prices of wheat

Islamabad: The Economic Coordination Committee has issued directives of not increasing the prices of wheat in the country. The decision was finalized after the meeting concluded on Wednesday September 4th. The meeting of the ECC was chaired by Advisor Finance

After public outcry, Govt decides to withdraw GIDC 2019

Islamabad: The Government has decided to withdraw the recently promulgated Ordinance. President of Pakistan Dr. Arif Alvi recently issued Gas Infrastructure Development Cess (Amendment) Ordinance 2019. The issued Ordinance waived off half of the outstanding liabilities of fertilizers, textile, power

PSX trades negatively on third trading of week

KARACHI: The third day of the trading week started negatively in the Pakistan Stock Exchange.  The KSE-100 index in the stock market was down by 29 points to 29,787 level. The market opened at 29,809 levels, which saw a slowdown

Govt releases income tax refunds worth Rs23 billion

KARACHI: The Federal Board of Revenue (FBR) said that the government has released refunds of sales and income tax worth more than Rs23 billion. According to the FBR statement, the decision was taken in order to provide liquidity support to

Government decides to lift ban on import of Indian medicines

Islamabad: Avoiding a health crisis in the country, the Government has lifted the ban on the medicines and raw materials imported from India. Statutory regulatory orders (SROs) issued by the Ministry of Commerce and Textile state that the ban on

Pakistan’s rank declines in corruption perception Index

KARACHI: Corruption perception Index of Pakistan has been decreased from 175th position to 116. According to a statement issued by National Accountability Bureau (NAB), the performance of the bureau has been lauded by South Asian Association for Regional Cooperation (SAARC). 

FBR achieves 90pc revenue collection: Shabbar Zaidi

ISLAMABAD: The Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi has said that 90 percent revenue collection has been achieved. Shabbar Zaidi in a tweet said, “So far, FBR’s target for FY2019-20 has been achieved to the extent of

Finance Ministry rejects reduced petroleum price issued earlier

ISLAMABAD: The finance ministry has rejected the post about the new prices of the petroleum products issued earlier on social media by prime minister’s special assistant on information Dr Firdous Ashiq Awan. According to finance ministry, the announcement regarding the

Petroleum prices likely to be reduced from Sept

ISLAMABAD: The prices of petroleum products in Pakistan are likely to be reduced as the Petroleum Division on Friday received a summary recommending reduction in the rates. According to details, the Oil and Gas Regulatory Authority (OGRA) has recommended a

US dollar slid by 2paisa on last trading day

KARACHI: The US dollar has slid by two paisa to Rs157.20 in the inter-bank on the last day of the week. On Friday, the green back fell slightly by two paisa to be precise and traded at Rs157.20. The day

S&P affirms stable outlook of Pakistan

ISLAMABAD: The Standard & Poor’s credit rating agency has affirmed stable outlook of Pakistan’s economy. It also declared ‘B’ long-term and ‘B’ short-term sovereign ranking while maintaining the long-term outlook at stable rating. The rating agency stated that Pakistan has

Govt to reduce petroleum prices for people’s benefit: Firdous Awan

ISLAMABAD: Special Assistant to the Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan has said that the government had decided to let the people benefit from the declining prices of petroleum products. In a tweet, Dr Firdous Ashiq

Govt fully focused on promoting local businesses: Hafeez Sheikh

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Sheikh has said that the government is fully focused on promoting its export through motivating the local businesses. While addressing a ceremony in Islamabad, the finance adviser said that the government

Number of Income tax filers exceeds 2.5 million

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has said that the number of income tax filers in the country has exceeded to 2.5 million. Talking to the media, Shabbar Zaidi said that FBR was simplifying the process of

PSX gains 403 points on third trading day

ISLAMABAD: The Pakistan Stock Exchange (PSX) adopted a positive trajectory on Wednesday as the benchmark KSE-100 Index gained more than 400 points. The market opened at 30,584 level while the 100-index rose 403 points to 30,988 levels. Earlier on Friday,

NEC meeting to be summoned on Aug 29

ISLAMABAD: A meeting of the Executive Committee of the National Economic Council (NEC) has been summoned on 29th August. The meeting will be chaired by the Advisor to the Treasurer Abdul Hafeez Sheikh. Finance Ministry sources said that a 9-point

Rupee declines by 18 paisa against US dollar

KARACHI: The Pakistani rupee declined by 18 paisa to Rs157.70 against the US dollar in the interbank market on Monday. In the earlier weeks, the rupee had been observed to cumulatively depreciate against the dollar in the interbank. In previous

Rupee stabilises against US Dollar in interbank

KARACHI: The Pakistani rupee on Friday hiked against the US dollar in the interbank market gaining Rs0.73 at the start of the last trading of the week. The dollar was trading at Rs157.70 and since its peak of Rs164.25 on

Dollar drops by 27 paisas in interbank

KARACHI: The Pakistani rupee on Thursday gained by 27 paisas against the US dollar in the interbank market. According to forex dealers, the dollar in the interbank fell to $158.30 from 158.57. There was no change in the value of

Crackdown against smuggled goods to begin soon: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has decided to begin a crackdown against smuggled goods in local markets. To check the smuggling of goods, the FBR has coordinated to establish groups including authorities from Directorate of Customs Intelligence and Investigation

Gold prices set new record by rising to Rs950 per tola

KARACHI: Gold has reached the highest level in the country’s history after raising Rs950 per tola price. According to the All Sindh Sarafa Association, the price of gold per tola has risen to Rs88,300 while the price of ten grams