Karachi: Patron-in-Chief Korangi Association of Trade & Industry (KATI) SM Muneer and President Saleem-uz-Zaman praises the appointment of Senior Vice President of Pakistan Tehreek-e-Insaf (PTI) the Karachi Division, Mehmood Moulvi as Special Assistant to Prime Minister Imran Khan on Maritime Affairs. Welcoming the move, they said that Mehmood Moulvi is a beloved personality of the industrial …
Category Archives: Business
PM’s youth employment program will help eradicate unemployment, KATI
Karachi: Korangi Association of Trade and Industry (KATI) Patron-in-Chief SM Muneer and President Saleem-uz-Zaman welcomed the announcement of Prime Minister Imran Khan’s youth employment program, saying it was an important initiative in reducing unemployment in the country. SM Muneer said that due to Corona epidemic, global unemployment including Pakistan has increased. However, timely measures taken …
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KE remains committed to industries, rejects exaggerated claims issued in Press
Karachi – Taha Dilam: Recognizing Karachi’s industries as the backbone of the nation’s economy, KE reiterated its commitment to the prosperity of the city and assured its customers that it is working untiringly towards the vision of a thriving metropolis. This commitment is underpinned by the investment of over PKR 375 billion since the company’s …
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PFVA sets Mango export target for current season
Karachi: All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA) has announced mango export target as 150000 metric tons for the current mango season which would fetch valuable foreign exchange of USD 127.5 million once the target is attained. The Patron-in-Chief stated that last year the export target of mango was set as …
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Pakistan Tea Association demands tax relief in custom duties
Islamabad: Delegation of Pakistan Tea Association led by Chairman Aman Paracha meets Prime Minister’s Advisor on Commerce and Trade Abdul Razzak Dawood in Islamabad with the patronage of FPCCI. Chairman Tea Association Aman Paracha highlighted various ambiguities & anomalies in the Custom duties during the meeting. He further added that if these anomalies get eliminated …
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PLGMEA is not part of FPCCI advertisement, Chairman Danish Khan
Karachi: Chairman Pakistan Leather Garments Manufacturers and Exporters Association (PLGMIA) Danish Khan has strongly condemned the FPCCI advertisement. He said that FPCCI used the name in the advertisement published in the newspapers yesterday without the permission and consent of PLGMEA, which he denied. PLGMEA has nothing to do with the advertisement and no such opinion. …
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PTA suggests to rationalize the wealth tax rate on Bulk Tea
Pakistan Tea Association (PTA) meets Federal Board of Revenue (FBR) officials and suggests to amend and finish the anomaly on wealth tax on import of bulk packing tea in Pakistan. Bulk tea is a raw material, at import stage for all importers, 2 types of different tax distinguish for withholding tax at import stage that …
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Record historic export of Kinnow
Karachi: During the global Pandemic COVID-19 , the demand of kinnow surged significantly as it played a vital role in strengthening the human immunity system safeguarding against the deadly disease. During the export season concluded in April 2021, Pakistan exported 460000 ton Kinnow to forty countries globally, which was 30% higher compared to the last …
Governor Sindh Visits K-Electric’s BQPS-III Power Plant, Reviews Swift Progress of Unit One
Karachi: Governor Sindh Imran Ismail visited K-Electric’s Bin Qasim Power Station-III (BQPS-III) project to review the progress on the latest addition to Karachi’s power network. The visit followed a meeting between KE’s Senior Leadership and the Governor Sindh where KE presented an update on the company’s preparedness for Ramadan and the 2021 summer season. BQPS-III is …
Petrol price reduced by Rs1.79 in Pakistan
Prime Minister Imran Khan has authorized a cut in petrol rates, according to Federal Minister of Finance Hammad Azhar. The government has cut the price of petrol by Rs1.79, and it will now be available at 108.56 a litre beginning April 16. The premier has also allowed lowering the prices of other petroleum goods, according …
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IMF chief: Pakistan needs to focus on welfare of people
ISLAMABAD: State Bank Governor Reza Baqir and Hammad Azhar held a virtual meeting with Kristalina Georgieva, International Monetary Fund’s (IMF) Managing Director. According to sources, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said on Monday that Pakistan would direct all of its policies toward the welfare of its citizens. She made the …
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SBP to observe a bank holiday on first Ramzan
KARACHI: The State Bank of Pakistan (SBP) will be closed for public dealings on the first Roza which will be observed as a bank holiday. SBP decided to close operations on the first Ramzan due to the deduction of zakat. “All banks / DFIs / MFBs shall therefore remain closed for public dealing on 1st …
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Pakistan Tea Association held a meeting with President Fpcci
KARACHI: Pakistan Tea Association delegation and Standing Committee On Tea Fpcci held a meeting with President Fpcci on Saturday at Federation House. Where the missuse of SRO 450 manufacturing bonds was discussed for re-export. The delegation informed that this situation is posing a huge challenge for the government of Pakistan in generating revenue. people only …
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Pakistan needs economic transformation: Asar Umar
ISLAMABAD: According to Asad Umar, the Federal Minister for Planning, Growth, and Special Initiatives, Pakistan requires economic transition by redefining resource allocation and opportunity structure. Umar said that a deeper understanding and new levers are required to trigger development and that the government’s most important role is to provide policy signaling, a competitive environment, and …
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Asim Ahmed appointed as new FBR chairman
ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
CPEC projects are not limited to infrastructure: Asad Umar
KARACHI: Federal Minister for Planning and Development, Asad Umar has said that the projects under the China-Pakistan Economic Corridor (CPEC) projects are not just restricted to infrastructure now, with a $240 million investment, a Chinese company will construct a steel mill in the Rashakai SEZ. He also said that CPEC is entering into the second …
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NEPRA reduces electricity tariff, spokesman
ISLAMABAD: In an effort to lower the electricity tariff, the National Electric Power Regulatory Authority (Nepra) has reduced the Return on Equity (ROE) and Return on Equity During Construction (ROEDC) components of 12 thermal power plants. “Nepra has reduced the ROE and ROEDC components of those 12 thermal power plants that were built under the …
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Inflation touches the highest peak in March, PBS
ISLAMABAD: The Pakistan Bureau of Statistics (PBS) announced on Thursday that inflation rose to over 9% in March, the highest rate in three months, due to increases in food and electricity prices, especially in rural areas of the country. Three days after Prime Minister Imran Khan sacked Finance Minister Dr Abdul Hafeez Shaikh for not …
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SBP and CGA Sign MOU for Digitizing Government Payments through Raast
The State Bank of Pakistan (SBP) and the Controller General of Accounts Pakistan (CGAP) signed a Memorandum of Understanding today to digitize federal government payments using RAAST, Pakistan’s First Instant Payment System, which will be launched by SBP in January 2021. Raast is SBP’s flagship initiative, providing a simple, fast, low-cost, interoperable, and safe online …
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Pakistani Rupee maintains uptrend against US dollar
KARACHI: The Pakistani currency has continued its upward trajectory towards the US dollar, reaching a new all-time high of Rs154.58 to the US dollar in the interbank market on Friday, as foreign currency supplies outnumber demand. On the same day that the World Bank accepted $1.3 billion for Pakistan, including $600 million for the Ehsaas …
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Pakistan receives another loan of $1.3b from World Bank
ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country. The amount includes a $200 million loan to combat locust attacks, a scheme that has been met …
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Govt to maintain the control of SOEs
ISLAMABAD: Even if a new Act of Parliament is approved, the federal government will have a powerful presence in state-owned enterprises (SOEs), which runs counter to the aim of maintaining productive and financially stable public sector companies by eliminating political intervention. According to the proposed State-owned Enterprises (Governance and Management) Act 2021, the government also …
SBP records highest growth in Islamic banking assets
KARACHI: State bank of Pakistan (SBP) in a statement has reported that the overall assets and deposits of the Islamic banking industry have shown significant growth of 30 percent and 27.8 percent, for the year 2020. According to SBP’s statement, “this is the highest increase in assets in a year and the highest deposits since …
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