Business

Banks requested to submit lists of ‘Benami Accounts’ within 15 days: FBR Head

ISLAMABAD: Chairman FBR Shabbar Zaidi has sought the cooperation of banks in identifying the benami accounts. In a statement today, he said we want the banks to seek details of benami accounts of their account holders. He said the FBR does not want to directly contact the account holders in order to keep intact the confidence of the people on...

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Pakistan’s economy now coming out of crisis phase: claims Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Monday said Pakistan’s economy was now heading out of a crisis phase. “We are now heading towards sustained stabilisation and the next 18 months will be our stabilisation phase,” he said in an address at a ceremony in Islamabad. The minister said Pakistan’s negotiations with the International Monetary Fund (IMF) are in the final stages. He announced...

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In FY2019-20, GDP growth of Pakistan might fell to 2.7 percent: World Bank

Pakistan's Gross Domestic Product growth is expected to slow down by 3.4 percent in the fiscal year 2018-2019, from 5.8 percent of previous year to 2.7 percent in FY2019-20, revealing a broad-based decline in domestic demand as both monetary and fiscal policies have been constricted to enclose macroeconomic imbalances, the World Bank said in a report. The cause of expected...

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Apple Music’s US subscriber count overtakes Spotify

Apple Inc’s streaming music service overtook rival Spotify Technology SA in terms of paid subscribers in the United States, a person familiar with the matter told Reuters on Tuesday. Apple’s service had 28 million subscribers as of the end of February compared with Spotify’s 26 million paid subscribers, the person said. Both companies charge $9.99 a month for subscriptions, though...

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FIA to crackdown against currency speculations trade: minister

Federal Information Minister Fawad Chaudhry said on Friday the Federal Government directed the Federal Investigation Agency (FIA) to launch a "full fledged operation" against dollar hoarding and speculative trade in the country. In a tweet, the Info Minister said the said crackdown will be coordinated by the State Bank of Pakistan and Ministry of Finance. https://twitter.com/fawadchaudhry/status/1114139179108184064 Earlier today, the Federal...

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Finance Minister assures no rupee depreciation further

KARACHI: On Friday, Finance Minister Asad Umar  has assured there is no likelihood of further rupee devaluation. Asad Umar addressing a gathering after the listing of Interloop Limited at the Pakistan Stock Exchange  said, "Rupee's value is in tune with the market and the State Bank of Pakistan has also said that is in equilibrium. In the past, rupee was...

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Electricity prices surge by 81 paisa following rise in petroleum prices

ISLAMABAD: On Thursday, National Electronic Power Regulatory Authority (NEPRA) approved a hike of 81 paisa per unit on the price of electricity on Thursday. As per reports, Central Power Purchasing Agency had appealed for a hike on power tariff with Rs1.23 per unit from which NEPA had approved Rs0.81 hike leading to the consumers having to bear an additional financial...

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New tax amnesty scheme on the cards, says Umar

ISLAMABAD: The Federal Finance Minister Asad Umar said on Tuesday a new tax amnesty scheme will be launched soon by the government prior to the upcoming budget which will permit both foreign and local assets to be declared. Talking to journalists in state capital, the Finance Minister said although the scheme has not been finalised yet, the ministry was still...

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Bitcoin soars 20 percent, mystery buyer triggers frenzy

LONDON: Bitcoin burst to its highest level in almost five months on Tuesday, sending smaller cryptocurrencies up, with analysts ascribing the move to a major order by an anonymous buyer that triggered a frenzy of computer-driven trading. The original and biggest cryptocurrency soared as much as 20 percent in Asian trading, surpassing $5,000 for the first time since mid-November. By...

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Ogra increases price of LPG by Rs4 per kg

ISLAMABAD: The Oil and Gas Regulation Authority (Ogra) on Monday increased price of Liquefied petroleum gas (LPG) by Rs4 per kilogram. According to a notification, the new price for LPG is Rs142 per kg while price of household cylinders has been increased by Rs41 and now the cylinder is available for Rs1,564. The price of commercial cylinder has been increased...

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Petrol price increased by Rs6 per litre by the govt.

KARACHI: Federal Government on Sunday increased petrol and high-speed diesel prices by Rs6.00 per litre upon proposal of the Oil and Gas Regulatory Authority (Ogra). The Ministry of Finance, after consulting with the Prime Minister, finalised the rates as light diesel and kerosene oil prices have also been increased by Rs3.00 per litre. New rates are as follows: Petrol Rs98.89...

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Formation of NFC award unconditional to IMF, says Umar

LAHORE: Federal Finance Minister Asad Umar said on Friday the formation of National Finance Commission (NFC) Award was unconditional to International Monetary Fund (IMF) and current account deficit has decreased to $395 million from $2 billion. After presiding NFC meeting, Minister said in a press conference that no objections came forward from any of the provinces in the meeting and...

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Monetary policy: Interest rate rises by 50 basis points to 10.75 percent

KARACHI: ON Friday, the State Bank of Pakistan (SBP) announced its monetary policy increasing its key policy rate by 50 basis points to 10.75 per cent. The policy was announced following a meeting of the central bank's Monetary Policy Committee, which had raised the key policy rate by 25 basis points to 10.25 percent in January in the face of...

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Ogra proposes to increase petrol prices by Rs11.92 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Friday proposed the Petroleum Division to increase petrol price by Rs11.92 per litre. According to sources, Ogra has also purposed to increase prices of high speed diesel and kerosene oil by Rs11.17 and Rs6.65 per litre respectively. An increase of Rs6.50 in price of light diesel has also been suggested. Sources...

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Uber announces to buy rival Careem for $3.1 billion

Global ride-hailing service Uber will acquire its Middle East rival Careem for $3.1 billion, the two companies announced on Tuesday. "Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Careem for $3.1 billion," a joint statement said. Under the deal, Careem will become a wholly owned subsidiary of Uber but will continue operating...

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Uber might buy rival Careem as early as this week

Uber Technologies Inc is set to offer over $3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters. Uber’s offer could be unveiled during the early part of this week, a third source added. Uber will pay $1.4 billion in cash and $1.7 billion in convertible notes, which will be convertible into Uber...

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Google fined $1.7 billion for search ad blocks in third EU sanction

BRUSSELS: Alphabet unit Google was fined 1.49 billion euros ($1.7 billion) on Wednesday, its third large EU antitrust penalty in two years marking the company’s decade-long regulatory battle in Europe. The European Union antitrust chief, however, gave a cautious welcome to Google’s measures to boost competition and give Android users a choice of browsers and search apps, suggesting the company’s...

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