Business

FBR traces 10,000 people involved in money laundering

ISLAMABAD: The Federal Board of Revenue (FBR) has traced out close to 10,000 people who are involved in cash transactions running into trillions of rupees allegedly for the purpose of tax evasion and with possibility of involvement in money laundering. The bureau is also looking into affairs of (NGOs) and (INGOs) for their alleged involvement in money laundering and terror...

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Pakistan, IMF hold significant discussions in Islamabad

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) are having important discussions in the federal capital on Wednesday to review the proposed bailout package and national economic situation among other concerns. The IMF delegation, which arrived Pakistan on Monday, is likely to wrap up the technical details of the proposed loan by May 6, which is estimated to be around...

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Hafeez Shaikh evaluate NSW development

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh Tuesday chaired the second meeting of Steering Committee on National Single Window (NSW) to review the implementation of the the trade related system in Pakistan. Member Custom (Operations) gave a presentation to the Committee highlighting the concepts and benefits of NSW system. He informed that...

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Facebook gives first look at its promised overhaul

Facebook Inc on Tuesday debuted an overhaul of its core social network and introduced new business-focused tools, the first concrete steps in its plan to refashion itself into a private messaging and e-commerce company. “We believe that there is a community for everyone. So we’ve been working on a major evolution to make communities as central as friends,” said chief...

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OGRA proposes to increase petroleum prices by May 1st

ISLAMABAD: The Oil and Gas Regulation Authority (Ogra) on Monday proposed the Petroleum Division to increase petrol price by Rs14.37 per litre by the start of May. According to sources, Ogra has also purposed to increase prices of high speed diesel and kerosene oil by Rs4.89 and Rs7.46 per litre respectively. An increase of Rs6.40 per litre in price of...

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CPEC a source of transformation for Pakistan: PM Imran Khan

BEIJING: Prime Minister Imran Khan on Saturday said the China-Pakistan Economic Corridor (CPEC) is a source of transformation for Pakistan and the country is privileged to have been an early partner of China. PM Imran attended the leaders' roundtable meeting at the Second Belt and Road Forum for International Cooperation at International Convention Center, Yanqi Lake in Beijing and was...

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World stocks slip, euro suffers, growth fears linger

LONDON: World equity markets slipped on Thursday amid worries on global growth and as investors digested European earnings, while the Swedish crown slumped to its lowest in 17 years and the euro suffered after German data. The Euro STOXX 600 lost 0.3 percent in early trading, with concern over prospects for global growth underscored by weak economic data from South...

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Shaikh advises FBR to make asset declaration scheme ‘more effective’

ISLAMABAD: Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh, on Tuesday advised the Federal Board of Revenue (FBR) to make the upcoming assets declaration scheme "more effective and simple" so more and more people can enter the scope of taxation, said an official press release. Shaikh, while presiding the asset declaration scheme 2019 meeting, issued the instructions...

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First Ever Conference: TDC missions to bridge gap between students and corporate sector

KARACHI (Web -Desk) On Thursday, the Training and Development Council (TDC) held its first conference--- a business initiated by alumni of University of Karachi pertaining to student creative and innovative development in their future aim. The conference was headed by Co-founder Muhamamd Tabish aimed at bridging the gap between graduates and the corporate sector.  The workshop was arranged at Prof....

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Pakistan Stock fell by 300 points following Asad Umar’s resignation as finance minister

Islamabad: on Thursday, the Pakistan Stock Market has suffered another big blow after Asad Umar stepped down as finance minister. According to media reports, the KSE 100-index dropped by 320 points today following the news. The 100-index has plunged below 136,450 points. However, he refused to take any cabinet position.     However, the government and Asad Umar himself had previously denied such reports until today when he finally revealed that he has stepped down from the ministry.  ...

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Tax Amnesty scheme once again deferred as few ministers not satisfied

ISLAMABAD: The federal cabinet on Tuesday deferred the approval of the much-awaited tax amnesty scheme after some of the ministers opposed it, expressed their reservations and sought further clarification. To deliberate on the issue in detail, Prime Minister Imran Khan convened a special meeting of the cabinet on Wednesday. Federal Minister for Communications Murad Saeed said he wanted to know...

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AI-assisted stock trading venue plans to use tech for bigger trades

NEW YORK: Imperative Execution, a startup electronic stock trading venue operator, has found early success using artificial intelligence (AI) to reduce price movements after trades, and now it plans to use the technology to help brokers get larger trades done. Imperative Execution runs IntelligentCross, a trading platform known as an alternative trading system (ATS) that was launched in September and...

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Pakistan reaches ‘agreement in principle’ with IMF over bailout

ISLAMABAD: Pakistan has reached an “agreement in principle” with the International Monetary Fund (IMF) over a bailout program and expects to formally secure a rescue package later this month, a Pakistani minister said on Monday. The long-delayed rescue package would be Pakistan’s 13th IMF bailout program since the late 1980s and comes at a time of worsening economic outlook for...

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Pakistan now out of crisis phase: Umar

ISLAMABAD: Federal Finance Minister Asad Umar said on Sunday Pakistan is now out of the crisis phase and country's economic situation will soon improve. Addressing the National Assembly's Standing Committee on Finance, Revenue and Economic Affairs chaired by Faizullah Kamoka, the Minister said meetings have taken place with the investors and International Monetary Fund (IMF) and have reached "agreement in principle"...

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Structural reforms necessary for increase in economical activities: Umar

WASHINGTON: Federal Finance Minister Asad Umar said on Friday structural reforms are necessary for increase in economical activities and availability of easy working conditions for businesses in Pakistan is foremost priority of the government. Addressing the Pakistani business community of America in an event, the Minister said providing facilities for promotion of investments in Pakistan where significant opportunities are available...

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Will not step down; Prog with IMF soon to be completed: Asad Umar

WASHINGTON: Finance Minister Asad Umar said late Thursday the programme with the International Monetary Fund (IMF) would soon be completed for Pakistan. Addressing an event at the Pakistani embassy in Washington, Umar noted that the basic reforms have already been implemented before the conditions of the IMF programme. The finance minister, however, trashed the rumours of his resignation, saying he...

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Dollar rises on strong data; euro, sterling tick lower

NEW YORK: The US dollar rose on strong producer price and jobless-claims data on Thursday while sterling was weaker after news of a Brexit delay and the euro dinged by Wednesday’s European Central Bank statement. The number of Americans filing initial applications for unemployment benefits dropped to a 49-1/2-year low last week, pointing to sustained labor market strength that could...

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