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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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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Stocks gain 1,166 points as US-Iran war possibilities scatter

KARACHI: Stocks rebounded on Thursday with the KSE-100 index recouping 1,165.51 points (2.74 per cent) from the losses of 547 points suffered a day earlier. At the closing of the day, the index settled in the green at 42,523.07, as the risk of an all-out war breaking out between the United States and Iran dissipated. The total volume of shares...

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Hafeez Sheikh thanks Abu Dhabi’s crown prince for financial assistance to Pakistan

ISLAMABAD: Thanking Abu Dhabi’s Crown Prince Sheikh Muhammed Bin Zayed Al-Nahyan for announcing $200mn support to Pakistan, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh has said that the help is a testimony to the expanding economic relations and friendship between the two countries. Talking to the social networking website, twitter, Hafeez Sheikh said that the amount will...

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Stocks continued upward trajectory for second consecutive day as mutual funds, banks kick in

KARACHI: The stock market soared on Thursday, continuing its rally from the previous day, with the benchmark KSE-100 index closing at 42,480 to register a rise of over 1,080 points (2.54 per cent). Combined with yesterday's rally, the market has risen 4.28pc or 1,745 points since the start of the new year (YTD). Yesterday, the market had closed at 41,400,...

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MACROECONOMIC PROGRESS: Is Pakistan Out of economic crisis?

|By : Syed Muhammad Kashshaf | The recently highlighted government’s claim that the economy is on the mend is not entirely factual given the forecasts in the World Bank report. According to the report, the growth rate is expected to fall at 2.4% in the current fiscal year with only a slow recovery to 3.0% in the next fiscal year....

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IMF approves $452m second tranche, says ‘reform programme on track’

The International Monetary Fund (IMF) on Thursday approved Pakistan’s second tranche of $452 million under the $6 billion Extended Fund Facility (EFF), and said Pakistan’s programme was on track and had started to bear fruit, but warned that risks remain. The approval came after the Executive Board of IMF completed the first review of Pakistan’s economic performance under the EFF,...

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OGRA proposes up to 214pc increase in gas price for domestic consumers from Jan 2020

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday proposed to the government an increase of up to 213.7 percent gas price hike for domestic consumers from January 2020. The government would notify OGRA within 40 days after its notification, leading to Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGCL) to collect billions from consumers....

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ADB approves investing $2 BN in energy sector over next three years

Asian Development Bank (ADB) on Wednesday announced its plans to invest $2 billion in the energy sector over the next three years. The announcement was made after an ADB team lead by Director General for Central and West Asia Department Werner Liepach met with Federal Minister for Power Omar Ayub Khan and Special Assistant to the Prime Minister on Petroleum...

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FBR develops scheme to legalise non-duty paid goods

ISLAMABAD: In a fresh bid to legalise the volume of smuggled items ranging up to $10 billion on annual basis, the Federal Bureau of Revenue (FBR) is planning to launch a nationwide scheme to offer owners of non-duty paid (NDP) goods on payment of duty and taxes as well as with fine/penalty, FBR Chairman Syed Shabbar Zaidi said on Saturday....

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ADB approves loans of $1.3 billion for Pakistan extending budgetary support

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved two loans totaling $1.3 billion for budgetary support and key reforms in Pakistan. The ADB approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank. The quick dispersing Special Policy-Based Loan is...

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Adviser on Finance Dr Hafeez Shaikh stresses to preserve stable micro financing to tackle economic issue

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has urged on the need of preserving a ‘stable' micro financing environment to tackle the economic issues of Pakistan. The advisor said that rising fiscal deficits have hampered government's ability to make capital available in the development sectors. “This combination of microfinance can help in tackling the issues of...

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IMF agrees to grant Rs500 MN loan installment to Pakistan: Hafeez Sheikh

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh has said that the International Monetary Fund (IMF) has approved the release of second loan installment of Rs500 million to Pakistan. Addressing a press briefing here on Tuesday, the economist, who was accompanied by Federal Minister Hammad Azhar and FBR Chairman Shabbar Zaidi, said that the government's efforts...

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Moody’s moves up Pakistan outlook from negative to stable

KARACHI: Credit rating agency, Moody's Investors Services, on Monday revised upwards Pakistan's outlook from 'Negative' to 'Stable'. Moody's announced moving up Pakistan's outlook rating in a report released Monday, affirming a B3 rating for the country and confirming that the economy's future looks stable as opposed to negative earlier. The credit rating agency said it had positively revised the outlook in...

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Petroleum products prices decrease; effective from today

The government on Saturday night announced an across the board decrease in the prices of petroleum products for December. The decision was made keeping in view recommendations made by the Oil & Gas Regulatory Authority (Ogra) which had proposed the decrease to pass on the impact of lower international market rates. According to a notification issued by the finance ministry,...

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Ogra purposes to decrease petrol prices by Rs0.25 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Tuesday proposed the Petroleum Division to decrease petrol price by Rs2.90 per litre. According to sources, Ogra has also purposed to decrease prices of high-speed diesel price by Rs2.40 per litre while a decrease of Rs0.83 per litre was recommended in price of kerosene oil. A decrease of Rs2.90 per litre...

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Pakistan stock market crosses 39,000 points; highest in nine months

KARACHI: The stocks witnessed an increase on Friday as the KSE-100 index crossed the 39,000-point mark after nine months, Newsone reported. According to details, the KSE-100 index gained 513 points to trade at over 39,200 points. On the other hand, Pakistani rupee gained 7 paisa against US dollar and was traded at Rs155.25. Earlier on Thursday, Pakistan Stock Exchange witnessed...

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