Nepotism charges in USC automation project’s RFP proved on December 22, 2017KARACHI: The Competition of Commission of Pakistan (CCP) annulled the Request for Proposal (RFP) for multi-billion-rupee automation project of Utility Stores Corporation (USC) declaring it illegal. The CCP has passed an order declaring a tender issued by the USC for the procurement of Enterprise Resource Planning (ERP) in violation of the Competition Act, 2010 and […]
Pakistan all set to manufacture ‘alloy wheels’ locally on December 15, 2017KARACHI: Auto assemblers in Pakistan will be able to purchase alloy wheels at a lower price as Loads Limited, an automotive parts manufacturer, is gearing up to set up country’s first alloy wheel manufacturing plant. Alloy wheels, are made of an alloy of aluminium or magnesium or sometimes both. According to the company’s bourse filing, […]
Govt to evaluate performance of project to mainstream seminaries on December 14, 2017KARACHI: The National Commission for Human Development (NCHD) has decided to carry out third party validation of the results achieved under the modern education and mainstreaming of madaris (seminaries) programme. In order to tackle religious extremism, the Musharraf government launched a five-year Madressah Reform Project in 2002, aimed at modernising religious seminaries by broadening their […]
Govt pockets Rs 262bn GST from telecom consumers in 5 years on December 8, 2017KARACHI: The Pakistan Muslim League Nawaz (PML-N) led government pocketed Rs 262 billion from telecom consumers in general sales tax (GST) and activation taxes during the past five years. The statistics show that the overall spending from 2012 to 2016 in telecom and cellular mobile services by telecom consumers in Pakistan reached a whopping Rs […]
Easily available loans propel locally-assembled car sales on November 25, 2017KARACHI: Commercial banks’ increased focus on lending money to car lovers in Pakistan appeared to be the key factor behind historic car sales growth as banks disbursed Rs15.16 billion worth of car loans in first four months of the current fiscal. Car sales during first four months (July-October) of the fiscal year 2017-18 (FY18) stood […]
Pakistan to update Gwadar city’s master plan in wake of CPEC on November 24, 2017KARACHI: With the inclusion of Gwadar Port in the China-Pakistan Economic Corridor project (CPEC), the government of Pakistan has decided to update the existing plans of Gwadar city to reflect the new strategic direction. Under the new plan, the government is starting process to evaluate the existing environmental condition of Gwadar, and in this regard […]
Renault drops plan to invest in Pakistan on November 11, 2017KARACHI: The French automaker Renault has taken back its decision to invest around $100 million in a joint car manufacturing venture in Pakistan. The Renault-Nissan Alliance and Ghandhara Nissan Limited (GHNL) had recently been in talks to set up a joint venture in Pakistan with an investment of approximately $100 million. However, Renault has suspended […]
Concerns raised over implementation of Anti-Money Laundering Act, 2010 on October 20, 2017KARACHI: Tax experts raised reservations about the implementation of Anti-Money Laundering Act 2010 (AMLA 2010) by the Federal Board of Revenue. The Pakistan Tax Bar Association (PTBA) said lack of adequate training for the FBR officers to understand and implement AMLA 2010 was creating problems for law-abiding traders. The federal government appointed Intelligence and Investigation-Inland […]
SBP recommends higher water rates for households, agriculture on October 15, 2017KARACHI: In a bid to overcome water challenges, the State Bank of Pakistan (SBP) suggested the government to increase water rates and install metering devices to regulate the quantity consumed. The central bank said that within the pricing structure, focus needed to be on raising ‘abiana’ rates within agriculture and tariffs within domestic and industrial […]
PIA woes continue, posts loss of Rs 11 billion on October 14, 2017KARACHI: The Pakistan International Airlines (PIA) Friday reported a net loss of Rs 11.58 billion for the first quarter (January-March) of calendar year 2017, representing a 90 percent increase as compared to last year’s losses of Rs 6.13 billion in the same period. The national airlines continued to suffer major financial losses in the current […]