SBP imposes 100% margin deposit requirement for imports cars, mobiles, cosmetics, home appliance prices may rise on February 25, 2017KARACHI: To reduce the pressure on our dwindling foreign exchange reserve amid an import surge of non-essential items, the Central Bank has imposed a 100 percent margin deposit requirement on opening of letters of credit (LCs) for importing certain consumer items. The State Bank of Pakistan (SBP) in a circular issued in Karachi on Friday […]
PTA not authorized to block Careem, Uber on February 1, 2017KARACHI: The Sindh Government’s Careem Cab Service ban has backfired as the Pakistan Telecommunication Authority (PTA) showed an inability to follow the directions, Daily Times has learnt. Earlier on Tuesday, Sindh’s transport department had asked the Inspector General (IG) Police and the PTA to stop illegal operation of mobile -App based taxi service, Careem, through […]
NOC from KW&SB; mandatory for water/sewerage connections in CBs on January 25, 2017KARACHI: The Karachi Water and Sewerage Board (KW&SB) has directed the Cantonment Boards (CBS) that it would be compulsory now to obtain no-objection certificate (NOC) s to get a new water or sewerage connection, Daily Times has learnt. After several failed attempts to negotiate the terms with CBs over the persistent conflict about collection/share for […]
Govt issues precautionary measures for likely dry spell on January 20, 2017KARACHI: The Ministry of Climate Change and the National Disaster Management Authority (NDMA) have jointly issued precautionary measures for all stakeholders in the wake of an expected dry spell of weather, resulting in any probable drought like condition in 2017. According to a document made available to Daily Times, the NDMA predicts that the country […]
KE seeks Nepras consent for transfer of shares to SEP on December 30, 2016KARACHI: The K-Electric Limited (KEL) has requested the National Electric Power Regulatory Authority (Nepra) to allow it to transfer its 66.4% shares to the Shanghai Electric Power (SEP), said a document. KES Power Limited currently owns 66.4% in the total issued and paid up capital of KEL while KES Power has agreed to sell up […]
Motorway police to issue driving licences in Karachi soon on December 23, 2016KARACHI: Citizens of Karachi soon be able to get driving licenses equivalent to international standards as the National Highway and Motorway Police (NH&MP) is working to setup driving license branch in the metropolis, Daily Times has learnt on Thursday. Farhan Ahmed, senior patrolling officer at NH&MP told this scribe that the authority is planning to […]
Value added textile exports surge by 10 percent in November on December 22, 2016KARACHI: The textile sector is showing some early signs of recovery as better performance of value added sector pushed country’s textile exports up by 9.7 percent to $10.5 billion for the second consecutive month in November 2016. This has restricted decline in five months of Fiscal Year 2106-17 (FY17) to 1.9 percent year on year […]
KEs lethargy to install TOU meters irks Nepra on December 6, 2016KARACHI: Pakistan’s largest electric supply company, K-Electric, while continuing its anti-consumer behavior has adopted go-slow policy in installing Time of Use (TOU) meters in a bid to evade tariff incentive to its customers. It is to be noted that under the TOU facility electricity consumption by consumers is bifurcated between the peak hours and off-peak […]
PTCL offers new voluntary separation scheme to 9,000 employees on November 30, 2016KARACHI: The Pakistan Telecommunication Company Limited (PTCL), after privatisation, has announced that the fourth voluntary separation scheme (VSS) for its 9,000 employees. The PTCL management believes that this time the VSS is expected to be availed by around 3,000 employees as the scheme offers an even more attractive package than the previous schemes. The VSS […]
NTC launches anti-dumping investigations into steel products on November 29, 2016KARACHI: To address the issues being faced by local steel producers due to relentless dumping of steel products from China, the National Tariff Commission of Pakistan (NTC) has decided to initiate investigation into the matter. Pakistani steel manufacturers have been complaining about unfair practices adopted by Chinese exporters citing that dumping of CRC, billet, rebar […]