Pakistan’s energy sector unlikely to survive future power generation on February 13, 2019Incomplete policies and timid reforms cannot fully address the underlying causes of circular debt, which jeopardizes the financial situation of the sector and the country, said a report by Independent Evaluation on the Asian Development Bank (ADB)’s contribution to the Pakistan’s energy sector. The report titled Pakistan: ADB’s Support to Pakistan Energy Sector (2005-2017) found […]
Pakistan’s 2nd biggest airline Shaheen Air goes broke, announces closure on February 9, 2019The Pakistan’s airline industry on Friday suffered another major blow as the country’s second biggest airline Shaheen Air International (SAI) officially announced its closure. On the behalf of Ehsan Sehbai, former CEO Shaheen Air, Director HR Shaheen Air Imran Aziz informed airline’s employees that the airline had been shut down officially due to unavailability of […]
FBR’s customs clearance system vulnerable to fraud: FTO on February 8, 2019The office of the Federal Tax Ombudsman (FTO) Pakistan has observed that loopholes in Federal Board of Revenue (FBR)’s computer assisted system for filing Goods Declarations can possibly cause a heavy loss to the national exchequer. The office of the FTO has said that FBR failed to identify vulnerabilities in Risk Management System (RMS) parameters […]
CCP urges govt to establish Real Estate Regulatory Authority on February 5, 2019The Competition Commission of Pakistan (CCP) said the real estate sector in the country suffers from the issues of transparency, lack of mutual confidence and the protection of consumers’ confidence. The commission suggests that a Real Estate Regulatory Authority be established in Pakistan which would play a critical role in development of the real estate […]
Tax ambiguity affecting property market in Pakistan: SBP on February 2, 2019The State Bank of Pakistan (SBP) said an early implementation of the announced real estate sector reforms is crucial as uncertainty prevails amongst stakeholders in the property market regarding valuations, tax incidence as well as the future course of property prices. Though, the government has established the Directorate General Immovable Properties, which will act as […]
Data privacy — major hurdle in the way of PayPal to enter Pakistan: SBP on January 31, 2019The State Bank of Pakistan (SBP) said little progress has been made in introducing the most widely used digital payment service of PayPal, as things stand, data privacy is one of the major hurdles in the way of PayPal to enter Pakistan. Recently, Finance Minister Asad Umar has said that he has given four months […]
SBP asks banks to keep a close eye on trade transactions on January 25, 2019In a bid to mitigate the misuse of trade transactions, the State Bank of Pakistan (SBP) has issued regulatory framework for managing risks of trade based money laundering, terrorist financing and proliferation financing. The SBP said transferring value through legitimate trade transactions has become increasingly attractive avenue for money launderers, terrorist financiers and proliferation financiers, […]
Foreign investment in Pakistan dropping dramatically under PTI on January 17, 2019The significant fall in Pakistan’s foreign investment in the first six months of Fiscal Year 2018-19 (FY19) has raised serious questions over the progress of current regime. Total foreign investment in Pakistan including foreign direct investment, foreign public investment, portfolio investment and foreign private investment fell drastically by 77.2 percent in said period to $899.5 […]
HEC to establish CPEC academic research and development unit on January 15, 2019The Higher Education Commission (HEC) Pakistan has decided to establish China Pakistan Economic Corridor (CPEC) academic research and development unit. In this connection, HEC has invited expression of interest to hire a consultant who will work to expand CPEC consortium of China-Pakistan universities to include general, engineering, agriculture, medical and business/management universities. HEC is a […]
CCP asks CAA to revise unfair airport catering services’ regulations on January 11, 2019 Airlines/Joint Ventures (JV) are being given an advantage over private caterers in terms of cost of establishment and operation of flight kitchen by the Civil Aviation Authority of Pakistan (CAA), Competition Commission of Pakistan (CCP) observed. The CCP said since all the players operate in the same market any incentives must be given equally […]