CPEC spurs Pakistan’s industrial growth, up by 5.4% in FY18 on August 21, 2018The country’s large scale manufacturing (LSM) sector has witnessed growth of 5.38 percent during the fiscal year 2017-18 (FY18) compared to the corresponding period of last year, but, below the government’s FY18 target of 6.3 percent. LSM grew 3.13 percent in 2015-16, 3.38 percent in 2014-15, 5.39 percent in 2013-14, 4.28 percent in 2012-13 and […]
Merger announced between Sindh Bank and Summit Bank on August 17, 2018KARACHI: The Sindh Bank and Summit Bank officially announced on Thursday to go for a merger but are still waiting to seek an NOC from Supreme Court of Pakistan with the permission from State bank of Pakistan (SBP).The banks are expecting official confirmation/approval by September 30, 2018. The banks will be amalgamated forming a new […]
Sindh Bank, Summit Bank announce merger, await SBP approval on August 16, 2018 KARACHI: The Sindh Bank and Summit Bank officially announced on Thursday that both banks have decided to go for a merger after a formal approval by the State Bank of Pakistan (SBP). The banks will be merged forming a new commercial bank – Sindh Bank, which will have a strong branch network of 525 […]
New geo-tagging app in the offing to make Pakistan green on August 10, 2018The Sindh government is all set to launch the country’s first-ever geo-tagging plantation app named ‘Hara Bhara Pakistan’ (Green Pakistan), which will help record data on tree plantation in the country. Using the geo-tagging app, people and organisations can upload the picture of saplings they have planted, which will help create a database of trees […]
World’s third largest TV manufacturer Hisence sets up plant in Pakistan on August 9, 2018One of the world’s largest TV sets manufacturer and household appliances Hisence Group has established manufacturing plant in Karachi and started the production of LED TV’s. World’s third biggest brand in TVs, Hisence, on Wednesday through its local distributing partners, Tri-Angel Electronics, has launched the latest and top of the line LED and Laser Televisions […]
SBP warns water crisis may take its toll on economy on August 8, 2018KARACHI: The expected water shortages in the country, weighing on the hydropower generation, may depress the industrial production, while the situation will result in higher prices, mainly via pass-through to consumer goods, said the State Bank of Pakistan (SBP). Climate change and the consequent global warming have been postulated to lead to extreme weather conditions, […]
Political uncertainties pose risk to Pakistan’s financial stability: SBP on August 7, 2018Political uncertainties and macroeconomic vulnerabilities such as deterioration in balance of payments and exchange rate dynamics pose a risk to the stability of financial system in the next six months, said the State Bank of Pakistan (SBP). Meanwhile, the Pakistan economy has managed a decade-high growth of 5.37 percent during Fiscal Year 20117 (FY17), despite […]
American firm close to discover oil reserves in Pakistan on August 4, 2018KARACHI: The American multinational oil and gas company Exxon Mobil is close to discover huge oil reserves near the Pak-Iran border, which could be even bigger than the Kuwaiti reserves. This was informed by Minister for Maritime and Foreign Affairs Abdullah Hussain Haroon while addressing business leaders at the Federation of Pakistan Chambers of Commerce […]
Shaheen Air not permitted to bring back passengers stranded in China on August 3, 2018KARACHI: Civil Aviation Authority (CAA) has stopped Shaheen Air International (SAI) flight bearing number NL 892 from departing to Guangzhou, China on technical grounds. The flight was supposed to fly to Guangzhou today to bring back Pakistani passengers from the city. Almost 300 passengers have been stranded on the Guangzhou airport since 29th July as all […]
FBR asked to remove anomalies in draft income tax return form on August 2, 2018KARACHI: Tax professionals have requested the Federal Board of Revenue (FBR) to delete the section requiring non-resident Pakistanis to file returns in the recently proposed draft income tax return form, saying it is against the law. Karachi Tax Bar Association (KTBA) President Khalid Mahmood Wednesday said that non-resident Pakistanis were not required to file income […]