Nazimabad bridges demolition to begin tomorrow on November 26, 2016KARACHI: In order to make space for the Green Line Bus Rapid Transit (BRT), demolition of one of the oldest bridges of the city, which is in front of the Board Office in North Nazimabad would begin tomorrow. In this regard, the federal government’s Karachi Infrastructure Development Company Limited (KIDCL) which is constructing the Rs16 […]
Panama scam: FBR set to register first FIR against business tycoon on November 17, 2016KARACHI: The Federal Board of Revenue (FBR) has expanded its probe into the Panama Papers affair, and is likely to register its first FIR tomorrow against a business tycoon who was named in the leaks, it has been learnt. “In the high-level meeting held to discuss the Panama Leaks case in Islamabad on Wednesday, the […]
Fraudsters manipulating share prices by misusing social media on November 15, 2016KARACHI: Taking advantage of China’s flagship investment projects in Pakistan, tricksters are misleading equity investors by spreading false news on social media about probable heavy investment or acquisition of Pakistani ventures by Chinese investors, it is learnt. As a result, in the local equity markets, share prices of some companies have been rising rapidly without […]
Delay in power projects costs $4m on November 12, 2016KARACHI: The National Electric Power Regulatory Authority (NEPRA) revealed on Friday that undue delay in execution of power projects by the National Transmission & Despatch Company (NTDC) caused $3.385 million losses to the national kitty. “NTDC has been paid $3.385 million in respect of commitment charges due to delay in execution of power projects, which […]
Challenging trade dynamics to widen current account gap in FY17 on November 11, 2016KARACHI: While previous fiscal saw the continuation of a longstanding decline in Pakistan’s share in global trade, foreign trade statistics of current fiscal depicts gloomy picture too as trade deficit increased further by 22 percent in the July-October period. World Bank (WB) projects subdued growth in exports and accelerated growth in imports are expected to […]
Mixed response hints at likely approval of KE’s MYT petition on November 6, 2016KARACHI: Stakeholders’ mixed responses over the proposed upward revision in electricity tariff for next 10 years sought by K-Electric (KE) indicate that the KE’s Multi Year Tariff (MYT) petition is likely to be approved with some modifications. The National Electric Power Regulatory Authority (Nepra) had sought comments from stakeholders regarding K-Electric (KE)’s MYT petition. ‘Thorough […]
Renault enters Pakistan to fuel competition on November 5, 2016KARACHI: Pakistani car lovers can breathe a huge sigh of relief as the Renault-Nissan alliance is all set to launch its affordable fuel efficient vehicles in Pakistan by 2018 with collaboration of Ghandhara Nissan Limited (GNL) and Al-Futtaim, UAE. Reanult, the second largest automaker in France, and 10th largest in the world, will set up […]
Pakistan enjoys cheapest mobile services despite high taxation on November 3, 2016 KARACHI: Pakistan secured top position regarding the affordability of mobile services despite being included in the group of top 50 high tax rate countries, leaving behind many highly developed economies. “Advanced economies are preceded in this regard by the group of Eurasian countries, and Pakistan is the market with the lowest price points,” said […]
PSX to extend financing through Islamic modes on October 21, 2016KARACHI: In order to facilitate such investors/financiers who are interested to extend financing through Islamic modes, Pakistan Stock Exchange has planned to launch Islamic Financing System (IFS). In this regard, National Clearing Company of Pakistan Limited (NCPL) has issued a draft concept paper to introduce Islamic Financing for shares in securities market for the consultation […]
Trade deficit widens by 29% in July-Sept as exports decline on October 15, 2016KARACHI: The Pakistan trade deficit increased to the highest point in three months, as gap between exports and imports in the first quarter of current fiscal year 2016-17 (FY17) widened the balance of trade by 29.21 percent. The trade deficit rose to $7.16 billion in first quarter (July-September) of FY17, 29.21 percent higher than a […]