Pakistanis consume 80 billion cigarettes annually on August 30, 2016KARACHI: Pakistan should adopt a simpler structure of taxation and strengthen administrative efforts against smuggling and illicit domestic production of cigarette, said Serhan Cevik, a Senior Economist at International Monetary Fund (IMF). Pakistan is a major tobacco-producing country with historically high smoking prevalence rates. About 40 percent of the male population and 9 percent of […]
Abraaj puts K-Electric on sale on August 29, 2016KARACHI: Abraaj Group, the Dubai-based private equity majority owner of Pakistan’s K-Electric, on Monday has finally confirmed its exit from Pakistan. Muhammad Rizwan Dalia, Director Finance & Company Secretary, K- Electric said the company has received the notification from its majority shareholder, KES Power Limited regarding its divestment program. “We would like to notify that […]
Chinese firm seeks licence proposing 700 MW electricity supply to Karachi on August 24, 2016KARACHI: K-Electric (KE)’s plan to reduce its reliance on national grid is progressing smoothly as National Electric Power Regulatory Authority (NEPRA) has admitted the Chinese company’s generation license application to provide 700MW electricity to KE. NEPRA has admitted the application for the grant of a generation license to Datang Pakistan Karachi Power Generation (Private) Limited […]
Govt optimistic about new entrants in auto sector on August 23, 2016KARACHI: The Volkswagen, Europe’s largest auto maker, will likely to introduce one of its car brands in Pakistan soon, said Chief Executive Officer (CEO) of Engineering Development Board (EDB), Tariq Ejaz Chaudhary. ‘Good developments take times and go steadily, since Volkswagen is keen to invest in Pakistan so entry of new players in Pakistani auto […]
Out door advertisers request CM to save industry worth billions of rupees on August 20, 2016KARACHI: The Sindh Chief Minister Syed Murad Ali Shah, in a bid to resolve outdoor advertising market crisis, will meet the delegation of out door advertisers in next week, it is learnt. ‘The Sindh CM, accepting our request of meeting, has invited our delegation next week, and the association will raise the issues with CM […]
Suzuki, Toyota seem unable to justify recent price hike on August 17, 2016KARACHI: Pak Suzki Motor Company (PSMC) and Indus Motor Company (IMC) seem unable to justify recent increase in prices of their cars as they did not explain the reasons behind the move to Engineering Development Board (EDB) despite many letters and reminders. ‘EDB has sent letters and reminders to both the auto assemblers asking them […]
Nepra dismisses two Chinese power firms motion for leave on August 13, 2016KARACHI: The National Electric Power Regulatory Authority (Nepra) has dismissed the motion for leave for review of two Chinese companies’ against the decision of the authority. The authority had given the decision in 2014 about reconsideration request filed by government of Pakistan in the matter of upfront tariff for coal power projects. After reviewing the […]
PPL announces commissioning of gas at Gambat on August 12, 2016KARACHI: The Pakistan Petroleum Limited (PPL) on Thursday announced start-up and commissioning of second gas processing facility at Gambat South. In a notice sent to the Pakistan Stock Exchange (PSX), the company said , ‘We would like to disclose start-up and commissioning of the Company’s second gas processing facility from well Sharf X-l, Shahdadpur field […]
FBR loses crucial record of major tax evaders on August 10, 2016KARACHI: Federal Board of Revenue (FBR)-Directorate General of Intelligence & Investigation (DG-I&I)-Karachi’s laptop containing important information of tax evaders was allegedly stolen from a locked car, which puts the agency’s security into question. ‘It could be a major blow to the FBR’s wing-DG-I&I -Karachi as the record/data of potential tax evaders’ have been lost’, sources […]
Only 22% mobile consumers use 3G/4G services on August 7, 2016KARACHI: After two years of 3G/4G arrival in Pakistan, next generation technologies’ growth remained lower than expected as only 22 percent of total mobile consumers in the country subscribed 3G/4G services by the end of fiscal year 2015-16 (FY16). According to industry experts, higher tariffs, costly gadgets, poor quality of service, improper deployment, poor literacy […]