FDI shrink by 53 percent in July-August FY16 on September 21, 2016 KARACHI: Country’s foreign direct investment (FDI) has reduced by 53.2 percent to $112.6 million during July-August 2016-17 from $224.8 million as compared with last FY15, showing a decrease of $128.2 million during the period. State Bank of Pakistan (SBP) released FDI figures on Tuesday, as the country has entered in red zone to the […]
NHA ignoring contract clause in Karachi-Hyderabad Motorway on September 20, 2016 KARACHI: The National Highway Authority (NHA) is ignoring ‘contract clause’ and saving an amount of Rs 8 billion approximately for not constructing proper and safe diversions at Karachi-Hyderabad Motorway, causing frequent fatal accidents at the route. Officials told Daily Times that the 136-kilometre road to be constructed by the NHA that awarded Built, Operate […]
Commuters suffering due to collapse of transport system on September 18, 2016KARACHI: Country’s largest metropolitan is facing a serious collapse of its public transport sector as commuters were paying more for travelling within the city. The president of the Karachi Transport Ittehad (KTI) Irshad Bukhari told Daily Times that on the city’s 150 official bus routes only 20 are currently being operated; while mini-buses routes reduced […]
Modern shipbuilding facilities fall victim of inconsistent policies on September 8, 2016KARACHI: Two world class projects of ship-building facilities at Port Qasim and Gwadar Port have succumbed to the inconsistent policies. These shipyards project were designed to build ‘Very Large Crude Carrier’ (VLCC) and ‘Ultra large Crude Carrier’ (ULCC) in the country. Both shipyards would have additional facility of two dry-docks to accommodate vessels of up […]
Shipping ministry at loggerheads with PNSC on August 30, 2016KARACHI: Ministry of Ports & Shipping and national flag carrier Pakistan National Shipping Corporation (PNSC) are at loggerheads with each other on purchase of two oil tankers for expansion of its fleet, a source told Daily Times on Monday. Despite passage of one and half years, PNSC is unable to purchase two ‘Aframax Class’ oil […]
Current account deficit has further widened by 152% on August 19, 2016 KARACHI: Pakistan’s current account deficit has further widened by 152 percent due to fall in exports by 14 percent, reduction in worker’s remittances by 36 percent during the first month (July) of financial year 2016-17, the central bank said on Friday. Balance of payment figures released by the State Bank of Pakistan (SBP) showed […]
Probe starts against 11 tax evaders on August 18, 2016 KARACHI: Authorities have started a detail and forensic investigation of around a dozen of tax evaders giving huge losses of billions to the exchequer, it is reliably learnt on Wednesday. A team comprised of senior officials in the Director General of Intelligence and Investigation – Inland Revenue, Federal Board of Revenue have started a […]
CNG being sold in litres despite OGRA warning on August 11, 2016KARACHI: The station owners of Compressed Natural Gas (CNG) in the metropolis have started selling CNG in litres despite Oil and Gas Regulatory Authority (OGRA) categorical warnings on Thursday. The CNG station were open late in morning not in time due dispute over measurement formula. OGRA Spokesman told Daily Times that the strict action will […]