Category: Business

RAWALPINDI: The Federal Investigation Agency (FIA) continued its crackdown against dollar hoarding, money laundering, hawala/hundi and illegal speculations regarding devaluation of the rupee and arrested one person from Islamabad besides seizing foreign currency worth Rs1 million. FIA Islamabad Director Wisal Fakhar Sultan had issued directions to the commercial banking circle to take action against all […]

KARACHI: A consortium consisting of two Pakistani and two Chinese banks has won the contract to serve as the financial adviser and lead manager for the country’s Panda bond flotation to be held in the near future. The consortium consists of Habib Bank Ltd and Citibank from Pakistan side and China International Capital Corporation (CICC) […]

ISLAMABAD: Finance Minister Asad Umar on Monday announced the government’s strategy to deliver on Medium Term Economic Framework (MTEF 2019-2023) targets to be finalised by the International Monetary Fund (IMF) later this month. The “economic growth rate would be the highest in 2023 compared to last 15 years on the completion of five-year term of […]

ISLAMABAD: Finance Minister Asad Umar on Monday announced the government’s strategy to deliver on Medium Term Economic Framework (MTEF 2019-2023) targets to be finalised by the International Monetary Fund (IMF) later this month. The “economic growth rate would be the highest in 2023 compared to last 15 years on the completion of five-year term of […]

WASHINGTON: Performance-based salaries of tax officials in Pakistan have significantly increased tax collection but the government move has also enhanced bribe rates, says a recent study by the International Monetary Fund (IMF). The study — “Tackling Corruption in Government” — analyses more than 180 countries and finds that more corrupt countries collect fewer taxes, as people pay […]

The federal cabinet has decided to kick start the Naya Pakistan Housing Authority project with the construction of 135,000 apartments, Information Minister Fawad Chaudhry said on Tuesday. The information minister was addressing the media in Islamabad after a cabinet meeting. He said that Prime Minister Imran Khan will launch the project on April 17 in the capital […]

KARACHI: The Sindh government has decided to approach the high court against the Federal Board of Revenue (FBR) for a refund of over Rs7 billion deducted at source from the provincial consolidated fund (PCF) during 2012, 2015 and 2016. This decision was taken by Chief Minister Syed Murad Ali Shah during a meeting held on […]

ISLAMABAD: The Governing Council of Pakistan Bureau of Statistics (PBS) on Monday approved the much-awaited new inflation rebasing mechanism for mapping the consumption of arrival of new products in urban and rural areas of the country. Currently, the PBS measures prices of 487 items collected from 76 markets in 40 cities across Pakistan, representing only […]

ISLAMABAD: The government’s battle against bloated trade deficit is finally bearing fruit as it shrank by 14 per cent to $23.45 billion in the first nine months of the current fiscal year from $27.29bn in the corresponding period last year. The decline in deficit — down $3.84bn in the July-March period — is estimated to […]

RIYADH: Saudi Aramco has received bids for more than three times the $10 billion it was expected to raise in a debut international bond issue, which is being watched as a gauge of potential investor interest in the oil company’s eventual initial public offering. The demand prompted the world’s largest oil firm to market the […]