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Pakistan's exports will increase up to $36 billion in 5 years: IMF ISLAMABAD: The International Monetary Fund (IMF) has projected that Pakistan’s exports will increase to US $ 36.7 billion in five years by the year 2023-24. The pressure of current account deficit on the country will also ease out gradually from its peak US $ 19.9 billion in 2017-18 to as low as $6.95 billion in current fiscal year while US $ 5.49 billion in 2020-21, the IMF said in its recently published staff report on Pakistan.The trade deficit would also decline to US $ 24.9 billion in current fiscal year from US $ 29.46 billion in 2018-19, however it will further go up to US $ 26.8 billion mainly on the back of growing import needs in coming years.Meanwhile the report also estimated that due to policy measures committed by the Pakistan authorities, the Federal Board of Revenue (FBR) is likely to collect around Rs 5.5 trillion during current fiscal year which would increase to Rs 7.001 trillion in next year while in 2021-2022 the revenues would reach to Rs 8.3 trillion and Rs 9.48 billion in the subsequent year.The overall revenues of the country will surge to Rs 7.165 trillion in 2019-20 followed by Rs 8.9 trillion in 2020-21, Rs 10.6 trillion in 2021-22, Rs 12.12 trillion in 2022-23, and Rs 13.37 billion in 2023-24. With less than 1.5 million taxpayers filing tax returns and tax compliance generally very low, tax policy and tax administration measures will center on broadening the tax base while maintaining a low tax rate, aiming to ensure progress of the tax system, it added.Staff and the authorities concurred that an additional 4-5 percentage points of GDP in additional tax revenues could be achieved by the end of the program, bringing Pakistan tax ratio in line with peer Emerging Markets.In the near term, measures include removing exemptions and preferential treatment to reduce distortions in the tax system and broaden the tax base.These include the removal of GST exemptions and preferential rates, except for basic food and medicines, a measure that would significantly improve revenues, the report added.Greater inter-provincial harmonization and coordination of GST will also simplify filing procedures and increase compliance. Sun, 21 Jul 2019 15:50:06 +0500 Alternate Text
PM Imran invites US businessmen and investors to take benefit of investment opportunities in Pakistan WASHINGTON: Prime Minister Imran Khan has invited overseas businessmen and investors to benefit from the economic and business opportunities afforded by Pakistan’s strategic location and the connectivity to the broader region.He was talking to a group of prospective investors that led by Javaid Anwar, a leading Pakistani-American businessman, called on the prime minister at the Embassy of Pakistan in Washington DC.The investors appreciated improved security environment in Pakistan and identified areas of interest with regard to investment in key sectors including energy and tourismJaved Anwar is an efective member of Democratic party and also played a leading role in formation of Pakisan Congress Foundation caucus.Meanwhile, Texas-based leading Pakistani businessman and high ranking influential member of the democratic party Tahir Javed also called on Prime Minister Imran at the Embassy in Washington.The prime minister arrived on a three-day maiden US visit in Washington. He has a busy schedule during which he would also address a gathering of Pakistanis. Sun, 21 Jul 2019 10:39:46 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 20 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Saturday, July 20, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Sat, 20 Jul 2019 16:38:21 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 19 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Friday, July 19, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Fri, 19 Jul 2019 16:34:00 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 18 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Thursday, July 18, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Thu, 18 Jul 2019 16:28:19 +0500 Alternate Text
SECP refutes media reports regarding crackdown against companies ISLAMABAD: The Securities and Exchange Commission of Pakistan  on Thursday said that no crackdown was being planned or under consideration of the commission.The SECP strongly refuted news appearing in a section of the press and electronic media attributing any purported action against companies.It said that being the apex regulator of the corporate sector, the SECP was taking all necessary steps to ensure beneficial regulation and growth of capital market and corporate sector in the country.It is also clarified that SECP does not regulate or enforce Income Tax Ordinance, 2001 or Benami Transactions (Prohibition) Act, 2017. SECP’s powers are restricted to offences provided in the SECP Act, 1997, and other administered legislation as provided in its schedule.The recently notified rules, that is the “SECP (Search and Seizure) Rules, 2019” are a requirement of law under section 31 of the SECP Act, 1997, which merely lays down strict procedures for use of powers by the SECP’s investigation officers.It is reiterated that these powers are restricted to investigations ordered by the commission under the SECP-administered legislation.As wrongly reported in a section of the media no new powers have been bequeathed to the SECP.It is clarified that the powers of search and seizure and forced entry have been part and parcel of the SECP Act, 1997, since the establishment of the commission.It is stressed here that recently notified rules are aimed at helping the commission to curb any potential misuse of authority by the investigation officers.The rules, inter alia, require investigation officers to first seek authorization, in writing, from the commission, comprising of five commissioners for the purpose of search and seizure.Further, in certain circumstances, the order from the relevant magistrate is also required. Thu, 18 Jul 2019 15:25:58 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 17 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Wednesday, July 17, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Wed, 17 Jul 2019 16:40:39 +0500 Alternate Text
SBP increases policy rate by 100bps to 13.25pc KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced to increase its policy (interest) rate by 100 basis points to 13.25 per cent; effective from July 17, 2019.SBP's Monetary Policy Committee (MPC), in its meeting here on July 16, took this decision taking into account upside inflationary pressures from exchange rate depreciation since the last MPC meeting on May 20, 2019 and the likely increase in near term inflation from the one-off impact of recent adjustments in utility prices and other measures in the federal annual budget for the year 2019-20, said SBP Governor, Dr. Reza Baqir at a press conference on the bi-monthly monetary policy statement.He said the MPC decision also took into account downside inflation pressures from softening demand indicators. Tue, 16 Jul 2019 20:12:16 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 16 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Tuesday, July 16, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Tue, 16 Jul 2019 17:18:59 +0500 Alternate Text
Chinese entrepreneurs being encouraged to invest in Pakistan: Ambassador Hashmi BEIJING: Pakistan Ambassador to China, Ms. Naghmana A. Hashmi Tuesday said that efforts would be doubled to attract and encourage large and medium size Chinese entrepreneurs through various facilities and incentives for investment in industrial zones set up under China-Pakistan Economic Corridor (CPEC) in Pakistan.“Now, we have entered the second phase of CPEC and we will speed up our efforts to attract China’s large and medium size enterprises by offering facilities and incentives for the investment in industrial zones which will practically expand our economy,” she told APP here.Ambassador Hashmi, who has also served as deputy head of mission in China in the past said that Pakistan’s four consulates in China would make all-out efforts to increase interaction with Chinese companies on economic and commercial level to ensure investment and joint ventures in Pakistan.She expressed the confidence that the Chinese investment would generate employment opportunities for the local people and enhance Pakistan’s exports beside it would be mutually beneficial for both countries.Ambassador Hashmi noted with satisfaction that a number of energy, transport, and infrastructure development projects had been completed in the first phase of CPEC while the work on several other projects was near to completion.While commenting on relations between Pakistan and China, she pointed out that the all-weather friendship between the two countries was a unique example in the world.“This is not only a bilateral friendship but a comprehensive strategic cooperative partnership in the new era, which is deep rooted and exemplary,” she added.Ambassador Hashmi, who arrived in Beijing last week to take up her new assignment after serving as Pakistan’s Ambassador to Belgium and the European Union, observed that the friendship was progressing and deepening with the passage of time under the vision of the leadership of two countries, adding, the entire nation was unanimous over Pakistan’s friendship with China.“Both countries have complete coordination and cooperation on the regional and international issues including Afghanistan,” she added.Prime Minister Imran Khan was focusing on poverty alleviation, education, health and agriculture sectors and there was a need to expedite efforts to implement his vision to bring about socio-economic development in the country.For this purpose, the government was focusing to replicate the Chinese model to alleviate poverty from the country, as China lifted 700 people out of poverty in four decades, she added.Both the countries were also cooperating in the field of defense, science, and technology besides cultural exchanges and people to people contacts, she added. Tue, 16 Jul 2019 13:40:29 +0500 Alternate Text
New UK bank note to feature mathematician Turing LONDON: The Bank of England on Monday said World War II code-breaker Alan Turing had been chosen to feature on the back of Britain´s new £50 bank note ($63, 56 euros)."Alan Turing was an outstanding mathematician whose work has had an enormous impact on how we live today," Bank of England governor Mark Carney said as he unveiled the note at the Science and Industry Museum in Manchester, northwest England."As the father of computer science and artificial intelligence, as well as war hero, Alan Turing´s contributions were far ranging and path breaking. Turing is a giant on whose shoulders so many now stand," the BoE chief added.The Bank of England said that Turing played a pivotal role in the development of early computers.Due to enter circulation by the end of 2021, the note shows a photo of Turing taken in 1951.The Bank of England is putting new faces on Britain´s bank notes as it switches from paper to polymer, a thin, flexible plastic film that is seen as more durable and secure.The new £20 note, due to enter circulation next year, will feature artist J. M. W. Turner on its back.The new polymer £5 and £10 notes already in circulation show wartime leader Winston Churchill and author Jane Austen respectively.Queen Elizabeth II features on the front of Britain´s bank notes. Mon, 15 Jul 2019 18:54:31 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 15 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Monday, July 15, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Mon, 15 Jul 2019 16:55:04 +0500 Alternate Text
Major relief for mobile phone users ISLAMABAD: The mobile phone users would now receive Rs88.9 on charge of Rs100 on their mobile phones as the apex court ruling on administrative/service charges comes into force.The Supreme Court in its order of April 24, 2019 had barred the mobile phone service providers from charging 10 percent under the head of administrative/service charges.In its order, the SC had told the cellular companies that they can, however, apply a 12.5 per cent withholding tax.The order said: "However, the cellular telecom companies are not allowed to impose any service/maintenance charge thereon as they have elected not to impose these charges."Earlier, a consumer was receiving only Rs76.94 on the Rs100 top up but now he would get Rs88.9. Mon, 15 Jul 2019 14:56:55 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 13 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Saturday, July 13, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Sat, 13 Jul 2019 16:51:34 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 12 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Friday, July 12, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Fri, 12 Jul 2019 17:05:01 +0500 Alternate Text
Chinese companies assure PM Imran to invest $5b in Pakistan ISLAMABAD: A delegation of Chinese companies called on Prime Minister Imran Khan today and assured him of five billion dollars' investment in Pakistan in the next three to five years, Radio Pakistan reported Friday.The business delegation included over fifty-five heads of various Chinese companies.The meeting was also attended by Adviser on Finance Abdul Hafeez Sheikh, Adviser on Commerce Abdul Razaq Dawood, Minister for Planning and Development Makhdoom Khusro Bakhtiar, Chairman Board of Investment Zubair Gilani and Chairman FBR Shabbar Zaidi.Chinese companies representing small and medium enterprises evinced interest in shifting industry to Pakistan.In his remarks on the occasion, Prime Minister Imran Khan said Pakistan and China enjoy strong bonds of friendship. He said China has always stood by Pakistan in the hour of trial.The prime minister said we are impressed with the vision and sagacity of Chinese leadership especially their strategy regarding peace and development, governance and lifting the people out of poverty. He said Pakistan wants to take benefit from Chinese experiences.On the occasion, the Chinese Ambassador to Islamabad appreciated the steps taken by the government to encourage investment and the facilities being extended to the foreign companies for doing business in Pakistan.The Chinese Ambassador said his country will fully cooperate with Pakistan to strengthen its industrial sector and promote business activities in order to realize the dream of a ‘Naya Pakistan’, which is strong and prosperous. Fri, 12 Jul 2019 14:32:29 +0500 Alternate Text
Dollar extends losses on Fed rate cut bets London: The dollar lost ground against other currencies Thursday after the head of the Federal Reserve was seen as effectively flagging a cut in interest rates later this month.In the first day of closely watched congressional testimony, Jerome Powell said the case for lower borrowing costs "had strengthened" owing to headwinds caused by global trade uncertainty."It´s safe to say that investors were pleased with Jerome Powell´s first day of testimony on Wednesday, with equity markets jumping on his dovish assessment," said Oanda analyst Craig Erlam.US equities, which had surged on Wednesday with the Nasdaq ending at a record high, continued to push higher at the opening bell on Thursday."The Fed Chairman doesn´t typically provide strong and direct messages on policy direction, which makes predicting future rate movements all the more difficult. But Wednesday´s message was clear, the data is softening -- particularly on the inflation side -- and downside risks are significant," Erlam said.In European afternoon trading, the DAX 30 in Frankfurt and the CAC 40 in Paris both pushed higher, while London´s blue-chip FTSE index slipped fractionally on profit-taking.Most Asian markets had followed Wall Street´s lead, with Hong Kong jumping 0.8 percent and Tokyo ending the day 0.5 percent higher.FXTM analyst, Hussein Sayed, said the markets had clearly priced in a quarter-point reduction in US interest rates.But now, "bets for a (half-point) rate cut have increased significantly after Powell´s testimony," he said.Nevertheless, the need for such a big cut also had its negative side, the expert continued."This may suggest that the US economic expansion is at a greater risk than what recent data are showing and may also be seen as political influence from the White House," Sayed warned.- Oil extends rally -Traders said investors were now looking forward to Powell´s second day on Capitol Hill.Higher-than-expected June inflation data didn´t seem to dent expectations that the Fed would go ahead with a rate cut.Consumer prices rose 0.1 percent month-on-month, while 12-month inflation excluding volatile energy and oil prices, added a tenth of a percentage point to 2.1 percent."One could tell just how locked in on the interest rate issue the market is with the release of the Consumer Price Index for June," said market analyst Patrick O´Hare."The key takeaway from the report was that the (year-on-year) uptick in core CPI should seemingly diminish the prospect of a 50-basis points rate cut at the July meeting."Oil prices extended the previous day´s surge that came on the back of data showing a bigger-than-expected plunge in US oil inventories as well as a brewing storm in the Gulf of Mexico that could hit production.- Key figures around 1330 GMT -London - FTSE: DOWN less than 0.1 percent at 7,525.86 pointsParis - CAC 40: UP 0.3 percent at 5,582.67Frankfurt - DAX 30: UP 0.1 percent at 12,386.88EURO STOXX 50: UP 0.3 at 3,511.26New York - Dow: UP 0.6 percent at 26,955.60Tokyo - Nikkei 225: UP 0.5 percent at 21,643.53 (close)Hong Kong - Hang Seng: UP 0.8 percent at 28,431.80 (close)Shanghai - Composite: UP 0.1 percent at 2917.76 (close)Euro/dollar: UP at $1.1255 from $1.1251 at 2100 GMTPound/dollar: UP at $1.2552 from $1.2504Dollar/yen: DOWN at 108.25 yen from 108.46 yenWest Texas Intermediate: UP 14 cents at $60.57 per barrelBrent North Sea crude: UP five cents at $67.06 per barrel Thu, 11 Jul 2019 19:15:17 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 11 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Thursday, July 11, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Thu, 11 Jul 2019 17:40:56 +0500 Alternate Text
Stock markets mixed on US Fed chief’s outlook London: Stock markets were mixed Wednesday after US Federal Reserve chief Jerome Powell kept the door open to an interest rate cut this month.At the close of trade in Europe, both the blue-chip CAC 40 index in Paris and the FTSE in London were more or less unchanged, but the DAX 30 in Frankfurt fell on profit-taking.Nevertheless, on the other side of the Atlantic, Wall Street was firmly in the black as Powell pointed to ongoing uncertainty about trade as a drag on US growth.Powell did not explicitly say there would be more cuts in interest rates. But in his remarks to the House Financial Services Committee, he noted the Fed in June announced it "would act as appropriate to sustain the expansion".That sent the S&P 500 surging past 3,000 points for the first time.Edward Moya, analyst at Oanda, said Powell´s comments underlined the clouds hanging over the economy."The economic outlook has not improved in recent weeks and that pretty much signals a rate cut" at the Fed´s policy meeting on July 30-31, he said.On the foreign exchange markets, the pound rebounded from more than two-year lows versus the dollar meanwhile, as official data showed Britain´s economy returned to growth in May, with gross domestic product expanding by 0.3 percent following a contraction of 0.4 percent in April.In Britain, "the pound caught some bid as the UK economy bounced back in May following the decline in April," noted Neil Wilson, analyst at Markets.com."But traders need to be careful as Brexit uncertainty remains the major drag on sterling."Fed officials have helped spur a rally in world equities in recent weeks by taking an increasingly dovish or subdued tone regarding monetary policy, fuelling expectations they would cut borrowing costs sharply to support a stuttering economy.Hopes for a deep reduction seemed to have been set back on Friday by data showing the US created far more jobs than expected in June.But Powell told US lawmakers the case for lower rates "had strengthened" last month given the rising "crosscurrents" in the economy.Elsewhere, oil prices jumped more than two percent after a closely watched industry report showed a massive drop in US stockpiles last week, while traders also cheered reports that Russian output fell in July to its lowest in nearly three years.The developments provided a boost to the commodity, which took a hit earlier in the week as a stronger dollar added to ongoing worries about the trade war and soft global outlook.Still, analysts said prices will remain volatile as investors weigh the trade row against geopolitical tensions in the Middle East.- Key figures around 1545 GMT -New York - Dow: UP 0.3 percent at 26,864.37 pointsLondon - FTSE 100: DOWN 0.08 percent at 7,530.69 (close)Paris - CAC 40: DOWN 0.08 percent at 5,567.59 (close)Frankfurt - DAX 30: DOWN 0.5 percent at 12,373.41 (close)EURO STOXX 50: DOWN 0.2 percent at 3,501.52Tokyo - Nikkei 225: DOWN 0.1 percent at 21,533.48 (close)Hong Kong - Hang Seng: UP 0.3 percent at 28,204.69 (close)Shanghai - Composite: DOWN 0.4 percent at 2,915.30 (close)Euro/dollar: UP at $1.1257 from $1.1207 at 2100 GMTPound/dollar: UP at $1.2503 from $1.2462Dollar/yen: DOWN at 108.46 yen from 108.84 yenBrent North Sea crude: UP $2.25 at $66.41 per barrelWest Texas Intermediate: UP $1.92 at $59.74 per barrel Wed, 10 Jul 2019 22:30:33 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 10 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Wednesday, July 10, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Wed, 10 Jul 2019 16:46:01 +0500 Alternate Text
Pakistan receives first tranche of IMF loan ISLAMABAD: The State Bank of Pakistan (SBP) received first tranche of $991.4 million from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) to help the country reduce economic vulnerabilities and generate sustainable and balanced growth.“The SBP has received IMF first tranche of $991.4 million which is equivalent to SDR 716 million,” said SBP Chief Spokesman on Wednesday.The IMF on July 3 had approved a loan of $6 billion for Pakistan, a 39-month extended arrangement, to support the country’s economic reform programme.After approval of the loan under EFF by the Executive Board of IMF, Pakistan was eligible to immediately receive first tranche of $1 billion.The fund will quarterly review the performance of Pakistan over 39 months, while the programme would focus on a decisive fiscal consolidation to reduce public debt and build resilience while expanding social spending.It will also try to ensure a flexible, market-determined exchange rate to restore competitiveness and rebuild official reserves besides eliminating quasi-fiscal losses in the energy sector, strengthening institutions and enhancing transparency. Wed, 10 Jul 2019 13:08:52 +0500 Alternate Text
US-China trade talks resume: US officials WASHINGTON: US officials held a phone call with their Chinese counterparts to discuss the ongoing trade conflict between the countries, US officials said.It was the first official contact since President Donald Trump and Chinese leader Xi Jinping agreed to resume talks just over a week ago.US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer "spoke with Vice Premier Liu He and Minister Zhong Shan today to continue negotiations aimed at resolving the outstanding trade disputes between the United States and China," the official said in a statement."Both sides will continue these talks as appropriate."After talks nearly collapsed in May, Trump and Xi met on June 29 on the sidelines of the Group of 20 summit in Japan and agreed to resume negotiations toward ending their year-long trade war and to refrain from imposing any new tariffs.The talks that seemed to be nearing conclusion stalled in May after Trump accused the Chinese side of reneging on commitments. He then jacked up duty rates on $200 billion in Chinese imports.Washington and Beijing have hit each other with punitive tariffs covering more than $360 billion in two-way trade and those duties remain in place.Trump triggered a backlash on Capitol Hill by agreeing to soften some US export restrictions on components to China´s telecom giant Huawei.The United States had imposed tough sanctions on the company, which American officials say Beijing exploits for espionage.However, Trump stipulated that officials would take care to avoid creating new risks to US national security. Wed, 10 Jul 2019 00:10:04 +0500 Alternate Text
Gold price soars by Rs 350, traded at Rs 79,000 per tola Karachi: The per tola price of 24 karat gold soared by Rs 350 on Tuesday and was traded at Rs 79,000 as compared to the last closing at Rs 78,650, according to Karachi Sarafa Association.The price of 10 grams gold also witnessed an increase of Rs 300 and was traded at Rs 67,730 against Rs 67,430 of last day.The price of silver remained constant and was traded at Rs 910 per tola and that of 10 grams silver was traded at Rs 780.17.According to Rawalpindi-Islamabad Local Sarafa Association, the per tola price of 24 karat gold in twin cities of Rawalpindi and Islamabad was recorded at Rs 78,000 and that of 10 gram gold was traded at Rs 66,870.In international market, the price of per ounce gold decreased by $13 and was traded at $ 1,392 as compared with the last closing at $ 1405. Tue, 09 Jul 2019 18:46:08 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 09 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Tuesday,  July 09, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Tue, 09 Jul 2019 16:57:13 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 08 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Monday, July 08, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Mon, 08 Jul 2019 16:55:40 +0500 Alternate Text
British Airways fined £183m over computer theft of passenger data LONDON: The UK’s data privacy watchdog has fined British Airways more than £183 million after computer hackers last year stole bank details from hundreds of thousands of passengers, the pair said on Monday.The UK Information Commissioner’s Office (ICO) said it had issued a notice of its intention to fine BA £183.39 million ($229.7 million, 205 million euros) for infringements of EU data protection rules, or GDPR."People’s personal data is just that -- personal," Information Commissioner Elizabeth Denham said in a statement."When an organisation fails to protect it from loss, damage or theft it is more than an inconvenience. That’s why the law is clear -- when you are entrusted with personal data you must look after it," she added.In a separate statement, BA’s parent group IAG said the fine was equivalent to 1.5 percent of British Airways’ turnover in 2017. Companies can be fined up to four percent of annual global turnover for breaching EU data protection rules.The fine is equivalent to more than 9 percent of IAG’s net profit last year.IAG chief executive Willie Walsh said it would consider appealing the penalty as it seeks "to take all appropriate steps to defend the airline’s position vigorously".BA’s CEO Alex Cruz said the airline was "surprised and disappointed" by the punishment."British Airways responded quickly to a criminal act to steal customers’ data," he said in the statement."We have found no evidence of fraud/fraudulent activity on accounts linked to the theft. We apologise to our customers for any inconvenience this event caused," Cruz added.Shares in IAG were down 1.0 percent following the announcement and in early trading on London’s benchmark FTSE 100 index, which was down 0.25 percent overall.Personal data of approximately 500,000 customers were compromised, beginning in June 2018, the ICO said Monday.This was shortly after the European Union introduced its tighter data protection law, the General Data Protection Regulation (GDPR).BA meanwhile publicly revealed the hack in September.The stolen data comprised customer names, postal addresses, email addresses and credit card information.However the 15-day breach, which was fixed on discovery, did not involve travel or passport details.Following disclosure of the hack, BA promised to compensate affected customers and took out full-page adverts in the UK newspapers to apologise to passengers.It had meanwhile described the mass theft as "a very sophisticated, malicious, criminal attack on our website".IAG is the owner of five airlines, including also Aer Lingus, Iberia, Level and Vueling, none of which were affected by the hack.GDPR establishes the key principle that individuals must explicitly grant permission for their data to be used.The case for the new rules had been boosted by a scandal over the harvesting of Facebook users’ data by Cambridge Analytica, a US-British political research firm, for the 2016 US presidential election. Mon, 08 Jul 2019 13:50:19 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 06 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Saturday, July 06, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Sat, 06 Jul 2019 16:33:31 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 05 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Friday, July 05, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Fri, 05 Jul 2019 16:24:27 +0500 Alternate Text
ADB approves $235m loan for innovative transport system in Karachi ISLAMABAD: The Asian Development Bank (ADB) has approved a $235 million loan to help develop a bus rapid transit (BRT) system with innovative energy and climate resilience features that will enhance access to quality public transport for people in Karachi.The Karachi Bus Rapid Transit Red Line Project will deliver the 26.6-kilometer (km) Bus Rapid Transit Line Red Line corridor and associated facilities benefiting as many as 1.5 million people, about 10% of Karachi’s population, who live within a kilometer of a Red Line BRT station.More than 300,000 passengers per day are expected on the Red Line BRT routes. The bank will partially administer two $100 million loans from the Asian Infrastructure Investment Bank and the Agence Française de Développement to jointly finance the project’s civil works and equipment costs.“There is a need for a more sustainable, reliable, safe, and gender and environment-friendly transportation system in a city as dense and rapidly growing as Karachi. A sustainable transportation system will not only solve the city’s mobility issue but also its growing pollution problem,” said ADB Principal Urban Development Specialist (Transport) for Central and West Asia David Margonsztern.“The BRT system, with its innovative features, will address all these issues, improving the overall quality of lives of people in the city.”The project will restructure the entire width of the Red Line BRT corridor, including the construction of 29 stations and dedicated lanes along the 26.6 km stretch; improvement of the mixed-traffic roadway with up to six lanes in each direction; inclusion of on-street parking and landscaped green areas in various locations; improvement of the drainage system to climate-proof the corridor; and installation of non-motorized transport infrastructure such as bicycle lanes, improved sidewalks, and energy-efficient street lights.The project will also establish sustainable BRT operations in Karachi by improving the capacity of relevant transport authorities; designing the BRT business model and subsidy-free operations; implementing a bus industry transition program, including a fleet scrapping program and compensation mechanism; developing an effective public communications campaign; and delivering the BRT fleet, feeder e-vehicles, intelligent transport system, and a biogas plant.ADB will also administer a $37.2 million loan and an $11.8 million grant from the Green Climate Fund (GCF). The GCF grant will finance climate change adaptation measures, including innovative drainage features such as bioswales (landscape elements designed to concentrate or remove debris and pollution out of surface runoff water); post-project emissions’ monitoring activities; and feeder e-vehicles. The GCF loan, meanwhile, will finance the biogas plant and the incremental cost of the transition from basic diesel bus technology to compressed natural gas hybrid bus technology, with the biomethane extracted from cattle waste. Fri, 05 Jul 2019 13:13:18 +0500 Alternate Text
Samsung Electronics flags 56% fall in Q2 operating profit SEOUL: Samsung Electronics said Friday it expects operating profit to tumble 56 percent for the second quarter of this year in the face of a weakening chip market. Operating profit for the April to June period is forecast to reach around 6.5 trillion won ($5.6 billion), down 56 percent from a year earlier, the world´s largest maker of smartphones and memory chips said in a statement.The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world´s 11th largest economy, and it is crucial to South Korea´s economic health.It has enjoyed record profits in recent years despite a series of setbacks, including the jailing of its de facto chief.But now the picture is changing, with chip prices falling as global supply increases while demand weakens.Samsung launched its top-end S10 5G smartphone earlier this year, after South Korea won the global race to commercially launch the world´s first nationwide 5G network.But in April it made a high-profile decision to push back the release of its new Galaxy Fold phones after reviewers provided with early devices reported screen problems within days of use.While Samsung´s device was not the first folding handset, the smartphone giant was expected to help spark demand and potentially revive a sector that has been struggling for new innovations.The South Korean firm had spent nearly eight years developing the Galaxy Fold as part of its strategy to propel growth with groundbreaking gadgets. The firm is yet to announce its new release date.The smartphone giant´s reputation had taken a hit after the bribery conviction of Lee Jae-yong -- the son and heir of the group´s ailing current chairman Lee Kun-hee.The junior Lee was a prominent figure in the scandal that ousted former South Korean president Park Geun-hye and was sentenced to five years in jail in August 2017.He was freed in February last year after several of his convictions were quashed on appeal.Its French subsidiary, on the other hand, is currently facing charges of deceptive marketing over its corporate ethics pledges after activists complained that the smartphone giant´s practices in its factores violated human rights.  Fri, 05 Jul 2019 08:14:16 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 04 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Thursday, July 04, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Thu, 04 Jul 2019 17:30:56 +0500 Alternate Text
Pakistan hopes enhanced participation of Chinese companies in 7th PC Business Forum CHENGDU: Pakistan hopes that more Chinese companies from Sichuan, Yunnan, Guizhou, and Chongqing will attend the 7th Pakistan-China Business Forum, being held this September in Lahore to explore Pakistan’s real potential, said Pakistan’s Consul General to Chengdu, Muhammad Mudassir Tipu.“Pakistan-China Business Forum has progressed a great deal over the years and has played a critical role in deepening ties between economic, trade, industrial, and commercial ties between Pakistan and China,” he said, chairing a meeting held in Pakistan Mission. A delegation overseeing the preparatory arrangements of the forum, including Professor Dr. Qaiser Abbas and Amjad Hussain senior members of COMSATS University as well as Fa Wenya, CEO of Everest International Expo Ltd., visited the Pakistan mission. It sought Mission’s assistance in introducing major companies that could attend the 7th Forum. The Mission invited members of various chambers and universities to meet visiting delegation and helped them brainstorm ideas on making the 7th Forum a success. The Chinese participants maintained that Pakistan had a lot of potential to grow in industries such as lighting equipment, new energy, household appliances, surgical equipment and sports goods and hoped that the forthcoming Forum will be another step in introducing Pakistan’s potential to Chinese entities. The participants also discussed ways and means to help Chinese companies relocate to Pakistan and gain from advantages of Pakistan’s low-cost economy. The CG, Mudassir Tipu, maintained that OBOR and CPEC provided a remarkable opportunity to deepen integration between Pakistan and the southwest of China and hoped that more, diverse, and wide-ranging economic opportunities can be created between the two regions. He also emphasized deeper cooperation between Pakistan and China’s universities, research centres, and think-tanks. The visiting team from Pakistan thanked Pakistan Mission for extending support to the 7th Pakistan-China Business Forum.COMSATS Institute of Information Technology has been organizing Pak-China Business Forum for several years, to promote university-industry collaboration in business and economic sectors for the mutual benefit of both China and Pakistan.It is also aimed at attracting more FDI from China to Pakistan. Thu, 04 Jul 2019 06:35:42 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 03 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Wednesday, July 03, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Wed, 03 Jul 2019 16:58:00 +0500 Alternate Text
Nestlings ready to fly: Startups seek investment opportunities at Nest I/O Dr Anam of ABC For Moms pitching at the Nest I/O's demo day.The Nest I/O has been recurrently putting in all efforts to uplift the ecosystem by pouring in investment opportunities and laying down a solid platform for ideas to flourish in Pakistan.The tech incubator based in Karachi, held a demo day on Tuesday as it once again became a bridge for investors and startups that were trained under them for a period of four months.The nestlings are flying off into the real world with remarkable and avant-garde startups that avow to make a mark in the world tackling surging issues to make life easier in divisions ranging from healthcare, education to content creation and technology.Amongst the distinguished panel of investors, prominent names in the corporate panorama like Ashraf Kalim, Yusuf Jan, Raza Matin, Uzair Anjarwalla, Kashif Merchant, Misbah Naqvi and Farhan Qureshi were included.President of P@SHA and founder of the Nest I/O, Jehan Ara commented on the occasion: “With the graduation of our 9th cohort, the total number of The Nest I/O startups is now more than 160, 74.5% of these are still operational. With each batch, the quality of teams is improving. We are so proud to have facilitated the growth of all these amazing startups and hope to continue helping entrepreneurs across the country.”Healthcare and Parenting:Healthcare Matrix is a standalone unit that systematizes medical inspection of a primary level bringing routine checkups and a basic medical report without having to reach out to a medical professional. ABC Moms is healthcare startup connects mothers dealing with healthcare issues after giving birth to experts and professionals providing support only a click away. ParentsPlus is a mobile application that creates a community designed to empower special-needs' caretakers by providing them real-time support. ConnectHear has set up a sign language interpretation system that connects sign language interpreters to deaf and mute individuals to bring them closer to bridge the communication gap.Creatives:Baa-Dum-Tss, a content creation startup that provides a platform for creators to step in and display their talents.Qaumi Coup is a group of individuals bringing forth the voice of the suppressed Pakistani artists through content that also educates and entertains. YAR (Young Activists Republic) celebrating innovations and ideas by bringing together writers, artists, designers and creatives on to a single community magazine. Stickistan creates culturally-relevant stickers aimed specifically for the Pakistani audience while also fashioning innovative and creative merchandise like t-shirts, tout bags and phone covers.Namkeen Sach discovers undercover talent, providing them with monetary support and opportunities while acting as a bridge between sponsors and content creators. Tech:Tech Pit is now launching its latest product called the Cellphone Pitstop which is a multi-functional kiosk providing necessary services like credit top-up, phone charging, and access to WiFi and even depositing cash.Mux Life helps you control your home and office electronics simply through your cellphones to make life easier. Education: Nativ Learning comes as a game changer in Pakistan as many existing educational platforms online have limited the audiences to English-speaking only. This aims to educate masses in the language they grew up in with languages like Sindhi, Urdu and English. WonderTree creates games through Augmented Reality for children with special needs through the assistance of renowned psychologists and teachers that helped perfect the games in order for them to fulfill their potential. HaHa Studio aims to provide an educational platform for children in Pakistan by creating content in Urdu in an attempt to sustain the cultural and traditional values in the coming generations. Tech Tree introduces contemporary methods of teaching by providing courses by professionals to inculcate saplings through an innovative and efficient method. Travel:Porter Pakistan has made travelling up north easier than ever before as they connect travelers to local service providers that cover accommodation, transportation, porters and restaurants. Business:iWant redefines day-to-day businesses, uniting customers and platforms thereby bringing efficiency to business dealings. Unity is retail network that eases the much-complex process of brands selling products allowing them to sell with a mere click. Closet solves all your wardrobe woes by letting you rent pre-loved dresses without having to spend a hefty amount on purchasing for a special occasion. Investors Lounge is a financial tech company providing online solutions to provide a helping hand to investors in order for them to make better financial decisions.  Wed, 03 Jul 2019 12:31:34 +0500 Alternate Text
Tesla deliveries surge as automakers report dip in 1H 2019 US sales NEW YORK: Tesla reported a surge in second-quarter deliveries on Tuesday, while other US automakers suffered drops in sales for the first half of 2019, with higher vehicle costs weighing on consumers.Shares of Tesla shot higher in after-hours trading after it reported delivering 95,200 vehicles during the quarter ending June 30, a record and an increase of more than 50 percent over the prior quarter.The company, which has faced worries about weakening demand for its electric vehicles, said in a securities filing, "we believe we are well positioned to continue growing total production and deliveries in Q3."Earlier, General Motors, Fiat Chrysler and Toyota were among the companies that reported drops in sales through the year's midpoint, although Fiat Chrysler won a modest gain in sales in June.Sales at Honda and Nissan also fell through the first half of the year. Ford reports sales on Wednesday.The results were roughly in line with analyst forecasts and reflective of an auto market that has cooled somewhat, even as demand has stayed strong for larger autos.Higher interest rates on auto loans have added to the drag on consumers, who already face higher vehicle costs, said Michelle Krebs, head of automotive relations at Cox Automotive. Cox is forecasting 2019 sales of 16.8 million, down three percent from last year, with a drop to 16.5 million expected in 2020.Annual sales have been above 17 million the last four years."We have seen retail sales weakening for some time," Krebs said in an interview, adding that the effect has been mitigated somewhat by higher sales from companies who are taking advantage of tax incentives to refresh their fleets."The consumer has got a lot of debt and wages have stagnated," she said.General Motors reported a 4.2 percent drop in first-half sales of 1.4 million following a 1.5 percent dip in second quarter. The company's fleet of larger crossover vehicles sold well, along with fully available versions of the Chevrolet Silverado and GMC Sierra, two popular pickups that were recently revamped.However, overall sales of both the Sierra and Silverado fell compared with the year-ago period because some versions of the vehicles are still not widely available. A GM spokeswoman said more vehicles would be on the market in the second half of 2019."The US economy continues to grow at a healthy pace," said GM Chief Economist Elaine Buckberg. "If the Fed cuts rates, as widely expected, lower financing costs will provide further support to auto sales."Fiat Chrysler bucks trend Fiat Chrysler's auto sales for the first half of the year were down two percent at 1.1 million.A two percent gain in June was propelled by a 45 percent surge in Ram truck sales, which offset declines in the company's other brands, including Jeep, Chrysler, Dodge and Fiat.The results suggest Ram has gained market share from GM's Silverado during the latter's launch period, Krebs said in a note from Cox.Toyota North America reported a 3.1 percent drop in first-half sales to 1.2 million, with a 3.5 percent decline in June sales.The company pointed to higher June sales of its RAV4 crossover vehicle. But sales of the Corolla and Camry sedans have fallen for the first six month so of the year.Sales of the company´s luxury Lexus brand fell during the quarter but rose slightly during the first half of the year.  Wed, 03 Jul 2019 09:55:00 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 02 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Tuesday, July 02, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Tue, 02 Jul 2019 17:40:00 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 01 July 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Monday, July 01, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Mon, 01 Jul 2019 17:53:03 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 29 June 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Saturday, June 29, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Sat, 29 Jun 2019 16:54:36 +0500 Alternate Text
Gold import dips 38.56pc in 11 months ISLAMABAD: The gold imports into the country dipped by 36.56 per cent during the first eleven months of the current fiscal year (2018-19) as compared to the corresponding period of last year.Pakistan imported gold worth $11.863 million during July-May (2018-19) compared to the imports of $ 19.308 million during July-May (2017-18), showing decrease of 38.56 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).In terms of quantity, the imports of gold declined by 37.32 per cent as the country import 299 kilograms of gold during the period under review compared to the imports of 477 kilograms during last fiscal year.Meanwhile, Pakistan did not import gold during the month of May 2019, the PBS data revealed. Sat, 29 Jun 2019 16:26:55 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 28 June 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Friday, June 28, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Fri, 28 Jun 2019 17:43:51 +0500 Alternate Text
OGRA recommends cut in petrol price ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has recommended to revise petroleum product prices from July 01, Geo News reported.According to the summary moved by the regulatory body to the petroleum division, OGRA has suggested Rs 0.77 per litre cut in petrol prices and Rs 2.94 per litre decrease in the kerosene oil.Also, the OGRA has recommended an increase of Rs 2.30 per litre in diesel prices and  Rs 0.26 per litre  in light diesel oil. Sources said after the approval in the recommended changes in the oil prices, the new price of petrol will be Rs 111.91 per litre, diesel will be Rs 129.12 per litre, kerosene oil Rs 95.92 per litre and light diesel oil Rs 88.88 per litre.The new prices will be effective from July 01. Fri, 28 Jun 2019 17:17:03 +0500 Alternate Text
Textile sector receives Rs 44.5 billion under PM’s package ISLAMABAD: The ministry of textiles has so far paid Rs 44.5 billion to the local textile industry under Prime Minister’s Exports Enhancement Package since July 2017, with an objective to help boost exports from the country, senior official in the ministry told APP here on Thursday.During the last 10 months, the ministry paid Rs 20 billion to the textiles industry, while it intends to pay more Rs 6 billion in the coming month of July, the official said.During the upcoming year, the government would pay further Rs 30 billion to the textile sector for value addition, which the official said would boost the country’s external trade.The Exports Enhancement Package was aimed at bridging the gap between exports and imports by encouraging the export-oriented industry and incentivizing the industrial sector for introducing the innovative, modern and cost cutting technologies, particularly in the textile industry. Thu, 27 Jun 2019 20:11:23 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 27 June 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Thursday, June 27, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Thu, 27 Jun 2019 16:22:00 +0500 Alternate Text
Oil and bitcoin blaze higher, stocks subdued Oil prices and bitcoin shot higher on Wednesday, while stocks were subdued ahead of crucial China-US trade talks.Gold prices were held back as the dollar spent most of the day higher, which makes it more expensive for buyers of the dollar-denominated metal using other currencies. The precious metal has hit near six-year highs in recent days as investors sought safe haven assets amid rising tensions between Iran and the United States.The dollar wobbled as the currency market tried to guess and second-guess the US Federal Reserve´s next move.On Tuesday, top Federal Reserve officials dented hopes for a big cut in US interest rates, after having last week raised expectations that the central bank would soon announce its first rate reduction in more than a decade following downbeat US economic data.Data released Wednesday showed US durable goods orders fell in May, helping push the closely watched economic indicator to its lowest level in 16 months and reinforcing the case for a rate cut.But the Fed is concerned about demonstrating its independence as US President Donald Trump steps up political pressure by ridiculing Fed boss Jerome Powell -- saying the United States would do better under Mario Draghi, the current European Central Bank chief.That raised uncertainty about which course the bank would take.Meanwhile, with Trump and Chinese counterpart Xi Jinping due to meet on the sidelines of the G20 summit in Japan later this week, stock markets got a brief boost from comments from Treasury Secretary Steven Mnuchin that suggested a US-China trade deal was 90 percent done."The only problem is that, a month ago, the two sides were only five percent away from a deal," said Chris Beauchamp, chief market analyst at online trading firm IG."Thus the bounce has been relatively short-lived, with the mood music suggesting that neither side is aiming to come away with a deal, and indeed both are preparing for more tariffs and further conflict," he added.Trump, who has already hit $200 billion of Chinese imports with levies in an effort to force Beijing into making a deal, warned China Wednesday of an even deeper trade war, by indicating he is ready to slap tariffs on more than $300 billion worth of remaining goods.European markets closed mixed while US markets were up heading into midday trades.A drop in US crude stockpiles have provided support to oil prices meanwhile."WTI and Brent crude surged after the Energy Information Administration report showed a huge drop in US inventories," noted market analyst David Madden at CMC Markets UK.Concerns about demand have recently weighed on crude prices.Elsewhere on Wednesday, bitcoin surged to an 18-month high close to $13,000 on continued demand after Facebook recently unveiled plans for its own cryptocurrency.- Key figures around 1530 GMT -Euro/dollar: UP at $1.1379 from $1.1370 at 2050 GMTPound/dollar: DOWN at $1.2688 from $1.2692Dollar/yen: UP at 107.67 yen from 107.18London - FTSE 100: DOWN less than 0.1 percent at 7,416.93 points (close)Frankfurt - DAX 30: UP 0.1 percent at 12,245.32 (close)Paris - CAC 40: DOWN 0.3 at 5,500.72 (close)EURO STOXX 50: DOWN less than 0.1 percent at 3,441.72New York - Dow: UP 0.2 percent at 26,609.10Tokyo - Nikkei 225: DOWN 0.5 percent at 21,086.59 (close)Hong Kong - Hang Seng: UP 0.1 percent at 28,221.98 (close)Shanghai - Composite: DOWN 0.2 percent at 2,976.28 (close)Brent North Sea crude: UP $1.29 at $66.34 per barrelWest Texas Intermediate: UP $1.53 at $59.36 per barrelGold: DOWN at $1,413.20 per ounce from $1,414.24Bitcoin - UP at $12,776 from $11,402 Thu, 27 Jun 2019 15:50:54 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 26 June 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Wednesday, June 26, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Wed, 26 Jun 2019 16:51:21 +0500 Alternate Text
US dollar hits Rs161.50 in interbank market KARACHI: US dollar reached Rs161.50 in the interbank market on Wednesday, which closed at 156.98 against the greenback a day earlier, Geo News reported.The US dollar rose by Rs3.2 at the start of the trading and was being traded at Rs4.52.On Tuesday, the rupee closed almost flat against the dollar in the interbank market. It ended at 156.98 against the dollar, little changed from its Monday’s closing of 156.99. Wed, 26 Jun 2019 11:28:43 +0500 Alternate Text
China halts Canadian meat exports over fake certificates OTTAWA: China has asked Canada to suspend all meat exports after discovering bogus veterinary health certificates attached to a batch of pork, its embassy said Tuesday, as Canadian police launched a criminal probe.The embassy in Ottawa said a customs investigation -- launched after the discovery of traces of a banned feed additive -- revealed that up to 188 forged certificates had been provided to Chinese officials through "Canadian official certificate notification channels.""In order to protect the safety of Chinese consumers, China has taken urgent preventive measures and requested the Canadian government to suspend the issuance of certificates for meat exported to China since June 25," it said.A Canadian government official confirmed to AFP that the Royal Canadian Mounted Police (RCMP) has been called in to investigate the case for possible criminality.Meanwhile, according to Agriculture Minister Marie-Claude Bibeau, the Canadian Food Inspection Agency (CFIA) has reached out to its Chinese counterpart for more information about the forgery allegations.In a statement, she said the CFIA "has identified a problem with false export certificates that could affect exports of pork and beef products to China."The agency, she added, "has taken steps to remedy the situation" while continuing to work with industry partners and Chinese authorities.Bibeau noted that the issue "does not affect export certificates to other countries."The official Xinhua news agency earlier this month said that customs officials in the eastern city of Nanjing had found that recent pork shipments from Frigo Royal contained Ractopamine.The feed additive, which boosts the growth of animals, is widely used in the United States but banned in the European Union and China.Bibeau said this month that Chinese customs had increased inspections of Canadian imports amid frosty relations over the December arrest of a senior executive of telecoms giant Huawei on a US extradition request related to alleged Iran sanctions violations.In a move seen as retaliation, Chinese authorities detained two Canadian nationals on suspicion of spying and blocked billions worth of agricultural shipments.amc/ft Wed, 26 Jun 2019 05:55:17 +0500 Alternate Text
Gold prices hit record high at Rs80,500 per tola in Pakistan KARACHI: With Rs1300 per tola increase, the gold prices have hit record  high in Pakistan.Gold has reached Rs 80,500 per tola with the increase of Rs 1300 on Tuesday.While the price of 10 gm gold touched Rs69,016 with the hike of Rs 1,115 here.The increase in the prices at local market is witnessed after the gold hit $1429 with hike of $21 per ounce in  the international market.  Tue, 25 Jun 2019 19:52:30 +0500 Alternate Text
Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 25 June 2019 Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Tuesday, June 25, 2019.US Dollar, UK Pound, Saudi Riyal, UAE Dirham. Tue, 25 Jun 2019 16:47:00 +0500 Alternate Text
12 questions and answers about asset declaration scheme ISLAMABAD: Prime Minister Imran Khan and his financial team on Monday participated in a talk show on Geo News and answered questions related to the tax amnesty scheme live on TV.Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh, FBR Chairman Shabbar Zaidi and Minister of State for Revenue Hammad Azhar participated in the programme and explained the merits and benefits of the amnesty scheme.Important points:Most of the people are not registered with the FBR and they did not have NTNs, could such a person be benefitted by the tax amnesty scheme?Shabbar Zaidi said yes, it is possible to get benefitted by the tax amnesty scheme. He said if anyone wants to declare their assets in Pakistan, they will have to register with the FBR and to become a tax filer prior to declaring any assets.Will action be taken against those  who have properties and wealth in the name of their servants, relatives and friends and are willing to  declare everything voluntarily?Shabbar Zaidi said that no action will be taken against anyone who wants to avail the amnesty scheme. He said that the people could declare their Benami accounts and no action would be taken against them. He said "we have included two sections: (1) No proceedings will initiated (2) Confidentiality will be maintained. He said assets scheme was launched in 2018 but the FBR did not take any action and stopped proceedings. "I can promise you all and if anyone has any problem related to this issue can come to me and we would certainly protect them."If some one has declared his assets, but has no money to pay tax, will he  have an opportunity to pay the tax in installments?Hafeez Sheikh said the installment process is also included in the scheme to facilitate people. People who have been complaining for not having time, the installment process is for them but they have to declare their Benami accounts. He said the declaration in which the immediate transfer of money is not involved, then one has the option.Tax on foreign remittancesThe Adviser on Finance said if the remittances sent from the Pakistani diaspora have already been taxed, they will not be taxable in Pakistan. He said because they are already in the tax system, so the money is white. Shabbar Zaidi said the overseas Pakistanis should not be worried about the scheme.Hafeez Sheikh said for example if a Pakistani earned money here in Pakistan without paying tax and went to England and now having one million pounds and wants to legalise his money, he can avail the amnesty scheme.Nothing for the custom paid vehiclesNon-custom-paid vehicles are not included in this scheme; however, a custom-paid but undeclared vehicle can be declared.Difference between previous and new amnesty schemeHafeez Shaikh said the previous schemes benefited people who would cite any amount and whiten all their future income too and got exempted from tax. The reduced generation of tax amount this year is because during the last year’s amnesty scheme, people whitened their future income and got exemptions on tax. It would be fair for the people of Pakistan that everyone is confident that the amount being deposited in the bank accounts are the actual assets which are being whitened and that may not hurt our next year’s revenues.Tax on exportsAbdul Hafeez Shaikh: The exporters will not be taxed. But if someone is selling their products in Pakistan, like garments, that would be taxed. Our assessment is that garments worth Rs1,200 billion are sold in the domestic market generating only Rs7 billion tax, which is not acceptable to us. We are re-emphasizing that the exporter will not be taxed irrespective of the volume and we will assist him. We are subsidising power, gas and even loans for them and are not taxing their exports at all as they are very valuable to us. But our goal is to increase the revenue and we need your help for that as this small tax amount from domestic sales is not acceptable to us. As per their argument that the refunds might not get stuck up again, I and my team have made a commitment with them that as the budget is passed on June 29th, we will hold meetings with them and devise an automated system like in Bangladesh or China. Through the automated system, you will get a major amount from your bank or the State Bank and would not be dependent on the FBR. Allow us the opportunity to run this system and if it does not work, we will re-assess it in 3-6 month period.Difference between the assets amnesty scheme and assets declaration schemeShabbar Zaidi: I want to explain the difference between the assets amnesty scheme and assets declaration scheme. The amnesty scheme provides immunity from the income tax ordinance offering exemption under income tax ordinance. This other law is assets declaration law, which is a different law which does not only include income tax but also all other laws, including FIA, Foreign Exchange. If a person fraudulently takes money to Dubai or elsewhere, he would also be covered under it. People are not understanding this if that amount is declared, it is bigger than amnesty scheme and covers both the default of foreign exchange and that of the FIA.Assets declared would never be presented in any courtMinister of State for Revenue Hammad Azhar said it had clearly been mentioned in the Assets Declaration Ordinance, 2019 that whatever assets would be declared under the law would never be presented in any court of law or any other forum as evidence against those declaring their assets. And as a precautionary measure, this data would also be secured in the Federal Board of Revenue (FBR). That means that data would not be available to the FBR officers in future.He said there were some faults in the amnesty scheme, announced by the previous government: There was no need to present your cash in the banks for seeking amnesty; no ‘benami’ laws were in place before launch of the current assets declaration scheme; however, it was ensured that the data of those availing the amnesty was secured and they were not harassed by any official of the FBR or any other government agency.The state minister said when he came to know that the FIA had a list of Pakistanis having properties abroad, the agency top officials were directed to make sure that those availing the amnesty scheme, or those who had mentioned their properties in the tax returns, were not harassed. He said he was giving an assurance to those intending to declare their assets under the current scheme that they would never face any difficulty in future due to this sharing of the data with the FBR.Declaration of properties under new ratesHammad Azhar said the market rates of immoveable properties i.e. real estate have mostly been higher that the DC rates. Now the government was re-evaluating the properties and issuing new DC rates. If someone wanted to re-evaluate his/her properties and declare under the assets declaration scheme, they could do so for their own benefit. However, if they do not do so, the government would not go after them.No extension in schemeThe state minister firmly said that extension in assets declaration date would not be possible at all. The scheme has been in place for the last one-and-a-half months and there’s still one week to go. Those would be real unfortunate people who do not benefit from the current scheme. After expiry of the date, the government would seize all benami properties and send those deceiving the government to jails.Can gold be declared under the scheme?Hammad Azhar said the person who says he has three tonnes of gold, he could declare it under the scheme. He could also present it as stocking trade, and mostly such people could be gold traders. Tue, 25 Jun 2019 11:48:51 +0500 Alternate Text