ISLAMABAD, Sep 7 (APP): The Ministry of Privatization on Monday auctioned five properties worth of Rs.156.45 million owned by different ministries and division to create resources for economic development and prosperity. As a result of bidding against the reserve price of Rs140.525 million, ministry of privatization was successfully able to raise Rs 156.45 million for… Continue reading 5 properties worth 156.45 million auctioned
Category: Business
Business news from Pakistan
Pakistan potential destination for foreign investment, Hafeez informs investors
ISLAMABAD, Sep 07 (APP): Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh Monday urged foreign investors to invest in Pakistan, which has unique location that makes it the best potential destination for foreign investment. Chairing a meeting here with the delegation of FORTESCUE Metal Group Ltd Australia led by Mr.… Continue reading Pakistan potential destination for foreign investment, Hafeez informs investors
Hafeez Shaikh appreciates strong performance of PSX
ISLAMABAD, Sep 7 (APP): Advisor to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh Monday appreciated the strong performance of the Pakistan Stock Exchange (PSX) and congratulated it on being named the best performing market in Asia. The advisor was speaking at PSX gong ceremony to mark the successful book building and listing… Continue reading Hafeez Shaikh appreciates strong performance of PSX
NPMC directs province, ICT to take proactive measures for price control
ISLAMABAD, Sep 07 (APP): The National Price Monitoring Committee (NPMC) here Monday directed all provincial governments and Islamabad Capital Territory (ICT) administration to take proactive measures to control the undue price hike of essential items. The NPMC meeting was held under the Chairmanship of Special Finance Secretary, Mohsin Mushtaq Chandna to discuss the price trend… Continue reading NPMC directs province, ICT to take proactive measures for price control
Dawood greets Australian inventors for making investment in Pakistan
ISLAMABAD, Sep 7 (APP): Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood Monday hailed the Australian inventors to make investment in different sectors of Pakistan. A delegation of Fortescue Metals Group Limited, headed by the Chairman of the group, Andrew Forrest, visited the Board of Investment (BOI) here, said a press… Continue reading Dawood greets Australian inventors for making investment in Pakistan
Federal Govt allows release of Rs112.04 billion for development projects
ISLAMABAD, Sep 7 (APP): The federal Government has so far authorized release of Rs112.04 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2020-21 as against the total allocation of Rs650 billion. Under the development programme,the Government has released an amount of Rs73.7 billion for federal ministries,… Continue reading Federal Govt allows release of Rs112.04 billion for development projects
Pakistan can grab big share of Chinese investment in green energy
ISLAMABAD, Sep 4 (APP): Pakistan has big opportunity to grab the the Chinese investment in renewable energy sector after the Chinese decision of expanding investment in the sector. “China as a global leader in green finance and renewable development, wants Belt and Road Initiative (BRI) to be green,” a German scholar Dr Christoph Nedopil Wang,… Continue reading Pakistan can grab big share of Chinese investment in green energy
Telenor seeks govt’s support to increase investments, brings $185 mln FDI in 2 years
ISLAMABAD, Sep 3 (APP): The Telenor Pakistan that brought around $185 million Foreign Direct Investment (FDI) into the country during last two years, has now requested the government to provide assistance to help it increase company’s investments. The Chief Executive Officer (CEO) Telelor Pakistan, Irfan Wahab Khan during a call on meeting with the Adviser… Continue reading Telenor seeks govt’s support to increase investments, brings $185 mln FDI in 2 years
Shaikh seeks update on transparency standards, expenditures under Ehsaas
ISLAMABAD, Sep 3 (APP): Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh Thursday directed the Social Protection and Poverty Alleviation Division (SP&PA D) to provide an update to the Finance Division about the transparency standards and expenditure already made under round-1 of Ehsaas Emergency Cash Assistance Program. He expressed these views… Continue reading Shaikh seeks update on transparency standards, expenditures under Ehsaas
ECC approves $142 m to address financial issues of Roosevelt Hotel
ISLAMABAD, Sep 02 (APP): The Economic Coordination Committee (ECC) of the Cabinet Wednesday approved an amount of $142 million for the Pakistan International Airlines Investment Limited (PIA-IL) to address the financial challenges faced by the Roosevelt Hotel, New York. Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the ECC… Continue reading ECC approves $142 m to address financial issues of Roosevelt Hotel
FBR, FDE sign Letter of Understanding to promote tax culture
ISLAMABAD, Sep 02 (APP): The Federal Board of Revenue (FBR) and Federal Directorate of Education (FDE) here Wednesday signed Letter of Understanding (LoU) to promote tax culture in the country. The initiative was taken in line with the vision of Prime Minister for promoting Taxation system in the country and under the guidance of Chairman… Continue reading FBR, FDE sign Letter of Understanding to promote tax culture
Tripartite meeting on ADB funded projects worth $ 6.6 billion held
ISLAMABAD, Sep 2 (APP): The two-day portfolio review session of Asian Development Bank (ADB) funded projects worth $ 6.6 billion organized by Economic Affairs Division (EAD) held here on Wednesday. Federal Minister for Economic Affairs, Makhdum Khusro Bukhtiar chaired the tripartite wrap-up meeting on portfolio review of ADB funded projects at Ministry of Economic Affairs,… Continue reading Tripartite meeting on ADB funded projects worth $ 6.6 billion held
NBP earns Rs 15.2 billion profit after tax in 2nd half of FY20
KARACHI, Sep 02 (APP): With an impressive growth in core earnings, National Bank of Pakistan earned Rs 15.2 billion as profit after tax in six months ending June 30, 2020; up by 36.8% compared to the same period of last year. This increased the bank’s net assets by Rs 26.4 billion to Rs 259 billion.… Continue reading NBP earns Rs 15.2 billion profit after tax in 2nd half of FY20
Japanese investors keen to relocate industry to Pakistan: Envoy
ISLAMABAD, Sep 2 (APP): Ambassador of Japan Matsuda Kuninori on Wednesday said the Japanese investors were looking to relocate their industry from elsewhere to Pakistan. He was talking to Minister for Planning, Development and Special Initiatives Asad Umar here at the Planning Ministry. The ambassador said the embassy was encouraging Japanese investors to look at… Continue reading Japanese investors keen to relocate industry to Pakistan: Envoy
Collection of customs duty for August surpasses target
ISLAMABAD, Sep 2 (APP): The Federal Board of Revenue (FBR) Wednesday said the collection of customs duty for the months of August 2020, surpassed target and also achieved the revenue target of customs duty assigned. The FBR stated that outbreak of COVID-19 within country had caused administrative problems in collection of revenue,said a statement issued… Continue reading Collection of customs duty for August surpasses target
Petroleum Division plans ‘physical work’ on PARCO coastal refinery before next summer
ISLAMABAD, Sep 2 (APP): The Petroleum Division is planning to start ‘physical work’ on the much-delayed Pakistan Arab Refinery Company (PARCO) Coastal Refinery before the next summer to achieve self-reliance in the oil production sector. “All formalities including the refinery’s design, licensing, engineering work, sizing and product-slab have been completed. Hopefully the physical work on… Continue reading Petroleum Division plans ‘physical work’ on PARCO coastal refinery before next summer
SECP conducts a series of AML/CFT awareness sessions
ISLAMABAD, Sep 02 (APP): The Securities and Exchange Commission of Pakistan (SECP), in collaboration with United Nations Office on Drugs and Crime (UNODC), conducted a series of online capacity building workshop on Wednesday for the financial and corporate sector. The sessions covered the subjects of risk-based approach to ML/TF, terrorism financing/ targeted financial sanctions and… Continue reading SECP conducts a series of AML/CFT awareness sessions
Govt agrees to revises rates of five zero-rated industries: Razak Dawood
ISLAMABAD, Sep 1 (APP): Advisor to Prime Minister for Commerce and Investment, Abdul Razak Dawood Tuesday said the government agreed that erstwhile 5 zero-rated industries would be given a rate of 7.5 ¢/kWh for July and August and 9 ¢/kWh thereafter. For gas, the rate will be $6.5/MMBtu throughout; the advisor said this on his… Continue reading Govt agrees to revises rates of five zero-rated industries: Razak Dawood
Japan to provide debt relief to Pakistan
ISLAMABAD, Sep 1 (APP): Assuring all possible help and assistance to the government, Ambassador of Japan to Pakistan, Kuninori Matsuda said Tuesday that his country would provide debt relief to Pakistan to help economic stability. In a call on meeting with Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here, the… Continue reading Japan to provide debt relief to Pakistan
Government allows release of Rs105.42 billion for development projects
ISLAMABAD, Sep 1 (APP): The federal government has so far authorized release of Rs105.24 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2020-21, as against the total allocation of Rs650 billion. Under its development programme, the government has released an amount of Rs72.4 billion for federal… Continue reading Government allows release of Rs105.42 billion for development projects
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