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Car sales plunge 36pc in September in sixth straight month of decline

seized cars

KARACHI: Sales of passenger cars plunged by 36 per cent in September, the sixth consecutive month of decline as the escalating interest rate and import tariff hit the slumping industry, according to data by manufacturers association. Sales fell to 10,923 vehicles in September 2019 from 16,957 units sold during the same period last year, data by Pakistan Automotive Manufacturers Association ... Read More »

OGRA hikes RLNG prices by up to 6.6pc


ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) notified a hike in prices of imported gas by up to 6.6% for October 2019. The regulator increased the prices of re-gasified liquefied natural gas (RLNG) by 6.43% for Sui Northern Gas Pipelines Limited (SNGPL) and 6.62% for Sui Southern Gas Company (SSGC) compared to the previous month. Ogra fixed the new ... Read More »

Pakistan Post announces debit card facility for pensioners


ISLAMABAD: Federal Minister for Postal Services and Communication Murad Saeed announced that the pensioners of the Pakistan Post will be given a debit card facility till December 25. Addressing the ceremony of 145th Wold Post Day here at Postal Staff College, Murad Saeed said debit card facility will not only provide instant cash to old citizens besides making it easier ... Read More »

Govt releases Rs2,490.503m for food security projects


ISLAMABAD: The government has so far released Rs2,409.503 million for several agriculture uplift projects under its Public Sector Development Program (PSDP) for financial year 2019-20 as against the total allocation of Rs12,047.516 million for the current financial year. The amount was released for the completion of several on-going development projects, besides new projects initiated under Prime Minister’s Agriculture Emergency Program ... Read More »

Azerbaijan shows keen interest to invest in energy sector


ISLAMABAD: Azerbaijan on Wednesday showed interest to sign a long-term LNG supply agreement with Pakistan to serve the market that sees double digit growth annually in the fuel import. Businessmen of Azerbaijan expressed keen interest in oil and gas exploration activities as well as opportunities in the LNG infrastructure in Pakistan and offered LNG supplies on a long-term basis. A ... Read More »

Pakistan to become hub of regional economic activity: Nafees Zakaria


LONDON: Pakistan’s High Commissioner to the United Kingdom, Nafees Zakaria says Pakistan is rich in natural and human resources with a great scope for foreign investment. He made these remarks at a dinner reception at the High Commission in London to celebrate the appointment of Zameer Choudrey, Commander of the Order of the British Empire (CBE) to the House of ... Read More »

Pakistan ranked 110 among 141 countries on Global Competitiveness Index


DAVOS: The World Economic Forum (WEF) has ranked Pakistan at 110 among 141 countries on the Global Competitiveness Index (GCI). The forum released the Global Competitiveness Report 2019 this week adopting a new methodology for measuring competitiveness by including indices which represents more knowledge and digital-based ecosystems. However, to give a comparison with the old methodology, the WEF has given ... Read More »

Govt considering flat electricity rate for winter season


ISLAMABAD: The government plans to introduce a relatively cheaper flat rate for electricity consumers in winter months to encourage higher power consumption. The move comes amid declining electricity consumption as ‘peak hours’ in summer turn into ‘lean hours’ in winter and power companies are unable to utilise the fuel the government orders for running power plants. As a result, consumers ... Read More »

Rs40,000 prize bonds worth Rs180b withdrawn


ISLAMABAD: Central Directorate of National Savings (CDNS) Tuesday said that the investors of Rs40,000 prize bonds have withdrawn Rs180 billion by September 30, out of overall reserve of Rs259 billion investments in CDNS in the prize bonds. After the decision taken by the federal government, CDNS had discontinued the specific bond by June 24, 2019, senior official of CDNS said. ... Read More »

SECP taking measures to regulate NGOs


ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has taken measures to regulate non-profit organizations (NPOs) to enhance transparency in the sector, as a large segment of the NPO sector is seen as having a significant inherent vulnerability for terrorist financing (TF). A report published in media claims that one of the SECP’s top priorities is to improve regulations ... Read More »

Cutlery exports increase 21pc to $16m


ISLAMABAD: The cutlery exports from the country witnessed an increase of 21.21 percent during the first two months of current financial year 2019-20 as compared to the corresponding period of last year. Pakistan exported cutlery goods worth $16.856 million during July-August (2019-20) against the exports of $13.907 million during July-August (2018-19), showing an increase of 21.21 percent, according to the ... Read More »

President Alvi establishes CPEC Authority through presidential ordinance

President Dr Arif Alvi 1

ISLAMABAD: President Arif Alvi promulgated an ordinance to provide for the establishment of the China Pakistan Economic Corridor (CPEC) Authority. The ordinance was promulgated by the president on October 5 in exercise of his powers under clause (1) of Article 89 of the Constitution, and issued here on Monday. The Ordinance extends to the whole of Pakistan. Section 1 of ... Read More »

Govt accumulates record debt of Rs7.5tr in first year

bad debt

ISLAMABAD: The Pakistan Tehreek-e-Insaaf (PTI) government, in its first year of power, has accumulated a record public debt of Rs7,509 billion, according to media. According to sources, the foreign debt incurred from August 2018 to August 2019 stood at Rs2,804 billion, while the internally accumulated figure stood at Rs4,705 billion. Sources added that Pakistan’s total public debt increased by 1.43 ... Read More »

PTCL, LDA sign MoU for beautification of underpasses in Lahore


LAHORE: Pakistan Telecommunication Company Limited (PTCL) and Lahore Development Authority (LDA) signed a Memorandum of Understanding (MoU) for the beautification and renovation of 19 underpasses in Lahore under the Prime Minister’s vision. The MoU was signed by Muhammad Usman Moazzam, Director General, LDA and Syed Mazhar Hussain, Chief Human Resource Officer, PTCL, at the office of the Chief Minister in ... Read More »

Pakistan made progress to address deficiencies identified in MER: APG


ISLAMABAD: The Asia-Pacific Group of Money Laundering (APG), has adopted Pakistan’s Mutual Evaluation Report (MER) in its 22nd Annual Meeting held in Canberra, Australia from 18-23 August 2019, which has now been uploaded on APG’s website as per procedure. Pakistan’s senior level delegation headed by the Governor State Bank of Pakistan attended the APG Annual Meeting in Canberra. Pakistan’s Mutual ... Read More »

‘Invest in Pakistan’ tech summit concludes in Silicon Valley


WASHINGTON: A tech summit titled ‘Invest in Pakistan’ concluded in San Jose, Silicon Valley on Sunday. In his welcome address, Pakistan’s Ambassador to the US Dr. Asad M Khan thanked the audience from Pakistan and across the United States, including US government officials, for their participation in the event. Briefing the audience on the investment landscape in Pakistan, he highlighted ... Read More »

Value of Pak Rupee improves after govt’s steps: Hammad Azhar


ISLAMABAD: Federal Minister for Economic Affairs, Hammad Azhar, said that the value of the national currency, rupee, has improved after the immediate steps taken by the federal government, according to media. Hammad Azhar, while addressing a press conference alongside the Punjab Minister for Industries and Trade Mian Aslam Iqbal, said that the government made tough decisions for national economy which ... Read More »

Japan in talks with Pakistan to import skilled labour

japan, pakistan

ISLAMABAD: Japan is in talks with Pakistan for the import of thousands of skilled labour and a Memorandum of Understanding in this regard will be signed soon, Radio Pakistan reported on Monday. Minister and Deputy Head of Mission at Embassy of Japan in Pakistan Yusuke Shindo said the MoU could be signed between the two countries next month. He said ... Read More »

ADB to provide additional $200m for Benazir Income Support Programme

ADB - Bangladesh

ISLAMABAD: Asian Development Bank (ADB) on Monday approved a $200 million loan to the Benazir Income Support Programme (BISP), according to a press release issued by the Manila-based lending agency. The amount is additional financing issued by the bank for the social development project which supports more than 5 million eligible families across the country through over $3.6 billion in ... Read More »

Govt decides to form CPEC Authority with Presidential Ordinance


ISLAMABAD: Federal Government has decided to bring an ordinance to establish the proposed CPEC Authority, according to media. The text of the proposed law for the authority has been prepared and forwarded to the President of Pakistan for his approval, sources said. The government has decided to issue an ordinance as both the houses of the Parliament, the National Assembly ... Read More »