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SECP notifies Futures Exchanges, Licensing, Operations Regulations, 2017


ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has notified the Futures Exchanges, Licensing and Operations Regulations, 2017. The salient features of the regulations include application of fit and proper criteria to the majority shareholders, directors and senior management officers, providing a code of conduct for the board of directors and senior management officers of a futures exchange, a statement ... Read More »

NAB resolves Punjab Highway dept corruption case


LAHORE: The National Accountability Bureau (NAB) Lahore started recovering Rs 67 million from Land Acquisition Collector (LAC), Punjab Highway Department and accomplices by receiving first installment of Rs 59.84 million through the plea bargain. Director General NAB Lahore Shahzad Saleem handed over cheque of Rs 6.1 million to an official of the Punjab  government. According to NAB spokesman, the NAB ... Read More »

Weekly inflation increases 0.29 percent

inflation eases

ISLAMABAD: The weekly inflation for the week ended on June 22 for the combined income groups increased by 0.29 percent as compared to the previous week. According to the data released by Pakistan Bureau of Statistics (PBS) on Friday, the Sensitive Price Indicator (SPI) for the week under review in the above mentioned group was recorded at 220.48 points against ... Read More »

Five new discoveries to produce 70 mmcfd gas, 636 bpd oil initially

liquid gas

ISLAMABAD: Oil and gas Exploration and Production (E&P) companies, operating in different potential areas of the country, made five new discoveries during the last four months that would initially produce 70 mmcfd gas and 636 bpd oil, official sources in the Ministry of Petroleum and Natural Resources said on Friday.“Interestingly, all these discoveries have been made in Sindh province, out ... Read More »

National grid to have additional 556.52MW solar energy by 2018

energy firms

ISLAMABAD: Alternative Energy Development Board (AEDB) has issued seven Letter of Support (LoS) and 17 Letter of Intent (LoI) for various solar projects which will generate a total 556.52 MW electricity. Official sources told APP here on Friday, that seven project were in process of achieving Financial Closing and would supply 72.52 MW electricity to the system by December 2017 ... Read More »

Govt constructing Northern Bypass in Peshawar to enhance trade

enhance trade relations

ISLAMABAD: The federal government is constructing the Northern Bypass in Peshawar to ensure smooth flow of traffic in the city and its adjoining areas. According to Radio Pakistan quoting sources of National Highway Authority Friday said thirty two kilometres long Northern Bypass will be completed at a cost of twenty one billion rupees by the end of this year. The ... Read More »

Human trafficker arrested


SIALKOT: The Federal Investigation Agency (FIA) on Friday arrested a human trafficker from Pasrur. According to Divisional Deputy Director FIA Khalid Anees, the accused, Abid, was sending people abroad illegally  after getting big amounts from them Read More »

Tax payable explained on franchise services


KARACHI: Sindh Revenue Board (SRB) has explained tax payable on services rendered by franchise and in this regard the provincial revenue authority amended the Sndh Sales Tax on Services Rules, 2011. In a notification issued, the SRB explained that in cases where franchise services are provided or rendered by a franchiser to franchisee and the agreement does not provide specifically ... Read More »

NAB chairman reviews proactive anti-corruption strategy

NAB Qamar Zaman Chaudhry

ISLAMABAD: NAB Chairman Qamar Zaman Chaudhry says the bureau has established forty-two thousand Character Building Societies in universities and colleges to make the youth aware of ill effects of corruption at early age. Chairing a meeting to review NAB’s proactive Anti-Corruption Strategy in Islamabad on Thursday, he said the organization has adopted zero tolerance policy for a corruption free Pakistan. Read More »

NLC rejects FIA report on oil theft cases


ISLAMABAD: The National Logistics Cell (NLC) has categorically rejected a report of the Federal Investigation Agency (FIA) regarding alleged involvement of the NLC-owned bowszers in oil theft and said that a highly technical inquiry was conducted by non-technical person that raises doubts about the credibility of the report. A spokesman for the NLC has categorically rejected findings of the FIA ... Read More »

FDI exceeds to $2b during July to May 2016-17: BOI


ISLAMABAD: Board of Investment (BoI) on Thursday said the Foreign Direct Investment (FDI) had exceeded to $ 2 billion during July to May 2016-17, up 22.6 percent increase as compare to previous year. The Board of Investment (BoI) would be reviewed the investment strategy 2013-15 in light of new realities for evolving the mechanism for modernization and staff capacity building ... Read More »

NIT announces interim results for FY 17


KARACHI: National Investment Trust Limited (NITL), the largest asset management company of Pakistan, has declared interim distribution for all funds under its management for the year ending June 30, 2017. The Board of Directors earlier approved the interim distribution for all funds under its management, says NITL statement here on Thursday. NITL is presently managing ten funds with assets under ... Read More »

APTMA to organize textile convention in second week of next month


ISLAMABAD: All Pakistan Textile Mills Association (APTMA) will organize textile convention along with all textiles associations of the country in second week of July. In textile convention APTMA, including all textile industries will hold consultation and consensus for future plan of action for the growth of the industry in country, Secretary General, APTMA, Anis ul Haq told APP here on ... Read More »

Beijing, Minsk for business cooperation, trade development


KARACHI: Beijing is willing to constantly push the business cooperation, communication and trade investment development with Minsk. This was asserted by head of Beijing delegation and vice-chairman of China Council for the Promotion of International Trade Beijing Sub-Council (CCPIT Beijing) Li Luxia at the Beijing-Minsk Business Cooperation Promotion Fair, which was held in Minsk on June 21, said a press ... Read More »

ASF seizes contraband from passenger at Islamabad airport

Benazir International airport

RAWALPINDI: The Airport Security Force (ASF) seized contraband from a local heading to Bahrain via a private airline at Benazir Bhutto International Airport, here on Thursday. According to the ASF, 1 kilogramme of ice and heroin were seized from a passenger identified as Saeed Shah, in the operation at Benazir Bhutto International Airport. “Shah, who hails from Mardan, was hiding ... Read More »

NAB recovers Rs287b so far: MM Waqar


PESHAWAR: Additional Director Awareness and Prevention Wing NAB Khyber Pakhtunkhwa Mian Muhammad Waqar on Thursday said the bureau has so far recovered Rs 287 billion in different scams and distributed among affectees. Addressing a seminar held here at District Buner on Anti-Corruption, he said society can help NAB in arrest of proclaimed offenders and absconders, who he said are over ... Read More »

NAB gives Rs12.61m to 40 affectees


LAHORE: National Accountability Bureau (NAB) Lahore on Thursday gave cheques amounting to Rs 12.61 million to the 40 affectees of money doubling scam and Qasr-e-Zauk. In this regard a formal cheques distribution ceremony was held at NAB office Lahore. Speaking on the occasion, the DG NAB said that the Bureau was strictly pursuing “Zero Tolerance Policy” against corruption for corruption ... Read More »

ATMs closure, Banks keep tradition alive despite SBP directives


RAWALPINDI: Despite clear directives of State Bank of Pakistan (SBP) to ensure uninterrupted working of automated teller machines (ATMs) especially during the last week of Ramazan and before and on the eve of Eid-ul-Fitr, banks kept the tradition alive as majority of the ATMs were found closed or out of order on Thursday in various parts of the city. A ... Read More »

USA announces $25m for ‘Food for Peace’ in Pakistan


ISLAMABAD: , June 22 (APP): United States government has announced a donation US$ 25 million by the ‘Food for Peace’ Office of the US Agency for International Development (USAID), and will allow WFP to carry on with programmes providing food, cash and education for families in the poorest parts of Pakistan. The donation will be used for improving the nutrition ... Read More »

Banks to remain open for extended hours on 30th for tax collection


KARACHI: State Bank of Pakistan (SBP) has announced that commercial banks will remain open for extended hours on June 30, 2017 to facilitate the collection of duty and taxes. The SBP said that in order to facilitate the collection of Government duties / taxes, commercial banks will remain open their clearing related branches on June 30, 2017 (Friday) till such ... Read More »