Economy

'Anti-tax evasion mechanism in place'

ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Shaikh said Tuesday that the government has devised a comprehensive mechanism to curb tax theft by identifying potential tax evaders and bringing them into net to improve revenue collection. He...

RPP case: Faisal gets AG’s assurance

ISLAMABAD: Pakistan Muslim League-Q leader Makhdum Faisal Hayat said on Tuesday that Attorney General Irfan Qadir had assured him of extending full cooperation in Rental Power case, media reported. Talking to Geo News correspondent Abdul Qayyum Siddi...

Rupee falls ahead of IMF repayments

KARACHI: In the currency market, the rupee weakened to 95.86/95.92 to the dollar, compared to Monday's close of 95.81/96.86, ahead of International Monetary Fund repayments due this month. Overnight rates in the money market remained flat at 9.90 per...

Oil demand slides further after Sandy

PARIS: Hit by the shocks of hurricane Sandy and recession in much of Europe, world oil demand is set to fall further than earlier forecast in 2012, the International Energy Agency said on Tuesday. In its monthly report on the world oil market, the Pa...

PIA corruption: SC issues notices

ISLAMABAD: The Supreme Court of Pakistan on Tuesday issued notices to all the relevant parties during the hearing of a suo motu case pertaining to corruption in PIA, media reported. The court sought a comprehensive report regarding the Pakistan Inter...

Crude down in Asia

SINGAPORE: Crude prices fell in Asia Tuesday as traders fretted over the looming US "fiscal cliff", analysts said. New York's main contract, light sweet crude for delivery in December, shed 29 cents to $85.28 a barrel and Brent North Sea crude for De...

New BlackBerry to launch January 30

OTTAWA: The launch for the new BlackBerry 10 platform will be held January 30, as smartphone maker Research in Motion tries to regain traction against surging rivals. The Canadian firm said Monday the launch "will happen simultaneously in multiple co...

UN seeks $39 mn more in Haiti aid

GENEVA: The United Nations on Monday called for an extra $39 million (31 million euros) in aid to help Haiti recover from Hurricane Sandy's passage across the Caribbean last month that left dozens in the country dead and thousands homeless. The addit...

Expats remit over $1.365bn in October

KARACHI: Overseas Pakistani workers remitted a historic amount of $1,365.10 million in October, 2012 as against $1,017.87 million sent by them in the same month of the last fiscal year (October, 2011) showing a tremendous jump of $347.23 million or 3...

Rupee strengthens against US dollar

KARACHI: In the currency market, the rupee strengthened to 95.81/95.86 to the dollar on light activity, compared to Thursday's close of 95.90/96.95. The market was closed on Friday for a national holiday. Overnight rates in the money market ended at ...

No CNG for next 48 hours in Sindh

KARACHI: The CNG Stations would remain shut in Sindh for the next 48 hours, media reported on Monday. According to the Sui Southern Gas Company Limited the CNG stations would be closed from Tuesday 9:00am to Thursday 9:am. Sources said that the clos...

KSE eases towards 16,200 points

KARACHI: Pakistani stocks eased towards 16,200 points on Monday, as weakness in Engro Corp and oil shares offset a rise in bank stocks. Engro fell 4.1 percent to 91.33 rupees, while JS Bank rose 10.83 percent, or 0.64 rupees, to 6.55 per share. Azgar...

President Zardari signs DRAP bill

ISLAMABAD: President Asif Ali Zardari has signed the Drug Regulatory Authority of Pakistan Bill (DRAP), 2012. The bill had earlier been approved by the National Assembly and Senate after being moved by Minister for National Regulation and Services Dr...

ECC to allow POL prices revision/month

ISLAMABAD: Economic Co-ordination Committee (ECC) in its next meeting is likely to give permission for the revision of petroleum products’ prices on monthly basis, media reported. Finance ministry sources told that ECC meeting was expected to be held...

Karzai signs 4 MOUs with India

New Delhi: Afghanistan President Hamid Karzai met Prime Minister Manmohan Singh in New Delhi on Monday. He also met External Affairs Minister Salman Khurshid. Four agreements were signed between the two countries. They signed four agreements in diver...

Australian wins $208k from Google

SYDNEY: Google was ordered to pay Aus$200,000 (US$208,000) in damages to an Australian man Monday after a jury found the Internet giant defamed him by publishing material linking him to mobsters. Milorad Trkulja, an entertainment promoter who is now ...

Afghanistan beckons India's business leaders to invest

MUMBAI : Afghanistan is "ripe and ready" for Indian investments in mining and other sectors, President Hamid Karzai told business leaders in Mumbai on Saturday at the start of a trip to woo investors for his war-ravaged country. "We'd like to welco...

Kabul Bank to auction Palm villas

Afghanistan's special tribunal on Kabul Bank, a lender forced into bankruptcy last year, is seeking to expedite the sales of bank assets, starting with those in Dubai. On the top of the list are eight properties on the Palm Jumeirah worth a total o...

State Electricity Revenue Increases 20%

The revenue of Afghanistan's national electricity company Da Afghanistan Breshna Sherkat (DABS) has risen 20 percent more than expected to 11 billion Afs (US$213 million) for the year, officials said Saturday. DABS chief Abdullah Razaq Samadi said ...

Central Provinces Protest in Kabul Against ‘Unfair’ Development

Residents from Afghanistan's central provinces held a protest outside Kabul's parliament building on Saturday in opposition to what they perceive as unbalanced development where the central provinces' needs are being ignored. Protestors from Ghor, ...

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