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Oil prices rapidly falling downwards hitting 40 dollars per barrel

Oil prices in the international market has been rapidly falling down and currently reached at 40 dollars per barrel which is the lowest rate during the last six years. Experts said that the lowest oil prices in the international market are the result of surplus oil supply. In Pakistan too, …

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Karachi Chamber of Commere suggests solution of withholding tax issue

KARACHI: Karachi Chamber of Commerce has given a package consists of suggestions regarding the issue of withholding tax to the policy makers. According to the suggestion, the non-filer would be bound to deposit Rs.20,000 as income tax along with the return. It is suggested to increase the tax percentage gradually …

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Saudi group acquires 88% shares in National Power Construction Corporation for Rs. 2.5 billion

ISLAMABAD: Saudi group, Mansour Al Mosaid Limited Company, has won the bidding of privatization of National Power Construction Corporation (NPCC) and has acquired 88% shares in NPCC. Earlier the Cabinet Committee on Privatization has approved the divestment of 88% government share in the NPCC and same were acquired by Mansour …

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SBP: Pakistan’s Liquid Forex Reserves raised by 1.52%

KARACHI: After facing fluctuations in the month of July 2015, Pakistan liquid forex reserves figure ended at $18,822.1 million that is the highest reserves figure achieved by the country so far, reported by Domestic Markets & Monetary Management Department of the State Bank of Pakistan (SBP). The month of July …

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3 to 10% reduction in petroleum prices recommended by Ogra

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Thursday intimated 3 to 10 per cent cutback in the prices of petroleum products from 1st August. Although the summary was sent to the ministries of petroleum and finance recommending the reduction in prices, the government is expected to maintain the …

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SBP: Pakistan Liquid Forex Reserves slashed by $66 million in a week

KARACHI: Foreign Reserves held by the State Bank of Pakistan (SBP) has been decreased by $66 million in second week of July, reported by Domestic Markets & Monetary Management Department of Pakistan. Pakistan’s forex reserves that started to grew by the end of June 2015 has started to decline again …

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SBP’s Third Quarterly Report 2015 on the State of the Economy

KARACHI: After facing some hurdles in the initial months of the fiscal year 2015, the third quarter ended with a visible improvement in the macroeconomic sector of the Pakistan, according to third quarterly report of the Central Board of Directors of the State bank of Pakistan (SBP) presented in parliament …

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SBP: Foreign Workers’ Remittances rise 16.5% to $18.4 billion in FY15

ISLAMABD: According to External Relations Department of State Bank of the Pakistan, overseas Pakistani workers remitted $18.4 billion during FY15 (July to June), that is 16.5% than the $ 15.8 billion received during the FY14. This is the highest figure Pakistani achieved during FY15. This figure is also 9.51% higher …

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Dialogues between Ishaq Dar and traders successful, withholding tax reduces to 0.3 percent

ISLAMABAD: The issue over which lot of hue and cry was heard has finally been settled and government has announced to reduce the withholding tax from 0.6 percent to 0.3 percent for three months. The dialogues were held between Finance Minister, Ishaq Dar and the members of trade union regarding …

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SECP registered 5,001 new companies in FY15

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 5,001 new companies in 2014-15, witnessing a growth of 9% as compare to FY14, reported by Media and Corporate Communication Department of SECP. After the corporatistaion of 5,001 new companies in FY15, the total number of registered companies in …

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Pakistan is also part of secret TiSa Trade Deal for Total Corporate Takeover

WikiLeaks revealed that Pakistan is part of the Trade in Services Agreement (TiSA) and has the potential to change service economy across the world. The trade agreement targets to restrict the potential of governments to regulate national services, providing corporations with more control than ever. In the light of an …

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Pakistan jumps among world’s top ten stock market performers

  ISLAMABAD: After gaining an index of 16 % during the last 12 months, Pakistan has jumped among the world’s top ten stock market performers, said in a recent report by Bloomberg. The report highlighted the improvements in Pakistan’s economic performance in terms of trade, investment, industry, inflation, construction growth …

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Five oil companies penalized by Ogra fine of Rs17.8m

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has imposed  fine of millions on oil marketing companies that were held responsible for severe petrol shortages earlier this year. Oscar Oil Company has been fined Rs9.1 million, Admore Oil Marketing Company Rs4.7 million, Hascol Oil Company Rs1.9 million, Byco Rs1.6 million and …

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SBP revises forex remittance rules for ‘Medical Treatment Abroad’ and ‘Studies Abroad’

KARACHI: The State Bank of Pakistan has set new rules of forex remittance to facilitate Pakistanis to meet their individual forex needs related to ’medical treatment abroad’ and ‘studies/education abroad’, according to Circular No. 08/2015 of SBP. SBP has revised the rules of remittances for medical treatment abroad and remittances …

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