ISLAMABAD, Nov 12 (ABC):Uzbekistan’s Deputy Prime Minister and Minister for Tourism and Cultural Heritage Aziz Abduhakimov said the direct air flight between Pakistan and Uzbekistan will be started soon which would promote bilateral economic and tourism ties. In the first phase, the flight will be started from the city of Samarkand in Uzbekistan to Lahore, Deputy Prime Minister and Minister …

ISLAMABAD, Nov 12(ABC): The price of 24 karat per tola gold witnessed an increase of Rs 500 on Saturday as it was sold at Rs155,900 against its sale at Rs155,400, the previous day. The price of 10 gram 24 karat also increased by Rs 430 and was sold at Rs 133,660 against Rs133,230; whereas that of 10 gram 22 karat …

BEIJING, Nov 12(ABC): Pakistan’s sesame seed export to China surged to $ 59.09 million in the first nine months of the current year 2022, showing a growth of 50 percent on a year-on-year basis, according to the General Administration of Customs of the People’s Republic of China (GACC). The data received by Pakistan from the General Administration of Customs of …

ISLAMABAD, Nov 11 (ABC):The Securities and Exchange Commission of Pakistan (SECP) has registered 2,361 new companies during the month of  October, showing an increase of 17 percent as compared to the registration of last month.  The total number of registered companies was recorded at 180,996, whereas foreign investment has been reported in 77 new companies, said a press release issued …

LAHORE, Nov 11 (ABC): The Federal Board of Revenue has urged the Lahore Chamber of Commerce and Industry to ask its members to submit their tax returns on time as filing of tax return this year is far lower as compared to the previous year.Speaking at the Lahore Chamber of Commerce and Industry, Member Public Relations, Federal Board of Revenue …

ISLAMABAD, Nov 11 (ABC): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on November 10 for the combined consumption group witnessed an increase of 0.74 percent as compared to the previous week. The SPI for the week under review in the above-mentioned group was recorded at 216.48 points against 214.88 points registered in the previous week, …

ISLAMABAD, Nov 11 (ABC): Pakistani Rupee on Friday depreciated by 22 paisa against the US dollar in the interbank trading to close at Rs 221.64 against the previous day’s closing of Rs 221.42. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US dollar in the open market were recorded at Rs 225.5 and …

ISLAMABAD, Nov 11 (ABC): Minister of State for Finance Dr. Ayesha Ghous Pasha wowed on Friday to give exemplary punishment to the commercial bank who were over charging on Letter of Credits (LCs) payments. Briefing the Senate Standing Committee on Finance and Revenue the minister of state said that the banks responsible for over charging would be fined heavily so …

ISLAMABAD, Nov 11 (ABC): Pakistan Single Window (PSW) and the Drug Regulatory Authority of Pakistan (DRAP) on Friday signed a Memorandum of Understanding (MoU) to further expand their partnership for trade facilitation through the integration of cross-border business processes. The integration of DRAP systems under PSW would provide the electronic submission, processing and issuance of licenses, imported products including drugs, …

ISLAMABAD, Nov 11 (ABC): Minister for Power Engineer Khurram Dastgir on Friday said the Advanced Metering Infrastructure (AMI) would be installed by end of the current fiscal year and it would help overcome the power losses in the country. Responding questions at the floor of National Assembly, he said that this system was being used in developed countries and it …

ISLAMABAD, Nov 10 (ABC): The World Bank (WB)  Thursday expressed satisfaction over the progress of the Pakistan Raises Revenue Program (PRRP), which is aimed at broadening tax-base and domestic revenues, Federal Board of Revenue (FBR) said. “Based on initial findings the World Bank has expressed overall satisfaction with the progress of the Project due to major reforms in simplifying tax …

BEIJING, Nov 10 (ABC): In a move to better investigate and research lithium reserves in Pakistan, a strategic agreement was signed between the China-Pakistan Joint Research Centre on Earth Sciences and Tianqi Lithium Co. at an international conference on lithium battery industry held in Sichuan China, as per a statement by the China-Pakistan Joint Research Centre on Earth Sciences. The …

ISLAMABAD, Nov 10 (ABC): The Asian Development Bank (ADB) has approved a $15 million technical assistance programme, supported by ADB’s funds and the Green Climate Fund (GCF), to develop projects that promote climate change adaptation and mitigation in Southeast Asia. The new programme, which was announced at the Sharm el-Sheikh Climate Change Conference (COP 27), would help countries to mobilize …

ISLAMABAD, Nov 10 (ABC): President of the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC), Lin Songtian said that China would help Pakistan through infrastructure development, industrialization and capacity building of youth. He made these remarks while addressing a press conference at the Chinese Embassy in Islamabad on Thursday. President of CPAFFC Lin Songtian, highlighting the China- Pakistan exemplary …

KARACHI, Nov 10 (ABC): Federal Minister for Information Technology and Telecommunication (MOITT), Syed Amin ul Haque, on Thursday, said that government was focused on promotion of research and development activities for encouragement of entrepreneurship in the country. He was addressing distribution ceremony of the 1st Hameed and Azra Awards in the field of Quality Academic Research in Pakistan held here …

ISLAMABAD, Nov 10 (ABC): Pakistan-Iran Joint Border Commission has taken important decisions on border security, human smuggling and prevention of drugs, promotion of mutual cooperation for the establishment of peace and order on both sides of the border, provision of facilities to businessmen for an increase in trade activities, exchange of sports and culture and educational delegations and other related …

ISLAMABAD, Nov 10 (ABC): The Abu Dhabi Holding Company and International Holding Company (IHC) have expressed their special interest to invest in energy, agriculture, healthcare and other sectors of Pakistan’s economy. According to a press statement issued by finance ministry here on Thursday, Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar held meeting with Chief Executive Officer (CEO) …

Nov 9(ABC): Tesla top boss Elon Musk has sold $3.95 billion worth of shares in the electric-vehicle maker, regulatory filings showed, days after he closed the $44-billion deal for Twitter. The latest sale brings the total Tesla stocks sold by Musk to about $36 billion since November last year, leaving him with a roughly 14% stake in the world’s most valuable …

PESHAWAR, Nov 9 (ABC): President Dr Arif Alvi on Wednesday stressed the need to undertake financially sustainable and viable development projects, besides reducing pilferage in government departments’ expenditures to enhance efficiency and reduce the financial burden on governments. He said that better planning and implementation of development projects by the trained and qualified development professionals could help improve overall service …

Nov 9(ABC): The central bank on Wednesday hinted at easing import restrictions imposed by the government to keep foreign exchange reserves under tight control. This was suggested by State Bank Governor Jameel Ahmed during a banking conference on Wednesday. While responding to media questions about the government’s stringent import policy of the past few months, he said that commercial banks …

ISLAMABAD, Nov 9(ABC): Pakistan is likely to receive a $450 million loan from the World Bank as the international creditor confirmed that the country had accomplished all conditions attached to the Resilient Institution for Sustainable Economy (RISE-II) programme. The board of directors of the World Bank is expected to approve the $450 million loan in November, reported Wednesday. “Discussions are also …

ISLAMABAD, Nov 09 (ABC): Minister for Finance and Revenue Senator Muhammed Ishaq Dar on Wednesday said that State Bank of Pakistan and National Bank of Pakistan would withdraw their petitions from the Supreme Court of Pakistan against the judgment of Federal Shariat Court in which the Court had ordered implementation of interest-free banking system in the country. The minister said …

BEIJING, Nov 9 (ABC): Pakistani pine nuts exports to China from January-September this year crossed the figure of $47.691 million, according to the official data from the General Administration of Customs of the People’s Republic of China (GACC). Pine nuts from Pakistan have taken up more than 42% of China’s imports, ranking second among major pine nut exporters to China. …

KARACHI, Nov 09 (ABC): The State Bank of Pakistan, on Wednesday, launched the Environmental and Social Risk Management (ESRM) Implementation Manual for banks and development finance institutions (DFIs) to promote green banking in the country. The manual was launched by Governor State Bank Jameel Ahmed in the inaugural session of Sustainable Banking Conference, organised here by SBP in collaboration with …

SYDNEY, Nov 9(ABC): Australia’s biggest health insurer Medibank, recently hit by a massive cyber hack, said on Wednesday the hacker could release more stolen data after the company refused to make ransom payments. Some names, addresses, phone numbers, email addresses, passport numbers of international students and health claims data stolen from Medibank’s systems have already been released on a dark …

KARACHI, Nov 08 (ABC): State Bank of Pakistan (SBP) has reviewed the existing foreign currency cash carrying limits for travel purposes and decided to further rationalize the same. As per the revised limits individuals with age 18 years and above (adults) can now take out of Pakistan foreign currency  equivalent to $ 5,000 per visit, while those below the age …

ISLAMABAD, Nov 06 (ABC): Dubai International Airport (DXB) has retained its spot as the world’s busiest for international passengers in October, Gulf News reported on Sunday. DXB has also retained its spot as the second busiest ‘global airport’ in the world, measuring both domestic and international airline capacity, according to the data revealed aviation consultancy OAG in early November 2022. …

ISLAMABAD, Nov 6(ABC): The federal cabinet on Sunday approved the increase in the margin of oil marketing companies (OMCs) by 63 per cent. Sources privy to the matter said that the increase in the OMCs’ margin on petrol and diesel by Rs2.32 to reach Rs6 was approved through circulation by the federal cabinet. As per sources, the rise will be …

ISLAMABAD, Nov 6 (ABC): Pakistan Railways has restored more passenger trains after repair and maintenance of railway tracks which were badly affected by heavy rains and subsequent floods. “The decision was taken on the direction of Minister for Railways Khawaja Saad Rafique to facilitate the passengers who were suffering a lot due to non-availability of trains,” an official told on …

ISLAMABAD, Nov 06 (ABC): Managing Director (MD) Pakistan Tourism Development Corporation (PTDC) Aftab-ur-Rehman Rana has said that Pakistan will set up a Pakistan Pavilion in World Travel Market (WTM) London in collaboration with provincial tourism departments and private sector companies. “PTDC after almost 14 years is going to set up an impressive Pakistan Pavilion in WTM scheduled to be held …

BEIJING, Nov 6 (ABC): Pakistani products like jewellery, salt lamps, blankets and marble have attracted a large number of customers at the 5th China International Import Expo (CIIE) being held in Shanghai. “Of the consumers who buy our products, the percentage of re-purchase within a year is as high as 60%, and another 30% of customers make a third or …

ISLAMABAD, Nov 6 (ABC): The Federation of Pakistan Chamber of Commerce and Industry’s United Business Group (UBG) Chairman Shahzad Ali Malik Sunday urged the government to ensure immediate timely disbursement of historic Rs 1.8 trillion Kissan package unveiled by Prime Minister Shehbaz Sharif to boost agriculture production. Under the package, the government would provide free seeds to flood-hit farmers and …

KARACHI, Nov 6(ABC): The Federal Board of Revenue (FBR) rejected reports about an upcoming mini-budget and ruled out any new tax amnesty schemes due to International Monetary Fund (IMF) restrictions, The News reported Saturday. FBR Chairman Asim Ahmed made the announcement while speaking to the business community in successive meetings held at the Karachi Chamber of Commerce and Industry (KCCI) and …

ISLAMABAD, Nov 4(ABC): Pakistan and Asian Development Bank (ADB) here on Friday inked a financing agreement worth US$100 million for ‘Khyber Pakhtunkhwa Health Systems Strengthening Program. The financing agreement was signed by Secretary, Ministry of Economic Affairs, Dr. Kazim Niaz and Country Director, Pakistan Resident Mission, Yong Ye A while the program agreement was also signed between the Government of …

BEIJING, Nov 4 (ABC): China International Import Expo (CIIE) plays an important role in boosting Pakistan’s export to China and enhancing Pakistan’s economy, said Pakistan’s ambassador to China, Moin ul Haque. “Due to pandemic prevention and control measures, physical participation is not possible but we will set up an online national pavilion to exhibit our products”, Moin ul Haque told …

ISLAMABAD, Nov 4 (ABC): The export of tobacco from the country has witnessed an increase of 74.66 percent during the first three months of the financial year (2022-23) as compared to the corresponding period of last year. Pakistan exported tobacco worth US $13.798 million during July-September (2022-23) as compared to the export of US $7.900 million during July-September (2021-22), showing …

ISLAMABAD, Nov 4 (ABC): Pakistan Railways has outsourced the commercial management of 14 trains to private parties under public private partnership through fair and transparent bidding process. The basic purpose to outsource the trains were to provide better facilities to the passengers and generate more revenue for the department, an official in the Ministry of Railways told. Pakistan Railways privatized …

ISLAMABAD, Nov 4 (ABC): The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on November 3 for the combined consumption group witnessed an increase of 0.53 percent as compared to the previous week. The SPI for the week under review in the above-mentioned group was recorded at 214.88 points against 213.74  points registered in the previous week, …

ISLAMABAD, Nov 4 (ABC): Pakistani Rupee on Friday appreciated by 2 paisa against the US dollar in the interbank trading to close at Rs 221.92 against the previous day’s closing of Rs 221.94. According to the Forex Association of Pakistan (FAP), the buying and selling rates of US dollar in the open market were recorded at Rs 225.4 and Rs …

ISLAMABAD, Nov 04 (ABC): The price of 24 karat per tola gold witnessed an increase of Rs 500 on Friday and was sold at Rs 151, 500 against its sale at Rs 151,000, the previous day. The price of 10 gram 24 karat also increased by Rs 429 and was sold at Rs 129, 887 against Rs 129, 458; whereas …