ECC approves Rs700 million for Postal Life Insurance

Feb 4

Finance

ECC approves Rs700 million for Postal Life Insurance

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved an amount of Rs700 million as initial paid up capital for Postal Life Insurance. A statement said that In order to register Postal Life Insurance as Public Limited Company, ECC approved an amount of Rs 700 million as initial paid up capital. The amount […]

by Mrs. Anjum Shahnawaz

Stock market stages recovery of 475 points

Feb 4

Stock & Commodity

Stock market stages recovery of 475 points

KARACHI: The stock market made recovery of 475 points on Tuesday as stocks of banking sector registered gain during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,884 points as against 40,409 points showing an increase of 475 points. Analysts said that the market staged a recovery after a major […]

by Mrs. Anjum Shahnawaz

FPCCI demands stop proposed gas price hike

Feb 4

Trade & Industry

FPCCI demands stop proposed gas price hike

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday demanded the Prime Minister to stop implementation of proposed hike in gas tariff. FPCCI President Mian Anjum Nisar in a statement strongly criticized the move to increase gas prices and urged Prime Minister Imran Khan to immediately stop the implementation of the proposal. […]

by Mrs. Anjum Shahnawaz

Karachi Chamber welcomes ease in US, UK travel advisory for Pakistan

Feb 4

Trade & Industry

Karachi Chamber welcomes ease in US, UK travel advisory for Pakistan

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Tuesday welcomed the decision of United States and United Kingdom for easing travel advisory for Pakistan. KCCI president Agha Shahab Ahmed Khan in a statement said that the Karachi Chamber has been widely demanding relaxation in travel advisory and it was really heartening to see that […]

by Mrs. Anjum Shahnawaz

Rupee gains 10 paisas against dollar on inflows

Feb 4

Money & Banking

Rupee gains 10 paisas against dollar on inflows

KARACHI: The Pak Rupee gained 10 paisas against dollar on Tuesday owing to inflows and lackluster demand for import payment. The rupee ended Rs154.41 to the dollar from previous day’s closing of Rs154.51 in interbank foreign exchange market. Currency dealers said that the market witnessed inflows under the heads of workers’ remittances and export receipts. […]

by Mrs. Anjum Shahnawaz

MCB Bank declares 14% growth in annual net profit

Feb 4

Money & Banking

MCB Bank declares 14% growth in annual net profit

KARACHI: MCB Bank Limited has declared 14 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income. According to financial results for calendar year 2019 released on Tuesday, the bank declared Rs24 billion after tax profit as compared with Rs21 billion profit in the preceding year. The bank […]

by Mrs. Anjum Shahnawaz

Oil sales fall by 10% on slow economic activity

Feb 4

Energy

Oil sales fall by 10% on slow economic activity

KARACHI: The domestic oil sales have declined by 10 percent during first seven months (July – January) 2019/2020 owing to slow economic activity. Analysts at Topline Securities on Tuesday said that the oil sales slipped to 10,139,000 tons during first seven months of the current fiscal year showing decline of 10 percent. The oil consumption […]

by Mrs. Anjum Shahnawaz

Feb 4

Taxation

FBR conducts audit of all refund cases

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that the tax machinery conducts audit of all refund cases. “It is baseless to assume that FBR does not conduct the scrutiny. The processing of the case may take time but it is certain that all refund cases are audited,” the FBR said. In this regard, […]

by Mrs. Anjum Shahnawaz

Feb 4

Money & Banking

Bank holiday announced on Kashmir Day

KARACHI, February 4, 2020 – In a significant move reflecting solidarity with Kashmiris, the State Bank of Pakistan (SBP) has declared a holiday on February 5, 2020, on the occasion of Kashmir Day.

by Mrs. Anjum Shahnawaz

Income tax return filing hit record high of 2.78 million

Feb 4

Taxation

Income tax return filing hit record high of 2.78 million

ISLAMABAD: The income tax return filing of tax year 2018 has reached to record high of 2.785 million by February 02, 2020, according to latest Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday. The FBR sources said that the actual number of return filers is higher than the persons appeared […]

by Mrs. Anjum Shahnawaz