Grant of disparity reduction allowance at 25pc for government employees notified

Mar 5

Finance

Grant of disparity reduction allowance at 25pc for government employees notified

ISLAMABAD: The finance division has notified grant of disparity reduction allowance at 25 percent of the basic pay to the civil employees in BS-1-19 of the federal government. Sources on Friday said that the finance division had issued a notification for the approval of the Federal Government for grant of Disparity Reduction Allowance at 25percent […]

by Mrs. Anjum Shahnawaz

PYMA demands cut in duty rates on polyester yarn import

Mar 5

Trade & Industry

PYMA demands cut in duty rates on polyester yarn import

KARACHI: Pakistan Yarn Merchant Association (PYMA) has demanded the government of immediate reduction in duty rates on import of polyester filament yarn to ensure bring down prices of the commodity. Hanif Lakhany, Senior Vice Chairman PYMA and Vice Chairman Farhan Ashrafi urged the government to immediately remove additional customs duty at two percent and regulatory […]

by Mrs. Anjum Shahnawaz

Mar 5

Trade & Industry

APTMA disapproves Indian cotton import

KARACHI: All Pakistan Textile Mills Association (APTMA) has strongly disapproved any plan to import cotton yarn from India. In a statement issued on Friday, Asif Inam, Chairman – APTMA Sindh-Balochistan Region expressed deep concern on drastic decline in price of fine counts of yarn by Rs. 10,000/- per bag in the Faisalabad Yarn Market which […]

by Faisal Shahnawaz

Stock market gains 559 points on PM vote of confidence

Mar 5

Stock & Commodity

Stock market gains 559 points on PM vote of confidence

KARACHI: The stock market gained 559 points on Friday as investors posed confidence on the prime minister’s decision to take vote of confidence from the National Assembly. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,837 points as against previous day’s close of 45,279 points, showing an increase of 559 points. Analysts […]

by Mrs. Anjum Shahnawaz

Prime Minister directs authorities to focus on flying invoices

Mar 5

Taxation

Prime Minister directs authorities to focus on flying invoices

ISLAMABAD: Prime Minister Imran Khan on Friday directed the authorities to curb the menace of flying invoices to prevent tax losses. The prime minister chaired a meeting on tax reforms and said the objective of tax reform was to make the tax code simple, plug existing loopholes in the system and reduce discretionary powers of […]

by Mrs. Anjum Shahnawaz

Trade deficit widens by 24pc in February

Mar 5

Finance

Trade deficit widens by 24pc in February

ISLAMABAD: The trade deficit has been widened by 24 percent Year on Year (YoY) in February 2021 owing to increase in imports and decline in exports, according to data released by Pakistan Bureau of Statistics (PBS) on Friday. The import bill for the month of February 2021 increased to $4.56 billion as compared with $4.16 […]

by Mrs. Anjum Shahnawaz

Mar 5

Money & Banking

Rupee gains four paisas against dollar

KARACHI: The Pak Rupee made a gain of four paisas against the dollar on Friday despite demand for import and corporate payments on last trading of the week. The rupee ended at Rs157.12 to the dollar from previous day’s closing of Rs157.16 in the interbank foreign exchange market. Currency experts said that demand for the […]

by Mrs. Anjum Shahnawaz

Habib Bank pays Rs320.79 million as penalties

Mar 5

Money & Banking

Habib Bank pays Rs320.79 million as penalties

KARACHI: Habib Bank Limited (HBL) has paid an amount of Rs320.79 million as penalty for various regulatory violations during the year ended December 31, 2020. According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs320.79 million as penalties for violation of various regulations. […]

by Mrs. Anjum Shahnawaz

Standard Chartered Bank declares 18pc fall in annual profit

Mar 5

Corporate, Money & Banking

Standard Chartered Bank declares 18pc fall in annual profit

KARACHI: Standard Chartered Bank (Pakistan) has declared annual profit of Rs13.13 billion for the year ended December 31, 2020, which was reduced by 18 percent when compared with Rs16 billion in the preceding year. According to financial results shared with the Pakistan Stock Exchange (PSX) on Friday, the fall in annual profit may be attributed […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves increase to $20.133 billion

Mar 5

Finance

Foreign exchange reserves increase to $20.133 billion

KARACHI – The State Bank of Pakistan (SBP) has reported a positive development in the country’s economic indicators as the liquid foreign exchange reserves increased by $91 million to reach $20.133 billion by the week ending February 26, 2021.

by Mrs. Anjum Shahnawaz