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Author: Mrs. Anjum Shahnawaz

  • Telenor, Ufone awarded next generation broadband SDP contracts

    Telenor, Ufone awarded next generation broadband SDP contracts

    ISLAMABAD: Mobile phone operators Telenor and PMTL (Ufone) have been awarded contracts for Next Generation Broadband for Sustainable Development Projects (SDP) worth Rs729 million in total.

    The 70th Board of Directors meeting of Universal Service Fund (USF) granted the approval on Friday. The meeting was chaired by Federal Secretary Ministry of IT and Telecommunication Shoaib Ahmad Siddiqui. Chairman Pakistan Telecom Authority (PTA) Maj. Gen (R) Amir Azeem Bajwa was also present in the meeting.

    Telenor is being awarded the contract of Muzaffargarh Lot and Small Lot I-1 (district: Islamabad) while PTML (Ufone) is being awarded the contract of Small Lot P-4 (Bhakkar, Khushab, Jhang and Mianwali).

    During the meeting, Secretary IT was apprised about the advances in USF projects. The Hi-speed Broadband services in Mazaffargarh lot will benefit an unserved population of around 2 million thereby covering 666 unserved muazas and an approximate unserved area of 14,195 sq. km.

    Muzaffargarh Lot encompasses Muzaffargarh and Ranjanpur districts.

    Similarly, an unserved population of 9,083 will gain advantage from Hi-speed Broadband services in Small Lot I-1 that covers Islamabad district with 12 unserved mauzas.

    Likewise, the Hi-speed Broadband services in Small Lot P-4 will benefit an unserved population of 86,968 thereby covering 11 unserved muazas and an approximate unserved area of 277 sq. km. Small Lot P-4 encompasses Bhakkar, Khushab, Jhang and Mianwali districts.

    The Secretary IT, Shoaib Ahmad Siddiqui emphasized on the growing need for connectivity amid the spread of coronavirus to support the people of Pakistan. He said that the use of ICT in rural areas during the pandemic will help the remote public to access government facilities that are available.

    He also laid stress on the significant role of ICT in far-flung areas in each step of fighting the COVID-19 as some people are unable to get the information or services required. In addition, he also asserted that these projects will help the communities to start or run a modern business, access telemedicine or take an online class in these difficult times.

    Furthermore, The Federal Secretary stated that the Ministry of IT and Telecom is making every effort to bridge the digital divide under the vision of Digital Pakistan as the economy heavily relies on the internet to minimize the disruption caused by the lockdown.

    Moreover, the members of the Board reiterated their full support to tackle the COVID-19 battle by ensuring to make progress in implementation of current and future projects of USF.

    The Board sincerely thanked the Secretary IT for providing direction and knowledge to achieve USF goals. Other board members including Shabahat Ali Shah, Executive Director, NITB; Irfan Wahab, CEO-Telenor Cluster Head for Emerging Asia and Nominee of Mobile Cellular Operators; Imran Akhtar Shah, VP for Government Sales, Super Net Pvt Ltd and Nominee of Data Licensees; Rashid Khan, CEO PTCL and Nominee of Fixed Line Operators; Kaukab Iqbal, Chairman, Consumer Association of Pakistan and Nominee of Consumer Group and management of USF Co. also attended the meeting.

  • PIA slashes UAE fares up to 30 percent for providing relief to stranded Pakistanis

    PIA slashes UAE fares up to 30 percent for providing relief to stranded Pakistanis

    ISLAMABAD: Pakistan International Airline (PIA) has slashed fares of its special flights up to 30 percent in order to provide relief to stranded Pakistanis in United Arab Emirates (UAE) due to coronavirus pandemic.

    (more…)
  • Stock market ends down 44 points in narrow range trading

    Stock market ends down 44 points in narrow range trading

    KARACHI: The stock market ended down by 44 points on Friday as market traded in a narrow range on the last day of the week.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,806 points as against 32,850 points showing a decline of 44 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range on the last day of rollover week.

    The benchmark index oscillated between -111 points and +218 points and closed the session -44 points.

    Pre-open session saw announcement of financial results of OGDC, LUCK and MLCF as key triggers for the Cement and E&P sectors.

    OGDC skipped the dividend payment, which disappointed some investors, but high oil prices still kept the interest alive.

    Similarly, MLCF and LUCK posted poorer than expected results, which reflected on the prices of both the stocks earlier in the session, however, stock prices recovered to some extent.

    By the close of session, Cement sector stocks closed red, as did Engineering, O&GMCs, Refineries and Fertilizer.

    HBL and UBL (among Banks) managed to post some price gains, whereas E&P sector also closed green.

    Cement sector realized trading volumes of 30 million shares, followed by O&GMCs (16.9 million) and Power (15.7 million). Among scrips, HASCOL led the table with 14.3 million shares, followed by MLCF (14.2 million) and KAPCO (11.9 million).

    Sectors contributing to the performance include E&P (+29 points), Power (+20 points), Technology (+12 points), Tobacco (-27 points), O&GMCs (-26 points), Cement (-22 points) and Inv Banks (-13 points).

    Volumes declined from 204.3 million shares to 120.2 million. Average traded value also declined by 48 percent to reach US$ 30.5 million as against US$ 58.8 million.

    Stocks that contributed significantly to the volumes include HASCOL, MLCF, KAPCO, UNITY and PPL, which formed 44 percent of total volumes.

    Stocks that contributed positively to the index include FFC (+26 points), HUBC (+19 points), SYS (+16 points), UBL (+11 points) and MARI (+11 points).

    Stocks that contributed negatively include EFERT (-16 points), PAKT (-16 points), PSO (-15 points), DAWH (-14 points), and PMPK (-11 points).

  • Profit rate on saving schemes reduced up to 300 basis points

    Profit rate on saving schemes reduced up to 300 basis points

    ISLAMABAD: The government on Friday reduced profit rate up to 300 basis points on saving schemes following major cut in policy rate by State Bank of Pakistan (SBP).

    The revised rate of profit on various saving scheme will be applicable on April 24, 2020.

    The SBP has reduced the policy rate to 9 percent after revising downward the rate by 4.25 in three announcements in one month period.

    Profit rate on Defence Certificate cut by 1.86 percent to 8.54 percent.

    Profit rates on Behbood and Pension certificates cut by 1.92 percent to 10.32 percent.

    Profit rate on Savings account cut by 1.60 percent to 7 percent.

    Profit rate on Special Savings cut by 3 percent to 8 percent.

    And, profit rate on Regular Income certificate cut by 2.28 percent to 8.28 percent.

  • Rupee falls by 50 paisas after four straight-day gain

    Rupee falls by 50 paisas after four straight-day gain

    KARACHI: The Pak Rupee recorded 50 paisas decline against dollar on Friday after maintaining appreciation for four straight days.

    The rupee ended Rs160.48 to the dollar from previous day’s closing of Rs159.98 in interbank foreign exchange market.

    The rupee eased against dollar this week for the first time. The rupee started the week with gain to Rs163.49 on April 20, 2020 from Rs163.58 on Friday April 17, 2020.

    Currency experts said that the rupee fell due to advance buying on the back of weekly holidays and closure of banks’ public dealing on April 27 due to deduction of Zakat.

    They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

    They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

    The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

    The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

    Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

    The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

  • Bank timings during Ramazan-ul-Mubarak

    Bank timings during Ramazan-ul-Mubarak

    KARACHI: State Bank of Pakistan (SBP) on Friday announced timings for public dealing by banks during the holy month of Ramazan ul Mubarak.

    DaysBusiness (Banking) Hours for Public Dealing
    Monday to Thursday10:00 a.m. to 1:30 p.m. (without break)
    Friday10:00 a.m. to 1:00 p.m. (without break)

    The SBP said that in modification of BPRD Circular Letter No.18 dated April 14, 2020 regarding office timings under measures against COVID-19, it has been decided that SBP will continue to observe the following office hours during the month of Ramazan-ul-Mubarak 1441 A.H., which will also be followed by all banks / DFIs / MFBs:

    DaysOffice Hours
    Monday to Thursday10:00 a.m. to 4:00 p.m. (with prayer break from 2:00 p.m. to 2:15 p.m.)
    Friday10:00 a.m. to 1:00 p.m. (without break)
  • Bank holiday declared on April 27

    Bank holiday declared on April 27

    KARACHI: State Bank of Pakistan (SBP) on Friday announced that banks will remain closed for public dealing for the purpose of deduction of Zakat.

    The central bank said that it will remain closed for public dealing on Monday, April 27, 2020, which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat.

    All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on Monday, April 27, 2020.

    However, all employees of the banks / DFIs / MFBs will attend to their official assignments (in-office or work-from-home, as designated under the current COVID-19 situation) on Bank Holiday treating it as a normal working day (except for public dealing).

  • Filing return mandatory for builders, developers under incentive scheme

    Filing return mandatory for builders, developers under incentive scheme

    KARACHI: The filing of income tax return and wealth statement has been made mandatory for builders and developers under new ordinance to provide incentives to construction industry.

    According to Tax Laws (Amendment) Ordinance, 2020, builders and developers under the special tax regime are also required to electronically file annual tax returns (including wealth statements, wherever applicable) to be accompanied by evidence of tax payment.

    Such a tax return will be considered as an assessment order issued under section 120 of the Ordinance, according to commentary on the ordinance issued by PWC A F Ferguson.

    Tax liability for tax year 2020 is required to be discharged with the tax return.

    It further said that a tax return or declaration of a builder or developer is considered void if it is based on misrepresentation or on suppression of facts and all the provisions of the Ordinance will apply unless such misrepresentation is due to a bona fide mistake.

    No action is to be taken without providing an opportunity of being heard and without prior approval of Federal Board of Revenue (FBR).

  • Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

    Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

    KARACHI: Sindh government has exempted property tax, motor vehicle tax and professional tax for three months of current fiscal year.

    The decision has been taken in order to provide relief to masses within the jurisdiction of Sindh considering outbreak of coronavirus (COVID-19).

    According to notifications issued on Thursday by Sindh Excise, Taxation and Narcotics Control Department, the provincial government has decided to remit 25 percent (i.e. for three months) of the payment of the property tax dues for the year 2019/2020, including surcharge as on March 31, 2020 from all classes of persons in respect of any category of property.

    The department said that the tax remission has been allowed for all the taxable property units. It further added that assesees who have already discharged their property tax liability for the year 2019/2020 will get an adjustment of 25 percent remission in their tax liability during next financial year i.e 2020-2021.

    Similarly, the provincial government has allowed exemption motor vehicle tax of 25 percent i.e. (for three months). The classes of vehicles have been granted tax exemption, included: loader; MCR (including rickshaw and Qingqi); mini bus; mini truck; pickup; coaster; delivery van; ST Wagon; taxi; and van.

    The provincial government said that the motor vehicle owners who have already discharged their motor vehicle tax liabilities for the year 2019/2020 of the above mentioned class of vehicle will get an adjustment in their motor vehicle tax liability during next financial year i.e. 2020/2021.

    Likewise, the provincial government is also exempted 25 percent (i.e. for three months) for the financial year 2019/2020 from the payment of the tax professions, trades, calling and employment.

    It said that the assessees who have discharged their professional tax liability for the year 2019/2020 will get 25 percent adjustment in their tax liability during the next financial year i.e. 2020/2021.

  • Engro Corp declares Rs5.94 billion after tax quarterly profit

    Engro Corp declares Rs5.94 billion after tax quarterly profit

    KARACHI: Engro Corporation has declared profit after tax at Rs5.94 billion for the quarter ended March 31, 2020. The after tax profit fell by nine percent when compared with Rs6.56 billion in the same quarter last year.

    Engro’s consolidated revenue grew by 11 percent in comparison to the prior period, mainly driven by energy projects in Thar coming online during July 2019 and offset by lower turnover of Fertilizers and Petrochemicals businesses.

    Profit attributable to the owners was recorded at Rs3,317 million compared to Rs4,010 million for the prior period.

    On a standalone basis, the Company posted a profit after tax of Rs780 million against Rs3.832 billion for the same period last year, translating into an earning per share of Rs1.35 per share.

    This decrease is primarily attributed to delays in receipts of dividends from subsidiaries as their Annual General Meetings (AGMs) have been postponed on account of the COVID-19 lockdown.

    This is, therefore, a temporary timing difference between quarters and not reflective of underlying performance of the Company.

    The company announced an interim cash dividend of Rs6 per share for the first quarter. Like in the past, the Board has endeavored to maximize dividends on a quarterly basis, however, the future dividends for the year would be based upon prevailing situation and earnings for the year.

    The portfolio of Engro Corporation is resilient in these difficult times and the Company remains confident that despite challenging circumstances, it will be able to maintain a healthy performance in upcoming quarters.