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Author: Mrs. Anjum Shahnawaz

  • Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

    Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

    KARACHI: Hub Power Company Limited (HUBCO) has declared net annual profit of Rs8.036 billion for the period ended June 30, 2019, which is 6.17 percent lower than the profit of Rs8.565 billion in the previous year.

    According to financial statement for year 2019 submitted to Pakistan Stock Exchange (PSX) on Thursday, the company also declared earnings per share at Rs6.70 for the year, which is also lower when compared with EPS Rs7.15 in the last year.

    The total turnover of the company sharply fell to Rs36.028 billion in 2019 as compared with the turnover of Rs76.675 billion. The operating costs have been declined to Rs24.29 billion as compared with Rs66.872 billion.

    The company declared gross profit of Rs11.733 billion in the year 2019, which is 19.68 percent higher than the gross profit of Rs9.803 billion a year ago.

    The company declared profit from operations to the tune of Rs13.236 billion for the year under review as compared with Rs11.022 billion in the last year.

    Finance costs of the company increased to Rs4.96 billion as compared with Rs2.247 billion. This brings the profit before taxation of the company at Rs8.275 billion as compared with Rs8.77 billion of the last year.

    The company paid taxes to the tune of Rs238.523 million in 2019 as compared with Rs209.2 million in the previous year.

  • Income tax refund can be claimed within two years from filing return date

    Income tax refund can be claimed within two years from filing return date

    The Federal Board of Revenue (FBR) has reminded taxpayers that income tax refunds can be claimed within two years from the date of filing the tax return or from the date the tax was paid, whichever is later. This clarification aims to guide taxpayers through the refund process and ensure they comply with deadlines, avoiding any potential loss of entitlement.

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  • SBP to decide key policy rate on Sept 16

    SBP to decide key policy rate on Sept 16

    KARACHI: State Bank of Pakistan (SBP) will decide key policy rate for next two months on Monday, September 16, 2019. The present policy rate is 13.25 percent.

    The central on Thursday said that the Monetary Policy Committee of the SBP will meet on Monday, September 16, 2019 at SBP Karachi to decide about Monetary Policy.

    Later on, SBP will issue the Monetary Policy Statement through a press release on the same day.

    In its meeting on July 16, 2019, the Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 13.25 percent with effect from July 17, 2019.

    The decision takes into account upside inflationary pressures from exchange rate depreciation since the last MPC meeting on May 20, 2019 and the likely increase in near term inflation from the one-off impact of recent adjustments in utility prices and other measures in the FY20 budget.

    The decision also takes into account downside inflation pressures from softening demand indicators.

    Taking these factors into consideration, the MPC expects average inflation of 11 –12 percent in FY20, higher than previously projected.

    Nevertheless, inflation is expected to fall considerably in FY21 as the one-off effect of some of the causes of the recent rise in inflation diminishes.

  • FBR warns taking legal action against fabricated tobacco license news publication

    FBR warns taking legal action against fabricated tobacco license news publication

    ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said it has right to take legal action against fabricated news publication regarding grant of track and trace tobacco license.

    “The FBR reserves the right to take legal action against publication of such fabricated and concocted news report,” said a statement.

    The FBR issued a strong rebuttal appearing in press and circulating on Social media regarding issuance of Invitation for License (IFL) FOR “Electronic Monitoring Track and trace System for Tobacco Products.”

    FBR has clarified that the news item is totally baseless and allegations leveled against the Chairman FBR are basically an effort to sabotage fair and open process of licensing in order to give benefit to tax evaders and illicit traders in tobacco industry.

    The news item is negated on basis of following facts:

    The IFL has been issued under section 40C of the Sales Tax Act, 1990 and the Sales Tax Rules, 2006.

    The amendment in the Ruleseere made which were issued much before appointment of Syed Shabbar Zaidi as Chairman, FBR who took charge as chairman FBR on 10.05.2019 which is two and half months after the issuance of the Licensing Rules, 2019.

    A consultant having an international experience and credentials was also hired well before the issuance of IFL after following a transparent process to seek guidance and expert advice with a view to make the process fair and fool proof.

    The IFL was published in local as well as international newspapers in order to make it more transparent and open for all the solution providers. The IFL was also placed on PPRA website and all PPRA Rules are being followed in letter and spirit.

    After the issuance of IFL more than 20 obtained bidding/Licensing documents. No company has submitted the Licensing documents till date as the closing date for submission of documents is 20th September. Hence the question of awarding of license to any company does not arise.

    There is no loss of revenue of the Government of Pakistan as reported in the news item, the FBR clarified.

  • FBR clears Rs15.6 billion sales tax refunds in 8,415 RPOs: Dr. Hafeez Shaikh

    FBR clears Rs15.6 billion sales tax refunds in 8,415 RPOs: Dr. Hafeez Shaikh

    The Federal Board of Revenue (FBR) has cleared Rs 15.6 billion in sales tax refunds against 8,415 refund payment orders (RPOs), marking a significant move to enhance business liquidity and stimulate economic activity in the country.

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  • KCCI opposes proposal to extend tenure of FPCCI office bearers

    KCCI opposes proposal to extend tenure of FPCCI office bearers

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has strongly opposed to the proposal regarding extending the tenure of office bearers of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) from one year to three years, a KCCI statement said on Wednesday.

    Vice Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Haroon Farooki, General Secretary BMG AQ Khalil and Acting President KCCI Khurram Shahzad, who represented KCCI at a meeting of the Standing Committee on Commerce & Textile held in Islamabad on Wednesday, strongly opposed the proposed Bill to extend the tenure of FPCCI’s Office Bearers from one year to three years which will not be acceptable to the Business & Industrial Community of entire Pakistan.

    The meeting, which was presided over by Chairperson of the Standing Committee ‏‏Mirza Muhammad Afridi, was also attended by PM’s Advisor on Commerce Razzak Dawood and other prominent members of the Standing Committee along with representatives of Chambers of Commerce from different provinces of the country.

    While sharing their opinion over this particular issue, KCCI’s representatives pointed out that the tenure of FPCCI’s President currently lasts for one year but some elements were attempting to extend this term to three years through amendments in relevant laws which was not practical and would be strongly resisted by the business & industrial community.

    “It is going to be a sheer injustice for those Chambers of Commerce who intend to take charge of the apex body but after such an extension of three years, any chamber of commerce from any province of the country will have to wait for more than two decades to reassume the charge of FPCCI’s presidency”, they added.

    Vice Chairman BMG Haroon Farooki stated that the bill proposes amendment in Section 11 of Trade Organization Ordinance (TOO) 2013 which pertains to one year tenure of the Office Bearers but this particular section was not confined to the tenure of FPCCI Office Bearers only as it was also applicable on all other Chambers of Commerce and Trade bodies. “This bill seeking amendment in Section 11 of TOO 2013 is not practically, technically and legally implementable for FPCCI only as it will have an impact on all the trade bodies hence it must be immediately withdrawn”, he added.

    KCCI’s representatives emphasized that the said Bill to extend the tenure of FPCCI Office Bearers should have been consulted with the all the stakeholders prior to bringing it at the Senate for debate and fact-findings. Majority of the business community in fact the entire business community of country was against this bill hence, it should be immediately dismissed, they demanded.

    After listening to KCCI’s point of view and all the reservations expressed by the representatives of other Chambers, the proposer of the Bill and PM’s Advisor Razzak Dawood, while agreeing to KCCI’s viewpoint, immediately withdrew the bill which was warmly welcomed by all the representatives of the business & industrial Community present at the meeting.

  • Rupee gains four paisas despite long holidays

    Rupee gains four paisas despite long holidays

    KARACHI, September 11, 2019 – The Pakistani rupee showed a modest recovery against the US dollar on Wednesday, gaining 4 paisas in the interbank market. This movement came following the reopening of currency markets after an extended break due to holidays, including the regular weekend and public holidays for Ashura-e-Muharram observed on September 9 and 10.

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  • Stock market gains 488 points on positive talks on FATF meeting

    Stock market gains 488 points on positive talks on FATF meeting

    KARACHI: The stock market gained 488 points on Wednesday owing to positive talks on conditions of Financial Action Task Force (FATF) at a meeting in Bangkok, Thailand.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,954 points as against 30,467 points showing an increase of 488 points.

    Analysts at Arif Habib Limited said that the index fared well on the first day of the short trading week after a long weekend.

    Positive expectations from ongoing FATF meeting in Bangkok and relatively higher international crude prices kept the investors’ interest alive.

    OGDC and PPL led the index by hitting upper circuit and gaining significant volumes, however, both scrips closed below upper circuit.

    The index also drew support from Banking sector, which saw HBL hitting upper circuit and other scrips trading mostly in green.

    Cement, Steel, O&GMCs mostly played on the negative side. Most volume was observed in Cement sector that saw 18.1M shares, followed by E&P (12.2 million) and Technology (11.1 million). Among scrips, MLCF led the volumes table with 11.5 million shares followed by OGDC (8.8 million) and WTL (6.7 million).

    Sectors contributing to the performance include Banks (+207 points), E&P (+163 points), Fertilizer (+81 points), Power (+67 points), Cement (-33 points) and Food (-17 points).

    Volumes increased from 48.2mn shares to 99.6mn shares (+107 percent DoD). Average traded value also increased by 103 percent to reach US$ 31.6 million as against US$ 15.5 million.

    Stocks that contributed significantly to the volumes include MLCF, OGDC, WTL, EFERT and HUBC, which formed 37 percent of total volumes.

    Stocks that contributed positively include HBL (+87 points), OGDC (+77 points), PPL (+68 points), HUBC (+65 points) and MCB (+46 points). Stocks that contributed negatively include LUCK (-11 points), NESTLE (-9 points), FCCL (-8 points), DGKC (-7 points), and MUREB (-6 points).

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  • Apple launches iPhone 11 Pro, iPhone 11 Pro Max smartphones

    Apple launches iPhone 11 Pro, iPhone 11 Pro Max smartphones

    CUPERTINO, California: Apple on Tuesday announced iPhone 11 Pro and iPhone 11 Pro Max, a new pro line for iPhone that delivers advanced performance for users who want the very best smartphone.

    The new Super Retina XDR display is a pro display with the brightest display ever in an iPhone, a statement said.

    The powerful Apple-designed A13 Bionic chip provides unparalleled performance for every task while enabling an unprecedented leap in battery life to easily get through the day.

    A new triple-camera system provides a pro-level camera experience with an Ultra Wide, Wide and Telephoto camera, delivering huge improvements to low-light photography and offering the highest quality video in a smartphone that is great for shooting action videos.

    iPhone 11 Pro and iPhone 11 Pro Max come in four gorgeous finishes including a beautiful new midnight green, and will be available for pre-order beginning Friday, September 13 and in stores beginning Friday, September 20.

    “iPhone 11 Pro and iPhone 11 Pro Max are the most powerful and advanced smartphones we have ever made. They are packed with sophisticated technology that pros can count on to get their work done, and for anyone who wants the very best device made, even if they are not a pro,” said Phil Schiller, Apple’s senior vice president of Worldwide Marketing. “iPhone 11 Pro has the first triple-camera system in iPhone and is far and away the best camera we’ve ever made, it provides our customers with great range of creative control and advanced photo and video editing features in iOS 13. The Super Retina XDR is the brightest and most advanced display in iPhone and the A13 Bionic chip sets a new bar for smartphone performance and power efficiency.”

    The statement said that the iPhone 11 Pro and iPhone 11 Pro Max have a textured matte glass back and polished stainless steel band, and come in four stunning finishes including a beautiful new midnight green. The most powerful devices are also designed to be durable — iPhone 11 Pro and iPhone 11 Pro Max feature the toughest glass ever in a smartphone and are rated IP68 for water resistance up to 4 meters for up to 30 minutes, and are protected against everyday spills including coffee and soda.

    The new Super Retina XDR display, a custom-designed OLED, provides users an immersive HDR viewing experience for movies and other high-definition video with up to 1,200 nits brightness.

    Super Retina XDR features wide color support with system-wide color management and True Tone to offer a more natural viewing experience. With a 2 million-to-one contrast ratio with true blacks, pro users can enjoy a more vivid viewing experience for HDR videos and photos, and the Super Retina XDR display is even more power efficient.

    Customers can interact with their favorite apps in a quick, seamless way with Haptic Touch deeply integrated across iOS 13 to provide app shortcuts for everyday tasks right from the Home screen, including taking a selfie in Camera, checking an appointment in Calendar or previewing email within Mail with just a simple press

    Fastest Performance with the Best Battery Life A13 Bionic, the fastest chip ever in a smartphone, provides unparalleled performance for every task iPhone 11 Pro and iPhone 11 Pro Max handle and features up to 20 percent faster CPU and GPU than A12. A13 Bionic is built for machine learning, with a faster Neural Engine for real-time photo and video analysis, and new Machine Learning Accelerators that allow the CPU to deliver more than 1 trillion operations per second. Together, A13 Bionic and iOS 13 make up the best machine learning platform in a smartphone.

    All of this compute, graphics and ML performance is delivered while still enabling an unprecedented leap in battery life, with iPhone 11 Pro offering up to four more hours of battery life in a day than iPhone XS, and iPhone 11 Pro Max offering up to five hours more than iPhone XS Max.

    A Pro Camera System for Everyone

    iPhone 11 Pro introduces a transformative triple-camera system with all-new Ultra Wide, Wide and Telephoto cameras, deeply integrated into iOS to create a pro-level camera experience designed for everyone.

    iPhone 11 Pro and iPhone 11 Pro Max set a new standard in video, with the highest quality video ever in a smartphone. Each camera in the triple-camera system records brilliant 4K video with extended dynamic range and cinematic video stabilization. With a wider field of view and large focal plane, the Ultra Wide camera is great for shooting action videos. Users can easily zoom between each of the three cameras, while Audio Zoom matches the audio to the video framing for more dynamic sound. With iOS 13, powerful video editing tools are accessible to everyone with the ability to rotate, crop, increase exposure and apply filters to videos instantly. These adjustments are easy to apply and review at a glance, so even a novice can create professional quality video projects.

    With the tight integration between hardware and software, iPhone 11 Pro and iPhone 11 Pro Max take the traditional camera experience even further in a way only Apple can. The all-new Ultra Wide camera fundamentally changes the camera experience by capturing four times more scene, great for taking landscape or architecture photos, tight shots and more.

    The new Wide sensor with 100 percent Focus Pixels and advanced software enables Night mode, and delivers huge improvements to photos shot in indoor and outdoor low-light environments, resulting in brighter images with natural colors and reduced noise.
    The triple-camera system takes Portrait mode to a new level with the ability to choose Wide and Telephoto framing, enabling Portrait mode with a wider field of view, great for taking portraits of multiple people. The Telephoto camera features a larger ƒ/2.0 aperture to capture 40 percent more light compared to iPhone Xs for better photos and videos.

    Next-generation Smart HDR uses advanced machine learning to recognize subjects in the frame and intelligently relight them for more natural-looking images with greater detail. A new True Tone flash is over 30 percent brighter. Deep Fusion, coming later this fall, is a new image processing system enabled by the Neural Engine of A13 Bionic. Deep Fusion uses advanced machine learning to do pixel-by-pixel processing of photos, optimizing for texture, details and noise in every part of the photo.

    A redesigned camera interface provides a more immersive experience that works together with the triple-camera system and all-screen display to let users see and capture the area outside of the frame. For the first time, users can easily record video without switching out of Photo mode with QuickTake by simply holding the shutter button to start recording.

    The new TrueDepth camera introduces a new 12MP camera with a wider field of view to capture selfies, and next-generation Smart HDR enables more natural-looking photos. Expressive selfie videos take on a whole new look with the TrueDepth camera that now records 4K video at up to 60 fps and 120 fps slo-mo.

    Additional Features

    The new Apple-designed U1 chip uses Ultra Wideband technology, the first ever in a smartphone, for spatial awareness. With iOS 13.1 coming on September 30, AirDrop gets even better with directionally aware suggestions.

    Face ID, the most secure facial authentication in a smartphone, gets up to 30 percent faster and easier to use with improved performance at varying distances and support for more angles.

    Spatial audio provides an immersive surround sound experience and Dolby Atmos delivers powerful, moving audio to iPhone 11 Pro and iPhone 11 Pro Max.
    Gigabit-class LTE up to 1.6Gbps and Wi-Fi 6 allow for even faster download speeds2 and Dual SIM with eSIM.

    Featuring iOS 13

    iOS 13 on iPhone 11 Pro and iPhone 11 Pro Max delivers a seamless experience with software and hardware integration unlike any other smartphone. iOS 13 introduces a dramatic new look with Dark Mode, a more private way to sign in to apps and websites with Sign In with Apple, and an all-new Maps experience.4
    With advanced Camera and Photos features, photo editing is more comprehensive and intuitive with powerful new tools that now extend to video editing.

    Portrait Lighting adjustments can be made right in the Camera app to adjust the intensity of light on a subject, and a new High-Key Mono effect creates a beautiful, monochromatic look for Portrait mode photos.

  • Banking deposits growth lowest since 2008: SBP

    Banking deposits growth lowest since 2008: SBP

    KARACHI: The State Bank of Pakistan (SBP) has said that the deposits of banks registered 9.55 percent growth in 2018, which is the lowest since year 2008.

    The SBP in its Financial Stability Review (FSR) 2018 said that the steady growth in deposits is pivotal for the banks as it is the major source of funding.
    Deposits constitute 77.99 percent of total liabilities and 72.42 percent of total assets, as of end CY18. The deposits have contributed 92.68 percent in the asset expansion during CY18.

    “During CY18, deposits have risen by 9.55 percent (Yo-Y) versus 10.29 percent in CY17; the lowest since CY08,” the SBP said.

    This slowdown may be attributed to a mix of factors including (a) cost cutting strategy of some banks to limit the growth of domestic remunerative deposits, (b) scaling back of operations by few banks in overseas market, (c) probable dampening effect of withholding tax on banking transactions, (d) depositors concern regarding enhanced KYC requirements to contain AML/CFT risks, and (e) additional liquidity available as a result of net-maturity of investment.

    In terms of category, deceleration in saving and fixed deposits have overshadowed the rise in current deposits. The saving deposits have become costly due to Minimum Saving Rate (MSR) policy in vogue.

    Moreover, the fixed deposits could not attract the attention of banks due to maturity re-profiling of their assets, both, in investments (from PIBs to MTBs) and advances (from fixed term loans to short-term working capital financing).

    The size-wise distribution of deposits is also important from the stability perspective. Generally, retail (small) deposits are more stable and have longer retention periods than the large size institutional deposits.

    Encouragingly, the reviewed year has witnessed growth in small sized retail deposits up to Rs1.0 million. On the other hand, growth in deposits over Rs10.0 million have been trending downwards.

    This is due to declining flows of institutional deposits (NBFIs, PSEs etc.) as well as private business deposits, particularly, the manufacturing sector, the SBP said.