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Daily Archives: October 2, 2018

Pakistan’s Shafqat Amanat Ali sings Gandhi’s favourite hymn in tribute to Indian leader


October 2, 2018

ISLAMABAD: Pakistani singer Shafqat Amanat Ali is among the 124 artists from over 124 countries who have contributed musically in paying homage to Mahatma Gandhi as part of his 150th birth anniversary celebrations. Indian Prime Minister Narendra Modi on Tuesday launched a medley version of the famous hymn ‘Vaishnav Jan To Tene Kahiye’ during the closing ceremony of the Mahatma …

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PM Imran Khan opts for fewer staff, his ministers enjoy bloated offices


October 2, 2018

ISLAMABAD: Prime Minister Imran Khan has drastically cut the staff associated with his office to become an example for others to promote austerity and save taxpayers’ money but several of his cabinet ministers are having bloated staff beyond the sanctioned strength determined by law. The relevant law- FEDERAL MINISTERS AND MINISTERS OF STATE (SALARIES, ALLOWANCES AND PRIVILEGES) ACT, 1975 (as …

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Pakistani artist eyes another Guinness by making swing made of pencils


October 2, 2018

After setting an incredible world record by creating a tower made of pencils, a talented artist from Karachi has his eyes on another one  if he successfully completes making an entire swing out of  pencils. Bilal Asif has scored a Guinness record in 2013 by overtaking an American man. Now, he is all set to stun everyone yet again by …

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Inflation eases to 5.12pc


October 2, 2018

ISLAMABAD: The country’s annual inflation eased to 5.12 per cent in September from 5.84pc a month earlier, the Pakistan Bureau of Statistics (PBS) said on Monday. On a month-on-month basis, prices fell 0.06pc in September. The fall in inflation was mostly driven by a dip in the cost of vegetables. The State Bank of Pak­istan warned over the weekend rising …

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Stocks shed 69 points on policy rate increase


October 2, 2018

KARACHI: The market direction on Monday was set by the investor reaction to 100bps hike in policy rate by the State Bank for the next two months to 8.5 per cent on Saturday, which turned out to be at the upper end of the analysts’ expectations. The KSE-100 index succumbed to the selling pressure from both local and foreign investors, …

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Rabi crops face 38pc water shortage, Irsa warns


October 2, 2018

ISLAMABAD: Anticipating 38 per cent water shortage for Rabi season, the Indus River System Authority (Irsa) on Monday asked provincial agricultural authorities for better water management to minimise loss to crop output and rejected a call to subject Balochistan and Khyber Pakhtunkhwa provinces to water cuts. The projected water shortage may hit the agriculture sector, which may lead to food …

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Senate body orders probe of LNG re-gasification terminal utilisation


October 2, 2018

ISLAMABAD: A Senate panel on Monday ordered a probe into non-utilisation of full capacity of the second LNG re-gasification terminal resulting in expensive product handling and non-recovery of $51 million penalty imposed on its contractor for delayed commissioning. The Senate Standing Committee Petroleum led by PTI Senator Mohsin Aziz also desired hiring an independent consultant to determine if the second …

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IMF for more action on revenues, state-owned firms


October 2, 2018

ISLAMABAD: The International Monetary Fund (IMF) has asked the government to raise more revenues and pay greater attention to outstanding structural reforms, especially regarding the state-owned enterprises, to put the economy on a sound footing. A visiting delegation of the fund led by Harald Finger, IMF’s mission chief for Pakistan, held detailed meetings with senior officials of the Ministry of …

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Changes to laws against money laundering finalised


October 2, 2018

ISLAMABAD: To contain illegal outflow of money from the country and fulfil international obligations regarding terror financing, the federal government on Monday finalised amendments to the laws for strengthening institutional framework and punitive regime. The amendments proposed to the existing FIA Act, 1974; Foreign Exchange Regulation Act, 1947 (FERA); Customs Act, 1969; and Anti-Money Laundering Act, 2010 were reviewed at …

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ECC meets today, tariff hike likely to be delayed


October 2, 2018

ISLAMABAD: The government is expected to delay increase in electricity tariff for at least a fortnight owing to upcoming by-elections even though it is once again on top of the agenda of the Economic Coordination Committee (ECC) of the Cabinet. The ECC meets on Tuesday with Finance Minister Asad Umar to take up a four-point agenda. On top of the …

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