Business

KARACHI: The State Bank of Pakistan on Tuesday allowed overseas Pakistanis to directly invest into the shares of companies in Pakistan and units of funds through the rupee-based Roshan Digital Accounts (RDA). Overseas Pakistanis have been allowed investment in Pakistani companies as well as funds operated by a private fund management company licensed by the Securities Exchange Commission of Pakistan. …

KARACHI: The country’s average per day oil and gas production dropped 10 per cent and 2pc, respectively, in the week ending Aug 18-24 to 69,878 barrels and 3,337 million cubic feet from 77,730bopd and 3,406mmcfd over the preceding week Aug 11-17. An analyst at Arif Habib Ltd (AHL) attributed the decline in oil production to annual turnaround (ATA) of Nashpa …

ISLAMABAD: The newly appointed chairman of the Federal Board of Revenue (FBR), Dr Ashfaq Ahmad, on Tuesday unveiled a roadmap for restructuring tax machinery and declared robust growth of 45 per cent in revenue collection in the second month of the current fiscal. The revenue collection in August rose to Rs434 billion, an increase of 45pc from last year’s figure …

ISLAMABAD: Making a new record, state-run Pakistan State Oil (PSO) on Tuesday awarded a liquefied natural gas (LNG) cargo to commodity trader Vitol at 24.5456pc of Brent (about $17.86 per mmBtu) – the most expensive so far – for delivery on Sept 26-27. “PSO has decided to award the below mentioned cargo for supply of LNG,” PSO announced on its …

KARACHI: The central government’s total debt has increased by 21.7 per cent to Rs38.7 trillion during the last two years with a major rise in domestic debt. The data released by the State Bank of Pakistan (SBP) on Monday showed that during the past couple of years, the government’s domestic and external debts stood at Rs38.69tr at the end of …

KARACHI: Investors pulled out Rs317.2 billion on a net basis from the National Savings Schemes (NSS) in 2020-21, according to data released by the State Bank of Pakistan (SBP) on Monday. Net savings mobilised under the NSS remained negative in the last fiscal year for the first time since 2004-05. The federal government–run Central Directorate of National Savings (CDNS) bypasses …

ISLAMABAD: In a major move to facilitate overseas Pakistanis, the Federal Board of Revenue (FBR) on Monday dropped all its departmental appeals immediately filed over the last over seven years on the interpretation of law pertaining to availing of exemptions on foreign remittances. The controversy erupted when the FBR’s Inland Revenue Service field formations refused concessions in some situation on …

ISLAMABAD: On the intervention of the National Coordination Committee (NCC) on Financial Action Task Force (FATF) to meet international compliance, the Federal Board of Revenue (FBR) has clearly defined the reporting requirements for real estate sector players including brokers, developers and builders recently registered as Designated Non-Financial Business and Professions (DNFBPs). The process has been simplified to facilitate about 22,000 …

NAIROBI: The use of leaded petrol has been eradicated from the globe, a milestone that will prevent more than 1.2 million premature deaths and save world economies over $2.4 trillion annually, the UN Environment Programme (UNEP) said on Monday. Nearly a century after doctors first issued warnings about the toxic effects of leaded petrol, Algeria — the last country to …

One of the five oldest districts established in Punjab in 1849, Jhang is spread across an area of 8,809 square kilometres. Historians say it had been populated around 2000 BC when it was known as Jhagi Sial. The district is known for the shrine of the noted saint and Sufi poet Hazrat Sultan Bahu, while it also figures in the …