Business

KARACHI: In compliance with Financial Action Task Force (FATF) recomm­endations, banks operating in Pakistan, public and private financial institutions, organisations dealing with monetary affairs and even realtors have started keeping an eye on their clientele with the help of a recently developed database that identified over 100,000 “pol­i­ti­cally exposed persons” (PEPs) in the country, officials and sources said. They said …

KARACHI: Stocks faltered once again in the outgoing week with the KSE-100 index ceding 320 points, or 0.7 per cent, to close at 47,170 points. Lack of positive triggers kept the participants on the sidelines represented by the trading volume which stood at an average daily turnover of 307m shares, 37.8pc lower than the earlier week. The dreaded lockdown by …

ISLAMABAD: Pakistan has become exporter of 4G smartphones by sending first-ever shipment tagged ‘Manufactured in Pakistan’ to the United Arab Emirates. The first consignment of 5,500 mobile sets of 4G smartphones manufactured by Inovi Telecom was exported to the UAE on Friday. However, the local manufacturers of mobile phone sets have stressed the need for an export supportive policy, allowing …

ISLAMABAD: Under pressure from rates in international markets, diesel price is likely to go up by Rs2.10 per litre to Rs118.63 per litre from Sunday (today). Sources in the government said the calculations received by the Oil and Gas Regulatory Authority (Ogra) showed an increase of Rs2.10 per litre in prices of high speed diesel (HSD) for the next fortnight …

KARACHI: Pakistan spends a handsome amount on bringing in auto parts from abroad for the aftermaket every year. However, the imports of completely and semi-knocked down (CKD) kits for the local assembly of cars surged to an all-time high of over $1 billion in FY21. In contrast, the country’s auto parts exports have remained negligible in the last decade. As …

ISLAMABAD: The government will make all-out efforts to address three to four outstanding issues, including tax harmonisation, for securing loans worth over $800 million from the World Bank in the next one month. Pakistan has already received $400m for reforms in tax administration out of a total of $1.2 billion loans of the World Bank, Finance Minister Shaukat Tarin told Dawn on …

KARACHI: Meezan Bank is going to raise up to Rs10 billion via sukuk or Islamic bonds, a regulatory filing said on Friday. The country’s largest Islamic bank will count the proceeds of the sukuk towards its tier-II capital, which is the secondary layer of capital that every bank keeps as part of its required reserves. Unlike tier-I capital that’s contributed …

ISLAMABAD: Finance Minister Shaukat Tarin on Friday held out an assurance to exporters for swift payment of refunds amid a cash flow crunch. The assurance came from the minister during a meeting with a delegation of exporters at the Finance Division. The exporters are urging the government to provide uninterrupted power supply and early release of pending refunds. The meeting …

ISLAMABAD: The Asia Pacific Group (APG) on Money Laundering has improved Pakistan’s rating on four more of the 40 technical recommendations of the Financial Action Task Force (FATF) against money laundering and terror financing (AML/CFT) but retained it on ‘Enhanced Follow up’ to meet the outstanding requirements. “Pakistan has 35 recommendations rated compliant or largely compliant (C/LC). Pakistan will remain …

ISLAMABAD: The Competition Commission of Pakistan (CCP) on Friday imposed the highest-ever penalty of Rs44 billion on the sugar industry for cartelisation, price fixing and market manipulation. The penalty has been imposed on the calculation of turnover of 55 sugar mills for the financial year 2019, with a maximum penalty of Rs300 million having been imposed on the Pakistan Sugar …