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Print - 2011-08-30
Diesel generators import: massive evasion of duties, taxes unearthed

Diesel generators import: massive evasion of duties, taxes unearthed

The Directorate General of Post-Clearance Audit (PCA), Federal Board of Revenue (FBR), has unearthed massive evasion of duties and taxes on import of diesel generators, involving certain importers who violated customs duty, sales tax exemption/zero rating
Published 30 Aug, 2011 12:00am
Lean business seen in pre-Eid holiday session on cotton market

Lean business seen in pre-Eid holiday session on cotton market

Restricted business was seen on the cotton market on Monday in pre-Eid holiday session, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 6000, they said. The prices of seedcotton in Sindh were unchanged at Rs 2300-
Published 30 Aug, 2011 12:00am
Oil cake market rates

Oil cake market rates

The December vaida was down while the January vaida was unchanged on the forward cottonseed oilcake market on Monday in process of trading, dealers said. The December contract that had ended at Rs 1313.80 on weekend commenced with a fall of 60 paisa to Rs
Published 30 Aug, 2011 12:00am
Tarbela dam fills up to maximum storage level of 1,550ft

Tarbela dam fills up to maximum storage level of 1,550ft

Indus River System Authority (Irsa) filled the country's biggest Tarbela dam on river Indus upto its maximum storage level of 1,550 ft on Monday while the second main dam Mangla on river Jhelum is just four feet below its highest level of 1210 ft above se
Published 30 Aug, 2011 12:00am
LHC relaxes marks limit for exams of attorneys

LHC relaxes marks limit for exams of attorneys

The Lahore High Court has relaxed marks limit for partaking in the exams of assistant and district attorneys from 50 percent to 45 percent. The court also extended the date of the exam to September 10 next. The court passed these orders in a petition file
Published 30 Aug, 2011 12:00am
Weekly CNG closure suspended for Eid

Weekly CNG closure suspended for Eid

All the CNG filling stations of five regions of Punjab remained open on Monday as the government decided to suspend weekly closure to facilitate inter-city travelling ahead of Eid-ul-Fitr. The CNG filling station will remain open till September 4 without
Published 30 Aug, 2011 12:00am
Concrete steps needed for uplift of industrial estates: SCCI

Concrete steps needed for uplift of industrial estates: SCCI

President Sialkot Chamber of Commerce and Industry (SCCI) Ghulam Mustafa Choudary has said that in order to make vibrant economic activities and industrial development there was a great need of setting up more small industrial estates in this export-orien
Published 30 Aug, 2011 12:00am
Servant's death: accused sent for judicial remand

Servant's death: accused sent for judicial remand

A Model Town judicial magistrate here on Monday sent for judicial remand to Sadia Asif who had allegedly clubbed her 12-year-old servant to death for not feeding her dog. Kahna Police produced the accused before the court and sought extension in her physi
Published 30 Aug, 2011 12:00am
LHC holidays

LHC holidays

Chief Justice Lahore High Court has announced Eid holidays with effect from August 31 to September 03. According to a notification issued here, the courts in Punjab will observe Eid holidays and the LHC its allied benches and subordinate courts will remai
Published 30 Aug, 2011 12:00am
Agriculture Helpline holidays

Agriculture Helpline holidays

Agriculture Helpline, a telephonic service by the Punjab Agriculture Department to guide the growers, will remain closed from August 31 to September 04, 2011 on account of Eid-ul-Fitr Holidays, said a spokesman of the department here on Monday.
Published 30 Aug, 2011 12:00am
PSCA to support Friends Business Forum

PSCA to support Friends Business Forum

Ahead of the annual election of RYK Chamber of Commerce & Industries next month Private Seeds Corporation Association (PSCA) of the district has announced its unconditional support for the Friends Business Forum. PSCA RYK General Secretary Abdul Jalil Ban
Published 30 Aug, 2011 12:00am
Labour leaders seek changes in IRO

Labour leaders seek changes in IRO

Leaders of the trade unions from Lahore region have called upon the federal government to make some essential changes in the Industrial Relations Ordinance 20011 and get it approved by the parliament as early as possible. The demand was made after a revie
Published 30 Aug, 2011 12:00am
PARB to introduce sugar leaf as alternate for sweetener

PARB to introduce sugar leaf as alternate for sweetener

The Punjab Agricultural Research Board (PARB) has decided to include Murree and Kasur in its project of 'Development and dissemination of production technology of sugar leaf (Stevia rebaudiana)' aimed at introducing sugar leaf as alternate sweetener; deve
Published 30 Aug, 2011 12:00am
Ahsan elected unopposed as Chairman of Aptma Punjab

Ahsan elected unopposed as Chairman of Aptma Punjab

All Pakistan Textile Mills Association (Aptma) Punjab has announced unofficial elections results for the Regional Managing Committee of Punjab Region for the year 2011-12. According to the unofficial results, Ahsan Bashir of Shams Textile Mills Ltd, Lahor
Published 30 Aug, 2011 12:00am
Usman elected as central chairman of PHMA

Usman elected as central chairman of PHMA

Sardar Usman Ghani has been elected as Central Chairman of Pakistan Hardware Merchants Association (PHMA) on Monday while Ahmad Dawood became the Chairman of the Northern Zone of the Association. Pakistan Hardware Merchants Association (PHMA), the leading
Published 30 Aug, 2011 12:00am
New human resources Director at Tetra Pak

New human resources Director at Tetra Pak

Saira Khan has been appointed as Director for Human Resources at Tetra Pak Pakistan. Saira brings over 20 years of experience with financial institutions and different MNCs including Emirates Bank International, Habib Bank Limited and Unisys Pakistan (Pvt
Published 30 Aug, 2011 12:00am
China gas tax rebate may nudge spot LNG imports up

China gas tax rebate may nudge spot LNG imports up

A tax rebate on natural gas imports may accelerate China's purchases of liquefied natural gas, but only marginally given high prices for spot supplies and the nation's policy of using long-term contracts. Spot LNG prices in the Pacific have risen over 50
Published 30 Aug, 2011 12:00am
China gas tax rebate may nudge spot LNG imports up

China gas tax rebate may nudge spot LNG imports up

A tax rebate on natural gas imports may accelerate China's purchases of liquefied natural gas, but only marginally given high prices for spot supplies and the nation's policy of using long-term contracts. Spot LNG prices in the Pacific have risen over 50
Published 30 Aug, 2011 12:00am
India's ASK Property to raise 10 billion rupees by December

India's ASK Property to raise 10 billion rupees by December

India's ASK Property Investment Advisors aims to raise a 10-billion-rupee ($219 million) fund by December in a bet on the long-term case for property in Asia's third-largest economy, its top official said. The real estate-focused private equity firm, whic
Published 30 Aug, 2011 12:00am
Eni could lose long term in Libya if backlash

Eni could lose long term in Libya if backlash

Eni, the biggest foreign oil producer in Libya before the civil war, could lose assets or opportunities in the long run if Italy's hesitant support for the rebel government early in the conflict leads to a backlash.
Published 30 Aug, 2011 12:00am
Europe snubs IMF call to force-feed bank capital

Europe snubs IMF call to force-feed bank capital

Europe gave a cool reception to a demand from the International Monetary Fund's new head Christine Lagarde to force its banks to bulk up their capital, saying the continent had done enough already. The European Commission said there was no need to re-capi
Published 30 Aug, 2011 12:00am
Alpha, EFG fire starting gun for Greek bank deals

Alpha, EFG fire starting gun for Greek bank deals

Greece's Alpha and EFG Eurobank sealed a merger on Monday, with help from Qatar, that is expected to trigger more deals to shore up banks battered by the debt crisis and recession. Alpha and Eurobank shares shot up by 30 percent as soon as the bourse lift
Published 30 Aug, 2011 12:00am
India's Maruti workers locked out over 'sabotage'

India's Maruti workers locked out over 'sabotage'

Production at a Maruti Suzuki plant halted on Monday as India's top carmaker locked out its workers, demanding they sign a "good conduct" pledge following alleged sabotage, the company said. The Japanese-controlled company said it had asked all workers to
Published 30 Aug, 2011 12:00am
India's business confidence hits two-year low

India's business confidence hits two-year low

India's business confidence has slumped to a two-year low, according to a survey released on Monday, with companies rattled by a slowing domestic and global economy. The survey of nearly 300 companies by a leading business body showed its business confide
Published 30 Aug, 2011 12:00am
Nokia's developer forum database hacked

Nokia's developer forum database hacked

The world's leading mobile phone maker Nokia said Monday a database for a developer forum it operates had been hacked and some member information accessed. The Finnish giant said the information hacked from the developer.nokia.com forum included email add
Published 30 Aug, 2011 12:00am
ECB buys fewer eurozone bonds

ECB buys fewer eurozone bonds

The European Central Bank said Monday it bought 6.65 billion euros ($9.64 billion) of government bonds in the past week, down sharply after it intervened heavily early this month to ease the market pressure on Italy and Spain. In the week to Monday, Augus
Published 30 Aug, 2011 12:00am
ECB buys fewer eurozone bonds

ECB buys fewer eurozone bonds

The European Central Bank said Monday it bought 6.65 billion euros ($9.64 billion) of government bonds in the past week, down sharply after it intervened heavily early this month to ease the market pressure on Italy and Spain. In the week to Monday, Augus
Published 30 Aug, 2011 12:00am
Iran snubs Gazprom, considers refineries sale

Iran snubs Gazprom, considers refineries sale

Iran has "excluded" Russia's Gazprom from a major oil field project, the semi-official Mehr news agency reported on Monday, in the latest snub to foreign investors that Tehran feels are not fulfilling their promises. But other reports suggest Iran is stil
Published 30 Aug, 2011 12:00am
US consumer spending rebounds, calms recession fears

US consumer spending rebounds, calms recession fears

US consumer spending rose at its fastest pace in five months in July, backing views the economy was not falling back into recession, although pending sales of previously owned homes fell. The Commerce Department said on Monday consumer spending increased
Published 30 Aug, 2011 12:00am
Krueger named top White House economist

Krueger named top White House economist

US President Barack Obama, under pressure to spur job growth, said on Monday he had chosen Princeton labour economist Alan Krueger to become the top White House economist and that he will offer a jobs plan next week. The selection signalled a fresh attemp
Published 30 Aug, 2011 12:00am
IMF slashes US GDP forecast, trims eurozone

IMF slashes US GDP forecast, trims eurozone

The International Monetary Fund has slashed its growth forecasts for the United States and says the Federal Reserve and the European Central Bank must be ready to ease policy, Italian news agency ANSA reported on Monday. The IMF chopped its forecast for U
Published 30 Aug, 2011 12:00am
Bank of America to sell part of CCB stake

Bank of America to sell part of CCB stake

Bank of America Corp is selling about half its stake of China Construction Bank to a group of investors for $8.3 billion in cash, the bank said on Monday. Bank of America's agreement to sell 13.1 billion shares of CCB will reduce its holdings to about 5 p
Published 30 Aug, 2011 12:00am
Japan should support small firms, jobs in steps versus yen: government

Japan should support small firms, jobs in steps versus yen: government

Japanese ministers agreed on Monday a broad outline for measures to soften the impact of a strong yen that are likely to be reflected in the economic policies of an incoming cabinet. The new government should compile measures that help employment at small
Published 30 Aug, 2011 12:00am
Germany eyes 6 billion euro tax cut

Germany eyes 6 billion euro tax cut

A planned reform to Germany's tax system will save taxpayers 6 billion euros, a senior member of Chancellor Angela Merkel's conservatives told Reuters on Wednesday. Volker Kauder, parliamentary floor leader of Merkel's conservative Christian Democrats (CD
Published 30 Aug, 2011 12:00am
Hochschild pushing forward on Peru projects

Hochschild pushing forward on Peru projects

Hochschild Mining is pushing forward with its three most advanced projects in Peru, the Latin American precious metals miner said on Tuesday, days before the country's new government is set to announce changes to its royalties system. Peru's mining firms
Published 30 Aug, 2011 12:00am
Brazil mining investment jumps on metals demand

Brazil mining investment jumps on metals demand

Surging investment in Brazil's mining sector will help the country to double iron ore output by 2015 and triple copper production in the same period, the head of Brazil's mining institute, Ibram, said on Monday. Ibram expects Brazil's iron ore output to m
Published 30 Aug, 2011 12:00am
Asia finance hiring muscles through tough climate

Asia finance hiring muscles through tough climate

The hiring window is open a crack for the Asian financial sector, keeping opportunities afloat for now while the industry shrinks across the globe. Commercial and private bankers, mid-office staffers, risk managers and prime brokers are needed. Fund manag
Published 30 Aug, 2011 12:00am
Slowdown in core a new threat for eurozone

Slowdown in core a new threat for eurozone

It's not hard to come up with reasons for the eurozone's exasperating inability to get a grip on its debt crisis. There's the German government's reluctance to take the bold steps that seem necessary to bring about a change in market sentiment towards Eur
Published 30 Aug, 2011 12:00am
Oman state carrier eyes foreign contracts

Oman state carrier eyes foreign contracts

Oman Telecommunications Co's (Omantel) is on the lookout for operating licenses and network building contracts abroad as competition in the sultanate's mobile telecom sector gets tougher, its chief executive said. "What we are trying to do right now is to
Published 30 Aug, 2011 12:00am
Cellectis signs transgenic livestock deal

Cellectis signs transgenic livestock deal

French biotechnology company Cellectis has licenced its technology to US company Recombinetics to permit it to create genetically modified livestock that can be used in drug and food development. Cellectis said it could fetch up to $50 million in addition
Published 30 Aug, 2011 12:00am
Mortgage probe split puts US banks in tactical bind

Mortgage probe split puts US banks in tactical bind

Large US banks defending themselves against a mass of state and federal mortgage probes face a difficult tactical decision following New York state's exit from settlement talks on Tuesday. A settlement with the states remaining at the negotiating table an
Published 30 Aug, 2011 12:00am
Publicis CEO says ad spending resilient

Publicis CEO says ad spending resilient

Advertising spending is holding up despite recent market turmoil and growing fears about a second recession but prospects for 2012 are not yet clear, Publicis Chief Executive Maurice Levy said in an interview. "We spent the month of August calling clients
Published 30 Aug, 2011 12:00am
Curis eyes financing options for copper plan

Curis eyes financing options for copper plan

Curis Resources is in talks with potential partners and lenders as it looks to raise $250 million to build an Arizona project that will extract copper by dissolving the ore with an acid solution and pumping it to the surface. The small Canadian company ex
Published 30 Aug, 2011 12:00am
Power supply can help ease Nigeria unrest: minister

Power supply can help ease Nigeria unrest: minister

Boosting Nigeria's woefully inadequate power supply would help to reduce unrest in the impoverished north where a radical Islamist sect is carrying out almost daily shootings and bombings, the power minister told Reuters. Nigeria was the world's fifth-big
Published 30 Aug, 2011 12:00am
Google, Motorola could be peak of patent price spike

Google, Motorola could be peak of patent price spike

The bubble in mobile phone technology patent values may just have popped. Now that Google Inc has agreed to a $12.5 billion deal to buy Motorola Mobility Holdings Inc - scooping up a trove of 17,000 phone-related patents to give itself some ground to defe
Published 30 Aug, 2011 12:00am
Honda Atlas Cars (Pak) Limited

Honda Atlas Cars (Pak) Limited

With a 10 percent share in the auto industry, Honda Atlas Cars is the third largest automobile manufacturing and assembling company in Pakistan. Honda Atlas Cars Pakistan is a joint venture between Honda Motor Company Limited Japan and the Atlas Group of
Published 30 Aug, 2011 12:00am
Honda Atlas Cars (Pak) Limited

Honda Atlas Cars (Pak) Limited

With a 10 percent share in the auto industry, Honda Atlas Cars is the third largest automobile manufacturing and assembling company in Pakistan. Honda Atlas Cars Pakistan is a joint venture between Honda Motor Company Limited Japan and the Atlas Group of
Published 30 Aug, 2011 12:00am
UNHCR holidays on Eid-ul-Fitr

UNHCR holidays on Eid-ul-Fitr

UN Refugees Agency (UNHCR) has announced that its voluntary repatriation centres will remain closed for Eid-ul-Fitr. The announcement said that registered Afghans in Pakistan are informed that UNHCR Chamkani and Baleli voluntary repatriation centres (VRCs
Published 30 Aug, 2011 12:00am
Workshop ends

Workshop ends

A weeklong training workshop on Integrated Community Base Disaster Risk Reduction (ICBRR) organized by Hashoo Foundation concluded here on Monday. The main objective of the training was to create awareness among the masses about safety measures to minimiz
Published 30 Aug, 2011 12:00am
Shoppers throng markets ahead of Eid

Shoppers throng markets ahead of Eid

As the religious festival of Eid-ul-Fitr is approaching nearer a large number of shoppers have stormed the markets to complete their Eid shopping. Almost every shopping mall and market in twin cities is flooded with the Eid shoppers. Women are taking more
Published 30 Aug, 2011 12:00am
People leave Islamabad to celebrate Eid at native places

People leave Islamabad to celebrate Eid at native places

Federal Capital wears a deserted look as majority of people belonging to other parts of the country have left to celebrate Eid-ul-Fitr at their native places. The offices were almost empty in Pak Secretariat and all over Islamabad as people availed the op
Published 30 Aug, 2011 12:00am
Islamabad police evolve a comprehensive security plan

Islamabad police evolve a comprehensive security plan

Under a comprehensive plan to ensure foolproof security in Federal Capital, Islamabad Police ensured effective security arrangements on the occasion of Eid-ul-Fitr as round the clock vigilance and patrolling would be made to protect lives and property of
Published 30 Aug, 2011 12:00am
Family members of Qadhafi flee to Algeria

Family members of Qadhafi flee to Algeria

The wife of Muammar Qadhafi and other members of his family took refuge in Algeria on Monday but the whereabouts of the fugitive former strongman himself remained a mystery, a week after rebels drove him from power. Algeria's Foreign Ministry said Qadhafi
Published 30 Aug, 2011 12:00am
Nadra begins revalidation campaign of old arms licences

Nadra begins revalidation campaign of old arms licences

National Database and Registration Authority (Nadra) kicked off the revalidation campaign of old arms licences and 158 designated centers have started receiving applications from all over Pakistan. The revalidation process for old arms licenses issued by
Published 30 Aug, 2011 12:00am
Family members of Qadhafi flee to Algeria

Family members of Qadhafi flee to Algeria

The wife of Muammar Qadhafi and other members of his family took refuge in Algeria on Monday but the whereabouts of the fugitive former strongman himself remained a mystery, a week after rebels drove him from power. Algeria's Foreign Ministry said Qadhafi
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011

FISCAL REVIEW 2011

"Beware the growing risks of growing fiscal deficit." This was perhaps the gist of advice that former Singapore prime minister Lee Kwan Yew gave to US President Barrack Obama when they met soon after Obama became the President of the US to head the world'
Published 30 Aug, 2011 12:00am
Gilani pledges to act on Supreme Court decisions

Gilani pledges to act on Supreme Court decisions

Prime Minister Syed Yousuf Raza Gilani on Monday pledged to act upon the Supreme Court decisions in letter and spirit, saying that deviation from the Constitution creates confrontation, so every institution must deliver as per law of the land, respecting
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Curbing rent seeking and inefficiency

FISCAL REVIEW 2011 - Curbing rent seeking and inefficiency

Deteriorating service delivery and spiralling prices amid policy inaction are adverse outcomes of the culture of rent seeking that has become thoroughly engrained in our systems and society. Public sector inefficiencies have persisted for decades; yet it
Published 30 Aug, 2011 12:00am
Gilani pledges to act on Supreme Court decisions

Gilani pledges to act on Supreme Court decisions

Prime Minister Syed Yousuf Raza Gilani on Monday pledged to act upon the Supreme Court decisions in letter and spirit, saying that deviation from the Constitution creates confrontation, so every institution must deliver as per law of the land, respecting
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Federal budget FY12: unpleasant arithmetic

FISCAL REVIEW 2011 - Federal budget FY12: unpleasant arithmetic

Budget deficit is the most heavily quoted number in the discussions of fiscal policy where different groups of economists consider different implications of budget deficit. The proponents of deficit argue that it provides fiscal stimulus to growth. Accord
Published 30 Aug, 2011 12:00am
Afghans scuttle US-Taliban talks

Afghans scuttle US-Taliban talks

Infuriated that Washington met secretly at least three times with a personal emissary of Taliban leader Mullah Mohammed Omar, the Afghan government intentionally leaked details of the clandestine meetings, scuttling the talks and sending the Taliban inter
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Punjab's budget: compromising social development

FISCAL REVIEW 2011 - Punjab's budget: compromising social development

The Punjab budget 2011-12 is a balanced budget indicating neither deficit nor surplus, which presents a mix of positive and negative fiscal developments. The negative part, however, as is the case with other provincial budgets, is mostly centered around n
Published 30 Aug, 2011 12:00am
Afghans scuttle US-Taliban talks

Afghans scuttle US-Taliban talks

Infuriated that Washington met secretly at least three times with a personal emissary of Taliban leader Mullah Mohammed Omar, the Afghan government intentionally leaked details of the clandestine meetings, scuttling the talks and sending the Taliban inter
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Is Sindh budget surplus a mirage?

FISCAL REVIEW 2011 - Is Sindh budget surplus a mirage?

The Sindh budget 2011-12 was presented in the backdrop of a complex fiscal situation in which the provincial government expected to receive higher revenues along with increased expenditure responsibilities from the federal government.
Published 30 Aug, 2011 12:00am
Ijaz back as DG Rangers Sindh

Ijaz back as DG Rangers Sindh

Major General Ijaz Chaudhry has taken charge as DG Rangers Sindh. According to a private TV channel, Major General Ijaz was removed as DG Rangers Sindh on orders from the Supreme Court following killing of teenager Sarfraz Shah at the hands of Rangers tro
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - KP budget: Ill-defined Priorities

FISCAL REVIEW 2011 - KP budget: Ill-defined Priorities

For a province marked with large scale devastation and deprivation on multiple accounts, one would expect that the government of Khyber Pakhtunkhwa would have focused better on social development in its first post-18th Amendment fiscal budget. Yet, the re
Published 30 Aug, 2011 12:00am
Ijaz back as DG Rangers Sindh

Ijaz back as DG Rangers Sindh

Major General Ijaz Chaudhry has taken charge as DG Rangers Sindh. According to a private TV channel, Major General Ijaz was removed as DG Rangers Sindh on orders from the Supreme Court following killing of teenager Sarfraz Shah at the hands of Rangers tro
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Balochistan Ignores Social Development

FISCAL REVIEW 2011 - Balochistan Ignores Social Development

The past fifteen months have been replete with speculation and debate about the state of provincial finances following the successful conclusion of the 7th NFC Award and the phase-wise devolution of some key ministries under the 18th Constitutional Amendm
Published 30 Aug, 2011 12:00am
Arab unrest: perspectives - XXXV

Arab unrest: perspectives - XXXV

How ironic it is that Chad is one of the 20 odd African countries that have unilaterally recognised the National Transitional Council (NTC) as legitimate representative body of the Libyan people. "Chad recognises the National Transitional Council as the o
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - "Budget FY12 not credible"

FISCAL REVIEW 2011 - "Budget FY12 not credible"

Sherani is a former Principal Economic Advisor to the Ministry of Finance, Government of Pakistan (September 2009 to December 2010). Sherani, who also served as member of the Prime Minister's Economic Advisory Council, had headed the Economics Unit of ABN
Published 30 Aug, 2011 12:00am
Arab unrest: perspectives - XXXV

Arab unrest: perspectives - XXXV

How ironic it is that Chad is one of the 20 odd African countries that have unilaterally recognised the National Transitional Council (NTC) as legitimate representative body of the Libyan people. "Chad recognises the National Transitional Council as the o
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Unpaid family work: making it count

FISCAL REVIEW 2011 - Unpaid family work: making it count

'If you cannot measure it, you cannot manage it', goes an old saying which seems to fully apply to unpaid work. If we cannot clearly conceptualise, measure and analyse unpaid labour, we cannot gauge its impact on economic growth and hence on poverty reduc
Published 30 Aug, 2011 12:00am
World Bank does not trust WeBOC system

World Bank does not trust WeBOC system

The World Bank does not trust Web Based One Custom (WeBOC) system introduced by Federal Board of Revenue (FBR) to automate country's trade as it is not a complete automated solution, according to World Bank's preliminary report on automation in Pakistan C
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Is there any reform strategy?

FISCAL REVIEW 2011 - Is there any reform strategy?

Dr Khan is a former Federal Commerce Minister. Apart from a brief stint at the World Bank, Dr Zubair has been associated with the IMF from 1981 to 1992. Since returning to Pakistan, he has been consulting for the World Bank, ADB, UNDP, JBIC and other inte
Published 30 Aug, 2011 12:00am
World Bank does not trust WeBOC system

World Bank does not trust WeBOC system

The World Bank does not trust Web Based One Custom (WeBOC) system introduced by Federal Board of Revenue (FBR) to automate country's trade as it is not a complete automated solution, according to World Bank's preliminary report on automation in Pakistan C
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - The incorrigible PSEs

FISCAL REVIEW 2011 - The incorrigible PSEs

Since the time of nationalisation, pubic sector entities in Pakistan have been used and abused like carcasses left to be eaten by vultures. Despite their lifelessness, these state-owned firms have attracted the interest of politicians and bureaucrats alik
Published 30 Aug, 2011 12:00am
World Bank does not trust WeBOC system

World Bank does not trust WeBOC system

The World Bank does not trust Web Based One Custom (WeBOC) system introduced by Federal Board of Revenue (FBR) to automate country''s trade as it is not a complete automated solution, according to World Bank''s preliminary report on automation in Pakistan
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Conventional problems, unconventional solutions

FISCAL REVIEW 2011 - Conventional problems, unconventional solutions

Dr Nabi is member of Prime Minister's Economic Advisory Council and was a member of the Monetary Policy Committee of the State Bank of Pakistan before it was disbanded. Dr Ijaz Nabi has been associated with the World Bank for 22 years, where his last assi
Published 30 Aug, 2011 12:00am
World Bank does not trust WeBOC system

World Bank does not trust WeBOC system

The World Bank does not trust Web Based One Custom (WeBOC) system introduced by Federal Board of Revenue (FBR) to automate country''''s trade as it is not a complete automated solution, according to World Bank''''s preliminary report on automation in Paki
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Fiscal imperative on monetary policy

FISCAL REVIEW 2011 - Fiscal imperative on monetary policy

In a free market economy like Pakistan's, economic management including economic development is conducted through the use of and co-ordination of three policies, namely fiscal policy, monetary policy and exchange rate policy.
Published 30 Aug, 2011 12:00am
Banks allowed to open accounts on Nadra receipt

Banks allowed to open accounts on Nadra receipt

In order to facilitate the general public, the State Bank of Pakistan (SBP) on Monday allowed banks/ Development Finance Institutions (DFIs) to open accounts on the basis of National Database and Registration Authority (Nadra) receipt/token in case of exp
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Privatise SOEs, now: Tarin

FISCAL REVIEW 2011 - Privatise SOEs, now: Tarin

Shaukat Tarin oversaw Pakistan's finance, economic, revenue and planning affairs from October 2008 till February 2010. During his tenure as Finance Minister, he is widely credited for bringing Pakistan from the brink of default. One of his noteworthy achi
Published 30 Aug, 2011 12:00am
Banks allowed to open accounts on Nadra receipt

Banks allowed to open accounts on Nadra receipt

In order to facilitate the general public, the State Bank of Pakistan (SBP) on Monday allowed banks/ Development Finance Institutions (DFIs) to open accounts on the basis of National Database and Registration Authority (Nadra) receipt/token in case of exp
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - THE DEBT DELUGE

FISCAL REVIEW 2011 - THE DEBT DELUGE

Why should we worry about the rising trend in debt? As the size of the public debt increases, there is a growing uncertainty about the actions and policies that the government will resort to in order to meet its debt servicing obligations, with potentiall
Published 30 Aug, 2011 12:00am
Banks allowed to open accounts on Nadra receipt

Banks allowed to open accounts on Nadra receipt

In order to facilitate the general public, the State Bank of Pakistan (SBP) on Monday allowed banks/ Development Finance Institutions (DFIs) to open accounts on the basis of National Database and Registration Authority (Nadra) receipt/token in case of exp
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - How effective is foreign assistance?

FISCAL REVIEW 2011 - How effective is foreign assistance?

Like many other developing counties, Pakistan stands dependent upon foreign assistance particularly for its development needs due to low domestic resource mobilization. Flows of savings from developed to non-developed economies have traditionally taken th
Published 30 Aug, 2011 12:00am
Financial documents: Federal Cabinet approves Pepco's revision

Financial documents: Federal Cabinet approves Pepco's revision

Federal Cabinet has, reportedly, approved Pakistan Electric Power Company's (Pepco) revision of financial documents at the behest of foreign lenders subsequent to their finalisation by relevant ministries for the 425MW combined cycle power project Nandipu
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Deregulation is the key: Dr Asim

FISCAL REVIEW 2011 - Deregulation is the key: Dr Asim

Dr Hussain, an orthopedic surgeon and a healthcare businessman, is back to managing everything oil and gas. He is currently serving as the Minister for Petroleum and Natural Resources, a portfolio he left in August 2009. Dr Hussain served as Chairman of N
Published 30 Aug, 2011 12:00am
Financial documents: Federal Cabinet approves Pepco's revision

Financial documents: Federal Cabinet approves Pepco's revision

Federal Cabinet has, reportedly, approved Pakistan Electric Power Company's (Pepco) revision of financial documents at the behest of foreign lenders subsequent to their finalisation by relevant ministries for the 425MW combined cycle power project Nandipu
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Pakistan should declare 'energy emergency'

FISCAL REVIEW 2011 - Pakistan should declare 'energy emergency'

The devastating floods wiped out nearly 2 percentage points from the GDP growth last fiscal year; the war on terror roughly caused another 1.5 percent to the GDP growth. Both these issues required either relief measures or strategic decisions to minimise
Published 30 Aug, 2011 12:00am
Financial documents: Federal Cabinet approves Pepco''s revision

Financial documents: Federal Cabinet approves Pepco''s revision

Federal Cabinet has, reportedly, approved Pakistan Electric Power Company''s (Pepco) revision of financial documents at the behest of foreign lenders subsequent to their finalisation by relevant ministries for the 425MW combined cycle power project Nandip
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Capital Markets after budget FY12

FISCAL REVIEW 2011 - Capital Markets after budget FY12

Capital markets are driven by liquidity and the recently announced fiscal bill falls short of addressing key liquidity concerns including the mounting inter-corporate debt in the power sector which is not only hampering the power sector, but also continue
Published 30 Aug, 2011 12:00am
Diesel generators import: massive evasion of duties, taxes unearthed

Diesel generators import: massive evasion of duties, taxes unearthed

The Directorate General of Post-Clearance Audit (PCA), Federal Board of Revenue (FBR), has unearthed massive evasion of duties and taxes on import of diesel generators, involving certain importers who violated customs duty, sales tax exemption/zero rating
Published 30 Aug, 2011 12:00am
FISCAL REVIEW 2011 - Making capital markets work

FISCAL REVIEW 2011 - Making capital markets work

Muhammad, appointed Chairman of the SECP in December 2010, has an extensive and diversified corporate and financial markets experience spread over 20 years. An MBA from the Institute of Business Administration (IBA), Ali started his career with Citibank a
Published 30 Aug, 2011 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Monday (August 29, 2011).

Published 30 Aug, 2011 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Monday (August 29, 2011).

Published 30 Aug, 2011 12:00am
Zardari due in Urumqi today

Zardari due in Urumqi today

President Asif Ali Zardari will arrive here on Tuesday on a three-day visit to China to participate in the first China-Eurasia Expo being held in this capital city of Xingjian Uygur Autonomous Region from September 1 to 5. Besides attending the Expo, whic
Published 30 Aug, 2011 12:00am
Zardari due in Urumqi today

Zardari due in Urumqi today

President Asif Ali Zardari will arrive here on Tuesday on a three-day visit to China to participate in the first China-Eurasia Expo being held in this capital city of Xingjian Uygur Autonomous Region from September 1 to 5. Besides attending the Expo, whic
Published 30 Aug, 2011 12:00am
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