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Print - 2013-06-13
CNG cylinders: LHC summons Deputy AG for June 20

CNG cylinders: LHC summons Deputy AG for June 20

The Lahore High Court here Wednesday summoned Deputy Attorney General for June 20 to ascertain that which institution is empowered to ensure standard of CNG cylinders. The petitioners, owners of different CNG stations, submitted that representatives of di
Published 13 Jun, 2013 12:00am
Resolving missing persons' issue Nawaz assures BNP-M delegation

Resolving missing persons' issue Nawaz assures BNP-M delegation

Prime Minister Muhammad Nawaz Sharif urged representatives of Balochistan National Party (BNP- Mengal) to play active role in national mainstream, and PM also lauded their party's participation in recently held general elections. He was talking to Dr Saji
Published 13 Jun, 2013 12:00am
Investigation, Prosecution to work together in Khyber Pakhtunkhwa

Investigation, Prosecution to work together in Khyber Pakhtunkhwa

The Additional Inspector General Police ((Investigation) and Director General Prosecution have agreed to work with co-operation and co-ordination for getting the culprits convicted. The meeting was also attended by Asif Zafar Cheema, Deputy Inspector Gene
Published 13 Jun, 2013 12:00am
Budget disappoints business community, government employees

Budget disappoints business community, government employees

Business community and government employees in Khyber Pakhtunkhwa have expressed disappointment over the federal budget for financial year 2013-14, adding it had overburdened the people and will increase corruption. Talking to Business Recorder, Zi
Published 13 Jun, 2013 12:00am
FBR given access to banks' database

FBR given access to banks' database

The government has amended the Income Tax Ordinance 2001 and inserted section 165A, whereby banks would now be bound by law to provide information including online access to bank's central database containing details of its accountholders and all transact
Published 13 Jun, 2013 12:00am
Business community criticises new taxation measures

Business community criticises new taxation measures

Business community has expressed that prices of all goods produced in the country or imported will go up as a result of new taxation measures and increase in sales tax rate from 16 percent to 17 percent in the budget 2013-14 which will ultimately add to t
Published 13 Jun, 2013 12:00am
10 percent FED imposed on 1800cc cars

10 percent FED imposed on 1800cc cars

The government has imposed 10 percent federal excise duty (FED) on the motor vehicles of cylinder capacity of 1800cc or above. According to the Finance Bill (2013-14) released here on Wednesday, 10 percent FED would be applicable on motor cars, SUVs and o
Published 13 Jun, 2013 12:00am
10 percent FED imposed on 1800cc cars

10 percent FED imposed on 1800cc cars

The government has imposed 10 percent federal excise duty (FED) on the motor vehicles of cylinder capacity of 1800cc or above. According to the Finance Bill (2013-14) released here on Wednesday, 10 percent FED would be applicable on motor cars, SUVs and o
Published 13 Jun, 2013 12:00am
Pepco's installed capacity to be enhanced

Pepco's installed capacity to be enhanced

The federal government has set the target to enhance the installed capacity of Pakistan Electric Power Company (Pepco) by 2026 MW in 2013-14. Pepco's actual installed capacity was 20,443 MW in 2011-12 which was revised to 21,014 MW in 2012-13. The incumbe
Published 13 Jun, 2013 12:00am
Upto 100 percent duty cut on hybrid cars announced

Upto 100 percent duty cut on hybrid cars announced

The government has announced major reduction in duties and taxes on the import of the Hybrid Electric Vehicles (HEVs) ranging from 25 to 100 percent, depending on their engine capacity. Under the Finance Bill (2013-14), to encourage hybrid vehicles for co
Published 13 Jun, 2013 12:00am
Upto 100 percent duty cut on hybrid cars announced

Upto 100 percent duty cut on hybrid cars announced

The government has announced major reduction in duties and taxes on the import of the Hybrid Electric Vehicles (HEVs) ranging from 25 to 100 percent, depending on their engine capacity. Under the Finance Bill (2013-14), to encourage hybrid vehicles for co
Published 13 Jun, 2013 12:00am
Budget lacks tax broadening measures: experts

Budget lacks tax broadening measures: experts

The absence of tax broadening measures and increase in sales tax rate to 17 percent proposed in budget 2013-14 will increase deficit financing and inflation in next fiscal year, tax experts said on Wednesday. Talking to Business Recorder, Adnan Muf
Published 13 Jun, 2013 12:00am
FED structure of cigarettes revised

FED structure of cigarettes revised

The government has revised federal excise duty (FED) structure on cigarettes on the basis of FED slabs proposed by the multinational cigarette manufacturing companies. Through Finance Bill (2013-14) issued here on Wednesday, the Table-I of the First Sched
Published 13 Jun, 2013 12:00am
BISP renamed; Rs 75 billion set aside for social safety net

BISP renamed; Rs 75 billion set aside for social safety net

The PML-N government has proposed replicating Benazir Income Support Programme (BISP) with Income Support Programme (ISP), allocating it Rs 75 billion in the federal budget for 2013-14. The project was initiated by the previous PPP-led coalition governmen
Published 13 Jun, 2013 12:00am
Income tax on higher income group raised to 30 percent

Income tax on higher income group raised to 30 percent

Salaried taxpayers falling under higher tax brackets will now pay income tax at an increased rate, up from 20 percent to 30 percent and the highest bracket has been split into six more brackets with a progressive increase in tax rate, the Finance Bill sho
Published 13 Jun, 2013 12:00am
Budget fails to address masses' sufferings: opposition

Budget fails to address masses' sufferings: opposition

Terming the Pakistan Muslim League-Nawaz (PML-N) first federal budget 2013-14 as disappointing and no people-friendly with no remedial steps to address masses' agonies, opposition parties Wednesday criticised the government for ignoring the salaried class
Published 13 Jun, 2013 12:00am
Government's announcement of new low-cost housing scheme hailed

Government's announcement of new low-cost housing scheme hailed

Real state industry has welcomed the announcement of new low cost housing scheme by the federal government for poor masses in the budget 2013-14. Commenting on the federal budget, former chairman Association of Builders and Developers (ABAD) Muneer Sultan
Published 13 Jun, 2013 12:00am
FPCCI terms budget 'apparently balanced'

FPCCI terms budget 'apparently balanced'

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has termed the Federal Budget 2013-14 as apparently balanced. Commenting on the budget speech of Finance Minister Ishaq Dar, President FPCCI, Zubair Ahmed Malik, said that the budget was
Published 13 Jun, 2013 12:00am
OICCI says budget below expectations

OICCI says budget below expectations

Overseas International Chamber of Commerce and Industry (OICCI) will issue a full feedback after studying the details of budget. However, on first review we find the budget proposals well below our expectations from the new government, said Abdul Aleem, S
Published 13 Jun, 2013 12:00am
Hike in GST to encourage tea smuggling: PTA

Hike in GST to encourage tea smuggling: PTA

The government's move to increase General Sales Tax (GST) from the standard rate of 16 percent to 17 percent will boost smuggling of tea and discourage legitimate trade, said tea market's leaders while sharing their thoughts over federal budget 2013-2014
Published 13 Jun, 2013 12:00am
Discos will be given autonomy: Asif

Discos will be given autonomy: Asif

Minister for Water and Power, Khawaja Muhammad Asif on Wednesday assured a four-member delegation of USAID that Distribution Companies (Discos) will be given autonomy. A four-member delegation of USAID lead by Jonathan M Conly called on Khawaja Muhammad A
Published 13 Jun, 2013 12:00am
Supreme Court seeks federation's response on 3G licence auction

Supreme Court seeks federation's response on 3G licence auction

The Supreme Court on Wednesday ordered the federation through the Secretary of the Ministry of Information Technology and Telecommunications, Pakistan Telecommunication Authority (PTA), Frequency Allocation Board (FAB), Universal Service Fund (USF) and th
Published 13 Jun, 2013 12:00am
'PTI will actively participate in by-polls'

'PTI will actively participate in by-polls'

Due to fear of PTI's Tsunami, PML(N) has done worst kind of rigging in the recent elections; and today PTI has emerged as Pakistan's second largest political party. This was said by Ejaz Chaudhry while addressing Lahore and Kasur districts. On this occasi
Published 13 Jun, 2013 12:00am
Policeman, two MQM men among eight killed

Policeman, two MQM men among eight killed

At least eight persons, including a policeman and two MQM men, were killed in separate incidents of violence at various parts of the metropolis here on Wednesday. Unidentified armed men killed Ashfaq, 30, on the Mauripur Road in the limits of Kalri police
Published 13 Jun, 2013 12:00am
Shoulder promotions in Sindh since 2002 declared void

Shoulder promotions in Sindh since 2002 declared void

The Supreme Court on Wednesday declared all shoulder promotions in Sindh since 2002 null and void, including those through the Sindh Civil Servants (Regularisation of Absorption) Ordinance, 2011, being violative of the provisions of the Constitution.
Published 13 Jun, 2013 12:00am
Widow's petition disposed of after IGP assurance

Widow's petition disposed of after IGP assurance

The Lahore High Court has disposed of a petition filed by a widow after Inspector General of Police (IGP) Punjab assured that her son will not be eliminated in a staged encounter. While disposing of the petitioner the court observed that "With the assuran
Published 13 Jun, 2013 12:00am
Record water flow in River Indus in a decade

Record water flow in River Indus in a decade

Due to fast melting of snow over the mountains after increase in day temperature, the water flow in the mighty Indus has touched record 2,72,000 cusecs in the month of June in a decade. The previous highest flow of 2,05,000 cusecs was in the year 2005 on
Published 13 Jun, 2013 12:00am
A 74.6 paisa per unit increase in power tariff notified

A 74.6 paisa per unit increase in power tariff notified

National Electric Power Regulatory Authority (Nepra) on Wednesday notified 74.6 paisa per unit increase in tariff of power Distribution Companies (Discos) for April 2013 under monthly Fuel adjustment mechanism. This increase will be charged from consumers
Published 13 Jun, 2013 12:00am
India calls violation of Pakistan airspace 'technical'

India calls violation of Pakistan airspace 'technical'

India confirmed on Wednesday that its jets had entered Pakistani airspace, but described the incident as a "technical violation". The comments come after Pakistan on Tuesday accused Indian jets of briefly violating its airspace. The jets were taking part
Published 13 Jun, 2013 12:00am
VIEW POINT: Time to invoke Article 6

VIEW POINT: Time to invoke Article 6

Should he be tried or not tried under Article 6 of the Constitution, that is the question under fresh focus. That the court is determined to try him is more than obvious. A three-member Supreme Court bench hearing petitions seeking General Pervez Musharra
Published 13 Jun, 2013 12:00am
Budget Speech

Budget Speech

Bismillahir-Rehmanir-Rahim Mr. Speaker, PART-I 1. As I rise to present the first budget of the newly elected government I want to thank Allah (SWT) for bestowing this singular honour on me. It is not a mere occasion of presenting a budget. It i
Published 13 Jun, 2013 12:00am
Budget Speech

Budget Speech

Bismillahir-Rehmanir-Rahim
Published 13 Jun, 2013 12:00am
Budget Speech

Budget Speech

Bismillahir-Rehmanir-Rahim
Published 13 Jun, 2013 12:00am
The Budget

The Budget

Against a backdrop of an economic meltdown, power crises of an unprecedented proportion and a fiscal position in total disarray, Finance Minister Ishaq Dar presented the federal budget for fiscal 2013-14 with an outlay of nearly Rs 3.6 trillion. Revenue r
Published 13 Jun, 2013 12:00am
The Budget

The Budget

Against a backdrop of an economic meltdown, power crises of an unprecedented proportion and a fiscal position in total disarray, Finance Minister Ishaq Dar presented the federal budget for fiscal 2013-14 with an outlay of nearly Rs 3.6 trillion. Revenue r
Published 13 Jun, 2013 12:00am
The Budget

The Budget

Against a backdrop of an economic meltdown, power crises of an unprecedented proportion and a fiscal position in total disarray, Finance Minister Ishaq Dar presented the federal budget for fiscal 2013-14 with an outlay of nearly Rs 3.6 trillion. Revenue r
Published 13 Jun, 2013 12:00am
Tarbela fourth extension project: pact to open escrow account signed

Tarbela fourth extension project: pact to open escrow account signed

In a significant development towards availing the financial assistance amounting to $840 million provided by the World Bank for construction of the 1410 MW Tarbela 4th Extension Hydropower Project, an agreement was signed among the Pakistan Water and Powe
Published 13 Jun, 2013 12:00am
Tarbela fourth extension project: pact to open escrow account signed

Tarbela fourth extension project: pact to open escrow account signed

In a significant development towards availing the financial assistance amounting to $840 million provided by the World Bank for construction of the 1410 MW Tarbela 4th Extension Hydropower Project, an agreement was signed among the Pakistan Water and Powe
Published 13 Jun, 2013 12:00am
The Weather

The Weather

The weather report on Wednesday (June 12, 2013) and the forecast for Thursday (June 13, 2013).
Published 13 Jun, 2013 12:00am
Tarbela fourth extension project: pact to open escrow account signed

Tarbela fourth extension project: pact to open escrow account signed

In a significant development towards availing the financial assistance amounting to $840 million provided by the World Bank for construction of the 1410 MW Tarbela 4th Extension Hydropower Project, an agreement was signed among the Pakistan Water and Powe
Published 13 Jun, 2013 12:00am
LME official prices

LME official prices

The following were Tuesday official prices.
Published 13 Jun, 2013 12:00am
Rs 59.28 billion allocated to education

Rs 59.28 billion allocated to education

The government has earmarked Rs 59.28 billion for Education Affairs and Services in the federal budget for 2013-14 against the revised allocation of Rs 52.37 billion for the outgoing year. Education is a provincial subject under the eighteenth constitutio
Published 13 Jun, 2013 12:00am
LME official prices

LME official prices

The following were Tuesday official prices.
Published 13 Jun, 2013 12:00am
Rs 59.28 billion allocated to education

Rs 59.28 billion allocated to education

The government has earmarked Rs 59.28 billion for Education Affairs and Services in the federal budget for 2013-14 against the revised allocation of Rs 52.37 billion for the outgoing year. Education is a provincial subject under the eighteenth constitutio
Published 13 Jun, 2013 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Wednesday (June 12, 2013).
Published 13 Jun, 2013 12:00am
Rs 59.28 billion allocated to education

Rs 59.28 billion allocated to education

The government has earmarked Rs 59.28 billion for Education Affairs and Services in the federal budget for 2013-14 against the revised allocation of Rs 52.37 billion for the outgoing year. Education is a provincial subject under the eighteenth constitutio
Published 13 Jun, 2013 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Wednesday (June 12, 2013).
Published 13 Jun, 2013 12:00am
Rs 59.28 billion allocated to education

Rs 59.28 billion allocated to education

The government has earmarked Rs 59.28 billion for Education Affairs and Services in the federal budget for 2013-14 against the revised allocation of Rs 52.37 billion for the outgoing year. Education is a provincial subject under the eighteenth constitutio
Published 13 Jun, 2013 12:00am
Foreign aid budgeted at Rs 618.51 billion

Foreign aid budgeted at Rs 618.51 billion

The government has budgeted foreign assistance of Rs 618.51 billion in 2013-14 including grants and loans against the Rs 418.93 billion budgeted for the current fiscal year which was later revised to Rs 287.17 billion. China is expected to be the largest
Published 13 Jun, 2013 12:00am
Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Wednesday (June 12, 2013).
Published 13 Jun, 2013 12:00am
Foreign aid budgeted at Rs 618.51 billion

Foreign aid budgeted at Rs 618.51 billion

The government has budgeted foreign assistance of Rs 618.51 billion in 2013-14 including grants and loans against the Rs 418.93 billion budgeted for the current fiscal year which was later revised to Rs 287.17 billion. China is expected to be the largest
Published 13 Jun, 2013 12:00am
Port Qasim Authority

Port Qasim Authority

Karachi Shipping Intelligence report incorporating changes till 7 am on Wednesday (June 12, 2013).
Published 13 Jun, 2013 12:00am
Foreign aid budgeted at Rs 618.51 billion

Foreign aid budgeted at Rs 618.51 billion

The government has budgeted foreign assistance of Rs 618.51 billion in 2013-14 including grants and loans against the Rs 418.93 billion budgeted for the current fiscal year which was later revised to Rs 287.17 billion. China is expected to be the largest
Published 13 Jun, 2013 12:00am
Port Qasim Authority

Port Qasim Authority

Karachi Shipping Intelligence report incorporating changes till 7 am on Wednesday (June 12, 2013).
Published 13 Jun, 2013 12:00am
Foreign aid budgeted at Rs 618.51 billion

Foreign aid budgeted at Rs 618.51 billion

The government has budgeted foreign assistance of Rs 618.51 billion in 2013-14 including grants and loans against the Rs 418.93 billion budgeted for the current fiscal year which was later revised to Rs 287.17 billion. China is expected to be the largest
Published 13 Jun, 2013 12:00am
Government to complete IP gas project by December 2014

Government to complete IP gas project by December 2014

The government has planned to complete the construction of 786 kilometres long Iran-Pakistan (IP) gas pipeline project costing $1.24 billion by December 2014, Annual Plan 2013-14 documents indicate. According to the annual plan, the government has indicat
Published 13 Jun, 2013 12:00am
Government to complete IP gas project by December 2014

Government to complete IP gas project by December 2014

The government has planned to complete the construction of 786 kilometres long Iran-Pakistan (IP) gas pipeline project costing $1.24 billion by December 2014, Annual Plan 2013-14 documents indicate. According to the annual plan, the government has indicat
Published 13 Jun, 2013 12:00am
THE RUPEE: mixed trend

THE RUPEE: mixed trend

Divergent trend was witnessed on the money market on Wednesday amid mixed exchange of views over the announcement of 2013-14 budget, dealers said. The rupee gained two paisa against the dollar for buying and selling at Rs 98.53 and Rs 98.55 respectively,
Published 13 Jun, 2013 12:00am
Government to complete IP gas project by December 2014

Government to complete IP gas project by December 2014

The government has planned to complete the construction of 786 kilometres long Iran-Pakistan (IP) gas pipeline project costing $1.24 billion by December 2014, Annual Plan 2013-14 documents indicate. According to the annual plan, the government has indicat
Published 13 Jun, 2013 12:00am
THE RUPEE: mixed trend

THE RUPEE: mixed trend

Divergent trend was witnessed on the money market on Wednesday amid mixed exchange of views over the announcement of 2013-14 budget, dealers said. The rupee gained two paisa against the dollar for buying and selling at Rs 98.53 and Rs 98.55 respectively,
Published 13 Jun, 2013 12:00am
Israel denies weapons sale to Pakistan

Israel denies weapons sale to Pakistan

The Israeli Defence Ministry denied a report alleging that it has sold military equipment to Pakistan, Israeli media reported on Wednesday. "The State of Israel categorically denies having sold military equipment of any kind to Pakistan," the ministry sai
Published 13 Jun, 2013 12:00am
Israel denies weapons sale to Pakistan

Israel denies weapons sale to Pakistan

The Israeli Defence Ministry denied a report alleging that it has sold military equipment to Pakistan, Israeli media reported on Wednesday. "The State of Israel categorically denies having sold military equipment of any kind to Pakistan," the ministry sai
Published 13 Jun, 2013 12:00am
Assets created from agriculture income

Assets created from agriculture income

Moveable and immovable assets created from income on agriculture henceforth shall be accepted only up to the level of agriculture income tax paid under the relevant provincial law, says the Finance Bill 2013 presented to the National Assembly on Wednesday
Published 13 Jun, 2013 12:00am
Assets created from agriculture income

Assets created from agriculture income

Moveable and immovable assets created from income on agriculture henceforth shall be accepted only up to the level of agriculture income tax paid under the relevant provincial law, says the Finance Bill 2013 presented to the National Assembly on Wednesday
Published 13 Jun, 2013 12:00am
Assets created from agriculture income

Assets created from agriculture income

Moveable and immovable assets created from income on agriculture henceforth shall be accepted only up to the level of agriculture income tax paid under the relevant provincial law, says the Finance Bill 2013 presented to the National Assembly on Wednesday
Published 13 Jun, 2013 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Wednesday (June 12, 2013).
Published 13 Jun, 2013 12:00am
Assets created from agriculture income

Assets created from agriculture income

Moveable and immovable assets created from income on agriculture henceforth shall be accepted only up to the level of agriculture income tax paid under the relevant provincial law, says the Finance Bill 2013 presented to the National Assembly on Wednesday
Published 13 Jun, 2013 12:00am
BRIndex30 gains 117.76 points

BRIndex30 gains 117.76 points

On Wednesday, BRIndex30 opened at 14,177.63. It touched an intraday high of 14,413.15 and an intraday low of 14,144.90 and closed at 14,295.39 which was 117.76 points or 0.83 percent higher than previous close. Total volume was 176,900,800, which was 50.1
Published 13 Jun, 2013 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.
Published 13 Jun, 2013 12:00am
BRIndex30 gains 117.76 points

BRIndex30 gains 117.76 points

On Wednesday, BRIndex30 opened at 14,177.63. It touched an intraday high of 14,413.15 and an intraday low of 14,144.90 and closed at 14,295.39 which was 117.76 points or 0.83 percent higher than previous close. Total volume was 176,900,800, which was 50.1
Published 13 Jun, 2013 12:00am
Index gains 115.50 points

Index gains 115.50 points

On the day of presentation of Budget 2013-14 in National Assembly, Karachi Stock Exchange (KSE) witnessed bull-run and the benchmark-100 index bagged 115.50 points to close at 22,324.57 points against 22,209.07 points Tuesday. The local bourse which opene
Published 13 Jun, 2013 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.
Published 13 Jun, 2013 12:00am
Index gains 115.50 points

Index gains 115.50 points

On the day of presentation of Budget 2013-14 in National Assembly, Karachi Stock Exchange (KSE) witnessed bull-run and the benchmark-100 index bagged 115.50 points to close at 22,324.57 points against 22,209.07 points Tuesday. The local bourse which opene
Published 13 Jun, 2013 12:00am
Index gains 115.50 points

Index gains 115.50 points

On the day of presentation of Budget 2013-14 in National Assembly, Karachi Stock Exchange (KSE) witnessed bull-run and the benchmark-100 index bagged 115.50 points to close at 22,324.57 points against 22,209.07 points Tuesday. The local bourse which opene
Published 13 Jun, 2013 12:00am
ISE equities move upward

ISE equities move upward

Bulls dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities continued to move in upward direction with positive trend at the ISE amid increase in index. ISE Ten Index showed an improvement of 74.62 points as the ISE Ten Index move
Published 13 Jun, 2013 12:00am
ISE equities move upward

ISE equities move upward

Bulls dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities continued to move in upward direction with positive trend at the ISE amid increase in index. ISE Ten Index showed an improvement of 74.62 points as the ISE Ten Index move
Published 13 Jun, 2013 12:00am
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