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Print - 2016-05-28
IHC issues notice to Ayyan Ali in response to FBR's petition
Currency

IHC issues notice to Ayyan Ali in response to FBR's petition

Islamabad High Court (IHC) on Friday issued notice to super modal Ayyan Ali on a petition of Federal Board of Revenue (FBR) seeking the court permission to probe financial sources of the respondent. The FBR has challenged the verdict of Special Judge Cust
Published 28 May, 2016 12:00am
NAB explains how it is dealing with corruption challenge

NAB explains how it is dealing with corruption challenge

The National Accountability Bureau (NAB) was established in 1999 as Pakistan's apex anti-corruption organisation which was assigned with the responsibility of elimination of corruption through a holistic approach of awareness, prevention and enforcement.
Published 28 May, 2016 12:00am
NAB lodges complaint against TV channel

NAB lodges complaint against TV channel

The NAB lodged a complaint against Royal TV Channel to PEMRA and serve a legal notice to it for airing a "baseless and false" news against DG NAB Lahore and NAB on Thursday, May 26, 2016 from morning to midnight constantly casting aspersions on the person
Published 28 May, 2016 12:00am
Two MQM workers sent on physical remand

Two MQM workers sent on physical remand

An Anti-Terrorism Court (ATC) on Thursday sent two workers of Muttahida Qaumi Movement on physical remand over their alleged involvement in attacking Rangers post. The accused, Ahmed Hasan alias SP and Ubaidullah were produced before the acting administra
Published 28 May, 2016 12:00am
SC declines to entertain petition

SC declines to entertain petition

Supreme Court on Friday declined to entertain a petition seeking a restriction on television talk shows and print media stories on the Panama leaks till a final action of the relevant forum in the matter. Zulfiqar Ahmed Bhutta, a lawyer, filed a petition
Published 28 May, 2016 12:00am
SHC dismisses plea seeking contempt proceedings against KMC

SHC dismisses plea seeking contempt proceedings against KMC

Sindh High Court (SHC) on Friday dismissed a plea seeking contempt of court's proceedings against Karachi Metropolitan Corporation (KMC) for removing residential quarters from Jehangir Park, Sader. The SHC bench was hearing the plea filed by the residents
Published 28 May, 2016 12:00am
All Collectorates must apply DG Valuation's rulings: FPCCI

All Collectorates must apply DG Valuation's rulings: FPCCI

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed that valuation rulings issued by the Directorate General of Valuation Karachi must be applied by all Collectorate of customs in Pakistan because at present many products are ass
Published 28 May, 2016 12:00am
Consumers question: K-E's load-shedding strategy

Consumers question: K-E's load-shedding strategy

Though the K-Electric consumers are protesting and complaining against frequent and prolong load-shedding in different localities, the power utility said it has maintained regular supply of electricity across the city without increasing the load-shedding
Published 28 May, 2016 12:00am
Telecom import bill falls by two percent

Telecom import bill falls by two percent

The country's telecom import bill fell by two percent to $1.157 billion in July-April 2015-16, from $1.179 billion in July-April 2014-15, official figures say. The telecom import bill's fall stood at $21.5 million in July-April 2015-16 as compared to its
Published 28 May, 2016 12:00am
Encroachments at Aligarh Housing Society removed: SHC told

Encroachments at Aligarh Housing Society removed: SHC told

The police on Friday informed Sindh High Court (SHC) that the encroachment from Aligarh Muslim University Old Boys Co-operative Housing Society had been removed and the possession of the land was handed over to its real owners. The SHC bench was hearing a
Published 28 May, 2016 12:00am
Meeting adjourned over absence of government officials

Meeting adjourned over absence of government officials

The Standing Committee on Information, Broadcasting and National Heritage adjourned its meeting in protest over absence of the Secretary Ministry of Interior and Director General FIA from the meeting. The Committee decided to exercise Rule 227 (4) of Rule
Published 28 May, 2016 12:00am
PAMADA underscores need for discouraging import of used cars

PAMADA underscores need for discouraging import of used cars

The import of used vehicles only in first four months of this year has resulted in estimated loss of more than 12 billion rupees to the national exchequer in terms of duties and taxes, that too only for vehicle less than 1800cc, said Iqbal Shah, Vice Chai
Published 28 May, 2016 12:00am
Enemies want to spoil peace of Balochistan: Lieutenant General Aamir

Enemies want to spoil peace of Balochistan: Lieutenant General Aamir

Commander Southern Command Lieutenant General Aamir Riaz on Friday said more effort was required in Balochistan as enemies wanted to spoil peace of the province. "Peace has been restored in Balochistan owing to the security forces' valiant efforts," he sa
Published 28 May, 2016 12:00am
Budget 2016-17: FBR decides to raise FED on cigarettes

Budget 2016-17: FBR decides to raise FED on cigarettes

The Federal Board of Revenue (FBR) has decided to raise Federal Excise Duty (FED) on cigarettes in the upcoming budget (2016-17) to generate Rs 15 billion from the cigarette manufacturers. According to sources, the FED is applicable on cigarettes at Rs 1,
Published 28 May, 2016 12:00am
'The rationality deficit'

'The rationality deficit'

This is apropos a Business Recorder op-ed "The rationality deficit" by A B Shahid. The writer has concluded his argument in an impressive manner: "Finance Minister keeps reminding us of the 56 percent increase in tax revenue during the last three y
Published 28 May, 2016 12:00am
The Weather

The Weather

The weather report on Friday (May 27, 2016) and the forecast for Saturday (May 28, 2016).

Published 28 May, 2016 12:00am
Washington planners look beyond US' crowded 'front lawn'

Washington planners look beyond US' crowded 'front lawn'

The National Mall, the iconic lawn stretching from the US Capitol to the Lincoln Memorial, has become so crowded with commemorative monuments that even the most ambitious tourists find it hard to visit them all in one day. The backdrop for countless polit
Published 28 May, 2016 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (May 27, 2016).

Published 28 May, 2016 12:00am
Budget 2016-17: In the same old mould!-II

Budget 2016-17: In the same old mould!-II

Our tragedy is that on the one hand we have too many taxes and on the other revenue collection is much below the real potential. The biggest failure of the successive governments has been to spend taxes for the public good. Since the government is not rea
Published 28 May, 2016 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (May 27, 2016).

Published 28 May, 2016 12:00am
Chabahar port

Chabahar port

Indian Prime Minister Narendra Modi, Afghan President Ashraf Ghani and Iranian President Hasan Rouhani met last Monday in Tehran to sign an agreement to kick-start the development of Chabahar port with the construction of two berths at a cost of $85 milli
Published 28 May, 2016 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 28 May, 2016 12:00am
Arrest of NDS agents

Arrest of NDS agents

Balochistan Home Minister Sarfraz Ahmed Bugti addressed a press conference on Thursday where he disclosed the arrest of six agents - five Afghans and a Pakistani - of the Afghan intelligence agency, National Directorate of Security (NDS). Staying at diffe
Published 28 May, 2016 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 28 May, 2016 12:00am
Revision in Branch Licensing Policy

Revision in Branch Licensing Policy

Banks usually would like to open their branches at places where their customers (depositors and borrowers) are concentrated and their business could flourish at a rapid pace. Such a strategy, however, could be at variance with the socio-economic objective
Published 28 May, 2016 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (May 27, 2016).

Published 28 May, 2016 12:00am
Turkey enraged by 'unacceptable' US backing of Kurdish militia

Turkey enraged by 'unacceptable' US backing of Kurdish militia

Turkey on Friday accused its Nato ally the United States of "unacceptable" behaviour after US commandos in Syria were pictured assisting a Kurdish militia that is branded a terror group by Ankara and even wearing their insignia. The scathing accusations o
Published 28 May, 2016 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (May 27, 2016)

Published 28 May, 2016 12:00am
Turkey enraged by 'unacceptable' US backing of Kurdish militia

Turkey enraged by 'unacceptable' US backing of Kurdish militia

Turkey on Friday accused its Nato ally the United States of "unacceptable" behaviour after US commandos in Syria were pictured assisting a Kurdish militia that is branded a terror group by Ankara and even wearing their insignia. The scathing accusations o
Published 28 May, 2016 12:00am
Dar for completion of budget-related exercise

Dar for completion of budget-related exercise

Finance Minister Senator Ishaq Dar here on Friday chaired a meeting at the FBR and had detailed discussion with senior officials over finalisation of budget proposals encompassing the sphere of income tax. Special Assistant to Prime Minister, Haroon Akhta
Published 28 May, 2016 12:00am
Dar for completion of budget-related exercise

Dar for completion of budget-related exercise

Finance Minister Senator Ishaq Dar here on Friday chaired a meeting at the FBR and had detailed discussion with senior officials over finalisation of budget proposals encompassing the sphere of income tax. Special Assistant to Prime Minister, Haroon Akhta
Published 28 May, 2016 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (May 27, 2016).

Published 28 May, 2016 12:00am
Dar for completion of budget-related exercise

Dar for completion of budget-related exercise

Finance Minister Senator Ishaq Dar here on Friday chaired a meeting at the FBR and had detailed discussion with senior officials over finalisation of budget proposals encompassing the sphere of income tax. Special Assistant to Prime Minister, Haroon Akhta
Published 28 May, 2016 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (May 27, 2016).

Published 28 May, 2016 12:00am
Dar for completion of budget-related exercise

Dar for completion of budget-related exercise

Finance Minister Senator Ishaq Dar here on Friday chaired a meeting at the FBR and had detailed discussion with senior officials over finalisation of budget proposals encompassing the sphere of income tax. Special Assistant to Prime Minister, Haroon Akhta
Published 28 May, 2016 12:00am
APCC meeting marred by protests

APCC meeting marred by protests

A meeting of the Annual Plan Coordination Committee (APCC) to finalise development outlay for the next fiscal year and propose GDP growth target of 5.7 percent was marred by protests as smaller provinces protested against federal government''s ''biased''
Published 28 May, 2016 12:00am
APCC meeting marred by protests

APCC meeting marred by protests

A meeting of the Annual Plan Coordination Committee (APCC) to finalise development outlay for the next fiscal year and propose GDP growth target of 5.7 percent was marred by protests as smaller provinces protested against federal government's 'biased' out
Published 28 May, 2016 12:00am
THE RUPEE: light changes
Currency

THE RUPEE: light changes

The rupee moved with little changes against the dollar on the money market on Friday in the process of trading, dealer said. The rupee shed three paisas in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, dealer said.
Published 28 May, 2016 12:00am
APCC meeting marred by protests

APCC meeting marred by protests

A meeting of the Annual Plan Coordination Committee (APCC) to finalise development outlay for the next fiscal year and propose GDP growth target of 5.7 percent was marred by protests as smaller provinces protested against federal government's 'biased' out
Published 28 May, 2016 12:00am
THE RUPEE: light changes
Currency

THE RUPEE: light changes

The rupee moved with little changes against the dollar on the money market on Friday in the process of trading, dealer said. The rupee shed three paisas in relation to the dollar for buying and selling at Rs 104.84 and Rs 104.85 respectively, dealer said.
Published 28 May, 2016 12:00am
Argentine president proposes amnesty for tax dodgers

Argentine president proposes amnesty for tax dodgers

Argentine President Mauricio Macri, who has been swept up in the Panama Papers controversy over offshore assets, announced plans Friday to grant amnesty to those who repatriate undeclared funds from overseas. The conservative president, who has launched s
Published 28 May, 2016 12:00am
Argentine president proposes amnesty for tax dodgers

Argentine president proposes amnesty for tax dodgers

Argentine President Mauricio Macri, who has been swept up in the Panama Papers controversy over offshore assets, announced plans Friday to grant amnesty to those who repatriate undeclared funds from overseas. The conservative president, who has launched s
Published 28 May, 2016 12:00am
Iran ends Hajj talks in Saudi without final deal

Iran ends Hajj talks in Saudi without final deal

An Iranian delegation wrapped up a visit to Saudi Arabia on Friday without reaching a final agreement on arrangements for hajj pilgrims from the Islamic republic, Saudi officials said. The Saudi hajj ministry said that the delegation had "asked to go back
Published 28 May, 2016 12:00am
Iran ends Hajj talks in Saudi without final deal

Iran ends Hajj talks in Saudi without final deal

An Iranian delegation wrapped up a visit to Saudi Arabia on Friday without reaching a final agreement on arrangements for hajj pilgrims from the Islamic republic, Saudi officials said. The Saudi hajj ministry said that the delegation had "asked to go back
Published 28 May, 2016 12:00am
Panama Papers: LHC issues notice

Panama Papers: LHC issues notice

The Lahore High Court has issued a notice for June 8 in connection with a petition seeking an investigation into claims of the Panama papers leaks against the prime minister and his family. The petition, Hassan Qayyum, has accused the prime minister of tr
Published 28 May, 2016 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Friday (May 27, 2016).

Published 28 May, 2016 12:00am
Panama Papers: LHC issues notice

Panama Papers: LHC issues notice

The Lahore High Court has issued a notice for June 8 in connection with a petition seeking an investigation into claims of the Panama papers leaks against the prime minister and his family. The petition, Hassan Qayyum, has accused the prime minister of tr
Published 28 May, 2016 12:00am
British MPs condemn 'lurid claims' of Brexit debate

British MPs condemn 'lurid claims' of Brexit debate

A cross-party parliamentary committee on Friday condemned the "arms race of ever more lurid claims" on both sides of Britain's European Union referendum debate, saying it was confusing the public. Lawmakers on the Treasury committee highlighted the "highl
Published 28 May, 2016 12:00am
British MPs condemn 'lurid claims' of Brexit debate

British MPs condemn 'lurid claims' of Brexit debate

A cross-party parliamentary committee on Friday condemned the "arms race of ever more lurid claims" on both sides of Britain's European Union referendum debate, saying it was confusing the public. Lawmakers on the Treasury committee highlighted the "highl
Published 28 May, 2016 12:00am
Rate rise likely appropriate in ''coming months'': Yellen

Rate rise likely appropriate in ''coming months'': Yellen

Chances of a Federal Reserve interest rate increase by July rose significantly Friday when Fed Chair Janet Yellen said a hike could be justified "in the coming months." Speaking at Harvard University, Yellen said she believed US economic growth and the la
Published 28 May, 2016 12:00am
Rate rise likely appropriate in 'coming months': Yellen

Rate rise likely appropriate in 'coming months': Yellen

Chances of a Federal Reserve interest rate increase by July rose significantly Friday when Fed Chair Janet Yellen said a hike could be justified "in the coming months." Speaking at Harvard University, Yellen said she believed US economic growth and the la
Published 28 May, 2016 12:00am
Rate rise likely appropriate in 'coming months': Yellen

Rate rise likely appropriate in 'coming months': Yellen

Chances of a Federal Reserve interest rate increase by July rose significantly Friday when Fed Chair Janet Yellen said a hike could be justified "in the coming months." Speaking at Harvard University, Yellen said she believed US economic growth and the la
Published 28 May, 2016 12:00am
US strikes kill Fallujah's IS commander, dozens more fighters

US strikes kill Fallujah's IS commander, dozens more fighters

US-led coalition air and artillery strikes have killed 70 Islamic State fighters in Fallujah, including the jihadists' leader in the Iraqi city, a military spokesman said Friday. Baghdad-based Colonel Steve Warren said that over the last four days, 20 str
Published 28 May, 2016 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 28 May, 2016 12:00am
US strikes kill Fallujah's IS commander, dozens more fighters

US strikes kill Fallujah's IS commander, dozens more fighters

US-led coalition air and artillery strikes have killed 70 Islamic State fighters in Fallujah, including the jihadists' leader in the Iraqi city, a military spokesman said Friday. Baghdad-based Colonel Steve Warren said that over the last four days, 20 str
Published 28 May, 2016 12:00am
Dividend/Bonus Announcements

Dividend/Bonus Announcements

Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

Published 28 May, 2016 12:00am
India and Pakistan to ease visa procedures for citizens

India and Pakistan to ease visa procedures for citizens

India and Pakistan have reportedly decided to expedite the visa process for their citizens, a senior government official said in New Delhi. In this connection, on Thursday, Indian High Commissioner to Pakistan, Gautam Bambawale, met Home Secretary Rajiv M
Published 28 May, 2016 12:00am
India and Pakistan to ease visa procedures for citizens

India and Pakistan to ease visa procedures for citizens

India and Pakistan have reportedly decided to expedite the visa process for their citizens, a senior government official said in New Delhi. In this connection, on Thursday, Indian High Commissioner to Pakistan, Gautam Bambawale, met Home Secretary Rajiv M
Published 28 May, 2016 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 28 May, 2016 12:00am
US says will target 'terrorists'

US says will target 'terrorists'

The United States say that Pakistan will have to take action all Taliban groups that are operating on its soil and territory. In his daily briefing, State Department Deputy spokesperson said that it is an ongoing conversation that we have with the Pakista
Published 28 May, 2016 12:00am
US says will target 'terrorists'

US says will target 'terrorists'

The United States say that Pakistan will have to take action all Taliban groups that are operating on its soil and territory. In his daily briefing, State Department Deputy spokesperson said that it is an ongoing conversation that we have with the Pakista
Published 28 May, 2016 12:00am
Drone strike: Hekmatyar accuses Iran of providing information to US

Drone strike: Hekmatyar accuses Iran of providing information to US

Gulbuddin Hekmatyar, the leader of Hizb-e-Islami, Afghanistan has condemned the killing of Taliban's top commander Mullah Akhtar Mansour, in a US drone strike and accused Iranian intelligence of providing information about Mansour to ask for incentives fr
Published 28 May, 2016 12:00am
Drone strike: Hekmatyar accuses Iran of providing information to US

Drone strike: Hekmatyar accuses Iran of providing information to US

Gulbuddin Hekmatyar, the leader of Hizb-e-Islami, Afghanistan has condemned the killing of Taliban's top commander Mullah Akhtar Mansour, in a US drone strike and accused Iranian intelligence of providing information about Mansour to ask for incentives fr
Published 28 May, 2016 12:00am
Army chief lauds close coordination among armed forces

Army chief lauds close coordination among armed forces

Chief of Army Staff (CoAS) General Raheel Sharif has lauded the close coordination among the armed forces of the country and acknowledged support of entire nation in achieving success during the continuing operation Zarb-e-Azb (ZeA). Inter Services Public
Published 28 May, 2016 12:00am
Army chief lauds close coordination among armed forces

Army chief lauds close coordination among armed forces

Chief of Army Staff (CoAS) General Raheel Sharif has lauded the close coordination among the armed forces of the country and acknowledged support of entire nation in achieving success during the continuing operation Zarb-e-Azb (ZeA). Inter Services Public
Published 28 May, 2016 12:00am
All CNICs to be re-verified in 6 months: Nisar

All CNICs to be re-verified in 6 months: Nisar

Piqued by a disclosure that Afghan Taliban chief Mullah Akhtar Mansour was fraudulently issued a Pakistani identity card, Interior Minister Chaudhry Nisar Ali Khan on Friday said all Computerised National Identity Card (CNICs) issued by National Database
Published 28 May, 2016 12:00am
All CNICs to be re-verified in 6 months: Nisar

All CNICs to be re-verified in 6 months: Nisar

Piqued by a disclosure that Afghan Taliban chief Mullah Akhtar Mansour was fraudulently issued a Pakistani identity card, Interior Minister Chaudhry Nisar Ali Khan on Friday said all Computerised National Identity Card (CNICs) issued by National Database
Published 28 May, 2016 12:00am
Taftan-Quetta train service being revived

Taftan-Quetta train service being revived

Pakistan and Iran have agreed to revive a weekly train service between Taftan and Quetta to boost trade activities between the two countries. Iranian Railway company manager Syed Mustafa said this was decided during a joint experts'' committee meeting of
Published 28 May, 2016 12:00am
Taftan-Quetta train service being revived

Taftan-Quetta train service being revived

Pakistan and Iran have agreed to revive a weekly train service between Taftan and Quetta to boost trade activities between the two countries. Iranian Railway company manager Syed Mustafa said this was decided during a joint experts' committee meeting of b
Published 28 May, 2016 12:00am
Taftan-Quetta train service being revived

Taftan-Quetta train service being revived

Pakistan and Iran have agreed to revive a weekly train service between Taftan and Quetta to boost trade activities between the two countries. Iranian Railway company manager Syed Mustafa said this was decided during a joint experts' committee meeting of b
Published 28 May, 2016 12:00am
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