SC tells govt to explain why sales tax is increased on petrol despite falling global prices
The Supreme Court observed on Wednesday that the government resorts to increasing the general sales tax (GST) on petroleum products by as much as 25 per cent even as crude oil prices slump in the international market.
Senate panel finalises proposals for Finance Bill-2018
Income Tax exemption up to Rs1.2 million annual income approved. Senate body rejects levy on petroleum, tobacco and mobile phone sets. Also rejects removal of third-tier slab on cigarettes.
Alibaba acquires 100 percent stake in Daraz
The financial details of the transaction were not revealed and Daraz would continue to operate under the same brand following the sale to Alibaba, said Rocket Internet.
PAMA urges Ministry of Finance to remove restriction for non-filers
The new initiative of restricting non-filers from purchasing motor vehicles to cause a reduction in the sale of 240,000 units
Pakistan’s Auditor General initiates special audit of MNCs in tobacco sector
Pakistan’s Auditor General has started a forensic audit of multi-national companies (MNCs) of tobacco sector and sought necessary record from MNCs to conclude the audit within 15 days in light of Public Accounts Committee’s (PAC) directions, it has been learnt.
Food ‘giant’ Gourmet set to launch TV channel
As per reports, earlier in 2016, the company bought the struggling Jaag TV, with an estimated investment of Rs1.5 billion, in a bid to break into the media industry
Dollar resurgence halting emerging market rate cut cycle
With the dollar on the rise, emerging currencies have weakened some 3 percent in the past two weeks, as measured by a JPMorgan index
New York’s Plaza Hotel going global, acquired for $600 million
Shahal Khan, founder of White City ventures has a lot of businesses in Pakistan
NLC to start assembly of Mercedes-Benz trucks in Pakistan
Daimler AG, owners of Mercedes Benz and The National Logistics Cell (NLC) have signed a memorandum of understanding (MoU) for the local assembly and production of Mercedes‐Benz trucks in Pakistan.
Cement industry capacity utilisation touches 95 per cent
According to data released by All Pakistan Cement Manufacturers Association (APCMA), the industry despatched 4.237 million tonnes of cement in April 2018 that was 17.46 per cent higher than the despatches of 3.576 million tonnes achieved during the corresponding month of last fiscal.
US military bans Huawei, ZTE phones
Personnel on US military bases can no longer buy phones and other gear manufactured by Chinese firms Huawei and ZTE after the Pentagon said the devices pose an “unacceptable” security risk.
PAC, PEC at loggerhead on issuance of illegal license to foreign firms
PAC two months back had asked PEC to provide information about the number of licenses issued to foreign firms for execution of construction projects
FBR unfreezes PIA’s bank accounts after it reassures timely payment
The Federal Board of Revenue (FBR) froze Pakistan International Airlines’ (PIA) bank accounts after the national airline failed to submit dues timely.
Market Daily: Indices continue to bleed, shed 640.19 points intraday
The KSE 100 index had a huge fall, chopping off 640.19 points to fall to intraday low of 44,556.18. it settled with a loss of 1.01 per cent or 449.74 points at 44,746.63.
Shadow banking grows in Abid market, as conventional banks fail
Numerous shops in Abid Market that provide electronic products on instalments to interested consumers, charge markup rates as high as 30 to 40 per cent in some cases. However, despite such high markup rates, a large number of consumers daily flock to the market to buy electronics on instalments.