On October 1, the Swiss Parliament passed the historic “Return of Illicit Assets Act” (RIAA)-a significant law that will make it possible for many developing countries, like Pakistan to recover the billions of dollars shifted to the Alpine state by unscrupulous individuals and companies. The rent-seekers and beneficiaries of loan write-offs in Pakistan have shifted [...]
October 7, 2010 | Posted in
ECONOMY |
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ISLAMABAD: Pakistan has the potential to generate 50,000mw electricity from Thar coal field for 800 years while work is on to produce 100mw power from this field within next 15-18 months. This was said by Dr. Samar Mubarakmand, Member, Science & Technology, Planning Commission while addressing business community at Islamabad Chamber of Commerce & Industry. [...]
April 10, 2010 | Posted in
ECONOMY |
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LAHORE: At least 15,000 daily wage-earners will lose their jobs, following Pakistan Electric Power Company’s (PEPCO) decision to suspend supply to furnaces across the country, resulting in a loss of around Rs7.5 million per day to the economy, sources said. At present, around 150 furnaces, including 70 in LESCO, 10 in IESCO, 10 in PESCO, [...]
April 10, 2010 | Posted in
ECONOMY |
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ISLAMABAD: The United States wants Pakistan to address its immediate energy needs instead of pinning its hopes on a civilian nuclear deal similar to the one Washington has finalised with India. “We have started discussions on the civilian nuclear energy deal and we will continue them but Pakistan’s energy crisis needs immediate attention and for [...]
April 9, 2010 | Posted in
ECONOMY |
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LAHORE: Loadshedding disrupted the life of millions of people from all strata of society and the last one week was truly gruesome across the country in general and in the provincial metropolis in particular. Students, patients, commuters, workers in public and private organisations, shop owners, industrialists badly suffered throughout the last week as the Pakistan [...]
April 4, 2010 | Posted in
ECONOMY,
SOUTH ASIA |
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ISLAMABAD: The Economic Coordination Committee of the cabinet decided on Tuesday to end the practice of allowing subsidies on import and export of essential commodities without examining financial implications and ground realities. The ECC meeting presided over by Prime Minister Yousaf Raza Gilani took the decision while discussing a proposal to offload wheat stocks to [...]
April 1, 2010 | Posted in
ECONOMY |
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ISLAMABAD: Oil and Gas Regulatory Authority has announced an increase in the price of petroleum products. According to the OGRA, petroleum prices are being increased due to rise in oil prices in the international market. The new increased prices will be implemented from Thursday and will remain effective for the month of April. According to [...]
April 1, 2010 | Posted in
ECONOMY |
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LAHORE: NEPRA has raised the electricity tariff by Rs1.02 per unit with effect from February 1. The adjustment for the month of Feb
March 28, 2010 | Posted in
ECONOMY |
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ISLAMABAD: Tens of thousands of small investors, who lost more than Rs800 billion in stock market crashes over the past five years, have approached the policy board of the Securities and Exchange Commission of Pakistan for compensation and threatened to take the matter to the Supreme Court if the SECP fails to ensure justice to [...]
March 22, 2010 | Posted in
ECONOMY |
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WASHINGTON: The former president of one of Pakistan’s major banks has given up his fight against extradition, clearing the way for his return home to face accusations that he stole $10.8 million from his bank. Hamesh Khan’s extradition is now in US Secretary of State Hillary Clinton’s hands after a federal judge in Alexandria concluded [...]
March 17, 2010 | Posted in
ECONOMY |
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ISLAMABAD: The country has seen a massive 36.3 per cent inflation since the present government came to power in 2008, with prices of two basic commodities, wheat flour and sugar, rising by 83 and 168 per cent, respectively. According to official figures, the price of flour which was Rs16.41 per kg on Feb 21, 2008, [...]
March 11, 2010 | Posted in
ECONOMY |
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ISLAMABAD: With its receivables rising beyond Rs105 billion, Pakistan State Oil (PSO) needs at least Rs57 billion between now and April 28 to avoid default on international payments for oil imports and ensure smooth oil supplies in the country. “We have been forced to cut down oil imports and are inviting much lower tenders than [...]
March 11, 2010 | Posted in
ECONOMY |
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ISLAMABAD: The top guns of the PPP government have made a confession before the National Assembly Secretariat about their failure to recover a mind boggling Rs 7 billion in fines and penalties from eight powerful cartels after 50 sugar barons, 20 cement tycoons, eight banks, five cellular phone companies, energy tycoons and stock exchanges of [...]
March 10, 2010 | Posted in
ECONOMY |
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ISLAMABAD: Marked by over Rs93 billion higher grants for security-related spending, Pakistan’s current expenditure rose by more than 15 per cent and the budget deficit by about 62 per cent during the first half of the current fiscal year. According to provisional data on half-yearly (July-Dec) budgetary operations released by the finance ministry, the government’s [...]
March 3, 2010 | Posted in
ECONOMY |
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ISLAMABAD: Over $400 million in reimbursement claims by Pakistan under Coalition Support Fund (CSF) for 2008 have been rejected by the United States because of new guidelines requiring ‘enhanced oversight and accountability’. Total claims for 2008 were $1.4 billion, but Pakistan got $997 million in reimbursement, whereas the remaining claims were disallowed on grounds of [...]
March 3, 2010 | Posted in
ECONOMY |
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WASHINGTON: The Obama administration sent lawmakers a plan for $1.45 billion in aid for Pakistan this year, funding water, energy and other projects as well as a media campaign to counter extremist views. The 2010 spending plan, obtained by Reuters, was sent to lawmakers late on Thursday as part of the US administration’s obligation to [...]
February 27, 2010 | Posted in
ECONOMY |
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WASHINGTON: US Secretary of State Hillary Clinton has urged wealthy Pakistanis to pay a larger share of taxes to reduce their country’s dependence on foreign aid. In a testimony before the Senate Foreign Relations Committee, the top US diplomat reminded rich Pakistanis that they had a duty to enable their government to fund schools and [...]
February 26, 2010 | Posted in
ECONOMY |
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LAHORE: The City District Government, Lahore, has abandoned work on first-of-its-kind Refuse Derived Fuel (RDF) plant in the provincial capital as the majority of foreign investors have left the country due to the current wave of terrorism. Sources said the project, which was devised one-and-a-half years back, was one of the CDGL’s mega projects and [...]
February 24, 2010 | Posted in
ECONOMY |
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KARACHI: The capital gains tax on stock trading would be levied from July 1 at 10 per cent for holding of less than six months and at 7.5 per cent where an investor retains securities beyond six months and up to a year. The tax is to be applicable on the purchase of shares after [...]
February 23, 2010 | Posted in
ECONOMY |
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KARACHI: Pakistani Finance Minister Shaukat Tarin said on Tuesday he was stepping down to focus on his private business interests. Tarin’s resignation (as aleady reported earlier) is not expected to destabilise the government but international donors will be keen to see a respected minister appointed in his place. Prime Minister Syed Yusuf Raza Gilani accepted [...]
February 23, 2010 | Posted in
ECONOMY |
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