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  • SBP launches Asaan Remittance Account

    December 7, 2017 12:00 AM 2

    SBP launches Asaan Remittance Account KARACHI: The State Bank of Pakistan (SBP) in collaboration with Pakistan Remittance Initiative (PRI) has launched “Asaan Remittance Account” in an effort to encourage remittance receipts through proper accounts instead of traditional cash over the counter transactions, a statement said on Wednesday. These accounts

  • Oil sales dip 7 percent to 1.91mln tons in November

    December 7, 2017 12:00 AM 1

    KARACHI: Oil sales dipped seven percent year-on-year to 1.91 million tons due mainly to lower sales of furnace oil, an analyst said on Wednesday. Oil Companies Advisory Council recorded 2.06 million tons in the same month a year ago. Sale of furnace oil sharply fell 29 percent to 401,798 tons in November as compared to the corresponding month a year earlier

  • Islamic banks post 44.26pc rise in Q3 gross earnings

    December 7, 2017 12:00 AM 2

    Islamic banks post 44.26pc rise in Q3 gross earnings KARACHI: The Islamic banking industry posted a 44.26 percent increase in third quarter gross profit, the central bank’s data showed on Wednesday, mostly on the back of higher financing to various sectors of the economy. The total of 21 Islamic banking institutions of those five full-fledged Shariah-compliant

  • Infosys CEO faces twin tests

    December 5, 2017 12:00 AM

    Infosys CEO faces twin tests MUMBAI: After well over a decade with Capgemini, Salil Parekh is returning home to head unsettled Indian software services firm Infosys, where he will seek to replicate his success in notching up record growth at the divisions he ran. Alongside, Parekh has to help the bellwether of India´s $154 billion software services sector

  • KSE 100-share ends flat in Nov

    December 5, 2017 12:00 AM 1

    KSE 100-share ends flat in Nov KARACHI: The benchmark 100-share Index of Pakistan Stock Exchange was marginally up one percent month-on-month to close at 40,000 points in November due to political and economic instabilities, an analyst said on Monday. In November last year, the KSE-100 index rose impressive 6.8 percent month-on-month or 2,729 points

  • Pakistan, Hong Kong ratify treaty to avoid double taxation

    December 5, 2017 12:00 AM

    ISLAMABAD: Pakistan and Hong Kong on Monday ratified a treaty signed early this year to stave off double taxation on incomes of their individuals and companies. “Pakistan and Hong Kong SAR (special administrative region) have ratified the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income,” a statement said. “The tax pact will come into force

  • CAREC strategy 2030 launched: ADB to loan $2 billion for two railways projects

    December 5, 2017 12:00 AM

    ISLAMABAD: Asian Development Bank (ADB) will provide a loan of two billion dollars to Pakistan for the upgrades of two railway projects under the Central Asia Regional Economic Cooperation (CAREC) strategy 2030, a senior official said on Monday. “We have envisaged up-gradation of mainline (ML-1), ML-2 and ML-3,” Director General Planning at Ministry

  • Intesa CEO warns of Bitcoin ‘bubble’

    December 3, 2017 12:00 AM 1

    Intesa CEO warns of Bitcoin ‘bubble’ MILAN: The head of Italy’s top retail bank Intesa Sanpaolo joined a growing chorus of Bitcoin critics, calling the wild gyrations in the price of the cryptocurrency a speculative bubble and saying global regulatory scrutiny was essential. “There is no doubt it’s a speculative bubble, when a currency goes from $1,000 to $10,000 in the space

  • ‘Cement exporters find opportunity in Indian ban on petcoke’

    November 30, 2017 12:00 AM 5

    KARACHI: Pakistan’s struggling exporters may ramp up cement exports to India as the neighbouring country is likely to extend the ban on petroleum coke, a key input for cement production, nationwide, an analyst said on Wednesday. Analyst Faraz Abbas at Insight Securities said Indian government slapped a ban on use of petroleum coke in its three stats

  • SECP seeks public opinion on new accounting standards

    November 30, 2017 12:00 AM 2

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday sought public opinions on newly drafted Shariah compliant accounting and auditing standards, a statement said. “The SECP has been playing an active role in the Islamisation of the economy and it has endeavoured to replicate the best international practices in the Islamic