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  • FBR collects Rs11.31bln from non-filers in July-May

    June 21, 2017 12:00 AM 5

    KARACHI: The Federal Board of Revenue (FBR) collected Rs11.31 billion on non-cash banking transactions by non-filers during the first 11 months of the current fiscal year, a slight two percent fall over the previous year, officials said on Tuesday. FBR secured Rs11.55 billion on non-cash banking transactions by non-filers of income tax returns in the corresponding

  • SBP revises risk management for financial institutions

    June 20, 2017 11:23 PM 4

    State Bank of Pakistan has revised the ‘Guidelines on Outsourcing Arrangements’ with the objective to enable Financial Institutions (FIs) including Banks, Microfinance Banks and Development Finance Institutions to effectively manage the potential risks associated with outsourcing arrangements. The revised instructions are termed as “Framework for Risk Management

  • Spain trade deficit rises 50.5 pct to April y/y – econ ministry

    June 20, 2017 9:07 PM 4

    Spain’s trade deficit rose 50.5 percent in the first four months of the year from the same period a year earlier as rising oil prices pushed up the cost of imports in the country which relies heavily on external energy supplies. Imports rose 12.4 percent, outpacing exports up 9.8 percent from a year earlier, mostly due to rising energy costs, the economy

  • Russia claims new oil field discovered in the Arctic

    June 20, 2017 4:54 PM 4

    Government said Far North oil production is a strategic priority even though current market conditions make development cost-prohibitive. June 19 (UPI) -- Preliminary data indicate a new oil field has been discovered in an area said to hold at least a dozen promising reservoirs, Russian oil company Rosneft said. Rosneft said three core samples from the Tsentralno-Olginskaya-

  • Eni signs agreement for oil and gas feasibility studies in Iran

    June 20, 2017 12:55 PM 4

    Eni (NYSE:E) signs a memorandum of understanding with Iran to carry out feasibility studies on the development of oil and gas fields in the country. Iran's oil ministry says the provisional agreement calls for studies on the Kish gas field in the Persian Gulf and the third phase of the Darkhovin oil field in southern Iran within six months

  • Italy’s Eni signs MoU with Iran on oil & gas field study

    June 20, 2017 9:27 AM 4

    Italian energy company Eni signed a memorandum of understanding with National Iranian Oil Company (NIOC) on June 20 to study two Iranian oil and gas fields. Under the MoU, the Italian firm will undertake studies for development of the Kish gas field and the third phase of the Darkhovin oil field, Mehr news agency reported June 20. Eni will submit its master

  • KSE-100 index loses 266 points

    June 20, 2017 12:07 AM 4

    PSX benchmark KSE-100 Index which had declined through out the trading sessions of the last week picked up the trend by plunge 266 points on the first trading session of the week here on Monday. It may be mentioned that during last week the index suffered a huge loss of 5.4% across which is primarily attributed to the volatile conditions stemmed from PANAMA

  • Microfinance banks must improve automation

    June 20, 2017 12:00 AM 6

    KARACHI: The State Bank of Pakistan (SBP) on Monday asked microfinance banks to improve automation of their compliance processes in a bid to minimise money laundering/terrorist financing and other related risks, a circular said. The transaction monitoring systems may be customised based on the size, nature and complexity of their business environment

  • Govt rolls out Rs98.9 billion for water, power projects

    June 20, 2017 12:00 AM 3

    ISLAMABAD: Out of a total allocation of Rs162,583.333 million, the government has released Rs98,839.233 million under annual Public Sector Development Programme (PSDP) 2016/17 for various power and water projects, numbers issued by planning department showed on Monday. According to Ministry of Planning, Development & Reform, against a total apportionment

  • Baby Born Midair Gets Free Flights for Life on Jet Airways

    June 19, 2017 5:14 PM 3

    Jet Airways has given free flights for life to a baby born at 35,000 feet on a journey between Saudi Arabia and the Indian city of Kochi. The flight was diverted to Mumbai when the baby’s mother went into labor. The cabin crew and a fellow passenger, a trained paramedic, helped the woman give birth. The airline thanked paramedic Mini Wilson for her help and congratulated