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  • SECP registers 773 new firms in June

    July 6, 2018 12:00 AM 1

    KARACHI: The Securities and Exchange Commission of Pakistan (SECP) registered 773 new companies, showing a growth of 28 percent in June compared to the corresponding month of the last financial year. This brings the total number of registered companies to 87,622, a statement said on Thursday. The massive increase is the result of the SECP’s various reform

  • Horticulture roadmap to increase exports

    July 6, 2018 12:00 AM 1

    KARACHI: Pakistan Fruit and Vegetables Exporters, Importers and Merchants Association (PFVA) has developed a roadmap for developing the horticulture sector, which will be presented to political parties before the general elections, an official said on Thursday. The roadmap, prepared with the support of the Federation of Pakistan Chambers of Commerce

  • NIT declares full-year dividends for funds

    July 6, 2018 12:00 AM

    KARACHI: National Investment Trust Limited (NITL), the country’s biggest asset management company, on Thursday declared payouts for its various funds for the year ended June 30. Manzoor Ahmed, acting managing director of NIT said NIT manages 10 funds with net assets under management of around Rs98.397 billion. NIT declared a cash dividend of Rs2.33/unit

  • FBR imposes 2pc duty on cotton imports

    July 6, 2018 12:00 AM

    KARACHI: The Federal Board of Revenue (FBR) on Thursday imposed two percent customs duty on imports of cotton and yarn to encourage use of the local crop and save foreign exchange reserves. The FBR, in a statement, said the additional customs duty of two percent will be effective from July 15. The FBR imposed the duty on all the imports, except various

  • Non-filers await FBR nod to own vehicles below 1,000cc

    July 6, 2018 12:00 AM

    KARACHI: Punjab Excise and Taxation department is awaiting a written confirmation from the authorities to register new or imported vehicles below 1,000cc on the name of non-filers of tax returns, The News learnt on Thursday. The Commissioner of Income Tax, Regional Tax Office-II, Lahore, in a recent meeting with the officials of Directorate of Excise

  • NZ urged to lift ban on foreign home buyers

    July 5, 2018 12:00 AM 1

    WELLINGTON: The International Monetary Fund called on New Zealand to reconsider a controversial plan to ban foreigners from buying residential property, warning the move could discourage foreign direct investment necessary to build new homes. The IMF offered an upbeat view on New Zealand´s economic outlook despite a recent slew of soft data, and said the housing

  • Saudi plans first change in Asia crude oil price formula

    July 5, 2018 12:00 AM 1

    SINGAPORE: Saudi Aramco plans to change the formula used to price its long-term crude oil sales to Asia starting from October, marking the first change in benchmarks for its official selling prices (OSP) since the mid-1980s, multiple trade sources said on Wednesday. The new formula will be based on the average monthly prices of Oman crude futures traded

  • Al Baraka Bank step towards digitalisation with BenchMatrix’s RiskNucleus® Compliance Risk Management Solution

    July 4, 2018 12:00 AM

    Karachi: Al Baraka Bank (Pakistan) Limited (ABPL) has selected BenchMatrix to implement an automated regulatory compliance risk management system that would further strengthen compliance management controls. RiskNucleus®-Compliance Management System implementation at Al Baraka will enhance the monitoring of regulatory compliance policy through a complete

  • Emirates to start A380 flights to Islamabad

    July 4, 2018 12:00 AM 1

    KARACHI: Emirates, the world’s largest international airline, announced on Tuesday that it will deploy a one-off A380 service to Islamabad on July 8, 2018, a statement said. The airline’s iconic double-decker will make its inaugural arrival in Islamabad on a special flight EK2524/EK2525, it added. The A380 flight will depart Dubai on July 8, 2018 at 0800hrs and arrive

  • Qatar to buy Plaza Hotel for $600mln

    July 4, 2018 12:00 AM 1

    LONDON: The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York´s most iconic buildings, the Plaza Hotel, for around $600 million, adding a development that was once owned by U.S. President Donald Trump to its luxury property portfolio. Qatar´s state-owned Katara Holding is buying full ownership of the hotel, including a 75 percent