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May 16, 2018 12:00 AM Oil output rises to 90,337 barrels/day in July-April

KARACHI: Oil production marginally rose 1.9 percent to 90,337 barrels/day (bpd) during the first 10 months of the current fiscal year of 2018, official data showed on Tuesday. Local oil output stood at 88,635 bpd in the corresponding period a year earlier, the Pakistan Petroleum Information Service’s data showed. Gas production, however, fell one percent 5

May 11, 2018 12:00 AM Expats send home $16.257 billion in July-April FY18

KARACHI: The amount of money sent home by Pakistani migrants living abroad increased in 10 months of the current fiscal year by 3.92 percent versus a year ago, the State Bank of Pakistan figures showed on Thursday. Remittances totalled $16.257 billion in July-April FY18, compared with $15.643 billion in the same period last year. In April, the figure 1

May 4, 2018 12:00 AM AIG profit falls 21pc on lower yields

NEW YORK: American International Group Inc reported a 21 percent decline in first-quarter profit on Wednesday, due to higher catastrophe and bad weather claims, as well as weaker investment income. The insurer posted $938 million, or $1.01 per share, in net income for the first quarter, down from $1.2 billion, or $1.18 per share in the same period a year earlier 3

April 29, 2018 12:00 AM Will oil prices finally give teeth to inflation’s bite?

LONDON: The year 2018 was supposed to be the year inflation bared its teeth, finally emerging after years of unprecedented stimulus in a booming global economy. The Fed is well down the path of normalizing policy, with other central banks about to follow. And right on cue, the prices of oil and other commodities are accelerating sharply. But the latest 13

April 21, 2018 12:00 AM SBP proposes tax cut on transactions

ISLAMABAD: The State Bank of Pakistan (SBP) has asked the government to slash the advance tax from 0.3 percent to 0.1 percent for filers on cash withdrawals from banks exceeding Rs 50,000, and abolish the Super Tax in the upcoming budget 2018-19. The SBP has referred to sections 231 A and 231 AA of the Income Tax Ordinance pertaining to the withholding 6

April 17, 2018 12:00 AM Gas production drops to 3,828 mmcfd in Mar

KARACHI: Natural gas production dropped 5.8 percent to 3,828 million metric cubic feet/day (mmcfd) in March as compared to the same month a year earlier, a brokerage said on Monday. “The decline can be attributed to annual turnaround at Uch-II plant and some turbine issues at Qadirpur gas fields,” Faizan Ahmed, an analyst at JS Global Capital said. Production 5

April 16, 2018 9:01 PM PIA flights resume after overdue settlement with PSO

KARACHI: Pakistan International Airline (PIA) and Pakistan State Oil (PSO) on Monday shook hands after coming to a settlement over fuel endowment. According to PIA spokesperson, the companies came to the agreement under fulfillment of financial obligation that has now resumed normalcy in provision of fuel resources to the airline. It is pertinent to mention 2

April 11, 2018 12:00 AM FBR approves Audit Policy 2017

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced it has approved the audit policy for 2017 that pertains to the tax year 2016. “[Under the approved policy] the criteria for selection of audit cases for all taxes including income tax, general sales tax, and federal excise duty, would be parametric,” the board said in a statement. The board 5

April 6, 2018 12:00 AM Forex reserves slip to $17.796bln

KARACHI: Pakistan’s foreign exchange reserves fell to $17.796 billion during the week ended March 30 from $17.948 billion a week ago, the central bank said on Thursday. The forex reserves held by the State Bank of Pakistan (SBP) decreased $174 million to $11.602 billion. The decline in the SBP’s reserves is attributed to external debt servicing and other 5

April 5, 2018 12:00 AM FBR fears sharp fall in tax returns on exemption to salaried class

KARACHI: Federal Board of Revenue (FBR) fears a significant decline in numbers of returns filing if government exempts certain salaried individuals from the legal obligations in the next budget for the fiscal year of 2019, officials said on Wednesday, as the income group accounts for 70 percent of total tax returns. Officials said the government is considering 8