Business360

KARACHI: The rupee appreciated by Rs10.51 against the United States (US) dollar in the interbank currency market in the fiscal year 2020-21. On Wednesday, the local unit closed at Rs157.54 against the greenback on the last day (June 30) of the fiscal year, 20 paisas or 0.13 per cent stronger than the previous close of 157.74 in the interbank market. Also Read: FEDERAL BUDGET 2021-22 SAILS THROUGH NATIONAL ASSEMBLY WITH A MAJORITY VOTE The rupee rose by 6.2 per cent or Rs10.51 in the currency market during the last fiscal year. It is worth mentioning that the Pakistani currency had finished at Rs168.5 against the US dollar at the close of the fiscal year 2019-20. The post Rupee rises by Rs10 against US dollar in FY2020-21 appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3ya01pB

KARACHI: After Pakistan’s decision to limit international flights amid the coronavirus pandemic, two International Airlines have cancelled their scheduled flights for Pakistan from the US, ARY News reported on Thursday, citing sources.  As per details, Turkish and Qatar International Airlines have cancelled their scheduled flights from the United States to Pakistan. The flights were scheduled to land in Pakistan in the first week of July. Following the cancellation of the flights, Pakistanis in the US who were willing to return to the homeland, are facing difficulties, said sources. It has been learnt that the airlines were expecting relaxation from Pakistan about the number of onboard passengers, but after the latest CAA travel advisory , both the airlines suddenly cancelled their scheduled flights. Reacting to the situation, the spokespersons of the CAA, said that both the airlines did overbooking on the Pakistan-bound flights. Read more: CAA TAKES STEPS TO REDUCE PASSENGERS’ IN

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has hiked the price of Liquefied Petroleum Gas (LPG) once again up to Rs19 per kilogram, ARY News reported on Wednesday. LPG Association Chairman Irfan Khokhar said that the price of an 11.8 kg LPG cylinder for domestic consumers has been jacked up to Rs224 and commercial cylinder up to Rs863. He said that the LPG prices were hiked for the fourth time in a month and it is the first time to witness the rise in prices in the summer season. Earlier on June 22, the prices of the Liquefied Petroleum Gas (LPG) had been raised in the country for the third time within a span of four days as distributors have announced a nationwide strike against the decision on June 30. It had been announced to increase Rs6.09 per kilogram in the prices of LPG cylinders. After the previous increase, Rs71.93 was being charged more on the household cylinder while commercial cylinder prices went up by Rs276.75. The LPG prices had been raised to Rs170 in

ISLAMABAD: The World Bank has approved $800 million in financing for two programs in Pakistan — the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation. Secretary, Ministry of Economic Affairs, Noor Ahmed and Melinda Good, Acting Country Director, World Bank signed the two important program loan agreements worth $800 million on behalf of their respective sides. The World Bank will provide US$ 800 million for key policy reforms in priority areas as under: Second Securing Human Investments to Foster Transformation–Development Policy Financing (SHIFT-II) Program worth US$400 million. The development objectives of this World Bank-funded program is to (i) strengthen Civil Registration and Vital Statistics, health and education systems essential for Human Capital (HC) accumulation; (ii) recognize the contribution of women to economic productivity (iii) improve national safety nets to respond to shocks in a more efficient man

ISLAMABAD: The petroleum ministry has announced Wednesday via a notification an upward revision in petroleum prices in a fortnightly meeting with a hike in petrol of Rs2 a liter to now sell at Rs112.69, ARY News reported. The other petroleum products to see the hike include high-speed diesel which is made Re1.44 to now sell at Rs113.99, the notification announced. Separately, the prices of kerosene oil have been raised by Rs3.86 and it will be sold for Rs85.7. The political communication special aide for the prime minister Shahbaz Gill tweeted on the development that the petroleum regulatory initially recommended over Rs6 increase in the petrol price. انٹرنیشنل مارکیٹ میں قیمتوں میں اضافے کی وجہ سے اوگرا نے 6 روپے 5 پیسے فی لیٹر پیٹرول کی قیمت میں اضافہ تجویز کیا تھا۔لیکن وزیراعظم نے صرف 2 روپے فی لیٹر اضافے کی اجازت دی ہے۔ ڈیزل فی لیٹر3 روپے 44پیسے اضافے کی تجویز تھی لیکن صرف ایک روپئیہ چوالیس پیسے اضافے کی اجازت دی گئی ہے۔ pic.twitter.com/JlxH32hhGJ — Dr. Shahbaz GiLL (@SHABA

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has Wednesday introduced its WhatsApp facility for ‘business care’ in what it calls is first of its kind service in the Pakistani public sector, ARY News reported. To promptly response public queries regarding incorporation of companies, company name reservation and to check status of eServices cases, SECP has launched WhatsApp Channel ( 0306 9365625 ) for Business Care. pic.twitter.com/9R4Fp5z3gS — SEC Pakistan (@SECPakistan) June 30, 2021 It said its WhatsApp service can be accessed on helpline #0306 936 5625 where “users will have a more streamlined experience as this service will provide immediate responses to their queries”. The range of facilities that can be sought through this Whatsapp service, SECP said, are company registration, company search through name and incorporation number and fee calculator. “The facility of Live Chat with the business center officer is also provided that will enable the user

KARACHI: Amid the gas crisis situation owing to dry-docking, among supply shortage issues, the city’s utility provider Sui Southern Gas Company (SSGC) has convinced town associations to suspend gas consumption in industrial zones once every week, ARY News reported. According to the notification sent out by SSGC, each industrial zone association will be able to nominate which day they will voluntarily suspend gas consumption to put off pressure on the gas crisis situation. On the remaining days of the week, the gas supply will be smooth and with the right pressure, however, it added that if these associations don’t nominate the day, SSGC retains the right to suspend ‘supply by force’. President North Industrial zone Faisal Moeez Confirmed a Memorandum of Understanding (MoU) in the presence of Governor Sindh Imran Ismail in the Governor House has been signed with SSGC. From June 29 to July 9 there will be dry-docking –repair and maintenance work in the terminals– and until that’s ov

ISLAMABAD: National Assembly on Wednesday approved a supplementary budget of Rs1.246 trillion for the expenditure incurred during the fiscal year 2020-21 after being tabled in the House by Federal Minister for Finance Shaukat Tarin, ARY NEWS reported. While presenting the supplementary budget for FY2020-21, Shaukat Tarin said that this is not the first time that PTI has presented supplementary grants rather it happened during every past government. “Previous governments sought approval for more grants than our tenure,” he said adding that in 2012-13, supplementary grants of Rs1300 billion were tabled, followed by Rs5 trillion grants in 2013-14. He said that the Prime Minister House received a supplementary grant of Rs8 billion in 2019-20 for expenditure with regard to the COVID relief package. Shaukat Tarin further said that in 2020-21, they have provided a subsidy of Rs260 billion for the power sector and Rs 9.8 billion to Pakistan International Airlines (PIA) for improving its af

French carmaker Renault unveiled a more ambitious strategy for electric vehicles on Wednesday, betting on new, affordable versions of its iconic small cars of the past to catch up with Volkswagen in the fast-growing sector. Renault Chief Executive Luca de Meo said it planned to launch 10 electric cars by 2025 and that all-electric vehicles would account for up to 90% of Renault models by 2030, dropping its reliance on hybrids to hit the target under a previous plan. Renault is betting that an electric version of its classic Renault 5 compact car, which was discontinued in the 1990s, will capture the imagination of today’s drivers when it goes on sale in the first half of 2024. At a live-streamed presentation on Wednesday, the company offered a fleeting glimpse of its new electric “4ever”. Two sources close to the company said it was a revival of the Renault 4 hatchback which went out of production last century. De Meo said that new, purpose-built electric car platforms and a clus

KARACHI: Over 85,000 sacrificial animals from across the country have reached Karachi’s cattle market located at Superhighway, reported ARY News on Wednesday. The market measuring 900 acres was formally inaugurated on June 10. According to the market administration, the animals from Gujranwala, Rajanpur, Sheikhupura, Rahim Yar Khan, Okara, Mirpurkhas, Hyderabad, Sibbi, Quetta, and other cities of Pakistan. Sellers and buyers are being asked to comply with the COVID-19-related standard operating procedures (SOPs) in repetitive announcements from the loudspeakers in the market. On Tuesday, ministry of health had issued COVID guidelines to be followed during Eid-ul-Azha besides expressing concern that cattle markets could become a source of virus spread in the country. Read more: Cattle market established at the site of Karachi Urban Forest project According to the guidelines issued by the federal health ministry, there are concerns regarding virus spread from cattle markets and cal

Saudi Arabia’s Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil. The creation of another flag carrier would catapult Saudi Arabia into the 5th rank globally in terms of air transit traffic, official state media reported, without giving details on when and how the airline would be created. Prince Mohammad has been spearheading a push for Saudi Arabia, the biggest Arab economy and the largest country in the Gulf geographically, to boost non-oil revenues to about 45 billion riyals ($12.00 billion) by 2030. Making the kingdom a global logistics hub, which includes the development of ports, rail and road networks, would increase the transport and logistics sector’s contribution to gross domestic product to 10% from 6%, state news agency SPA said. “The comprehensive strategy aims to position Saudi Arabia as a global logistics hub c

ISLAMABAD: The Prime Minister’s special aide on power and petroleum Tabish Gauhar has Tuesday said a new power distribution system is in works which is set to be ready by February next year in which one would be at liberty to choose whose connection they want, ARY News reported. It is not feasible to rely on a single distributor to a city with a population of over 25 million, he said, adding that it’s like entrusting one body with the key to an entire metropolis. We are not including private sector in the distribution system so business groups can too invest and foray into the power sector, he said. Separately on the gas shortage and consequent crisis emerging within the industrial sector that faces the brunt of it, the SAPM said until tonight some 125 mmfcd gas has been made part of the system and only 50 mmfcd shortage will still remain. He said the industrialists need to be flexible with gas crisis situation and cooperate and on the other hand urged Sui Southern Gas Company to n

KARACHI: In line with Prime Minister Imran Khan’s vision to boost tourism, Pakistan International Airlines (PIA) has announced to operate flights to Skardu from Faisalabad, ARY News reported on Tuesday. According to details, the national airline’s flights on this route will begin from July 7. It also announced a 50 per cent discount on the shipping of cherry from the scenic region to these cities as the national flag carrier will charge Rs150 per kilogramme of the fruit instead of Rs300. A few days ago, the national flag carrier announced to operate flights to Skardu from Sialkot. PIA has already been operating flights to Skardu from Karachi, Islamabad and Lahore. On Saturday, PIA launched its Air Safari flights to boost tourism in the country. The airline’s first scenic Air Safari flight took off from the Islamabad International Airport with 91 tourists, including foreign nationals from as many as 13 countries, on board. Also Read:  PIA TO OPERATE CHARTERED FLIGHTS BETWEEN LONDON

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has prepared a summary, seeking an increase in petrol prices from July 01, ARY News reported on Tuesday quoting sources. According to sources privy to the decision, the regulator has recommended an increase in petrol price by Rs6 per litre. The authority has suggested an increase of Rs3 per litre in the price of high-speed diesel. According to petroleum division sources, the fuel prices may increase further if the petroleum levy increased to Rs30. Read More:  Federal govt lowers sales tax on petroleum products Any final decision in the hike in petrol prices would be made after approval from Prime Minister Imran Khan. The federal government on June 1 increased the price of petrol by Rs2.13 per litre. Read More:  Over Rs4 per litre hike proposed in fuel prices by Ogra from June16 The government had approved Rs2.13 per litre increase on petrol and Rs1.79 per litre on diesel. The price of kerosene oil is increased up to Rs1.89 per

KARACHI: Administrator Karachi Laeeq Ahmed on Tuesday approved Karachi Municipal Corporation (KMC) budget of Rs25.9 billion for the next fiscal year 2021-22, ARY News reported. Administrator Karachi Laeeq Ahmed gave approval to the budget through a circulation summary. The Karachi Municipal Corporation incumbent administration has prepared the fiscal year 2022 budget to the tune of Rs25.9 billion with 16 major development schemes. The budget, set to be presented come Saturday, will index a fiscal surplus of Rs11 million carried forward in the budget year ahead. Read More:  KMC ALL SET TO PRESENT RS25.9BILLION FY22 BUDGET WITH RS11M SURPLUS According to budget documentation, Rs2.06 billion are estimated in the budget for all the development projects. Here are some major development projects and the funds allocated for them. Rs120 million for cleaning and desalting of stormwater drains. Rs100 million: provision and installation of drainage lines at Zulfiqarabad Oil Tanker Termin

KARACHI: The per tola gold price on Tuesday registered a decrease of Rs 700 to Rs 108,600 in the domestic market, ARY News reported. Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of the yellow metal decreased by Rs 600 to Rs 93,106. In the international market, gold prices eased on Tuesday, as a firmer dollar made bullion expensive for holders of other currencies while concerns that the U.S. Federal Reserve will tighten its monetary policy sooner than expected also dented the metal’s appeal. According to Reuters, gold is seen as a hedge against inflation, though a rate hike by the Fed will increase the opportunity cost of holding bullion and dull its appeal. Read More: GOLD CONTINUES UPWARD JOURNEY Earlier on June 23, gold prices had continued their upward trend for the third consecutive day as the per tola price of the precious metal witnessed an increase of Rs 850 to Rs 110,200 in

United Airlines confirmed its largest ever order for Boeing and Airbus jets on Tuesday, lining up 270 planes worth more than $30 billion at list prices as the U.S. giant pursues post-pandemic domestic growth. The 200 Boeing 737 MAX and 70 Airbus A321neo jets will replace smaller mainline planes and at least 200 regional jets between 2022 and 2026, the Chicago-based airline said. United is the most exposed U.S. airline to international travel, which suffered heavily during the coronavirus pandemic and is rebounding more slowly than domestic travel. America’s third largest airline by revenue will be able to boost the number of seats across its domestic network, which lags major rivals, by almost 30% and get better use out of hubs with the fleet shake-up. United Chief Executive Scott Kirby said it would “accelerate our business to meet a resurgence in air travel”. The order, confirming a detailed breakdown reported by Reuters on Monday, includes 50 Boeing 737 MAX 8 and 150 MAX 10, ac

ISLAMABAD: The Islamabad High Court (IHC) ordered on Tuesday removal of National Bank of Pakistan (NBP) president Arif Usmani and chairman Zubair Soomro. An Islamabad High Court (IHC) single bench comprising Justice Mohsin Akhtar Kayani announced the judgement that it had reserved earlier this month after hearing arguments from the lawyers representing the petitioners and respondents. The court ruled that both the NBP president and chairman are ineligible to hold their posts. Syed Jahangir, Javed Iqbal, Fazal Raheem and Latif Qureshi challenged the appointment of the National Bank of Pakistan president. They assailed the government’s notification dated January 12, 2019 regarding the appointment of Usmani as NBP president. In August 2019, the government had appointed Arif Usmani as new CEO and President of the National Bank of Pakistan (NBP). The post of the president had been lying vacant since the government suspended former president Saeed Ahmad on a request by the National Acco

ISLAMABAD: Finance Ministry on Tuesday released an economic outlook report for the month of June 2021, highlighting an increase in exports, imports, remittances, and production of large-scale manufacturing (LSM), ARY NEWS reported. According to details shared in the economic outlook report , the outgoing year saw a 29.4 percent increase in remittance with US$26.7 billion received between July to May of 2020-21 as compared to US$20.7 billion in the previous fiscal year. The exports witnessed a 10.3 percent increase in the outgoing fiscal year after the figures of US$23.1 billion from July to May in 2020-21 as compared to US$21 billion in the same period during 2019-20. The imports stood at US$47.3 billion in the outgoing year as compared to US$40.1 billion from July to May in 2019-20, depicting a 17.9 percent increase in the current year. The reserves currently held by the State Bank of Pakistan also crossed US$22.96 billion, the data shared by the finance ministry showed. Read Mor

ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday said a comprehensive roadmap to uplift the poor of the country has been presented for the first time in the country’s history in the budget 2021-22. Finance Minister Shaukat Tarin was addressing on the floor of the National Assembly. “People claimed to provide bread and butter and other things to the poor but failed in doing so, he said and added PTI is serving the masses and we do not believe in mere slogans. The minister held the past government responsible for neglecting the agriculture sector for which the incumbent government is importing, wheat, ghee, and pulses. We have proposed Rs63 billion for the uplift of the agriculture sector in FY 2021-22 budget, he maintained. “Insha Allah prosperity would be witnessed at gross root level in next few years.” Read more: TAX ON PHONE CALLS EXCEEDING 5 MINUTES, RELIEF FOR 1000CC CARS : TARIN WINDS UP BUDGET DISCUSSION On the IMF bailout package, Tarin said the wrongdoings of the p

ISLAMABAD: Federal Minister for Maritime Affairs Ali Zaidi on Tuesday shared a plan for the installment of a fourth Liquefied Natural Gas (LNG) terminal in the country at Karachi’s Port Qasim, ARY NEWS reported. Taking to Twitter to make the announcement, Ali Zaidi shared that Mitsubishi company has decided to invest US$300 million for setting up the LNG terminal at the city’s port. “After Energas, Tabeer Energy(Mitsubishi) also close to finalizing their FID to set up the [fourth] LNG Terminal,” he said in his message on the micro-blogging site. The terminal will be installed at Port Qasim and the project will be completed within two years, he said adding that 90 LNG cargo ships could dock at the terminal at a time. The federal minister further shared that a 24-kilometer gas pipeline would also be laid for the supply of the LNG from the terminal. It is pertinent to mention here that Pakistan on February 26 inked a new agreement with Qatar for the import of Liquified Natural Gas

KARACHI: Fraught with illegal advertisements and hoardings the district central has Monday taken cognizance of the matter ahead of monsoon season and in pursuance of the apex court orders asking concerned people to take them down immediately, ARY News reported. The director advertisement of District Municipal Corporation (DMC) Karachi Central has written to concerned companies to take down their advertisements in the form of pastings, structures and hoardings for which they have not paid the due fees and taxes. The letters written to them warned of legal action if the warning is not timely heeded. Separately, DMC Central has also asked advertisers to take down hoardings ahead of rains and storms to avoid any damage to people and properties. In separate letters to police, advertisement office and Deputy Commissioner central, the director advertisement has notified crackdown against any violations starting after midnight of tonight. It has also required the advertisement offices

KARACHI: The Karachi Municipal Corporation incumbent administration has Monday announced it prepared the fiscal year 2022 budget to the tune of Rs25.9 billion with 16 development schemes planned in it, ARY News reported. The budget, set to be presented come Saturday, will index a fiscal surplus of Rs11 million carried forward in the budget year ahead. Rs2.06 billion are estimated in the budget for all the development projects and it will be presented in the KMC by Karachi administrator Laeeq Ahmed. Pertinent to note that after the elected Karachi’s local body headed by Mayor Wasim Akhtar whose term expired last year, it is the first budget. It may be recalled that the last year’s budget was Rs24.8 billion, presented by MQM’s Akhtar lead KMC administration. READ ALSO: Fbr notifies lowering sales tax on petroleum products Separately yesterday it was reported that the Federal Board of Revenue (FBR) has notified lowering sales tax on petroleum products. According to the notificatio

ISLAMABAD: The National Assembly will resume its budget session at Parliament House in Islamabad at 11:00 am tomorrow (Tuesday) to give approval to the federal budget 2021-22. The Pakistan Tehreek-e-Insaf (PTI) government will present finance bill 2021-22 in the lower house for approval. PM Imran Khan has directed its MNAs to ensure presence during budget approval. Prime Minister Imran Khan today also hosted a dinner in honour of the government and coalition lawmakers, however, senior members of Pakistan Muslim League Quaid (PML-Q) including Tariq Bashir Cheema have not attended the event. While talking to the lawmakers, PM Imran Khan said that Pakistan Tehreek-e-Insaf (PTI) is successfully governing the country despite facing many challenges and the federal budget 2021-22 will sail through the parliament tomorrow (Tuesday). PM Khan said that the PTI-led government has proposed a pro-growth budget that will be passed by the parliament tomorrow. READ:  PM IMRAN KHAN TO PERSONALLY

ISLAMABAD: Federal finance minister Shaukat Tarin presided over an Economic Coordination Committee huddle on Monday greenlighting, among other things, the tender to import 100,000 metric tons of sugar, ARY News reported. In the meeting today, for the cotton crop, owing to a production decrease, food security department has been tasked with setting an intervention price within 15 days. Separately for the utility stores, the subsidies given on at least five essential items have been extended for 15 more days by ECC. READ ALSO: Gas supply suspended to CNG stations, non-export sector In addition, the meeting today approved a technical supplementary grant to many divisions and affairs with the foreign affairs department and Frontier Corps of Balochistan getting the largest pies with Rs2 billion and Rs1.1 billion in grants respectively. Other departments to seek technical supplementary grant are Aviation division with Rs10 million; National Syndromic Surveillance Program (NSSP) with Rs

KARACHI: The Sui Southern Gas Company (SSGC) has announced the suspension of gas supply to Combined Natural Gas (CNG) stations and non-export sector till July 5 across the Sindh, ARY News reported on Monday. The SSGC spokesperson said that CNG filling stations in Sindh including the provincial capital Karachi will be closed till July 5. It added that SSGC is facing a shortfall of 160 MMCFD due to the Annual Turn-Around (ATA) of the KPD gas field which resulted in a decrease in gas availability in line pack and low pressure in the system. The spokesperson added that all CNG stations including RLNG users in Sindh will remain closed from 8:00 am Tuesday, June 29, 2021, to 8:00 am Monday, July 5, 2021, in compliance with the sectoral priority order of the gas load management. READ: SSGC ASKS CONSUMERS TO ARRANGE FOR ALTERNATIVE AMID GAS SHORTAGE Moreover, CNG stations will also be closed across Balochistan province till July 5. The Sui Northern Gas Pipelines Limited (SNGPL) notified

LONDON: Bitcoin on Monday shrugged off a move by Britain’s financial watchdog to target the major Binance exchange, in the latest sign of regulatory pressure on the emerging cryptocurrency sector. In a notice dated Friday, the Financial Conduct Authority (FCA) said Binance could not conduct any regulated activity in Britain and warned consumers about the platform, which is coming under growing scrutiny globally. Bitcoin fell 1.8% to $34,085. It has fallen about 18% in the last 13 days, its losses sparked by China tightening curbs on the cryptocurrency sector. The FCA’s move came as regulators across the world bolster oversight of the crypto sector. Their concerns include its potential for use in money laundering and other illegal activities, as well as risks to consumers. Binance, one of the world’s biggest crypto exchanges, last month withdrew an application to register with the FCA, which oversees anti-money laundering rules, a spokesperson at the watchdog said. He declined to sa

Dubai Economy hosted an online ceremony today under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to honour the 26 winners in the 2020 cycle of its Business Excellence Awards . The prestigious awards, which recognise outstanding efforts and commitment towards adopting best practices and achieving excellence in diverse disciplines of business, are being announced virtually for the second consecutive year in view of the precautionary guidelines against COVID-19. Over 500 attendees from varied business sectors, industries as well as the government sector joined the online ceremony to celebrate the 27th cycle of the Awards along with representatives from the winning entities. Samsung Gulf Electronics – Customer Service Department (Services sector) was named the winner of the coveted Dubai Quality Global Award 2021 while Transguard (Logistics sector) won the Dubai Quality Gold Award. The Dubai Quality Award went to

The UAE cabinet has adopted an agenda to develop its non-oil export development sector as the country aims to increase its exports by 50 percent. Chaired by Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, the UAE Cabinet approved the National Agenda for Non-oil Export Development, an integrated framework for efforts to increase UAE’s foreign trade, promote Emirati products and access new markets all over the world. Sheikh Mohammed bin Rashid reaffirmed that the UAE is among the top twenty countries in foreign trade indicators and has a developed economic structure that is capable of coping with the changing global economy, stressing the continued support for the national economy to be among the top 10 economies in the world. These remarks by Sheikh Mohammed came during the UAE Cabinet meeting, held today at Qasr Al Watan in Abu Dhabi, in presence of Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister

KARACHI: The Pakistani rupee depreciated 60 paisas against the United States (US) dollar in the interbank currency market on Monday. According to the State Bank of Pakistan (SBP), the local unit closed at Rs158.22 against the greenback, showing depreciation of 60 paisas (-0.38%) over previous close of Rs157.62. Interbank closing #ExchangeRate for today: https://t.co/GS6X66qp8A pic.twitter.com/EQCaBKsPB1 — SBP (@StateBank_Pak) June 28, 2021 The rupee touched an all-time low of 168.43 last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April. Also Read:  SBP foreign reserves rise $272mn to $16.1bn The local unit gained considerable ground on the back of improved foreign exchange reserves, current account surplus, and higher remittances besides less demand of dollar due to the pandemic. The post Rupee extends losses against US dollar appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3AgUkYW

The great and good of the mobile communications world have flocked to their annual jamboree in Barcelona, all armed with this year’s must-have tech: a negative COVID-19 test, an FFP2 face mask and a digital badge for contact-tracing.  Over 30,000 visitors from 143 countries are set to stream into the Catalan city for the three-day Mobile World Congress, or MWC, which starts on Monday – and each will have to pass through a mammoth testing area complete with 80 booths. While that attendance is a far cry from the crowds of 100,000-plus in years gone by, it is nonetheless encouraging for the organisers, global mobile industry body GSMA. It was forced to axe the 2020 event as the pandemic raged, and had feared few people would show up this week. “My biggest worry was that … our exhibitors would say with one voice ‘We’re not coming’ – but that’s not happened,” said Mats Granryd, director general of GSMA, which took big losses after last year’s cancellation, laying off 40% of its staff.

KARACHI: The Sui Southern Gas Company (SSGC) has sought a hike in gas prices by Rs109.78 per mmbtu during a public hearing of the Oil and Gas Regulatory Authority (OGRA), ARY NEWS reported. According to details, the current rate charged by the SSGC stands at Rs679.56 per mmbtu and after an increase sought by them, it would be charged at Rs789.24 per mmbtu. The SSGC claimed that it was facing losses of Rs3.34 billion in the sale of local gas besides also incurring losses of Rs16 billion on RLNG supply and thus need a hike in prices to manage it. It further emerged that SSGC has estimated the dollar exchange rate at Rs169 while presenting its calculations before the OGRA. It is pertinent to mention here that the country is already facing an acute shortage of gas supply owing to repair works as gas fields. The Sui Southern Gas Company (SSGC) on Tuesday suspended the supply of natural gas to the industrial zone in Karachi. According to a spokesperson of SSGC, the gas utility was rec

ISLAMABAD: Economic Coordination Committee (ECC) meeting headed by Finance Minister Shaukat Tarin on Monday approved an extension of 15 days on subsidy of five commodities available at utility stores, ARY NEWS reported. According to details that have emerged after the conclusion of the EEC meeting, the five commodities that would continue to be provided on subsidized rates at utility stores included sugar, ghee, rice, flour, and pulses. The ministry of industries and commerce has demanded a six-month extension in the subsidy and the ECC formed a committee to mull over the proposal and submit a recommendation soon. The meeting also approved supplementary grants for the interior ministry and other ministries. In the previous meeting, Finance Minister Shaukat Tarin presided over a meeting of the Economic Coordination Committee (ECC) in Islamabad and approved a summary for the release of funds for the establishment of border markets in Balochistan. It approved a technical supplementar

ISLAMABAD: The Federal Board of Revenue (FBR) has on Sunday notified lowering sales tax on petroleum products, ARY NEWS reported. According to the notification issued today, the sales tax on petrol and high-speed diesel will remain the same while it was lowered on Kerosene oil and light diesel. A sales tax of 17 percent is currently applied on petrol and high-speed diesel. The tax on Kerosene oil was lowered to 6.7 percent from 9.15 percent while it was lowered to 0.2 percent on light diesel after previously being charged at 2.74 percent. It is pertinent to mention here that this was the second time in a month when the federal government has notified lowering taxation on petroleum products. On June 09, the federal government notified lowering sales tax on petroleum products. According to a notification issued, the sales tax on Kerosene oil was lowered to 10.07 against the previously charged tax of 15.44 percent. The sales tax on light diesel was lowered to 3.67 percent from 7.56

ISLAMABAD: Prime Minister (PM) Imran Khan has said that investment in Roshan Digital Accounts has crossed $1 billion. PM Khan announced this through his official Twitter handle. There is good news from the State Bank of Pakistan (SBP) as inflows in Roshan Digital Account crossed $1.5 billion, achieving another milestone, he added. Good news from SBP. #RoshanDigitalAccount achieves more milestones. Inflows crossed $1.5 bn on Friday, with investment in Naya Pakistan Certificates surpassing $1 bn. Accounts & deposits have set new records since the $1 bn event 2 months ago. https://t.co/sEe2wiOYrG pic.twitter.com/hAIx2Rko4Z — Imran Khan (@ImranKhanPTI) June 27, 2021 The premier added that Accounts and deposits have set new records since the $1 billion event two months ago. Roshan Digital Account State Bank of Pakistan (SBP) with the support of eight major banks in the country is leading the project under which Pakistani diaspora are able to avail the banking facility from a

ISLAMABAD: The World Bank has decided to provide $442.4 million to Pakistan for the development of social infrastructure in the rural areas of Punjab, ARY News reported. According to the details, the Ministry of Economic Affairs and the World Bank signed the financing agreement of “Punjab Rural Sustainable Water Supply and Sanitation Project” worth $442.4 million in Islamabad. Ministry of Economic Affairs Secretary Noor Ahmed signed the financing agreement on behalf of the government of Pakistan while WB Country Director Najy Benhassine signed the agreement on behalf of the World Bank. This project aims to provide equitable and sustainable access to clean drinking water, improve sanitation, and reduce child stunting in Punjab. The project interventions will cover 2,000 villages including 2,000 main settlements and 8,000 small settlements in sixteen (16) Districts of Punjab Province that are the poorest and have the worst social infrastructure and stunting issue. The project will d

ISLAMABAD: Federal Finance Minister Shaukat Tarin on Saturday said that Prime Minister Imran Khan had refused the International Monetary Fund’s (IMF) about imposing new taxes on the masses, ARY News reported. Addressing the National Assembly session, Shaukat Tarin said that the government would not put tax burden on the poor.    He maintained that the government’s business friendly policies are bearing fruit, adding that the country’s growth rate improved despite COVID-19 crisis. The finance minister said that the growth rate for the next year had been estimated at 5 per cent. Lashing out at the PML-N leadership, he said that the country’s foreign reserves had fallen owing to the wrong policies adopted by the past governments. Read More: TAX ON PHONE CALLS EXCEEDING 5 MINUTES, RELIEF FOR 1000CC CARS : TARIN WINDS UP BUDGET DISCUSSION   Earlier on June 25, the federal government had slapped a tax on talking on a mobile phone for more than five minutes. This was announced by Finan