Business360

ISLAMABAD: The Federal Board of Revenue (FBR) collected net revenue of Rs413 billion in the first month of the fiscal year 2021-22, showing about 36 per cent growth over the collection of Rs303bn during last year’s corresponding period. According to provisional data, July’s tax collection surpassed the target of Rs342bn by Rs71bn. The FBR said it disbursed refunds amounting to Rs20bn compared to Rs15.7bn paid last year, showing an increase of 26.6pc. “This is reflective of FBR’s resolve to fast-track refunds to prevent liquidity shortages in the industry despite facing the challenge of fourth wave of COVID-19,” it pointed out. Income tax returns for tax year-2020 reached 3.53 million compared to 2.72 million in tax year-2019, showing an increase of 30pc. Also Read: PM KHAN COMMENDS FBR ON RECORD TAX COLLECTION OF RS410B IN JULY The tax deposited with returns was Rs51bn compared to Rs33bn last year, showing an increase of 54pc. The tax collecting body said 11,744 point of sale ter

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has hiked the price of Liquefied Petroleum Gas (LPG) once again up to Rs9.58 per kilogram, ARY News reported on Saturday. According to a notification, the price of an 11.8 kg LPG cylinder for domestic consumers has been jacked up to Rs113 to Rs2002. The new prices will come into effect from August 1. The federal government announced on Friday new prices of petroleum products for a fortnight with effect from August 1. Read More:  GOVT JACKS UP PETROL PRICE BY RS1.71 PER LITRE Taking to Twitter, Dr Shahbaz Gill, the special assistant to the PM on political affairs, said the government is going to jack up the price of petrol by Rs1.71 per litre. The rate of diesel was not being hiked because any increase in diesel price takes toll on the common man and farmers, due to which a proposal for the increase was rejected. Earlier, the Oil and Gas Regulatory Authority (Ogra) forwarded a summary to the Petroleum Division seeking revision

Millions of Americans could find themselves homeless starting Sunday when a nationwide ban on evictions expires, even as billions in government funds meant to help them go untapped. The wave of evictions would come as the fast-spreading Delta variant has taken hold in the country and rental housing is in high demand in the hot real estate market. US President Joe Biden on Thursday urged Congress to extend the 11-month-old eviction moratorium, after a recent Supreme Court ruling meant the White House could not extend the measure through September as intended. Democratic leaders in Congress were pushing for an extension, but it was unclear if they had the votes, even among moderates in their own party, to prevent the ban from expiring. Efforts stalled on Friday in the House after a move to pass the extension was unsuccessful, with House Speaker Nancy Pelosi saying in a statement, that “not a single Republican would support this measure.” The day before, she had said called the exten

An Illinois jury on Friday refused to hold Johnson & Johnson liable for a woman’s death from ovarian cancer, which her family blamed on decades of using its talc-based powders. Relatives of the late Elizabeth Driscoll had sought up to $50 million in damages, saying J&J knew its baby powder and Shower to Shower products were dangerous. Driscoll died in September 2016 at age 69, eighteen months after being diagnosed with ovarian cancer. The lawsuit was brought by her niece Colleen Cadagin, who oversees her estate. Jurors in St. Clair County, Illinois ruled for J&J after a three-week trial. In a statement, J&J said the verdict reflected the jury’s “careful consideration of the science and facts presented,” while adding that “we deeply sympathize with anyone suffering from cancer and know they are seeking answers.”   Leigh O’Dell, who represented Driscoll’s family, said the evidence linking genital talc to ovarian cancers remains overwhelming. “This decision will not

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood has said social media giant Facebook has launched a “marketplace” for Pakistani entrepreneurs. “I am happy to see that after Amazon, Facebook has also launched market-place for Pakistan,” he tweeted. He said it would encourage small entrepreneurs to sell online. “Such opportunities during COVID-19 could be a lifeline for micro enterprises,” Razak went on to say. “It is also helpful for women entrepreneurs who want to engage in market activity by buying and selling in the community of friends, family and networks. A first step towards eCommerce.” It is also helpful for women entrepreneurs who want to engage in market activity by buying and selling in the community of friends, family and networks. A first step towards eCommerce. @aliya_hamza #Pakistan #ecommerce #SMEs #women #PakistanMovingForward #entrepreneurs — Abdul Razak Dawood (@razak_dawood) July 30, 2021 Earlier, on May 21, the

Mohammed Al Tayer, Director-General, Chairman of the Board of Executive Directors of Dubai’s Roads and Transport Authority (RTA), revealed that the total revenues of RTA collected via digital channels amounted to AED2.655 billion in 2020. The number of digital transactions reached 527.146 million, the number of registered users on digital platforms hit 2.162 million, and the number of smart apps downloads clocked 6.136 million in the same year. Al Tayer also stated that the rate of digitisation of RTA’s transactions exceeded 91%, and customers happiness rating index recorded 96.2%. He also added that RTA’s digitisation drive contributed to reducing the number of transactions processed at customers happiness centres by 64.5% in 2020 compared to 2019. “Achieving these indicators is a result of RTA’s implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, Ruler of Dubai, and the instructions of His Highness Sheik

Russia on Friday launched administrative proceedings against Facebook’s WhatsApp for what it said was a failure to localise data of Russian users on Russian territory, the Interfax news agency reported. There was no immediate comment from Facebook. A day earlier, a Russian court fined Alphabet Inc.’s Google 3 million roubles for violating personal data legislation and registered administrative proceedings against Facebook and Twitter for the same offence. The cases are part of a wider spat between Russia and Big Tech, with Moscow routinely fining social media giants for failing to remove banned content and seeking to compel foreign tech firms to open offices in Russia. WhatsApp could be fined between 1 million and 6 million roubles ($13,700 to $82,250), Interfax reported, citing court documents. A court date has not yet been set. The post Russia opens case against WhatsApp appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3ih1u8g

Dubai Customs, in cooperation with the Federal Tax Authority (FTA), launched the Trader Export Report service. The new service will help clearance and shipping agents achieve Zero Rating of supply of goods exported within 90 days of exportation date, regardless of the Importation date. The service was launched virtually in the presence of Ahmed Mahboob Muabih, Director General of Dubai Customs, and Khalid Ali Al Bustani, Director General, FTA, along with Dubai Customs’ executive directors and heads of customs departments and centers. Traders have to meet all the Zero Rating requirements including having an exit certificate and commercial documents that prove exportation process, and exporting the shipment within the specified time frame. This service applies only to imported goods that will be exported later and not to goods possessed locally. Ahmed Musabih expressed gratitude to the FTA for their dedication and outstanding efforts to help develop the trade sector and increase reve

Tesla Chief Executive Officer Elon Musk on Friday showed his support for “Fortnite” maker Epic Games that has challenged Apple ‘s fees on its App Store. “Apple app store fees are a de facto global tax on the Internet. Epic is right,” he said in a tweet. Apple app store fees are a de facto global tax on the Internet. Epic is right. — Elon Musk (@elonmusk) July 30, 2021 Apple is battling a lawsuit filed last year by Epic Games, alleging that the iPhone maker has abused its dominance in the market for mobile apps. Epic broke Apple’s rules when it introduced its own in-app payment system in “Fortnite” to circumvent Apple’s commissions. Apple, which has defended its App Store practices both in court and to lawmakers in hearings, did not immediately respond to a Reuters request for comment. Musk late on Friday said that though he likes using Apple products, the iPhone maker is “overcharging with App Store”. “I mean 30% fees for doing almost zero incremental work is completely unre

ISLAMABAD: Prime Minister (PM) Imran Khan has commended efforts of the Federal Board of Revenue (FBR) for collecting the highest ever tax in the month of July, ARY News reported on Saturday. In his Tweet, PM Imran Khan said, the collection in the month of July remained Rs.410 bn which is the highest ever in the month of July – & around 22% above the required target for the month. “This is a reflection of govt’s policies for sustained economic growth & revival,” he added. I commend efforts of FBR in achieving record revenue collection in July. As of now collection is Rs.410 bn which is highest ever in month of July – & around 22% above required target for the month. This is a reflection of govt’s policies for sustained economic growth & revival. — Imran Khan (@ImranKhanPTI) July 31, 2021 Read more: FBR plans implementation on POS by July end to bring retailers into tax net It is to be noted that the FBR has collected Rs410 billion in July 2021 against collection

ISLAMABAD: Inflation based on the Sensitive Price Index (SPI) for the combined consumption group for the week ended on July 29 increased by 0.03% due to an uptick in prices of essential food items, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday. The Sensitive Price Index (SPI) that is calculated on the basis of the prices of 51 essential items from 50 markets across 17 cities of the country recorded an increase of 0.03%. This was mainly due to an increase in prices of most of the essential items, including LPG (up 9.58%), tomatoes (6.64%), petrol (4.73%), eggs (3.52%), vegetable ghee 2.5kg (2.52%), onions (2.34%), diesel (2.30%), vegetable ghee 1kg (1.81%), sugar (1.49%) and cooking Oil (1.23%) with joint impact of (0.76%) in the overall SPI for combined group of (0.03%). On the other hand, a decrease in the prices of chicken (18.35%), bananas (1.32%), Moong pulse (1.32%), potatoes (1.23%), Mash pulse (0.58%) and Gram pulse (0.06%) was observed. Out of t

ISLAMABAD: The government is likely to jack up the price of petrol by Rs1.71 per litre, ARY News reported, citing sources. The Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Petroleum Division seeking revision of fuel prices for a fortnight from August 1. The new prices of petroleum products will be announced following approval of Prime Minister Imran Khan. The sources disclosed that the regulator recommended an increase of Rs1.71 in per litre price of petrol. It suggested an increase of Rs0.35 and Rs0.24 in per litre rate of kerosene oil and light speed diesel, respectively. Also Read: PETROL BEING SOLD AT ‘RS700′ PER LITRE DUE TO TOURISTS’ INFLUX IN NORTHERN AREAS The Ogra, however, called for a Rs2.27/litre cut in the price of high speed diesel (HSD). On July 15, the federal government had green-lighted a hike in prices of petroleum products for a fortnight. The government approved a Rs5.40 per litre hike in the price of petrol, Rs2.54 in that of high

ISLAMABAD: Federal Energy Minister Hammad Azhar said on Friday power supply to Makran division has been normalised. Taking to Twitter, the minister expressed gratitude to Iran’s ambassador in Pakistan for “promptly accepting my request and normalising the flow of electricity to the Makran division”. I am grateful to the Ambassador of Iran in Pakistan for promptly accepting my request and normalising the flow of electricity to the Makran division. — Hammad Azhar (@Hammad_Azhar) July 30, 2021 “In the meanwhile we are also bringing forward the timelines of the project that seeks to connect these areas to the national grid,” he said. Earlier, the minister had said the Makran division faced the power outage because these were not reliant on the national grid but they got their electricity share from the Iranian grid. “We have raised the issue with the neighbour government and have called on them to resolve the matter shortly”, he tweeted and added that the resolution to this prob

RIYADH: Saudi Arabia’s Ministry of Tourism announced that the Kingdom will open its doors to foreign tourists, and lift off the suspension of entry for tourist visa holders, starting from August 1, 2021. According to Saudi Press Agency, fully vaccinated tourists can enter the Kingdom without the need for an institutional quarantine period, provided that an official vaccination certificate is presented upon arrival, and proof of a PCR test with its negative result within 72 hours from the time of departure. Visitors to the Kingdom are also required to register their data related to vaccination doses via a dedicated electronic portal “https://muqeem.sa/#/vaccine-registration/home”, in addition to registering their data via “Tawakkalna” application, which is mandatory to enter public places, noting that those who are fully vaccinated are those who received two vaccination doses of one of the approved vaccines in the Kingdom, which is Pfizer, AstraZeneca or Moderna, or one dose of Johnso

flydubai has announced to operate a three-times weekly service to Hargeisa in Somaliland from August 10, growing its network in Africa to 12 points in nine countries. flydubai, the Dubai-based airline, announced today the start of its three-times weekly service to Hargeisa Egal International Airport (HGA) from 10 August. This will bring the number of destinations flydubai operates to in Africa to 12 points in nine countries including Sohag International Airport (HMB) and Sharm El Sheikh International Airport (SSH) which started earlier this summer. Commenting on the relaunch of the route, Ghaith Al Ghaith, Chief Executive Officer of flydubai, said: “we are committed to provide underserved markets with direct air links to Dubai. We are pleased to restart our operations to Hargeisa which will provide the Somali diaspora with a convenient option to visit their families and friends in their home country. With the codeshare agreement with Emirates and the interline agreements we have in p

KARACHI: Trade bodies have rejected the Sindh government’s decision to impose lockdown in Karachi following an abnormal surge in COVID-19 cases in the province, ARY NEWS reported. The trade leaders said that they do not accept the government’s decision to impose lockdown in the city and had suggested the government to rather increase business timing to avoid congestion. “Many traders have been vaccinated,” they said adding that their demand for facilitating the vaccination process at business centres was not heeded by the provincial authorities. “We have summoned a meeting of Tajir action committee to mull over the future course of action,” Illyas Memon who is part of the traders’ alliance said and added that the government had betrayed them a day after their ministers assured that decisions in favour of traders would be announced. Another trade leader Rizwan Irfan said that the lockdown decision was against the traders and the chief minister’s decisions have disappointed them. “

Ethereum, the second-largest blockchain network, is about to undergo a technical adjustment that will significantly alter the way transactions are processed, as well as reduce the supply of the ether token and sharply boost its price. The scheduled coding revamp will go live on Aug. 4. The upgrade known as Ethereum Improvement Proposal (EIP) 1559 is similar, analysts said, to a bitcoin “halving” event in which periodic adjustments reduced the supply of bitcoin. Each halving helped propel bitcoin’s price to higher records. While bitcoin is the preferred store of value in the digital ecosystem, Ethereum has emerged as the leading financial infrastructure, settling over $12 billion of daily transactions, according to a Grayscale report released in February this year. Andrew Keys, managing partner at DARMA Capital, said ether’s current price has yet to factor in the looming software upgrade. He estimates that the expected software adjustment next week, coupled with another upgrade in

KARACHI: The United States (US) dollar has soared in the interbank, crossing the Rs162 mark in the currency market on Monday, ARY NEWS reported quoting forex dealers. The rupee registered an appreciation of Rs0.66 in the interbank and reached Rs162.55 after closing at 161.89 on July 29. Interbank closing #ExchangeRate for today: https://t.co/JbmeVWtZb9 pic.twitter.com/AFIaGCuKVe — SBP (@StateBank_Pak) July 29, 2021 Economic experts attributed the spike in the dollar value to strong demand saying imports and debt repayment were pushing the greenback’s price in the interbank market. The Pakistani rupee had touched an all-time low of 168.43 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April, 2021. Read More:  WORKERS’ REMITTANCES MAINTAIN ABOVE $2 BILLION LEVEL FOR 13TH MONTH IN JUNE The local unit rose by 6.2 percent or Rs10.51 against the US dollar in the currency market during the fiscal year 2020-21 that ende

ISLAMABAD: Prime Minister (PM) Imran Khan on Friday said reforms are underway to improve tax system, and consultation with all stakeholders will accelerate this process. This he said while speaking in a meeting with all officials of all the major Chambers of Commerce across Pakistan. Emphasizing industrial development for the economic progress of the country, PM Imran Khan said the government is providing incentives to industries for enhancing exports. The premier directed the federal ministers to remain in contact with all stakeholders and hold regular meetings with them to listen to their problems and proposals. He said after providing facilities to industrialists and the business community, the government is now focused to resolve issues through mutual consultations. On the occasion, all the major Chambers of Commerce of the country expressed satisfaction over the government’s pro-business policies and the steps taken for ease of doing business (EoDB). Read more: ‘Pakistan’s ex

PESHAWAR: The Khyber Pakhtunkhwa (KP) government on Friday has finalised a bill to curb hoarding across the province, reported ARY News.  According to the proposed bill, Khyber Pakhtunkhwa Godowns Registration Bill 2021, registration of godowns for the traders has been declared mandatory to ensure check on hoarding. Violaters will be awarded 12 months imprisonment, while godowns will be sealed and fine of Rs0.5 million will be slapped in case of hoarding, the bill read. The traders will be made bound for the renewal of their godowns’ licences yearly under the Khyber Pakhtunkhwa Godowns Registration Bill 2021. The bill is on the agenda of the current session of the provincial assembly. Last year, Punjab government had introduced an ordinance to curb the smuggling of essential commodities and punish hoarders. Read more: PUNJAB INTRODUCES ORDINANCE AGAINST HOARDING Under the ordinance, the hoarders would be fined and slapped with a three-year sentence on guilty of hoarding essenti

KARACHI: As COVID continues to up the ante against the province’s capacity to fight its speedy spread and to cope with challenges such as exhausting public hospital beds, Sindh’s Covid task force is set to meet later Friday to deliberate suggestions for a complete lockdown over the fortnight, ARY News reported. The provincial health department has called for a complete lockdown ahead of the decisive task force meeting today convened by Chief Minister Murad Ali Shah. The meeting will be attended by all provincial ministers, health experts and parliamentary leaders to huddle over possible solutions to the raging pandemic. It is also expected that lockdown shall be extended to the educational institutions for the same period of time. Total lockdown in a city no solution to covid-19 pandemic: Asad Umar Total lockdown in a city is not the solution to the rampaging Covid-19 pandemic, head of the National Command and Operation Centre (NCOC) Asad Umar said in a press briefing as the ideas

KARACHI: The Pakistan Navy along with other maritime stakeholders has safely completed the defuelling process of a merchant ship that ran aground at Seaview beach in Karachi last week. According to details, there was a danger of oil spill from the ship Hang Tong 77 stuck in the sand on the shore of Karachi, however, the danger of environmental pollution on the shore has now been averted, said shipping consultant Mahmood Molvi. Regarding the evacuation of the plane, Mahmood Maulvi said that three special tugs will arrive in Karachi in the next few days. The tugs coming from Dubai are capable of evacuating the ship from a shallow depth. He is still standing at the port repairing himself. He said that the owner of the ship has appointed his agent to look after the affairs of the ship. If any damage occurs during the evacuation of the ship, the company will be responsible for it, while the evacuation process will start from August 15. Contrary to claims, oil could not be extracted from

PARIS: Europe’s Airbus took aim at one of Boeing’s most profitable strongholds on Thursday with plans for a freighter version of its A350 passenger jet, gambling that a pandemic boom in Internet shopping will outlast the global health crisis. Boeing has for years dominated air freight corridors with its windowless cargo planes, even as its European rival grabbed its crown as the world’s largest maker of passenger jets. Airbus said its board had backed an A350 freighter to enter service in 2025, but did not announce customers. “We believe we have a very promising aircraft,” Chief Executive Guillaume Faury said after unveiling better-than-expected half-year results. Plans to challenge Boeing’s control of the freight market, maintained for decades through its 767, 777 and 747 cargo jets, were first reported by Reuters in March. The move is seen as certain to trigger a response after Boeing CEO Dave Calhoun on Wednesday listed developments including, “I hope in the relatively near ter

LinkedIn will allow employees to opt for full-time remote work or a hybrid option as offices gradually reopen, Chief People Officer Teuila Hanson told Reuters. This new policy is a shift from the initial indication last October that Microsoft’s professional social networking site would expect employees to work from an office 50% of the time when COVID-19 pandemic restrictions lift. The updated policy, offering the flexibility to work remotely full-time or work at an office part-time, will apply to LinkedIn’s global workforce of more than 16,000 employees. “We anticipate that we’ll definitely see more remote employees than what we saw prior to the pandemic,” Hanson said in a Wednesday interview ahead of the announcement, adding that some jobs would require in-office work. Hanson said LinkedIn is not currently requiring employees to be vaccinated against COVID-19 to return to the office, in contrast to tech companies such as Facebook and Google that have responded to a rise in U.S. C

Mastercard reported a second-quarter profit on Thursday that comfortably beat estimates, underpinned by a recovery in global spending as businesses start to reopen and travel shows signs of a rebound. The company’s cross-border volumes, which track spending on its cards beyond the country of issue, rose 58% on a local currency basis, driven by a pickup in international travel. The volumes had plunged 45% in the same period a year earlier. “International travel is still in the early stages of recovery and represents additional upside potential,” Chief Executive Officer Michael Miebach said. Mastercard saw improved strength in travel between the Unites States and Latin America, as well as an increase in travel within Europe, Miebach said on a conference call. The company’s shares were up about 2.6% at $393.74, as the upbeat results rounded out a positive quarter from payment processors including Visa Inc and American Express Co. U.S. consumer spend on airlines improved significantly

ISLAMABAD:  A cart financing window has been opened under Ehsaas Rehribaan initiative in Islamabad with Senator Dr. Sania Nishtar, SAPM, making the visit to site in G-11 Markaz, Islamabad on Thursday. Dr Sania Nishtar, Special Assistant of the Prime Minister of Pakistan on Poverty Alleviation and Social Protection, interacted with street vendors and officials of microfinance banks and reviewed the ongoing street vending interventions under the initiative. “With the successful launch of the Ehsaas Rehribaan project in G-11 and G-10 commercial areas of Islamabad, government is aiming for the methodical and phased scale-up of the initiative”, stated Dr. Sania. At present, street vendors in G-11 and G-10 areas are getting regularized through the acquisition of pre-approved design carts either on their own account or through microfinance loans. Later on, the initiative will be expanded to the entire capital. To-date, over 50 street vendors of G-11 have switched to modular and eco-friend

JEDDAH: The Saudi Ports Authority (MAWANI) and the Cruise Saudi Company inaugurated today of the first cruise ship terminal at Jeddah Islamic Port, in the presence of a number of partners from the government and private sectors. This announcement comes only six months after the establishment of the Cruise Saudi Company, which was announced last January at the Future Investment Initiative in Riyadh. It also comes two days before the launch of the first cruise from Saudi Arabia for “Bellisima” giant ship towards local and regional destinations, where the ship will depart from Jeddah Islamic Port to stations in Jordan and Egypt, starting from July 30, 2021. The ‏President of Saudi Ports Authority, Omar bin Talal Hariri, said that choosing Jeddah Islamic Port to have the first cruise ship terminal in the Kingdom is due to its pivotal strategic location overlooking the Red Sea coast and its proximity to the tourist sites and activities in Jeddah. He indicated that MAWANI worked in cooper

Dubai’s Roads and Transport Authority (RTA) honoured 250 taxi drivers and limousine chauffeurs from a variety of franchise companies who had passed the Dubai Way training course run by Dubai Tourism. The programme reflects the fruitful cooperation between government departments in Dubai towards offering clients high-class services on a par with the best in the industry worldwide and the standards of Dubai. Honouree taxi drivers and limousine chauffeurs received the Dubai Way badge indicating that they have become champions of the Dubai Way, and they will have this badge fitted to their uniforms during their working hours. The Director of Drivers Affairs, Public Transport Agency, RTA, Mohammed Ali Al Awadi expressed his deep delight to honour the first cohort of 250 taxi drivers and limousine chauffeurs from various franchise companies, who had passed the Dubai Way training course. “Dubai Way is an important initiative that bolsters the relationships between RTA and Dubai Tourism and

AstraZeneca is exploring options for the future of its COVID-19 vaccine business and expects greater clarity on the matter by the end of 2021, a senior executive told Reuters on Thursday. The comments are the first time the drugmaker has publicly confirmed that it is reviewing the future of the business after a series of setbacks in its race to develop a shot for the world. AstraZeneca agreed to work with the University of Oxford on its COVID-19 shot last year despite having no prior vaccine experience, taking on the project with a pledge not to make a profit during the coronavirus pandemic. “We are exploring different options,” AstraZeneca Executive Vice President and President of the BioPharmaceuticals Business Unit Ruud Dobber said, referring to the vaccines business. “Before year-end, we will have more clarity… if you ask me, is the vaccine business a sustainable business for AstraZeneca for the next five or 10 years, that big strategic question is under discussion.” Dobber sa

KARACHI: The process to remove oil from a merchant ship that ran aground at Seaview is underway, ARY News reported on Thursday. As per details, the process of removing oil from the ship is underway from today’s early morning. The officials said that the process of transferring oil can be completed by 9 pm today. The officials of Karachi Port Trust (KPT) Pakistan Navy (PN) and Maritime Security Agency (MSA) are taking part in the operation, while the ban has been slapped on taking bath at the Seaview. Cargo vessel (MV) Heng Tong 77 ran aground and stuck at Karachi beach near Seaview in the wee hours of last Wednesday. Earlier, Prime Minister’s Special Assistant for Maritime Affairs Mahmood Moulvi had said, we could not take risk of oil spill, the oil being removed before pulling the vessel stuck at the beach. “The decision to remove oil from the ship was taken with consultation of the stakeholders,” he had said. Panama registered M.V. Heng Tong 77 was anchored in Pakistan’s terri

KARACHI: The finance ministry has Thursday released the Monthly Economic Update & Outlook report wherein noting the upward trend in economic revival and consistent activity with increased remittances and tax revenues, ARY News reported. The monthly economic report published in July said there is 27 per cent surge in remittances from July last year to June with $29.4 billion pouring in the country under this head. During financial year 2021, the report said, exports increased by 18.3 percent to $25.3 billion. Last year the total exports stood $21.4 billion. The exports posted growth compared with last year because of slow down in industries due to Covid lockdown. Major exported commodities which performed well according to the report include knitwear with 36.6 pc growth; readymade garments 18.8 pc; bed wear 28.9 pc; towel 31.8 pc; carpet, rugs and mats 36.9 pc, leather manufactured 18.7 pc. On the other hand, exports in fish and fish preparations posted 1.9 pc growth. The incr

ISLAMABAD: The Economic Coordination Committee (ECC) on Wednesday re-validated Rs 352 billion in the current fiscal year for procurement of Covid-19 vaccines as the government aimed to vaccinate at least 85 million by December this year. Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the ECC meeting (through a video link), while Minister for National Food Security and Research Syed Fakhar Imam, Minister for Privatization Muhammad Mian Soomro, Advisor to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, Advisor to the PM on Commerce Abdul Razak Dawood, SAPM on Finance and Revenue Dr. Waqar Masood, federal secretaries, chairman FBR and other senior officers attended the meeting. Governor State Bank of Pakistan (SBP) Dr. Reza Baqir also joined the meeting through a video link, a press release said issued here. The finance division tabled a summary to carry forward for FY 2021-22, the un-utilized cash component equal to Rs 352 billion out of the Economi

Boeing landed its first quarterly profit since 2019 on higher defense earnings and a recovering commercial aviation market that will enable the company to cut fewer jobs than initially planned, according to results released Wednesday. Shares surged on the results, which surprised analysts who had projected another loss, and comes as commercial airlines pivot to meet surging travel demand in a partially recovered travel market as Covid-19 vaccines have become available. Still, the aviation giant continues to face uncertainty due to the pandemic, challenges due to halted deliveries of a best-selling jet and an uncertain outlook for plane orders in China. “We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future,” said Boeing Chief Executive Dave Calhoun in a press release. “While our commercial market environment is improving, we’re closely monitoring COVID-19 case rates, vaccine

Twitter will begin allowing businesses to showcase products for sale at the top of their profile page, the social networking company said on Wednesday, as it seeks to grab a piece of the lucrative online shopping world. The San Francisco-based company is following in the footsteps of larger rival Facebook Inc, which opened a “Shops” feature last year to let consumers purchase products directly through Facebook and Instagram. Twitter said it will begin testing the new shopping feature with “a handful of brands” in the United States. Users can scroll through a carousel of products at the top of the brand’s profile. The customer can tap on a product, and then pay through the retailer’s website. The test is a renewed attempt to offer shopping on Twitter. The company previously experimented with a “Buy Now” button and product pages in 2015 The post ‘Buy Now’: Twitter begins testing shopping feature appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3iRYTAW

ISLAMABAD: The federal government on Wednesday approved a significant increase in the prices of three basic commodities, including sugar, flour and ghee, being sold at the country’s utility stores, ARY News reported. As per details, the government approved an increase in the prices of sugar, ghee, flour by Rs17, Rs90 and Rs1505 respectively at the Utility Stores. A notification was also issued in this regard. According to sources, the sugar and ghee were selling at Rs68 and Rs 170 per kilogramme respectively under PM’s previous relief package. Now both commodities will sell at Rs85 and Rs260 per kilogramme after an increase of Rs17 and Rs90 respectively. Similarly, the rate of a 20-kilogramme bag of flour has been hiked by Rs150 to Rs950. The price of a 10-kg flour bag also increased by Rs75 and being sold at Rs475. Similarly, the rate of a 20-kilogramme bag of flour has been hiked by Rs150 to Rs950. The price of 10-kg flour bag also increased by Rs75 and being sold at Rs475. Pri

Dubai Chamber for Digital Economy, one of the three chambers under the newly formed Dubai Chambers umbrella, will be hosting Expand Summit, the first-of-its-kind summit in the region in January 2022 to attract Venture Capitalists (VCs) for financing start-ups. The Summit will witness the largest gathering of VCs and start-ups in the region, with 500 VCs and 1000 tech start-ups expected to participate over the two-day programme which will include events, seminars, presentations, demos, pitches and meetings. It will host some of the most prestigious and well-known venture capital firms and leaders around the world with the aim to build a network of dedicated international and local relationships with entrepreneurs, technology companies and specialised funding agencies, in order to help start-ups and entrepreneurs transform their creative ideas. The Summit will be held during Expo 2020 Dubai, and will be organised in coordination with Expo 2020 Dubai, Dubai World Trade Center, Dubai Fu