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ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has presided over the meeting of the National Price Monitoring Committee (NPMC) held at the Finance Division, ARY News reported on Monday. Secretary Finance briefed the meeting about the slight uptick in weekly SPI, which increased by 0.03 per cent during the week under review. Prices of 06 items witnessed a decline and 22 remained stable. The committee also reviewed the monthly inflation trend and noted that the CPI, which is 8.4% for July 2021 has declined by 1.3% as compared to the last month i.e. 9.7% in June 2021. The National Price Monitoring Committee also reviewed the prices of wheat, sugar, pulses, chicken and other essential food items in the country. The Secretary Ministry of National Food Security and Research updated the committee about the wheat procurement process and apprised that an order for the purchase of 220,000 tons of wheat has already been placed. While taking stock of the situation, the NPMC

ISLAMABAD: Prime Minister Imran Khan said on Monday the PTI government was bringing a revolution in the construction sector. Addressing the closing ceremony of three-day Interior, Construction, Electrical and Electronics Expo in Islamabad, the premier said the promotion of the construction sector would boost economic activities and wealth creation in the country.  He said the incumbent government started a house financing scheme for the low-income people to have their own houses. The low-cost housing scheme would give a boost to the construction industry, he added. PM Imran Khan announced that the government would soon launch Kamyab Pakistan Programme for uplift of the weaker segment of society. This programme envisages technical training for one member of a poor household, health card and interest free loans. He reiterated his government’s commitment to pull the people out of poverty. The prime minister said the export industry was being given incentives for its growth and weal

NEW YORK: Before COVID-19, Thru Shivakumar, co-founder and CEO of Cohesion, was already working on apps to convert office buildings into smart spaces, powered by technology that enables interaction with tenants through phones and computers. Since the pandemic began, however, she is learning that the smart buildings of the future are going to look different from the ones she was planning prior to 2020. Chicago-based Cohesion, which works with companies worldwide to create software for “intelligent” buildings, sees an increase in the number of people who would use a building smartphone app to track cleanliness, air quality and building security. Pre-pandemic, employees were more interested in amenities, such as restaurants and gyms. Shivakumar, 39, talked to Reuters about the workplace of the future. Edited excerpts are below. Q. How will offices change as they reopen? A. After every crisis, the pendulum doesn’t swing too far from the center. I don’t think that offices are gone and

ISLAMABAD: Pakistan’s exports grew by 17.3 per cent to $2.35 billion in the first month of the fiscal year 2021-22 i.e. July as compared to last year’s same period. This was stated by Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood. He tweeted: “During the first month of this financial year (July), our exports grew at 17.3% to USD 2.35 billion as compared to USD 2 billion in July 2020.” Also Read: FAWAD HOPEFUL PAKISTAN WILL START EXPORTING VENTILATORS THIS YEAR “These are the highest ever exports in the month of July,” the PM aide said, urging exporters to “move full speed ahead to make 2021-22 another record-breaking year for our exports”. Earlier, Prime Minister (PM) Imran Khan commended the efforts of the Federal Board of Revenue (FBR) for collecting the highest ever tax in the month of July. 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% abo

KARACHI: The rise of the United States (US) dollar in the interbank against the Pakistani rupee continued on Monday as it crossed the Rs163 mark, ARY NEWS reported. According to details, the US dollar was traded at Rs163.05 in the interbank after witnessing an increase of Rs0.62 on the first day after the weekend when it was traded at Rs162. Interbank closing #ExchangeRate for today: https://t.co/Vg2t57FTza pic.twitter.com/wa9rnT811h — SBP (@StateBank_Pak) July 30, 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

Pfizer Inc and Moderna Inc have raised the prices of their COVID-19 vaccines in their latest European Union supply contracts, the Financial Times reported on Sunday. The new price for the Pfizer shot was 19.50 euros ($23.15)against 15.50 euros previously, the newspaper said, citing portions of the contracts seen. The price of a Moderna vaccine was $25.50 a dose, the contracts show, up from about 19 euros in the first procurement deal but lower than the previously agreed $28.50 because the order had grown, the report said, citing one official close to the matter. Pfizer declined to comment on the contract with the European Commission, citing confidentiality. “Beyond the redacted contract(s) published by the EC, the content remains confidential and so we won’t be commenting,” the company said. Fauci says he expects no new US lockdowns despite surging Delta cases Moderna was not immediately available for comment to Reuters. The European Commission said on Tuesday that the EU is on c

ISLAMABAD: Pakistan has been ranked the most economical country to live in with a cost of living index 18.58 while Afghanistan 24.51; India 25.14; and Syria 25.31 trail respectively, ARY News reported on Sunday. As per the report on the cost of living index compiled by GoBankingRates Company, Pakistan is termed the cheapest country to live in. Several organisations in the past and at present as well, have used indicators and a bunch of statistics to ascertain the countries based on their affordability for those living and earning there. One of these companies is GoBankingRates and the company uses four metrics to determine which countries are the most affordable. The indicators used in the study include inflationary matrices including, rent index, local purchasing power index, consumer price index, groceries index and the information compiled, compared to the cost of living in New York City, one of the most expensive cities in the world. On the contrary, Cayman Islands with 141.64

KARACHI: Sindh government on Sunday assured traders of reopening business sectors whose workforce has received COVID vaccination from August 09, ARY NEWS reported. In a hurriedly called meeting with traders, Sindh Information Minister Nasir Hussain Shah said that they would allow businesses having vaccinated workforce to operate from August 09. “We will be facilitating traders with setting up separate vaccination centres for them,” he said as traders said that they were also assured of relief in municipal taxes and provision of interest-free loans. The All-City Tajir Ittehad asked the provincial minister to open wholesale markets as there is less congregation in these markets. Nasir Shah said that the government would ask the police to deal with traders in a polite manner. “I am thankful to the business community for supporting the government on the COVID situation,” he said adding that all businesses would be reopened after the implementation of the COVID SOPs. He, however, warne

Despite Covid pandemic and a consequent trend of an overall decline in the South Asia region, Pakistan has progressed one spot in the Belt and Road Infrastructure Development Index (2021) and claimed 5th position globally in infrastructure development, ARY News reported. In the annual report on the Beijing based development and progress of countries part of one belt one road project, performances of 71 countries were covered including 63 nations involved in the Belt and Road Initiative (BRI). The Report, jointly published by the China International Contractors Association (CHINCA) and the China Export and Credit Insurance Corporation, was released late last month at the 12th International Infrastructure Investment and Construction Forum (IIICF) held for two days in Macao. Southeast Asia ranked first among the seven regions, the report said. Indonesia, Malaysia, the Philippines, and Vietnam taking the top four places. The Central and Eastern European regions ranked at the bottom main

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