Archive for June, 2009

Malakand affectees tax on more than one million income: Tarin

Posted on June 19, 2009

ISLAMABAD: The Senate’s standing committee for finance has approved proposal of imposing tax on mobile phone SMS. Finance Advisor Shaukat Tarin informed the committees that an alternate tax would be impose on CNG in place of carbon tax and a special tax will be charge on more one million annual income for the affectees of [...]

Saudi Arab lifts ban on import of poultry products from Pakistan

Posted on June 13, 2009

ISLAMABAD: Saudi Arab has announced lifting of ban on import of poultry products from Pakistan. According to an announcement issued from Trade Ministry here, Saudi Arabia imposed a ban on import of chicken meat and eggs from Pakistan due to concerns regarding spread of bird flu. The World Health Organization (WHO) has declared Pakistan free [...]

Pakistan unveiled budget for fiscal year 2009-10

Posted on June 13, 2009

ISLAMABAD: The government is set to unveil the consolidated budget today for the fiscal year 2009-10 with an outlay of over Rs2.9 trillion based on uncertain external flows, mainly pledges from Friends of Democratic Pakistan (FoDPs), for the social sector spending and from donors and other countries for relief and rehabilitation of the internally displaced [...]

KSE finishes the week slightly negative

Posted on June 13, 2009

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange (KSE) after see-sawing throughout the two sessions closed 32 points down to 7,059. The major Index remained volatile and kept witnessing fluctuations during the two sessions on last trading day of the week and finished the day slightly negative. The deteriorating law and order situation in [...]

Finance Advisor releases Economic Survey 2008-09

Posted on June 13, 2009

ISLAMABAD: Despite inhospitable domestic and international environment, Pakistan’s economy grew by 2 percent in the financial year 2008-09. According to Economic Survey 2008-09, launched jointly by Advisor to Prime Minister on Finance, Shaukat Tarin and Minister of State for Finance, Hina Rabbani Khar, here on Thursday, the economic growth of 2.0 percent seems reasonable although [...]

Pak-Iran gas pipeline project formally signed

Posted on June 5, 2009

ANKARA: The gas pipeline project between neighboring Pakistan and Iran has been formally signed here late on Friday, Geo news reported. The agreement was signed between Iranian National Oil Company (INOC) and Pakistani Interstate Gas Company (PIGC). The Managing Director (MD) of PIGC Hassan Nawab told Geo news the agreement is governed through third country [...]

KSE finishes week on positive note

Posted on June 5, 2009

KARACHI: Karachi Stock Exchange (KSE) witnessed limited buying on Friday and the benchmark KSE-100 Index closed slightly up by 16 points to 6,894. The stock market started the day in green territory and the positive trend was seen throughout the two sessions on the last trading day of the week. The trade volume was recorded [...]

Pak, ADB signed Neelum-Jhelum project investment pact

Posted on June 5, 2009

ISLAMABAD: Pakistan and Islamic Development Bank (IDB) have signed $140 million investment pact for Neelum-Jhelum power project. Sources of Economic Affairs Ministry told Geo News that Memorandum of Understanding (MOU) has been signed in IDB executive board meeting. Pakistani ambassador has signed the MOU in Turkmenistan’s city Ashkabad.

Selling continues at KSE, erodes 112 points

Posted on June 5, 2009

KARACHI: Karachi Stock Exchange remained under selling pressure on Thursday as the benchmark KSE-100 Index further lost 112 points to close at 6,878. Today’s trade started in a positive zone but later selling in energy and banking stocks eroded the day’s gains and brought the major Index below 6900 level. The market turnover was registered [...]

State Bank of Pakistan cut in development funds may spur extremism

Posted on June 5, 2009

KARACHI: The State Bank of Pakistan lowered on Thursday its gross domestic product (GDP) growth forecast for the 2008/09 (July-June) fiscal year to between 2.0-3.0 percent from its previous estimate of 2.5-3.5 percent. Pakistan achieved GDP growth of 5.8 percent in the 2007/08 fiscal year, and the government had originally set a growth target of [...]