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Pakistan’s liquid foreign reserves reach US$18,349.1 mn

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KARACHI: The total liquid foreign reserves held by Pakistan reached US$18,349.1 million on September 25, said the State Bank of Pakistan in a press statement. The break-up of the foreign reserves position is as i) Foreign reserves held by the State Bank of Pakistan: US$ 13,408.2 million ii) Net foreign reserves held by banks             ... Read More »

FBR extends date for filing tax returns by Oct 31

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ISLAMABAD: Federal Board of Revenue extended the deadline for filing income tax returns till October 31, 2015. The last date to submit income tax returns was September 30, 2015. The decision to extend deadline was taken during a meeting of Economic Coordination Committee presided over by Federal Finance Minister Ishaq Dar. Ishaq Dar confirmed in a press conference that the deadline ... Read More »

Oil prices drop after China industrial profits sink

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NEW YORK: Oil prices dropped on Monday in the wake of a sharp fall in industrial profits in China, the latest sign of weakness in the world’s largest energy consumer. US benchmark West Texas Intermediate for delivery in November slid $1.27 to $44.43 a barrel on the New York Mercantile Exchange. Brent North Sea crude for November delivery dropped to ... Read More »

SBP pumps Rs1.3tr into banks

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THE central bank pumped in a huge Rs 1.29tr into the banking system in an open market operation on September 18. The injection was made in a 10-day contract at 6.02pc. Just three days before that, the central bank had injected another Rs61.9bn at 6.01pc in a four-day contract. Thus the total amount of liquidity injected in the week preceding ... Read More »

Pakistan, Turkey agree to speed up work to expand bilateral trade 

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ANKARA — In a meeting held on sidelines of the 70th UN General Assembly in New York, Adviser to the Pakistan’s Prime Minister on National Security and Foreign Affairs, Mr. Sartaj Aziz and Turkish Foreign Minister, Mr. Feridun Hadi Sinirlioğulu, agreed to speed up work on mutual Free Trade Area (FTA), to expand trade between the two countries.   The two ... Read More »

APTMA seeks textile industry package before Eid

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All Pakistan Textile Mills Association has appealed to the government to announce a relief package for the textile industry before Eid-ul-Azha. APTMA chairman SM Tanveer said on Sept 20, 2015 that textile industrialists were planning downstream integration to add another $13 billion to the exports and help the country to get rid of loans from international donors. An increase of ... Read More »

Oil and gas reserves found in Mianwali

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ISLAMABAD: The Mari Petroleum Company Limited (MPCL) announced to have discovered reserves of crude oil, condensate and natural gas in its Karak Block’s Kalabagh Well in Mianwali. In a statement issued here, the company said the hydrocarbon deposit was found in Kalabagh-1A ST1 Well. The Karak Joint Venture is operated by MPCL which holds 60 per cent working interest and ... Read More »

Seven power projects to reach financial close by year-end: minister

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ISLAMABAD: Seven private coal-based and hydropower projects, having a total electricity generation capacity of 5,155 megawatts, will reach their financial close by year end, a minister said on Sept 17, 2015. Minister for Water and Power Khawaja Muhammad Asif, chairing 102nd meeting of the Private Power and Infrastructure Board (PPIB), said the implementation of these projects will start after the ... Read More »

“Oil mafia, gas companies out to fail LNG project”

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ISLAMABAD — After an accusation by Federal Minister for Petroleum Shahid Khaqan Abbasi that “oil mafia was offering bribes and threatening him”, a business organization has accused the that “oil mafia and gas companies were out to fail the LNG projects in Pakistan. The federal minister who also runs his own private airlines made his allegation in a TV talks ... Read More »

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