ISLAMABAD (July 29, 2010): Prime Minister Syed Yousuf Raza Gilani on Wednesday constituted a Special Committee headed by Finance Minister Dr Abdul Hafeez Shaikh to finalise collection of Reformed GST within two weeks. Gilani was chairing meeting of the Special Economic Co-ordination Committee and announced its constitution comprising the finance secretaries and experts of all the provinces.

ISLAMABAD (July 29, 2010): The Federal Board of Revenue has decided to continue with the existing sales tax regime under the Sales Tax Act, 1990 till the federal government resolves all issues relating to sales tax on services sector with provinces. Sources told Business Recorder here on Wednesday that the issue of reformed general sales tax (GST) was discussed threadbare during the last board-in-council meeting chaired by FBR Chairman Sohail Ahmed.

KARACHI (July 29, 2010): The State Bank of Pakistan (SBP) on Wednesday granted No Objection Certificate (NOC) to Faysal Bank Limited for the purchase of Royal Bank of Scotland Pakistan operation. Faysal Bank Limited (FABL) has already entered into an agreement to acquire 99.37 percent interest in the Pakistan franchise of Royal Bank of Scotland (RBS Pakistan) for a cash consideration of EUR 41 million (equivalent to Rs 4.298 billion @ Rs 2.52 per share).

ISLAMABAD (July 29, 2010): The Economic Co-ordination Committee (ECC) of the Cabinet which is scheduled to meet on Thursday (July 29) with Finance Minister Dr Hafeez Sheikh in the chair will decide whether to allow white sugar procurement by the private sector, import of 0. 5 million tons raw sugar and increase in price of sugar at USC outlets, sources close to Secretary Industries told Business Recorder.

ISLAMABAD (July 29, 2010): The government is reportedly making it mandatory for the cellular companies to procure systems to curb grey traffic and channelisation of monetary transaction with foreign operations through the State Bank of Pakistan, official sources told Business Recorder. Incoming international telephony traffic generates a financial premium over the cost of conveying and terminating such traffic into Pakistan.

ISLAMABAD (July 29, 2010): The government on Wednesday granted an exploration licence to Oil and Gas Investments Limited (OGIL) for Block No 2667-12 (Baran) located in Sindh. The latter will make an initial investment of $5.2 million at the exploration stage.

ISLAMABAD (July 29, 2010): The country was in a state of shock after Air Blue flight ED-202, (Air Bus 321) crashed into Margalla Hills at 9.50am on Wednesday resulting in the death of all 152 people - 146 passengers and 6 crew members - on board. Rescue teams faced immense difficulties due to heavy rainfall that continued intermittently throughout the day.

WASHINGTON (July 29, 2010): US President Barack Obama offered his "deepest condolence" on Wednesday to families and friends of the 152 people killed in a plane crash near Islamabad, which included two Americans. "Our thoughts and prayers go out to all of those touched by this horrible accident," Obama said in a statement. "The American people stand with the people of Pakistan in this moment of tragedy."

PARIS (July 29, 2010): The Airbus 321 plane that crashed on Wednesday with 152 people on board was 10 years old, the planemaker said - an age considered a relatively young for a plane of that type. The aircraft was "initially delivered from the production line in 2000," and leased to Airblue in 2006, Airbus said in a statement.

KARACHI (July 29, 2010): The Air Blue Airbus crash into Margalla hills Wednesday morning resulting in the death of all the 152 passengers and crew on board has cast a pall of gloom across the country. Although, the reasons behind the crash will be revealed later in the investigation report, the role of Civil Aviation Authority (CAA) in the incident remains a big question mark.