12052016Mon
Last update: Mon, 05 Dec 2016 01pm

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Expanding the scope of investigation against illegal money changers and currency dealers, the Directorate of Intelligence & Investigation Inland Revenue (IR) has also served notices on different money changers in other cities including Karachi and Lahore, following recovery of Pak rupee against the US dollar.

Mianwali has been declared the most expensive city of the country as highest Consumer Price Index (CPI) inflation was registered there in October. According to the State Bank of Pakistan's (SBP) inflation monitor, among 40 leading cities of the country, some 18 cities are ranked in highest inflation cities, while the remaining 22 categories in low inflation towns in October 2016.
Foreign investors are continuously selling shares and withdrawing their investment from local equity market despite expectations of attractive returns at the Pakistani bourse, the best performing market in Asia. During the outgoing week, foreign investors sold shares worth $33.562 million as compared to $36.976 million withdrawn during last week.
Poultry export to the United Arab Emirates (UAE) has been in 'red zone' for last 10 years due to apathy of the commerce ministry and Pakistan Embassy in Abu Dhabi, well-informed sources told Business Recorder. The UAE had imposed a ban on the import of poultry in 2006 after avian influenza (bird flu) broke out in Pakistan. However, Pakistan had been declared disease-free in 2008, which was also certified by the World Health Organisation (WHO).
US President Barack Obama on Friday moved to block a Chinese company's purchase of German semiconductor equipment maker Aixtron by rejecting the inclusion of Aixtron's US business in the deal. The US Treasury Department said a review by the Committee on Foreign Investment in the United States (CFIUS) chaired by Obama found the risks posed by the deal, which could place sensitive technology with potential military applications in Chinese hands, were too great.
India and Afghanistan are likely to announce an air cargo service on Saturday to help increase trade that both say is stymied because of their tense political relations with Pakistan that lies between them. Afghan President Ashraf Ghani and Indian Prime Minister Narendra Modi were meeting in the northern Indian city of Amritsar, a short distance from the Pakistan border, for the Heart of Asia conference aimed at stabilising Afghanistan.
Federal Minister for Finance, Senator Ishaq Dar on Saturday said, "Our Government has always been committed to the development and promotion of Islamic Finance." He expressed these views while chairing the first meeting of the Committee for Implementation of the recommendations of Steering Committee for Promotion of Islamic Banking at the Finance Division.