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Print - 2016-03-11
Abusing withholding provisions - I

Abusing withholding provisions - I

Provisions of Sections 161 & 162 of the Income Tax Ordinance, 2001 could not have been invoked for recovery of tax, character of which changed from "advance tax" to "tax due" after assessment vide Section 169(3) of the Income Tax Ordinance, 2001-Commissio
Published 11 Mar, 2016 12:00am
The Indus Water Treaty

The Indus Water Treaty

The upper house of parliament passed a resolution through a voice vote on a motion moved by Pakistan People's Party's Dr Karim Khawaja, requesting the government to "revisit the Indus Water Treaty (IWT) 1960 in order to make new provisions so that Pakista
Published 11 Mar, 2016 12:00am
Rangers' plea for more powers

Rangers' plea for more powers

The honourable Supreme Court has rightly rejected the plea by Rangers for police powers on the grounds that this would require amendment in the law and that is the function of the legislature and not the courts. Prima facie, there is merit to the Sindh go
Published 11 Mar, 2016 12:00am
Mayoral elections: Supreme Court accepts adjournment plea

Mayoral elections: Supreme Court accepts adjournment plea

The Supreme Court on Thursday restored the stay order on mayoral elections across Sindh, including Karachi, after accepting the adjournment application of MQM's and PML-F's counsel Senator Farogh Naseem in the matter. Earlier, the top court had stayed the
Published 11 Mar, 2016 12:00am
Mayoral elections: Supreme Court accepts adjournment plea

Mayoral elections: Supreme Court accepts adjournment plea

The Supreme Court on Thursday restored the stay order on mayoral elections across Sindh, including Karachi, after accepting the adjournment application of MQM's and PML-F's counsel Senator Farogh Naseem in the matter. Earlier, the top court had stayed the
Published 11 Mar, 2016 12:00am
Pakistan's stand on Kashmir remains unchanged: FO

Pakistan's stand on Kashmir remains unchanged: FO

Pakistan on Thursday declared that its principled position on the issue of Jammu and Kashmir remains unchanged and Kashmir is on the agenda of Pakistan-India dialogue, whenever it takes place. "Jammu and Kashmir dispute is one of the oldest outstanding is
Published 11 Mar, 2016 12:00am
Pakistan's stand on Kashmir remains unchanged: FO

Pakistan's stand on Kashmir remains unchanged: FO

Pakistan on Thursday declared that its principled position on the issue of Jammu and Kashmir remains unchanged and Kashmir is on the agenda of Pakistan-India dialogue, whenever it takes place. "Jammu and Kashmir dispute is one of the oldest outstanding is
Published 11 Mar, 2016 12:00am
Nuclear programme: Pakistan rejects Marshall Islands' claims

Nuclear programme: Pakistan rejects Marshall Islands' claims

Pakistan has dismissed the claims made by Republic of Marshall Islands (RMI) on its nuclear programme and declared that the case submitted by RMI at International Court of Justice (ICJ) does not fall within the scope of the court. "The government of Pakis
Published 11 Mar, 2016 12:00am
The Weather

The Weather

The weather report on Thursday (March 10, 2016) and the forecast for Friday (March 11, 2016).

Published 11 Mar, 2016 12:00am
Nuclear programme: Pakistan rejects Marshall Islands' claims

Nuclear programme: Pakistan rejects Marshall Islands' claims

Pakistan has dismissed the claims made by Republic of Marshall Islands (RMI) on its nuclear programme and declared that the case submitted by RMI at International Court of Justice (ICJ) does not fall within the scope of the court. "The government of Pakis
Published 11 Mar, 2016 12:00am
Bullion Rates

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Thursday (March 10, 2016).

Published 11 Mar, 2016 12:00am
Economists for creation of ''energy ministry''

Economists for creation of ''energy ministry''

Merging the Ministry of Water and Power and Petroleum and Natural Resources into an Energy Ministry would allow the government to take energy related decisions in a holistic manner, noted economists told Business Recorder. An energy ministry would
Published 11 Mar, 2016 12:00am
Economists for creation of 'energy ministry'

Economists for creation of 'energy ministry'

Merging the Ministry of Water and Power and Petroleum and Natural Resources into an Energy Ministry would allow the government to take energy related decisions in a holistic manner, noted economists told Business Recorder. An energy ministry would
Published 11 Mar, 2016 12:00am
Economists for creation of 'energy ministry'

Economists for creation of 'energy ministry'

Merging the Ministry of Water and Power and Petroleum and Natural Resources into an Energy Ministry would allow the government to take energy related decisions in a holistic manner, noted economists told Business Recorder. An energy ministry would
Published 11 Mar, 2016 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Thursday (March 10, 2016).

Published 11 Mar, 2016 12:00am
Reserves reach $20.522 billion mark
Exchange

Reserves reach $20.522 billion mark

The country''s total liquid foreign reserves surged $170 million to reach $20.522 billion end of the last week ended on March 4. According to State Bank of Pakistan (SBP), during the week under view, SBP''s liquid foreign exchange reserves increased by $1
Published 11 Mar, 2016 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Thursday (March 10, 2016)

Published 11 Mar, 2016 12:00am
Reserves reach $20.522 billion mark
Exchange

Reserves reach $20.522 billion mark

The country's total liquid foreign reserves surged $170 million to reach $20.522 billion end of the last week ended on March 4. According to State Bank of Pakistan (SBP), during the week under view, SBP's liquid foreign exchange reserves increased by $157
Published 11 Mar, 2016 12:00am
Reserves reach $20.522 billion mark
Exchange

Reserves reach $20.522 billion mark

The country's total liquid foreign reserves surged $170 million to reach $20.522 billion end of the last week ended on March 4. According to State Bank of Pakistan (SBP), during the week under view, SBP's liquid foreign exchange reserves increased by $157
Published 11 Mar, 2016 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (March 10, 2016).

Published 11 Mar, 2016 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (March 10, 2016).

Published 11 Mar, 2016 12:00am
Medical issues: hearing of Musharraf's plea on March 15

Medical issues: hearing of Musharraf's plea on March 15

Accepting an application of former army chief and president Pervez Musharraf for an early hearing of his plea regarding permission to go abroad, the apex court on Thursday fixed the case for March 15. A three-member judge bench led by the Chief Justice An
Published 11 Mar, 2016 12:00am
THE RUPEE: stable trend
Currency

THE RUPEE: stable trend

The rupee gained slightly against the dollar on the currency market on Thursday in the process of trading, dealers said. The rupee moved up slightly against the dollar, gaining three paisas for buying and selling at Rs 104.71 and Rs 104.72 respectively, t
Published 11 Mar, 2016 12:00am
Medical issues: hearing of Musharraf's plea on March 15

Medical issues: hearing of Musharraf's plea on March 15

Accepting an application of former army chief and president Pervez Musharraf for an early hearing of his plea regarding permission to go abroad, the apex court on Thursday fixed the case for March 15. A three-member judge bench led by the Chief Justice An
Published 11 Mar, 2016 12:00am
THE RUPEE: stable trend
Currency

THE RUPEE: stable trend

The rupee gained slightly against the dollar on the currency market on Thursday in the process of trading, dealers said. The rupee moved up slightly against the dollar, gaining three paisas for buying and selling at Rs 104.71 and Rs 104.72 respectively, t
Published 11 Mar, 2016 12:00am
FIA summons Merchant

FIA summons Merchant

The Federal Investigation Agency (FIA) has summoned Sarfraz Merchant on March 15 under Section-160 to record his statement regarding allegations he levelled against London-based Muttahida Qaumi Movement (MQM) leadership. London-based Pakistani businessman
Published 11 Mar, 2016 12:00am
FIA summons Merchant

FIA summons Merchant

The Federal Investigation Agency (FIA) has summoned Sarfraz Merchant on March 15 under Section-160 to record his statement regarding allegations he levelled against London-based Muttahida Qaumi Movement (MQM) leadership. London-based Pakistani businessman
Published 11 Mar, 2016 12:00am
IG shows 'no-confidence' in judge, terms his conduct biased

IG shows 'no-confidence' in judge, terms his conduct biased

The Inspector General of Police, Sindh Ghulam Haider Jamali has shown his no-confidence in Justice Amir Hani Muslim and told the Justice he has been biased against him. The IG also said the Justice is in close contact with an enquiry committee being engag
Published 11 Mar, 2016 12:00am
World Twenty20: Nisar links team's visit to fool-proof security pledge

World Twenty20: Nisar links team's visit to fool-proof security pledge

Interior Minister Chaudhry Nisar Ali Khan on Thursday made it clear that Pakistan cricket team will not visit India to participate in World Twenty20 unless the Indian government publicly issues a guarantee of fool-proof security to our team. "Pakistan cri
Published 11 Mar, 2016 12:00am
World Twenty20: Nisar links team's visit to fool-proof security pledge

World Twenty20: Nisar links team's visit to fool-proof security pledge

Interior Minister Chaudhry Nisar Ali Khan on Thursday made it clear that Pakistan cricket team will not visit India to participate in World Twenty20 unless the Indian government publicly issues a guarantee of fool-proof security to our team. "Pakistan cri
Published 11 Mar, 2016 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Thursday (March 10, 2016).

Published 11 Mar, 2016 12:00am
Remittances post six percent growth

Remittances post six percent growth

Workers remittances posted 6 percent growth in the first eight months of this fiscal year (FY16). According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $ 12.715 billion during July to February of FY16 compared with $11.986 billion
Published 11 Mar, 2016 12:00am
Remittances post six percent growth

Remittances post six percent growth

Workers remittances posted 6 percent growth in the first eight months of this fiscal year (FY16). According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $ 12.715 billion during July to February of FY16 compared with $11.986 billion
Published 11 Mar, 2016 12:00am
Remittances post six percent growth

Remittances post six percent growth

Workers remittances posted 6 percent growth in the first eight months of this fiscal year (FY16). According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $ 12.715 billion during July to February of FY16 compared with $11.986 billion
Published 11 Mar, 2016 12:00am
BOARD MEETINGS
Exchange

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 11 Mar, 2016 12:00am
SC rejects Rangers' application

SC rejects Rangers' application

Supreme Court on Thursday rejected Sindh Rangers' application for powers to investigate and prosecute suspects, register First Information Reports (FIRs) and set up police stations in Sindh province. The apex court in its order said "it cannot pass an ord
Published 11 Mar, 2016 12:00am
SC rejects Rangers' application

SC rejects Rangers' application

Supreme Court on Thursday rejected Sindh Rangers' application for powers to investigate and prosecute suspects, register First Information Reports (FIRs) and set up police stations in Sindh province. The apex court in its order said "it cannot pass an ord
Published 11 Mar, 2016 12:00am
Gunmen kidnap eight government employees in South Waziristan

Gunmen kidnap eight government employees in South Waziristan

Unidentified gunmen on Thursday kidnapped eight government employees in South Waziristan while they were heading to inspect an under construction dam, officials said. The incident took place in Toi Khula area of the South Waziristan tribal district along
Published 11 Mar, 2016 12:00am
Gunmen kidnap eight government employees in South Waziristan

Gunmen kidnap eight government employees in South Waziristan

Unidentified gunmen on Thursday kidnapped eight government employees in South Waziristan while they were heading to inspect an under construction dam, officials said. The incident took place in Toi Khula area of the South Waziristan tribal district along
Published 11 Mar, 2016 12:00am
Pakistan troops critical part of 'North Thunder'

Pakistan troops critical part of 'North Thunder'

Prime Minister Muhammad Nawaz Sharif along with 20 heads of state and government on Thursday attended the concluding ceremony of 'North Thunder' military exercise. According to a statement from the media wing of the PM House, Custodian of the Two Holy Mos
Published 11 Mar, 2016 12:00am
Pakistan troops critical part of 'North Thunder'

Pakistan troops critical part of 'North Thunder'

Prime Minister Muhammad Nawaz Sharif along with 20 heads of state and government on Thursday attended the concluding ceremony of 'North Thunder' military exercise. According to a statement from the media wing of the PM House, Custodian of the Two Holy Mos
Published 11 Mar, 2016 12:00am
BRIndex30 loses 235.54 points

BRIndex30 loses 235.54 points

On Thursday, BRIndex30 opened at 20,514.58 points. It touched an intraday high of 20,601.23 points and an intraday low of 20,230.63 points and closed at 20,279.04 points which was -235.54 points or -1.15 percent lower than previous close. Total volume was
Published 11 Mar, 2016 12:00am
BRIndex30 loses 235.54 points

BRIndex30 loses 235.54 points

On Thursday, BRIndex30 opened at 20,514.58 points. It touched an intraday high of 20,601.23 points and an intraday low of 20,230.63 points and closed at 20,279.04 points which was -235.54 points or -1.15 percent lower than previous close. Total volume was
Published 11 Mar, 2016 12:00am
PSX loses another 247 points
Exchange

PSX loses another 247 points

Pakistan Stock Exchange (PSX) was remained volatile on Thursday and the benchmark index lost another 247 points to close at 32,710 points compared to 32,958 points a day earlier. Analysts said the local bourse continued with its previous day''s declining
Published 11 Mar, 2016 12:00am
PSX loses another 247 points
Exchange

PSX loses another 247 points

Pakistan Stock Exchange (PSX) was remained volatile on Thursday and the benchmark index lost another 247 points to close at 32,710 points compared to 32,958 points a day earlier. Analysts said the local bourse continued with its previous day's declining t
Published 11 Mar, 2016 12:00am
PSX loses another 247 points
Exchange

PSX loses another 247 points

Pakistan Stock Exchange (PSX) was remained volatile on Thursday and the benchmark index lost another 247 points to close at 32,710 points compared to 32,958 points a day earlier. Analysts said the local bourse continued with its previous day's declining t
Published 11 Mar, 2016 12:00am
ECB has shown it is ''not short of ammunition'': Draghi

ECB has shown it is ''not short of ammunition'': Draghi

ECB chief Mario Draghi slapped down fears that the bank may have exhausted its stock of weapons in battling chronically low inflation, saying a latest bout of measures announced Thursday shows it is "not short of ammunition". "It''s a fairly long list of
Published 11 Mar, 2016 12:00am
ECB has shown it is 'not short of ammunition': Draghi

ECB has shown it is 'not short of ammunition': Draghi

ECB chief Mario Draghi slapped down fears that the bank may have exhausted its stock of weapons in battling chronically low inflation, saying a latest bout of measures announced Thursday shows it is "not short of ammunition". "It's a fairly long list of m
Published 11 Mar, 2016 12:00am
ECB has shown it is 'not short of ammunition': Draghi

ECB has shown it is 'not short of ammunition': Draghi

ECB chief Mario Draghi slapped down fears that the bank may have exhausted its stock of weapons in battling chronically low inflation, saying a latest bout of measures announced Thursday shows it is "not short of ammunition". "It's a fairly long list of m
Published 11 Mar, 2016 12:00am
ECB cuts key rates, beefs up asset purchase programme

ECB cuts key rates, beefs up asset purchase programme

The European Central Bank came out all guns blazing Thursday to jumpstart the stalled eurozone economy, slashing already record-low interest rates, pumping massive new sums into the banking system and, for the first time, buying corporate bonds. The unpre
Published 11 Mar, 2016 12:00am
ECB cuts key rates, beefs up asset purchase programme

ECB cuts key rates, beefs up asset purchase programme

The European Central Bank came out all guns blazing Thursday to jumpstart the stalled eurozone economy, slashing already record-low interest rates, pumping massive new sums into the banking system and, for the first time, buying corporate bonds. The unpre
Published 11 Mar, 2016 12:00am
ECB cuts key rates, beefs up asset purchase programme

ECB cuts key rates, beefs up asset purchase programme

The European Central Bank came out all guns blazing Thursday to jumpstart the stalled eurozone economy, slashing already record-low interest rates, pumping massive new sums into the banking system and, for the first time, buying corporate bonds. The unpre
Published 11 Mar, 2016 12:00am
China firms push for multi-billion dollar Iran rail and ship deals

China firms push for multi-billion dollar Iran rail and ship deals

Two Chinese firms are pushing for multi-billion dollar deals with Iran to build a high-speed railway and modernise its shipping fleet following the lifting of most sanctions against Tehran, sources with knowledge of the negotiations said. State-run China
Published 11 Mar, 2016 12:00am
China firms push for multi-billion dollar Iran rail and ship deals

China firms push for multi-billion dollar Iran rail and ship deals

Two Chinese firms are pushing for multi-billion dollar deals with Iran to build a high-speed railway and modernise its shipping fleet following the lifting of most sanctions against Tehran, sources with knowledge of the negotiations said. State-run China
Published 11 Mar, 2016 12:00am
China firms push for multi-billion dollar Iran rail and ship deals

China firms push for multi-billion dollar Iran rail and ship deals

Two Chinese firms are pushing for multi-billion dollar deals with Iran to build a high-speed railway and modernise its shipping fleet following the lifting of most sanctions against Tehran, sources with knowledge of the negotiations said. State-run China
Published 11 Mar, 2016 12:00am
Loan agreements to be signed next week under CPEC

Loan agreements to be signed next week under CPEC

China and Pakistan are scheduled to sign loan agreements next week on infrastructure projects under China-Pakistan Economic Corridor (CPEC). The infrastructure projects will provide direct access for Chinese and East Asian goods to Pakistani seaports at K
Published 11 Mar, 2016 12:00am
Loan agreements to be signed next week under CPEC

Loan agreements to be signed next week under CPEC

China and Pakistan are scheduled to sign loan agreements next week on infrastructure projects under China-Pakistan Economic Corridor (CPEC). The infrastructure projects will provide direct access for Chinese and East Asian goods to Pakistani seaports at K
Published 11 Mar, 2016 12:00am
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