RIYADH: Saudi Arabia’s fiscal reserves dropped to a four-year low last year as the government sought to finance a budget deficit caused by plunging oil revenues, a report said on Tuesday. The reserves of the world’s largest crude exporter dropped to $611.9 billion at the end of 2015, the lowest level since 2011, down from $732bn a year before, the Saudi Jadwa Investment said in an economic report. Jadwa said it expected reserves to fall to around $500bn by the end of 2016, after oil prices fell by three quarters since mid-2014. The kingdom, the second largest crude producer after Russia, posted a record budget deficit of $98bn last year after oil income dived by 60 per cent to just $118bn. Riyadh also projected an $87bn ...
February 3, 2016 at 1:00 pm | News Desk
KARACHI: Prime Minister Nawaz Sharif on Tuesday said protesting employees of Pakistan International Airlines (PIA) will be fired from service and can be sent to jail for a year, media reported. Talking to reporters during his visit to a coal power plant in Sahiwal, the premier went on to say that airline employees working during the strike will be given special rewards for their service. Nawaz accused PIA workers of politicising the privatisation issue by resorting to strikes, adding that such acts were costing PIA Rs100 million per day. In a move to stall the strike, Nawaz had already enforced the Essential Services (Maintenance) Act 1952 for six months, barring protesting members of the PIA from participating in any union activit...
February 2, 2016 at 7:36 pm | News Desk
TOKYO, JAPAN — The Asian Development Bank Institute (ADBI) was ranked second among the world’s government-affiliated think tanks, after the World Bank’s Development Research Group. The2015 Global Go To Think Tank Index Report, produced by the University of Pennsylvania’s Think Tanks and Civil Societies Program (TTCSP), is the result of a survey of 6,846 think tanks and 4,750 journalists, policy makers, public and private donors, and functional and regional area specialists. ADBI also ranked second in 2014. ADBI has been improving in the rankings over time and is now recognized as a leading think tank in several categories. ADBI is ranked the 29th best think tank in the world, 20th best non-US think tank, 6th best international de...
February 2, 2016 at 7:30 pm | News Desk
DUBAI: Saudi Electricity Co (SEC) has received approval from its executive committee to negotiate for loan financing worth $2.3 billion and to set up a Sukuk Programme worth as much as $1.5 billion, the Gulf's largest utility said on Monday. The two-part loan, to serve as a back-up facility for the company, would be structured as a revolving credit facility and have a lifespan of between three and five years. One tranche would be worth up to 3 billion riyals ($800 million) and the other would not exceed $1.5 billion. The Sukuk Programme would be used to fund capital projects, the statement added without elaborating. Sources told Reuters in July that the kingdom's monopoly utility was in talks with local and international banks t...
August 31, 2015 at 2:46 pm | News Desk
Car manufacturers in Pakistan had a blissful 2014-15 as they saw sales jump to 151,134 units from 118,102 in the preceding fiscal year. The launch of new Toyota Corolla brought a big relief to its assembler, pushing up the company’s sales to 51,398 units from 29,087 and also making a positive impact in overall sales figures, Pakistan Automotive Manufacturers Association (PAMA) announced on July 10th. Uplift in overall sales came from Punjab government’s taxi scheme that helped sales of Suzuki Bolan rise to 23,582 units from 14,088 and that of Suzuki Ravi to 22,815 from 12,419. Even increase in car prices by the manufacturers did not dampen buyers’ enthusiasm. Moreover, a decline in interest rates to seven per cent from 10pc b...
August 21, 2015 at 5:35 pm | News Desk
WASHINGTON: The World Bank and the International Monetary Fund are launching a new initiative to help developing countries strengthen their tax systems, says an official announcement. Analysis associated with the two institutions suggests that many lower-income countries have the potential to increase their tax ratios by at least 2 to 4 per cent of their GDPs, without compromising fairness or growth. Raising additional revenues will allow developing countries to fill financing gaps and to promote development. Pakistan is top on the list of the countries that need to reform their tax systems. In a recent statement, the IMF mission chief in Pakistan urged the rulers to broaden the country’s tax base. The country’s tax-to-GDP rati...
August 14, 2015 at 3:07 pm | News Desk
THE implosion of the Greek economy, the rise of Syriza and the implicit blaming of Greece’s creditors for the country’s woes present important lessons that should be drawn upon. The danger is that many people, including in Pakistan, are preparing to draw the wrong set of lessons. Greece got itself into a mess by not taxing sufficiently its richest elites, and by overspending on a bloated, overpaid and underworked public sector. Poor choices by politicians for decades, fully supported by a complicit populace that was only too happy to condone the perpetual postponement of serious structural reform, have finally caught up. Despite the massive and heartrending current suffering of ordinary Greeks, the foregoing is the sorry story of the...
August 14, 2015 at 2:59 pm | News Desk
KARACHI: The Federal Board of Revenue (FBR) has decided to conduct inquiry against such businesses and industrial units which have deposited less tax this year as compared to the previous year. Sources in Regional Tax Office told Customs Today that the department has finalized 112 industrial units and these lists are already sent to the field offices. Sources further revealed that these units deposited less sales tax and the federal excise duty during this fiscal year as compared to the previous year, despite increase in their sales. Sources said that their statements will be thoroughly scrutinized and all information and statements submitted by these units will be examined by auditors. Sources further said that if these units found i...
June 29, 2015 at 2:41 pm | News Desk
Stock markets in Europe and Asia have seen big falls after Greece closed its banks and imposed capital controls. The moves by the Greek authorities came after the European Central Bank decided not to extend emergency funding. London's FTSE 100 index fell 2% in early trade. Earlier in Asia, Japan's Nikkei index fell nearly 3%. On the currency markets, the euro had fallen to $1.0953 at one point in Asian trading from $1.1165 on Friday, but it then recovered some ground. Elsewhere in Europe, Germany's Dax share index and France's Cac 40 were both down more than 3%. The Athens Stock Exchange and Greek banks are closed all week. Greek contagion The euro has weakened against the British pound, as investors worry about the singl...
June 29, 2015 at 2:20 pm | News Desk
As part of a three-year loan programme, the International Monetary Fund (IMF) has given nod to release around $506 million for Pakistan. In a statement issued in Washington, the IMF said the tranche was released after the board completed the seventh review of Pakistan's economic performance under Extended Fund Facility (EFF), an IMF lending facility to help members with balance of payments problems. With the release of the latest tranche, the total amount so far disbursed to Pakistan comes to about $4.05 billion dollars. This will take the country's foreign exchange reserves to $18.7 billion dollars, Radio Pakistan reported.
June 28, 2015 at 9:38 pm | News Desk
The much anticipated visit of Chinese President Xi Jinping and approval of the International Monetary Fund’s sixth tranche and above all the return of foreign buyers put the stock markets on an upward trajectory in April as the KSE-100 index gained more than 3700 points during the month. However, it could not come up to expectations due to main events that took place and saw a weak-ending in the last week. The visit of the Chinese President to Pakistan, the signing of various MOUs by both the countries, investment friendly policies of the government and induction of more companies at the stock exchange have created positive impacts on Pakistan’s stock exchange which is now on the highest level of its history. Moreover, investment in ...
June 10, 2015 at 1:13 am | News Desk
“An investment in knowledge pays the best interest”. ~Benjamin Franklin Over the past few years, governors, policymakers and other elected officials are having to cut education spending due to immense budget deficits. Within Pakistan, Balochistan comprises 44% of land and only 5% of the total population. The indicators including weak development, low literacy rates and huge poverty levels, making Balochistan different from the rest of the province The government has been struggling for the last six years to endorse education but it still stands behind the other provinces. The educational system in Balochistan is categorized by low primary school enrollment, lack of access to secondary education, a shortage of middle and secondary...
June 10, 2015 at 12:46 am | News Desk
In a budget dominated by the China-Pakistan Economic Corridor, Pakistan plans to allocate upwards of $14 billion in total development spending for fiscal year 2016, though remarkably only 20% of that will be financed by foreign lenders. The Annual Plan Coordination Committee (APCC) met on May 26, approved a Rs1,418 billion national development programme for the fiscal year that ends June 30, 2016, an allocation that is up 20% from the outgoing fiscal year’s budget. Foreign lenders will finance 20% of the national development programme and provide Rs283.4 billion loans during fiscal 2016. For the federal development budget, this ratio goes higher to 31%, mainly due to projects that are part of the China-Pakistan Economic Corridor (CP...
June 10, 2015 at 12:36 am | News Desk
No instant change, Reforms take time Prime Minister (PM) Nawaz Sharif inaugurated a 60 kilometre long motorway project in Hazara in November 2014. This road will be completed at a cost of $ 27 million. By laying the foundations of a fenced four-lane motorway there, Pakistan has commenced off the multibillion dollar Pakistan-China Economic Corridor development programme. China-Pakistan economic corridor projects envisage $ 34 billion investment in the energy sector and around $ 11 billion in infrastructure. These projects offer immense opportunities to businesses and will give a boost to Pakistan’s economy. Earlier this month, PM Nawaz Sharif during his visit to China also signed deals worth $ 45.6 billion, which included projects co...
February 4, 2015 at 6:01 pm | News Desk
Samsung Galaxy Note 4 has been introduced in Pakistan. Famous showbiz icons like the Ali Zafar, Sajjad Ali, Hamza Ali Abbasi, Aysha Umer, QB etc gave breath-taking performances in the colorful evening. e iconic Samsung Galaxy Note 4 is featured on Telenor Pakistan’s Sales & Service Centers and franchises for its customers across the country. All Samsung Galaxy Note 4 buyers will receive 6 months free internet along with free apps like Facebook, Whatsapp, Twitter and Line. A pre-order campaign has also been conducted o?ering free S-View Flip covers to Telenor Pakistan’s customers. edevice comes with accidental coverage that includes screen breakage, liquid damage and numerous other types of damages. e Samsung Galaxy Note 4 i...
January 19, 2015 at 12:09 pm | News Desk
Mehmood Ul Hassan Khan The United Arab Emirates has been taking part in many regional and international expos since its inception. It has been highly appreciated in all the expos it has participated. It was among the top ten pavilions at EXPO 2000 in Hannover. It was awarded a gold medal at EXPO Zaragoza 2008. It won a popular vote among the general public in Shanghai and came top in an academic study conducted by staff from UCLA who looked at public diplomacy criteria and the last but not the least received a silver medal in Yeosu. Furthermore, the main film shown in Yeosu has also won three gold medals at international film festivals. It has been acknowledgement of its superior skills of management, HRM, capacity building, craftsmanshi...
October 9, 2014 at 1:33 pm | News Desk
Pakistan Rupee Exchange Rate