Power ministry permitted to get Rs 31bn loan

ISLAMABAD: The Finance Ministry has allowed the Ministry of Water and Power to get Rs 31 billion loan, ARY News reported Friday.

The Government of Pakistan will provide guarantee for loan to Water and Power Ministry.

It is expected that … Read More

Political tension may harm economic progress: Moddy’s

ISLAMABAD: Moody’s Investors Service, an agency that configures the economic performance indicators said on Tuesday that ongoing political tension in Pakistan may affect the economic rehabilitation process of the country, ARY News reported.

According to World Rating Agency, Pakistan has … Read More

UBL, PPL, OGDCL to privatize within 2-month; PIA by June 2015

ISLAMABAD: The government has decided to auction government shares of United Bank Limited (UBL), Pakistan Petroleum Limited (PPL) and Oil & Gas Development Company Limited (OGDCL) within two months, ARY News reported.

The government has set June 2015, the deadline … Read More

PM Nawaz approves Ashraf Wathra’s appointment as governor SBP

ISLAMABAD: Ashraf Mahmood Wathra has been appointed as the permanent governor State Bank of Pakistan (SBP) on Monday, ARY News reported.

Prime Minister Mian Mohammad Nawaz Sharif has approved the appointment of Ashraf Mahmood Wathra as SBP governor for three … Read More

3G,4G spectrum auction to be held tomorrow

ISLAMABAD: The 3G and 4G spectrum auction for Next Generation Mobile Services will be held tomorrow at 8 A.M., ARY News has learnt.

According to sources, Pakistan Telecom Authority (PTA) has finalized all arrangements for the Spectrum Auction.

The Auction … Read More

Tax authorities publish list to embarrass tax cheats into paying up

ISLAMABAD: Tax authorities of the country are publicly shaming defaulters by publishing their tax details in a directory for the first time, officials said on Wednesday.

The cash-strapped authorities find it almost impossible to chase down the large number of … Read More

German tank sale to Saudi Arabia likely to be cancelled

BERLIN: A sale of several hundred German battle tanks to Saudi Arabia is likely to be cancelled because of opposition from Social Democrat Economy Minister Sigmar Gabriel, a German newspaper reported on Sunday.

German media have reported interest by Saudi … Read More

PM Nawaz approved 7 projects relating to Gwadar Port, tells Michael

KARACHI: Federal Minister of Ports and Shipping, Kamran Michael has told that the Prime Minister Nawaz Sharif has approved 7 different projects relating to the Gwadar Port, whereas the Chinese Prime Minister will be visiting Pakistan in next two months, … Read More

Pakistan sells $2 bn 5- and 10-year Eurobonds

ISLAMABAD: Pakistan on Wednesday sold $2 billion worth of five- and 10-year bonds in its first international sale since 2007, Finance Ministry officials said.

The nation marketed $1 billion of five-year notes at a yield of 7.25 percent and $1 … Read More

Abid announces to quit power supply to 7 KP districts

PESHAWAR: State Minister for Water and Power, Abid Sher Ali has announced that power supply to 13 feeders of 7 different districts of Khyber Pakhtunkhwa (KP) province has been disconnected, due to theft and non-payment of dues – ARY News … Read More

SBP issues sharia governance framework

ISLAMABAD: State Bank of Pakistan (SBP) has published detailed rules on sharia governance, giving scholars greater independence from their banks’ managements, ARY News has learnt.

The new governance rules describe the roles and responsibilities of Islamic banks’ managements and their … Read More

No reason to again give France more time to cut deficit: Rehn

BRUSSELS: There is no reason to further extend a European Union deadline for France to cut its budget deficit, the EU’s top economic official said on Saturday, adding policy-makers should have learnt the lessons of the debt crisis and stuck … Read More

FCA to probe credit card market

LONDON: Britain’s financial watchdog will investigate the 150 billion pound ($250 billion) credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct … Read More

Inflation will remain in the range of 8.5-9.5 pc: SBP cautioned

KARACHI: The State Bank of Pakistan (SBP) has issued its second quaterly report for the current fiscal year on Friday and cautioned that inflation would remain in the range of 8.5 to 9.5 per cent, ARY News has learnt.

The … Read More

IMF approves third tranche of $550 million

ISLAMABAD: International Monetary Fund (IMF) has approved the third tranche of $550 million under the Extended Fund Facility (EFF) for Pakistan on Monday, ARY News reported.

The approval was given during the IMF’s Executive Board meeting held on Monday.

The … Read More