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Development spending slows down to 32pc of allocation

ISLAMABAD: The federal government’s development programme appears slowing down this year as disbursements to all the federal ministries stood at just 32 per cent of annual allocations in almost seven months against a target of about 50pc. The release of funds to the federal ministries as of Jan 20 (about ...

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Banks refuse to accept old-design US dollar notes

KARACHI: Millions of dollars stashed away in lockers by Pakistanis face the risk of devaluation as banks have stopped accepting old-design notes. Meanwhile, moneychangers are charging up to a 4 per cent fee to exchange the old-design bills. Pakistanis who do not know the difference between old- and new-design notes ...

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Govt mulls amnesty scheme to facilitate owners of offshore businesses

The Pakistan Muslim League-Nawaz (PML-N) government has proposed an amnesty scheme to encourage Pakistani citizens with assets and companies abroad to whiten their earnings and siphon profit back to the country, DawnNews reported on Tuesday. Though details of the amnesty scheme are yet to be released, initial reports suggest that ...

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Pakistan Stock Exchange tests 50,000 barrier in intraday trading

The Pakistan Stock Exchange (PSX) continued its record-breaking upward trajectory on Tuesday, with the KSE-100 index testing the 50,000 barrier in intraday trading for the first time in its history. The index gained 173 points soon after the market opened to touch 50,049 points by 9:34am. However, it later succumbed ...

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Index up 511 points; KE accounts for 36pc volume

KARACHI: Stocks were on fire for the second straight day on Monday, with the benchmark KSE-100 index recording gains of 511 points, or 1.04 per cent, to close at a new all-time high of 49,876. Although the index was nearing the 50,000 level and foreign selling continued unabated, local investors ...

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Bank loans grew 144pc in 2016

KARACHI: Banks increased their advances 144 per cent in 2016, a recent report by the State Bank of Pakistan (SBP) showed. Banks remained cautious for more than a decade when it came to extending loans. Their advances to the private sector were limited mainly because the government was the major ...

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Govt allows export of 300,000 tonnes of urea

ISLAMABAD: The government on Monday allowed the long-awaited export of 300,000 tonnes urea fertiliser without the Rs200 per bag subsidy being extended for sales to local farmers. The decision was taken at a meeting of the Cabinet’s Economic Coordination Committee (ECC) presided over by Finance Minister Ishaq Dar. The move ...

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ADB provide $197mn loan for post flood highways rehabilitation project

ADB providing bank loan, as you all knows ADB stands for Asian Development Bank, its providing bank loan for post flood Pakistani highways rehabilitation project, The economic recovery of flood affected peoples and area will covered by this project. in these areas project is launching now a days (Khyber Pakhtunkhwa, ...

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Pakistani researchers lay the foundation for building Urdu speech recognition system

The possibility of some software application developer coming up with an Urdu speech recognition program just got more likely as the most fundamental tool needed for it has just been developed at Lahore’s Information Technology University. Linguistic technology expert Dr Agha Ali Raza and his team at ITU’s Center for ...

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Wapda cancels Rs5.4bn contracts with Chinese firm for Dasu project

ISLAMABAD: Even before the formal launch of $4.5 billion Dasu hydropower project, the Water and Power Development Authority (Wapda) has terminated two of its key contracts with a Chinese firm, citing ‘fundamental breaches’ of the agreement. Moving swiftly, Wapda has not only encashed the performance guarantees of the two contracts ...

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