Videos
Most Popular
SC seeks report on Pakistanis property in UAE
ISLAMABAD, Sep 19: Supreme Court on Wednesday sought report from the Federal Investigation Agency (FIA) within 15 days, in connection with the 2,700 property acquired by Pakistanis in the United Arab Emirates (UAE).
A three-judge bench headed by Chief Justice Mian Saqib Nisar passed the directions while hearing the suo motu case on assets owned by Pakistani nationals in foreign countries.
During the course of proceedings, Director General FIA Bashir Memon apprised the bench regarding property in the UAE and asked for a month’s time to submit a full report.
Attorney General, informed the court that the United Kingdom and Pakistan had launched a partnership which aimed to track corruption and restart the bilateral transfer of prisoners. He further informed that 44 hawala/hundi businessmen had been arrested and raids were being conducted in Karachi, Lahore, Faisalabad, Multan and various other cities.
The Chief Justice remarked that according to Section 183 of Article 4 of the Constitution, we must take action against money launderers in the public interest.
The top judge instructed AG to submit progress report regarding measures taken to curb smuggling money through the hawala/hundi system.
Meanwhile, addressing the Governor State Bank of Pakistan (SBP) Tariq Bajwa, Justice Nisar said, “We have high hopes from you but we are not receiving the desired results. You will have to present us with a solution.
To this Bajwa said, the government was legislating and amending old laws, adding that declarations signed with foreign governments would facilitate in bringing back stolen money from abroad.
According to an information, "Pakistanis have property worth Rs1,000 billion in the UAE a task force can be used to summon all these property holders if the government desires to do so,” said Justice Nisar.
(APP)
KSE-100 Index to be Re-composed from Oct 1st 2018
The Pakistan Stock Exchange announced that it had carried out the re-composition exercise of KSE-100 Index Companies for the review period March 2018 to August 2018, as per its Re-Composition Rules for KSE 100 Index.
The following companies will be affected as a result of the re-composition:
| Incoming | Outgoing | Reason |
|---|---|---|
| Gatron (Industries) Limited | Ibrahim Fibres Limited | Sector Based Rule |
| Shakarganj Limited | JDW Sugar Mills Limited | Sector Based Rule |
| Byco Petroleum Pakistan Limited | Crescent Steel & Allied Products Limited | Market Capitalization Based Rule |
| GlaxoSmithKline Consumer Healthcare Limited | Jahangir Siddiqui & Co. Limited | Market Capitalization Based Rule |
| Aisha Steel Mills Limited | Nishat Power Limited | Market Capitalization Based Rule |
The Complete revised list of KSE100 Companies can be viewed here
The changes in the KSE-100 index will be implemented w.e.f. Monday, October 01, 2018.
Copyright Mettis Link News
PM calls on King Salman; discusses bilateral trade, investment
IISLAMABAD, Sept 19: Prime Minister Imran Khan called on King Salman bin Abdulaziz Al Saud at the Royal Court in Jeddah and discussed matters of mutual interest, bilateral trade, investment and stronger economic ties, a statement from the PM Office said here Wednesday.
Upon arrival he was presented a salute by the Royal Saudi guards and national anthems of the two countries were played. This is the first foreign trip of Imran Khan to any country after assuming charge as prime minister of Pakistan. The two-day visit is on the invitation from Custodian of the Two Holy Mosques King Salman.
The prime minister will also hold wide-ranging talks with the King and Crown Prince Muhammad Bin Salman, who also holds the portfolios of Deputy Premier and Minister of Defense. The king will also host a state banquet for the prime minister at the Royal Court.
Soon after his arrival on Tuesday Prime Minister Imran Khan paid his respects at the Roza-e-Rasool (PBUH) and later performed Umrah. Doors of the Holy Kaaba and the Roza-e-Rasool (PBUH) were specially opened for the prime minister and members of his delegation.
Foreign Minister Shah Mehmood Qureshi, Finance Minister Asad Umar, Information Minister Chaudhry Fawad Hussain and Adviser for Commerce Abdul Razak Dawood accompanied the prime minister. Pakistan's ambassador to Saudi Arabia Hasham bin Siddique, Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki also attended the meeting.
(APP)
Net Selling in Capital Markets via SCRA falls by...
As per the data released by the State Bank of Pakistan (SBP) on Specially Convertible Rupee Accounts (SCRA), foreign investors remained net sellers at the capital markets during the week ending September 14, 2018.
During the week under review, the net sale of securities dropped by around 14% on a week-on-week basis, as it has been recorded at Rs.1.4 billion against a net selling worth Rs.1.6 billion reported during the week before.
On the whole, the sale of securities by foreign investors decreased by 60% or Rs.6.4 billion over the previous week after being recorded at Rs.4.3 billion compared to Rs10.729 billion a week before, while the purchase of securities by foreign investors also decreased by 68%, or Rs.6.2 million after being recorded at Rs.2.9 billion compared to Rs.9.1 billion during the week before.
Special Convertible Rupee Accounts cater to the needs of non-resident investors, who wish to trade freely in the shares quoted on the Stock Exchange of Pakistan.
Operation of SCRA accounts is up to an extent of remittances received from abroad or by transfer from a Foreign Currency Account maintained by non-resident investors in Pakistan.
The balance available therein can be used for purchase of any shares quoted on the country’s secondary markets i.e. Pakistan Stock Exchange. The disinvestment proceeds against the sale of previously purchased shares through SCRA can be credited in this account, in addition to dividend income against the shares held by non-resident investors.
The funds available in such accounts can be transferred outside Pakistan or credited to a foreign currency account of non-resident investor maintained in Pakistan at any time without prior approvals of the State Bank of Pakistan.
According to the latest statement issued by SBP, remittances coming into the SCRA account stood at Rs824 million, while those leaving the account were recorded at Rs.2.8 billion. Compared to the prior week ending on August 31, 2018, remittances coming into the SCRA accounts by September 14th fell by Rs.1.3 billion from the week before while those leaving the SCRA accounts, fell by Rs.2.7 billion.
Income from dividends credited into the SCRA account stood at Rs.184 million, compared to Rs.415 million a week earlier.
Closing position of SCRA accounts were reported at Rs.25.4 billion, down from the Rs.25.8 billion reported a week before.
Copyright Mettis Link News
Pakistan’s Current Account deficit widens by 10% in July-Aug
September 19, 2018 (MLN): Pakistan’s Current Account deficit for the two months of the current fiscal year has widened by almost ten percent to $2.72 billion compared to $2.48 billion in the corresponding period of the prior fiscal, according to the State Bank of Pakistan.
Current account deficit during the month of August has on a positive note, fallen down to $600 million, compared to a deficit of $2.17 billion in the month before, i.e. July 2018.
As per figures released by the State Bank on Wednesday, Balance on Trade in Goods and Services has expanded to $6.625 billion in these two months, compared to $5.988 billion in the same period last year.
Copyright Mettis Link News
