Category: Business

FBR removes customs duty on goods under Rs. 5,000 imported through postal or air courier

Any product imported into Pakistan through postal or air courier services with a declared value up to Rs. 5,000 will be exempt from customs duty or any other types of taxes. An FBR official explained that this move has been taken as a relief for the end-users, most likely to be private individuals as opposed to corporate importers.

Latest global report on money laundering names six Pakistani banks among transgressors

A latest report, revealing role of global banks in industrial-scale money laundering, has named six Pakistani banks among transgressors.  International Consortium of Investigative Journalists (ICIJ) published the catastrophic consequences of money laundering by banks globally in a report titled as FinCEN Files. The recently uncovered trove of government documents revealed 29 transactions that showed suspicious transactions to and from Pakistan.

Low-cost Turkish airline Pegasus to launch flights from Karachi to Istanbul

A low-cost Turkish airline, Pegasus, will be launching flights from Karachi to Istanbul on September 25. Flights from Istanbul Sabiha Gökçen Airport to Quaid-e-Azam International Airport will operate every Monday, Wednesday, Friday and Sunday at 8:35pm, while flights from Quaid-e-Azam International Airport to Istanbul Sabiha Gökçen Airport will depart every Monday, Tuesday, Thursday and Saturday at 04:55am.

Dubai- based startup fighting ‘digital addiction’ in students to launch in Pakistan on Sept 15

Dubai-based mobile app Lock&Stock, which works to curb “digital addiction” among students, is all set to launch its operations in Pakistan on September 15, 2020. The app, founded in 2017 in the United Arab Emirates, rewards students for not using their phones while studying, working out and spending time with friends and family, among other activities. The Lock&Stock app works by locking up other apps in your phone while you use it.

Five completely absurd money-making techniques being used by airlines during the pandemic

Airlines are looking for new revenue streams as they burn through cash while fleets are largely grounded and people stay at home due to the worst ever global crisis. A recovery is expected to take years and cost carriers billions of dollars more. Here’s a look at what airlines are peddling as they try to make up for the hit from Covid-19.

Pakistan Stock Exchange named best performing in Asia

The Pakistan Stock Exchange (PSX) has been declared Asia’s best-performing market by New York-based global markets research firm, In its report published Tuesday, the firm also declared the PSX the world’s fourth best-performing market, a development local economists view as a signal that the country’s otherwise contracting economy is recovering.

Virgin Atlantic to begin flights in Pakistan, in a win-win deal for both

Virgin Atlantic Airways has announced plans for three new routes to Pakistan in December, as the struggling British airline continues its fight for survival during the Covid-19 downturn. Flights from London Heathrow to Lahore and Islamabad will be operated four and three times a week respectively, while Islamabad will also be served four times weekly from Manchester.

Samsung considers setting up assembly plant in Pakistan

Leading sma­rt­phone manufacturer Sam­sung is considering setting up an assembly plant in the country, said Minister for Industries and Productions Hammad Azhar. Azhar tweeted that following implementation of the Device Identification, Registration and Blocking System (DIRBS), Smartphone production in Pakistan is increasing. He further said that Samsung Pakistan appreciated the government’s DIRBS implementation and Mobile [Device Manufacturing] policies.

Pakistan’s long-term outlook ‘stable’: New York based rating agency

The Standard & Poor’s (S&P) rating agency has affirmed Pakistan’s ‘B-’ long-term and ‘B’ short-term sovereign rating while maintaining ‘stable’ long-term outlook. The New York-based rating agency also affirmed ‘B-’ long-term issue rating on Pakistan’s senior unsecured debt and sukuk trust certificates. It said the country’s rating remains constrained by a narrow tax base and domestic and external security risks, which continue to be high.

German fashion house Hugo Boss places first sportswear order in Pakistan

German fashion house Hugo Boss, has placed its first ever sportswear manufacturing order in Pakistan with Sialkot-based Rajco Industries for t-shirts for the German national soccer team. Earlier this week, Pakistan’s adviser on commerce Abdul Razak Dawood announced the Hugo Boss deal in a Twitter post, but did not reveal the name of the Pakistani company that had booked the order.