A Chinese environmental company is ready to invest $3 billion in the clean drinking water and sanitation system in Lahore, said PBIT Chairman Sardar Tanveer IIyas Khan. Although he did not disclose the name of the company saying negotiations were at early stages, he revealed that the same company had already completed a couple of hydro projects in Pakistan.
Domestic one tola and 10 gram gold prices hit fresh peak of Rs78,100 per tola and Rs66,958 per 10 grams, respectively, as international bullion prices surpassed $1,400 before retreating, still holding near a six-year high on the US central bank’s dovish stance on monetary policy. Locally, gold prices saw a surge of Rs800 per told and Rs686 per 10 grams over Thursday’s rate.
Prime Minister Imran Khan has directed the Ministry of Finance to increase superannuation age limit of civil servants and early retirement of dead wood within two days. Current superannuation age of civil servants is 60 years, but due to increase in average life expectancy to 69 years, at least three years can be added to retirement age.
Pakistani currency weakened to a record low of Rs156 to the US dollar at the inter-bank market on Friday. The currency freshly lost Rs3.10 from yesterday’s close. A long list of import orders, which were not processed by banks due to Eid holidays, and external debt and interest payment in June end, are the cause of this latest devaluation.
Hasan Zaidi, an editor for Dawn magazine, had complained to the bank to take strict action against an employee who had been repeatedly using abusive language on Twitter. However, social media users were particularly not happy with the bank’s decision to terminate an employee based upon his personal actions.
The government, in order tighten the grip around offshore tax-evaders, have proposed that concealment of offshore assets worth above Rs100,000 would be deemed an offence punishable with imprisonment up to seven years or fine up to 200% of tax evaded amount or both. Names of individuals, who have evaded tax worth above Rs. 2.5m, will also be published in media.
Baluchistan has a huge potential for solar energy generation, and to tap this unexplored potential, the Government of Pakistan is in talks with Saudi Arabia for investment in the solar energy sector in Baluchistan. According to Power and Petroleum Minister, Omer Ayub Khan, talks are underway to attract investment worth $4 billion to uplift the energy sector in Baluchistan.
After a decade long hiatus, the British Airways’ first flight back landed at 11:25 am at Islamabad airport on Monday morning. The Boeing 787 Dreamliner flew 240 passengers from London’s Heathrow Airport to Islamabad Airport and will depart back at 11:10 am from Islamabad. British Airways will fly thrice a week between Heathrow and Islamabad during the 2019 summer.
Pakistani currency dramatically recovered a significant Rs1.42 to Rs148.21 to the US dollar in the inter-bank market following the recent massive hike by central bank in the key interest rate, taking it to 12.25%, made the rupee attractive. Banks have made record investment of PKR 3.1 trillion in three-month treasury-bills in the first auction of government securities after the rate hike.
PM Imran Khan has approved a plan to increase taxes, introduce a health tax of Rs 10 per pack and remove the third slab of FED on the cigarette manufacturing industry, in the upcoming budget for 2019-20, in a bid to to enhance revenue collection and discourage the use of cigarettes. He also decided to end Tax-free cigarette facility for important government offices.