Category: Business

Bank Alfalah criticised for firing employee over abusive Tweets

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.

Concealment of offshore assets to be punishable by 7 years in jail

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.

Saudi Arabia might invest $4 Billion in Solar Projects in Baluchistan

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.

British Airways flight lands in Islamabad

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.

Rupee recovers to 148.21 in inter-bank

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 approves increase in taxes on cigarettes

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.

Profit booking drives down KSE-100 by 750 points

The Pakistan stock market shed over 750 points and slipped below 35,000 points today as individual investors are mainly seen booking profits. Profit booking came after the market made a historical recovery of 7.65% last week. Investors are primarily booking profit in cement and steel stocks, which had invited significant buying last week after the announcement of Market Support Fund.

Novartis gets US approval for $2.1 million gene therapy

Swiss pharmaceutical company, Novartis, announced that it has received US regulatory approval for a gene therapy that treats a rare childhood disorder and has a price tag of $2.1 million, making it the most expensive drug in history. The company said Zolgensma was a one-time treatment for spinal muscular atrophy and will cost $2.125 million payable over five years.