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FBR launches electronic monitoring of sugar production
KARACHI: The Federal Board of Revenue has launched electronic monitoring of sugar production and supply to prevent tax evasion. — SHAHNAWAZ AKHTER
Sindh Ombudsman may hear sexual harassment case against KE’s CEO
KARACHI: The Provincial Ombudsman is likely to begin hearing into a sexual harassment petition against K-Electric’s CEO Moonis Alvi, filed by the company’s former Chief Marketing & Communications Officer Mehreen Aziz Khan. — JAVED MIRZA
ICCI, minister discuss establishment of new Islamabad Industrial Zone
ISLAMABAD: A delegation of the Islamabad Chamber of Commerce and Industry (ICCI), led by its president Muhammad Shakeel Munir, called on Minister for Planning Asad Umar and discussed with him the establishment of new Islamabad Industrial Zone project. — STAFF REPORTER
PYMA demands cut in Customs duty to 7% on yarn
KARACHI: The Pakistan Yarn Merchants Association (PYMA) has demanded the government to reduce the Customs duty on polyester yarn to 7 per cent from the existing 11 per cent to provide relief, which will result in improved overall productivity, a statement said. — STAFF REPORTER
Paapam, PIEDMC sign investment agreement
LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) and Punjab Industrial Estates Development and Management Company (PIEDMC) signed an agreement to invest in the Quaid-e-Azam Business Park Sheikhupura, a statement said. — STAFF REPORTER
Rupee plummets to historic low of Rs175.73 against dollar
KARACHI: The rupee hit an all-time low of Rs175.73 against the dollar on Friday due to external payments pressure, dealers said. The exchange rate went down Rs1.54 from the previous day’s closing of Rs174.19 in the interbank foreign exchange market. — STAFF REPORTER
PSX continues bearish trend; KSE-100 Index losses 599 points
KARACHI: The Pakistan bourse tumbled 1.29 per cent on Friday after MSCI reclassified Pakistan to the Frontier Markets from the Emerging Markets with a lower-than-expected weightage, dealers said.— STAFF REPORTER
Pakistan reclassified from MSCI Emerging Markets to Frontier Market
KARACHI: The MSCI has reclassified Pakistan from the Emerging Markets (EM) to Frontier Markets (FM) in stipulated move, assigning 1.25 per cent weight for the constituents of the MSCI FM Index (Standard), which will include Lucky Cement, Habib Bank Limited and MCB Bank Limited. — STAFF REPORTER
FBR forms committee for simplification of tax laws
KARACHI: The Federal Board of Revenue has constituted a review committee for simplification of the tax laws with the objective to harmonise the existing laws. The FBR said it had hired a consultant with the support of the Asian Development Bank. — SHAHNAWAZ AKHTER
Nepra deregulates small-scale distributed generation
KARACHI: The National Electric Power Regulatory Authority (Nepra) has deregulated the private generation of up to 25kW to promote renewable distributed generation and net metering. — STAFF REPORTER
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