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Cyberattacks are costly, things could get worse: US report

WASHINGTON: Cyberattacks cost the United States between $57 billion and $109 billion in 2016, a White House report said Friday, warning of a “spillover” effect for the broader economy if the situation worsens. A report by the White House Council of Economic Advisers sought to quantify what it called “malicious cyber activity directed at private…

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No discrimination against companies regarding rescheduling of loans: SBP

ISLAMABAD: Senate Standing Committee on Finance and Revenue Thursday was informed that no discrimination was made against any company regarding rescheduling of loans and that State Bank of Pakistan was not dictating banks in this regard. Discussing the agenda on discriminatory treatment being meted out with some private companies namely Omni Group, Pale etc, Deputy…

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US adds six Taliban, Haqqani financiers to sanctions blacklist

WASHINGTON: The US warned Pakistan Thursday to do more to crack down on the Taliban and Haqqani groups, as it added six officials from the groups to its sanctions blacklist. The Treasury said five of the six were in charge of raising and transferring funds as well as equipment and materials to support the operations…

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Govt to review matters for Pak-Afghan trade promotion

ISLAMABAD: Advisor to Prime Minister on Finance, Dr. Miftah Ismail said Thursday that the government wanted to promote trade with Afghanistan and was ready to review the matter in consultation with all the stakeholders, with a view to find a solution, favourable for bilateral trade. The advisor was talking to a joint delegation of Pak-Afghan…

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CPEC finances are not limited to loans only: Spokesperson Planning Ministry

ISLAMABAD: Ministry of Planning, Development and Reforms Tuesday said no preferential treatment had been extended to Chinese Companies in energy sector projects; executed in Independent Power Project (IPP) mode as per policy of Government of Pakistan for the last 15 years that catered the needs of all private power producers and investors. “Incentives offered under…

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People’s love with Nawaz Sharif could not be removed: Miftah

ISLAMABAD: Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr Miftah Ismail Friday said love and affection of the people with former prime minister Muhammad Nawaz Sharif that could not be removed from their hearts. Talking to PTV, he said Muhammad Nawaz Sharif was still most popular leader among the masses, who…

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Miftah Ismail appointed as Advisor to PM on Finance, Revenue, Economic Affairs

ISLAMABAD: President Mamnoon Hussain on Tuesday appointed Miftah Ismail as Advisor to the Prime Minister on Finance, Revenue and Economic Affairs, with the status of Federal Minister, with immediate effect. The President made this appointment in exercise of the powers conferred by clause (1) of Article 96 of the Constitution of the Islamic Republic of…

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Jinnah International Airport twice used for issuance of domestic Suskuk bonds: Senate told

ISLAMABAD: Minister for Law and Justice Zahid Hamid on Thursday apprised the Senate that Jinnah International Airport has twice been used for issuance of domestic Sukuk bonds and raised Rs 314.3 billion through it for budgetary support. Responding to various questions during Question Hour on behalf of Minister for Finance, he said the Jinnah International…

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PPP submits notice against suspension of PIA flights to US

ISLAMABAD: Pakistan People’s Party (PPP) has submitted an attention calling notice in the National Assembly over the suspension of Pakistan International Airlines (PIA) flight operations to the United States of America, Samaa reported. In the notice, PPP has stated that the 0.5 million Pakistanis will be directly affected by the suspension of the flight operations….

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Regulatory duty imposed on 731 items including consumer goods

ISLAMABAD: The Ministry of Finance passed a notification on Tuesday, announcing the imposition of regulatory duty on 731 items most of which were consumer goods.  Duty was imposed on imported chicken, meat, fish and dairy products. Duty was also imposed on fruits such as mangoes, guavas, avicados and pineapples. Duty was also imposed on toothbrushes,…

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Uber hikes Hong Kong fees amid legal troubles

HONG KONG: Uber Technologies Inc UBER.UL hiked on Monday its Hong Kong fees by up to 80% after a review of its business there, the embattled ridesharing company said, adding it was not having issues financing its operations in the Asian financial hub, reported Reuters. The San Francisco-based technology company, which recently suspended its services…

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Britain says will not stay in EU via ‘back door’

LONDON: After weeks of feuding, two key figures in Britain’s cabinet came together Sunday to say any post-Brexit transition would not be a “back door” to continued European Union membership. Finance minister Philip Hammond, who favours a softer, pro-business Brexit, and International Trade Secretary Liam Fox, a hardline supporter of Britain leaving the EU, have…

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2700 Pakistanis received Rs 102 bn in gifts: FBR

ISLAMABAD: The Federal Bureau of Revenue (FBR) on Tuesday made a shocking disclosure during a session of the Senate Committee on Finance that 2,700 Pakistanis received Rs 102 billion in gifts.  According to details, the said persons who received hefty amounts have been sent notices as an investigation has been launched to probe the matter….

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Senate panel recommends 20% increase in salaries, pensions

ISLAMABAD: The Senate’s Standing Committee on Finance and Revenue on Saturday recommended 20 per cent increase in government employees’ salaries and pensions. The meeting of the committee was presided over by Senator Saleem H. Mandviwala and was attended by Senators Mohsin Khan Leghari, Osman Saifullah Khan and Usman Khan Kakar, Secretary Finance Tariq Bajwa and…

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Finance Minister Ishaq Dar to present budget today at 4 pm

ISLAMABAD: Federal Budget for the fiscal year 2017-18 will be presented on Friday. Finance Minister Ishaq Dar will present the budget in the National Assembly at four in the afternoon. The Finance Minister will also lay in the house papers containing the Supplementary Demands for Grants and Appropriations for the financial year 2016-2017. The Finance…

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WATCH: India isolated as ICC outvotes BCCI on ‘big three’ system

It was an embarrassing setback for the Board of Control for Cricket in India (BCCI) as it was outvoted by a decisive vote count on Wednesday as eight members voted for a new financial model. The change in governance model was passed with 8-2, with only the Sri Lankan board and the BCCI voting against…

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PAC recommends blocking NIC, passport of tax defaulters

ISLAMABAD: The Public Accounts Committee recommended on Wednesday that the passport and National Identity Card (NIC) tax defaulters be blocked. According to details, the FBR briefed the Public Accounts Committee (PAC) that there were tax cases amounting to more than Rs 300 billion pending in courts. Chairman FBR requested for assistance through legislation with regard…

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Pakistan achieves economic turnaround: Dar

KARACHI:  Federal Finance Minister, Senator Ishaq Dar, here Monday said that the country had been put on the path of development and has achieved economic turnaround. He was speaking as a chief guest at a an awareness seminar on Draft Companies Bill, 2016. The Securities and Exchange Commission of Pakistan (SECP) organized this national level…

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Chinese media question ‘straddling bus’ firm

BEIJING: A two-storey bus that effortlessly glides above traffic? A futuristic vision for public transport that made headlines worldwide may be too good to be true, Chinese media said Friday. Footage of a prototype of the vehicle driving down a short track in the northern Chinese city of Qinhuangdao, while two cars drove underneath it,…

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‘Govt searching for strategic partner for PIA’

ISLAMABAD: Parliamentary Secretary for Finance, Rana Afzal Khan, on Thursday informed that government was looking for internationally reputed strategic partner for Pakistan International Airline (PIA). Replying to a question, he said that the government had been focusing on restructuring of PIA and been able to achieve increase in its fleet from 18 to 38 planes…

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IMF warns of market breakdown potential due to low rates

WASHINGTON: Financial markets face a higher risk of liquidity squeezes in a sell-off due to the effects of the long period of low interest rates, the International Monetary Fund said Tuesday. In a semi-annual report on global financial stability, the IMF said that markets for trading equities, bonds, currencies and other instruments generally appear liquid…

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