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ARY NEWS

Anjum Wahab

  • SBP to review monetary policy next week, decision on interest rate cut likely

    SBP to review monetary policy next week, decision on interest rate cut likely

    ISLAMABAD: The Monetary Policy Committee of the State Bank of Pakistan (SBP) will meet next week to decide whether or not to cut interest rate in the wake of consumer inflation registering one per cent decline last month.

    The central bank will issue the Monetary Policy Statement through a press release on the same day after the meeting slated for March 17.

    Annual consumer inflation declined to 12.4 per cent compared to 14.6 per cent in January.

    Pakistan Bureau of Statistics (PBS) data showed consumer inflation decreased one percent in February 2020 as compared to an increase of two percent in the previous month.

    Earlier, on Jan 28, the SBP maintained interest rate at 13.25 per cent after ruling out any possibility for making a reduction in view of real interest rate.

    Read More: Inflation witnesses decline across Pakistan during Feb 2020, shows PBS data

    Dr Reza Baqir, while addressing a press conference after the conclusion of a session of Monetary Policy Committee (MPC), had said the interest rate will be retained to 13.25 per cent, whereas, the inflation rate is expected to be maintained between 11-12 pc in the current fiscal year.

    The committee decides to maintain its policy rate citing the rise in inflation which could be reduced after making improvements in supply process.

    Read More: Financial indicators hopeful, inflation will come down in few months: Reza Baqir

  • Demolition drive in Clifton Cantonment Board to begin from March 10

    Demolition drive in Clifton Cantonment Board to begin from March 10

    KARACHI: Cantonment Board Clifton in Karachi has announced to launch demolition drive against illegal building structures within its limits from March 10, ARY NEWS reported.

    The decision to carry out demolition drive was taken in light of the apex court decision to raze illegal structures or portions in the cantonment area.

    According to the schedule, the cantonment board will initiate the demolition drive on March 10 from P&T Colony and the area would witness repetition of drives on March 17 and 24 against illegal structures raised against the approved building plan.

    The drive will also be carried out in Delhi Colony twice with first action on March 12 followed by another one on March 24.

    The illegal structures would be razed in Lower Gizri on March 16, Punjab Colony on March 19 and Bukshan Village on March 26.

    The cantonment board has asked the Deputy Inspector General of Police (DIG) South and other concerned police officials to provide sizable police contingent including police mobile vans and two lady constables for their participation during the demolition drive.

    It is pertinent to mention here that on February 07, the Supreme Court of Pakistan ordered to demolish all illegal constructions in Karachi’s Delhi, Punjab colony and PNT.

    Read More: Govt removes SBCA director general Zafar Ahsan on SC order

    A three members bench of the apex court headed by Chief Justice Gulzar Ahmed heard the case at Karachi Registry of the Supreme Court.

    The court during the hearing ordered to demolish all illegal constructions in Delhi colony, Punjab colony, PNT and all illegal buildings situated at Karachi’s Gizri road. “Who is allowing construction at a land allotted to federal government officials for quarters”? the CJP inquired.

  • New schedule announced for CNG supplies across Sindh

    New schedule announced for CNG supplies across Sindh

    KARACHI: The compressed natural gas (CNG) stations across the Sindh province would be closed due to suspension of supplies on Saturday (tomorrow) for the next 24 hours, ARY News reported.

    Sui Southern Gas Company (SSGC) announced that the duration of CNG closure will be up to 24 hours across Sindh including Karachi. The filling stations would not resume services from Saturday 8:00 am to Sunday morning 8:00 am.

    Moreover, the company has also released a new schedule of CNG supplies from the next week as the closure will be made from March 9, Monday 8:00 am to March 10, Tuesday 8:00 am.

    The supplies will be closed on March 11, Wednesday 8:00 am to March 12, Thursday 8:00 am and March 13, Friday 8:00 am to March 14, Saturday 8:00 am.

    CNG, stations, supplies, Sindh, Karachi, closure, schedule

    The decision was made keeping in view the improved gas pressure.

    The CNG supply was earlier resumed on Monday for 48 hours.

    It is pertinent to mention here that a 12-hour schedule was followed by the SSGC authorities during the past weeks in the province owing to a shortage in gas supply due to ongoing winter season.

  • Pakistan’s trade deficit witnesses 27 percent decline  

    Pakistan’s trade deficit witnesses 27 percent decline  

    KARACHI: Trade deficit in the country has witnessed a 27 percent decline in first eight months of the ongoing fiscal year 2019-20, remaining at US$15.77 billion, ARY NEWS reported.

    The month of February 2020 witnessed a 15 percent decline in the trade deficit and stood at  $1.93 billion, said a report issued by Pakistan Bureau of Statistics (PBS).

    The exports also witnessed a four percent increase, that is $15.64 billion, during the first eight months of the fiscal year. “The month of February also witnessed a 14 percent increase as compared to the same month of the previous year,” the report highlighted, showing a $2.14 billion exports in February 2020 as compared to the same month in 2019.

    The country’s imports stood at $31.42 billion, witnessing a 14 percent decline during the first eight months of the ongoing fiscal year.

    “The month of February in 2020 witnessed a two percent decline in imports and remained at US$ 4.14  as compared to the same month previous year which saw imports of items worth upto US$4.14,” the report said.

    Read More: IT exports surged 23 per cent during first five months of FY 2019-20 

    Adviser to Prime Minister for Commerce, Industry and Investment Abdul Razak Dawood on Monday said that the February 2020 has witnessed a 13.61 percent rise in exports from the country as compared to the past years.

    In a message posted on his Twitter account, the federal adviser said that the country’s exports witnessed a 3.62 increase during the current fiscal year as compared to the previous years.

    “The increase is commendable when compared to the export trend of our competitors. This is just the beginning, the future holds much more!” he said while tagging his message to the prime minister Imran Khan and others on the Twitter feed.

  • PAF chief, Somali Air Force commander discuss bilateral ties

    PAF chief, Somali Air Force commander discuss bilateral ties

    ISLAMABAD: Commander of Somali Air Force, Brigadier General Mohamed Sheikh called on PAF Chief, Air Marshal Mujahid Anwar Khan at Air Headquarters in Islamabad today [Wednesday].

    Both the commanders discussed ways and means to further enhance mutual cooperation between the two air forces.

    The Somalian commander lauded the glorious history of Pakistan Air Force and also acknowledged the endeavors made by the PAF in modernization and indigenization of its fleet in recent years.

    Highlighting the cordial relations between Pakistan and Somali, Air Chief Mujahid Anwar Khan offered support and cooperation to Somali Air Force in the field of military training.

    Yesterday, Ukrainian Air Force Commander General Sergii Drozdov had met Chief of the Air Staff Air Chief Marshal Mujahid Anwar Khan at Air Headquarters in Islamabad.

    Read more: FM Qureshi visits PAF’s Headquarters in Islamabad

    According to a spokesperson of PAF, matters of mutual interest, bilateral ties, professional cooperation and other issues were came under discussion in the meeting.

    On the occasion, the Ukrainian air chief lauded the readiness and professional expertise of PAF.

    A smartly turned out contingent of PAF presented a guard of honour to the visiting dignitary. He laid a floral wreath on martyrs monument, the spokesperson added.

     

  • Undeclared assets: FBR digs out benami properties worth over Rs62.36 bn

    Undeclared assets: FBR digs out benami properties worth over Rs62.36 bn

    KARACHI: The Federal Board of Revenue (FBR) unearthed more than Rs62.36 billion worth of benami properties during its crackdown on undeclared assets until Feb 28, ARY News reported, citing sources.

    The Omni Group, owned by Anwar Majeed, an aide of former president and PPP co-chairman Asif Ali Zardari, owned most of the benami properties, whose value was estimated at more than Rs14.86 billion.

    The sources relayed as many as 146 benami properties worth Rs31.22 billion have been confiscated to date by the tax authorities.

    Read More: NAB unearths benami property of Abdul Ghani Majeed

    Of the seized properties, 101 benami properties were confiscated in Karachi zone, 31 in Islamabad and 14 in Lahore.

    The FBR identified as many as 752 beneficiaries of these properties.

    A total of 63 cases involving benami properties have been finalised while 34 references filed.

    The National Accountability Bureau (NAB) lately unearthed undeclared (benami) property of Omni Group’s Abdul Ghani Majeed, one of the main accused in fake bank accounts reference.

    Read More: FBR unearths benami property in Umerkot

    The NAB has uncovered benami property of Abdul Ghani Majeed, situated in Karachi’s area of Cantt. The anti-graft watchdog body has decided to seize 5,145 square yards plot. In this context, the NAB Rawalpindi has moved the accountability court for the seizure of plot.

  • Govt green-lights shipment of onion consignments declared prior to ban

    Govt green-lights shipment of onion consignments declared prior to ban

    KARACHI: Much to the fruit and vegetable exporters’ relief, the Ministry of Commerce on Monday gave the go-ahead to shipment of onion consignments declared prior to the imposition of a ban on the export of the commodity, reported ARY News.

    On Feb 28, the government imposed a ban on the export of onions until May 31 on a request by the Ministry of National Food Security and Research.

    “In compliance of directives received from the worthy collector, the loading of all the consignments/containers declared to contain “Fresh Onion” falling under PCT 0703.1000 filed in weboc on or before 28.02.2020 is allowed,” read a notification issued to this effect.

    Read More: Export of onions lying at port hangs in balance as govt notifies ban

    “The loading of all the consignments/containers declared to contain “Fresh Onion” falling under PCT 0703.1000 filed in weboc on or after 29.02.2020 is not allowed.”

    The All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association’s (PFVA) Waheed Ahmed had a day earlier said more than 100 containers full of onions are lying at the port which were to be loaded onto a ship slated to leave Monday.

    Denying permission to shipment of these consignments would incur a loss of $2 million, he said.

    Read More: No ban on export of tomatoes, potatoes imposed

    The Economic Coordination Committee (ECC) of the federal cabinet, considering the summary dated February 19 submitted by the Ministry of National Food Security and Research, green-lighted imposition of the ban on export of onion with immediate effect till 31th May, 2020.

  • FIA summons importer of controversial soybean shipment  

    FIA summons importer of controversial soybean shipment  

    KARACHI: The Federal Investigation Agency (FIA) corporate crime circle on Monday summoned the chief executive officer (CEO) of a private company who had imported the controversial soybean shipment in Karachi, ARY News reported.

    The company was also directed to provide a copy of the agreement with the US cargo ship ‘Hercules’, that had transported the soybean shipment to Karachi.

    It is pertinent to mention here that at least 14 people had lost their lives and scores hospitalized in Karachi due the lethal soybean dust during offloading the substance from the ship.

    The investigation agency also sought concerned documents form DG plant protection. FIA also sought related documents from the clearing agent as well.

    Read More: Death toll in Karachi’s toxic gas leak surges to 14: health official

    Earlier on February 18, Sindh health department had announced 14 deaths in Karachi’s toxic gas leak incident in the port area.

    Dr Zafar Mehdi, focal person of the provincial health department, in a statement had said that 14 persons had been died at the city’s hospitals due to inhaling poisonous gas during last two days.

    Giving details, the health official said that nine patients admitted at Ziauddin Hospital had been died. “Two patients each at the Civil Hospital and Kutyana Memon Hospital in Kharadar, and another patient reported died at Burhani Hospital.”

  • CNG stations to remain open for 72 hours in Sindh from Tuesday

    CNG stations to remain open for 72 hours in Sindh from Tuesday

    KARACHI: The compressed natural gas (CNG) stations across the Sindh province would remain open for 72 hours from Tuesday (tomorrow) owing to better gas pressure, ARY NEWS reported.

    The announcement was made by the Sui Southern Gas Company (SSGC).

    According to the schedule, the gas supply would begin at 8:00 am on Tuesday and would continue unabated for 72 hours till 8:00 am on Friday.

    The gas stations across the province remained open for 48 hours on Saturday and Sunday.

    The gas supply has witnessed a shortfall owing to the winter season and the SSGC followed a 12-hour CNG stations opening schedule across the province until two weeks back. However, supply has improved to an extent as the season has just come to an end in parts of the country.

    According to a report, a sudden drop in temperature across the country has deepened the ongoing gas crisis as the total shortfall surged to 600 million metric cubic feet a day (MMCFD) that may force the Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited (SNGPL) to curtail the supply to sectors other than domestic consumers.

    Read More: Sindh CNG stations shutdown for 24 hours amid intensifying gas crisis

    The shortfall has affected not only the supply to domestic consumers but also to the Compressed Natural Gas (CNG) sector for the past several days.

    About the changing weather pattern, officials said Pakistan was the fifth most affected country by climate change. The intensity of winter these days is very harsh, pushing up demand in all provinces.

    The SSGC, supplying gas to Sindh and Balochistan, faces a shortfall of 400MMCFD with the current demand surged to 1,500 MMCFD.

  • Bulls in PSX as 100-index gains 861 points

    Bulls in PSX as 100-index gains 861 points

    KARACHI: Bulls overpowered bears from Pakistan Stock Exchange (PSX), as 100-Index gained 861 points at the start of business on first day of the business week, ARY News reported on Monday.

    The market started on the positive-note on Monday, which was showing continued downward trend, last week, amid coronavirus threat.

    The 100-Index saw boost of 861 points and till latest reports at 11.25am, it was trading at the level of 38,845 points.

    In last trading week, the Pakistan Stock Exchange (PSX) mostly witnessed bearish trend throughout and had lost 2,265 points.

    The stocks expert say due to outbreak of coronavirus in several countries of the world and detection of two of the cases in Pakistan was shaking confidence of the traders.

    The 100-Index failed to maintain level of 38,000 points and was closed at the level of 37,983 points during the trading week which begun on Monday and ended on Friday.

    According to the weekly report, 86 crores shares worth 37 billion rupees were traded during the week and the market capitalization witnessed decreases of Rs 436 billion last week and was recorded at Rs7,094 billion.