The company also announced to raise equity through sale of right shares, which sent the stock to its lower limit on Tuesday. Ghandhara Nissan reported Rs1.38 billion in sales revenue, observing a decline of 31% from Rs2 billion. The nine-month sales also declined by 30% from Rs5.33 billion for the nine-month period last year to Rs3.73 billion. “When right shares are announced, the market adjusts itself as the new shares are to be incorporated so it is a natural phenomenon. The share transfer books of the company will be closed from May 9 to May 15 to determine the entitlements of right shares.
April 25, 2018 04:18 UTC
The president promulgated Foreign Assets Declaration and Repatriation Ordinance 2018, Pakistan Economic Reforms Protection Act Amendment Ordinance 2018, the Voluntary Declaration of Domestic Assets Ordinance 2018 and Income Tax Amendment Ordinance 2018 to implement the schemes. The standing committee also relaxed the requirements of opening offshore assets tax cases through an amendment in the government bill. To a question, Federal Board of Revenue (FBR) Chairman Tariq Pasha said that so far people have started availing only the domestic assets’ amnesty scheme. If we hadn’t provide this opportunity to people, their offshore assets would have been confiscated by foreign authorities, argued Pasha. He said that there was no bar on non income tax return filers from opening foreign currency accounts.
April 25, 2018 04:18 UTC
Prosecutor Jakob Buch-Jepsen said Madsen killed Wall, 30, as part of a macabre sexual fantasy and “tried to create the perfect crime”. “I’m really, really sorry for what happened,” he told the court after the two sides presented their closing arguments on Monday. One witness called by the defence told the court he was a “kind, empathic, passionate man who was ready to listen”. But Buch-Jepsen wrapped up his case by urging the court to use “common sense” and convict Madsen of premeditated murder. “The prosecution has presented a very interesting story … but one devoid of any facts,” she stressed in her closing arguments.
April 25, 2018 04:18 UTC
One unit costs Rs600,000, says livestock and dairy development board officialLAHORE: Pakistan’s first automated dispenser unit is going to launch next month for the provision of pure and cheap milk, said Punjab Livestock and Dairy Development Board Chief Executive Officer Saira Iftikhar. While talking to members of the Agriculture Journalists Association (AJA) on Tuesday, Saira said that this automated milk dispenser unit was manufactured in the country at a cost of Rs600,000. The idea behind introducing this machine is to encourage dairy farmers to sell milk through the vending machine. Elaborating details, Iftikhar said that around 2,000 litres of milk being produced from the Sahiwal cow breed at Khizerabad farm near Sargodha would be sold through the automated dispenser unit at one of Lahore’s markets in the Township area. “The milk is labeled the A2 type, which makes it more digestible, nourishing and healthier than other cows’ milk available in the market.” It contains 4% fats and 3.6% proteins and there are no additives included in this milk, she claimed.
April 25, 2018 04:07 UTC
Five Year PlanOne of the main objectives of the 12th Plan is to improve the economic growth and achieve an average growth rate of 6.7%. This growth rate is targeted to be achieved by strong contribution from industry and services while the agriculture average output is estimated at only 4%. The NEC approved 6.2% economic growth rate and 6% inflation targets for the next fiscal year 2018-19. The target is slightly higher than the provisional economic growth rate of 5.8% for the outgoing fiscal year. The services sector is projected to grow by 6.5% against the outgoing year’s growth rate of 6.4%.
April 25, 2018 04:04 UTC
BANDA ACEH: Firefighters in Indonesia are struggling to contain a blaze at an oil well in the northwestern province of Aceh that killed ten people and injured as many as 40, authorities said on Wednesday. The fire broke out in the east Aceh district in the early hours of Wednesday, after a well of depth 250 meters (820 ft) overflowed and residents gathered to collect the oil, the agency added. Dozens of people were being rushed to hospital in the provincial capital of Banda Aceh, it said, adding that state oil firm Pertamina was providing equipment to help control the fire. The head of police in east Aceh said the oil well might have been drilled illegally and the fire might have been started when someone was smoking a cigarette. Such illegal drilling is common in Aceh, where Pertamina operates an oil field.
April 25, 2018 03:45 UTC
Petitioners' lawyer requests contempt proceedings against schoolsKARACHI: A two-member bench of the Sindh High Court (SHC) referred on Tuesday the case of school fees to the SHC chief justice (CJ), recommending the formation of a larger bench to hear the case. The bench, comprising Justice Aqeel Ahmed Abbasi and Justice Ashraf Jehan, was hearing a petition filed by parents of students studying at four schools, including Beaconhouse School, The City School and Foundation Public School. A lawyer representing the petitioners argued that the SHC had earlier decided that the 2001 law which regulated schools was intact. Justice Abbasi observed that a comprehensive policy was needed so that parents did not feel burdened in paying school fees of their children. After hearing the arguments of both the sides, the bench decided to recommend to the SHC CJ to form a larger bench to hear the matter.
April 25, 2018 03:22 UTC
This led to an exchange of heated words between the treasury and opposition members. The Islamabad Metropolitan Corporation (IMC) met at the Pak-China Friendship Centre on Tuesday with Islamabad Mayor Sheikh Anser Aziz in the chair. Previously, the IMC has had to rely on grants from the Capital Development Authority (CDA). “This is the first time, since the formation of the IMC, that we will get an allocation of development funds from the federal government,” Awan said jubilantly. Aziz and some other member of the IMC then requested members to keep their speeches restricted to the agenda items.
April 25, 2018 02:37 UTC
It also provided reports from a military medical inspector general that shed light on a toxic work environment in the White House medical unit in 2012. The reports described a power struggle and infighting between former White House doctor Jeffrey Kuhlman and Jackson, then the director of the White House medical unit. The situation is the latest in a series of White House personnel controversies that have resulted in a higher-than-usual turnover. Trump loses another nominee for US Army secretaryIt has been led by an acting secretary since late March. I’m looking forward to rescheduling the hearing and answering everyone’s questions,” Jackson told reporters after meeting with Republican Senator Jerry Moran on Tuesday.
April 25, 2018 01:18 UTC
LAHORE: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Tuesday said that news of a big wicket falling in the political arena will be heard soon. Speaking to reporters in Lahore, Khan said that he would not respond to the query in detail and dodged a reporter who asked him whether he was talking about Pakistan Muslim League-Nawaz (PML-N) stalwart Chaudhry Nisar Ali Khan. “One tsunami will be seen by the public and the other by PTI,” Khan said. In his Lahore conference, Khan had said that Nisar’s refusal to take orders from Maryam Nawaz were praiseworthy. The decision led to the disqualification of Nawaz Sharif after which the party started agitating against state institutions, a decision Nisar refused to endorse.
April 24, 2018 20:03 UTC
ISLAMABAD: The special audit report on the expenditure of Pakistan Television Corporation (PTV) has revealed that former PTV Managing Director (MD) Attaul Haq Qasmi has been found involved in the misuse of funds. In addition to this, the state-owned television channel had also paid Rs 12.4 million taxes on Qasmi’s salary. The club membership was approved by the PTV managing director (S M Gardezi). The report also highlighted that press advertisement expenses amounted to Rs 55 million against the allocated amount of Rs 65 million. The additional attorney general informed the top court that the audit report had been completed and per the report, the PTV chairperson was not getting a salary.
ISLAMABAD: National Assembly (NA) Standing Committee on Finance, Revenue and Economic Affairs Chairman Qaiser Ahmed Shaikh said on Tuesday that the amnesty scheme launched by the government will provide huge benefits to businesses and improve the economic outlook of Pakistan. He said this while talking to media persons at Press Information Department (PID) on Tuesday. He also said that they rejected the amnesty scheme bill, adding that he never patronised their statement. Shaikh further said that he had been lobbying for this scheme for the past two years and it was impossible to go against it. While replying to a question regarding whitening of black money through the government-backed amnesty scheme, Shaikh said that no person would be allowed to whiten his/her black money through this channel.
PESHAWAR: Pakistan Tehreek-e-Insaf (PTI)-led Khyber Pakhtunkhwa (KP) government has decided to present the provincial budget for 2018-19. KP Chief Minister’s Spokesperson Shaukat Yousafzai said on Tuesday that the provincial government would present the budget and for this purpose, an assembly session would be held on May 14. “We have not received any written orders regarding the cancellation of the budget or the May 14 session,” he said. KP CM Pervez Khattak had told reporters on April 15 that the provincial government would not present the budget due to it being “unconstitutional”. According to insiders, the party decided not to present the budget since it feared losing its majority in the KP Assembly after the party issued show-cause notices to 18 of its lawmakers for allegedly selling their votes in the recent Senate polls.
Zulfiqar Mirza and Chaudhry Munir are among the rest of the mill owners sought by the apex courtISLAMABAD: In what could set a major precedence, the Supreme Court of Pakistan has summoned Sharif brothers, Asif Ali Zardari and other sugar mill owners to appear in person on Thursday and explain non-payment to cane farmers and growers. The three-judge bench headed by Chief Justice of Pakistan Mian Saqib Nisar, Justice Umar Ata Bandial and Justice Sajjad Ali Shah, heard the suo motu case on Tuesday. “The Court finds it expedient that the owners (not the CEOs/directors etc.) of all the sugar mills in Pakistan must personally appear to explain and resolve the issue in hand,” the court order read. Moreover, the communique continued, this press release shall be deemed to be a public notice to all the owners of the sugar mills in Pakistan for their personal appearance before the Court.
April 24, 2018 18:49 UTC
The Russian offer to expand defence and security ties with Pakistan came during Army Chief General Qamar Javed Bajwa’s visit to Moscow. Gen Bajwa held talks with Colonel General Oleg Salyukov, Commander Russian Federation Ground Forces, at Kremlin Palace. The notable outcome of the meeting was the acknowledgement by the top Russian military commander for Pakistan’s achievement in the fight against terrorism and contribution for regional peace and stability. “Pakistan is a geo-strategically important country and Russia is keen to expand its existing bilateral military to military cooperation,” the Russian Ground Forces Commander said. Janjua leads ministerial delegation to RussiaRelations between Pakistan and Russia have seen an unprecedented improvement dring last few years.
April 24, 2018 16:07 UTC