LAHORE(APP) Lahore Electric Supply Company (Lesco) has intensified its drive for the highest ever recovery of Rs 27011.71m arrears by initially disconnecting power supply to all chronic defaulters irrespective of their social status. The newly appointed Chief Executive Officer, Lesco, Sharafat ...

GUJRANWALA - Commissioner Gujranwala Division Saeed Wahla said that 41 schemes worth Rs2,965 million will be completed under Chief Minister Development Package and District Coordination Officers of all six districts would be responsible to monitor these schemes. He was presiding over a meeting to ...

KARACHI (Reuters) - Pakistan's foreign exchange reserves fell to $17.17 billion in the week ending Oct 8 from $17.35 billion the previous week, the State Bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) declined to $13.46 billion from $13.64 billion, while those held by ...

Our Staff Reporter MULTAN - The Agri Forum Pakistan (AFP), a representative body of farming community, has demanded of the government to fix the price of DAP fertilizer at Rs3,500, Urea Rs1,200 and Nitrophas Rs1800 per bag. Talking to journalists on Wednesday, AFP chairman Ibrahim Moghal said that ...

MADRID (AFP) - Spain sealed a 7.55-billion-euro ($10.2 billion) overhaul of its banking sector Friday, securing savings banks that nearly bankrupted the country in the wake of the 2008 global financial crisis. Bank of Spain governor Miguel Angel Fernandez Ordonez said 568 million euros went to ...

ISLAMABAD - The country's textile exports have recorded at $2.209 billion during the first couple of months (July-August) of the ongoing fiscal year 2011-12 showing an increase of 12.67 per cent compared to the exports of $1.960 billion of the preceding fiscal year 2010-11. According to the figures ...

OUR STAFF REPORTER LAHORE - Kot Addu Power Company (KAPCO) will be announcing its FY11 financial result on Monday (today) and it is estimated that the companys profitability for the period to be Rs6,691 million, depicting a growth of 31 percent. Experts said that this growth is emanating from lower ...

ISLAMABAD - The recent fund approval by the incumbent government to recuperate the finance-starved Pakistan Railways (PR) spinning into worse crisis is seemingly just a peanut in front of multi-billion loses soaring up with the passage of time, it has been learnt. Finding no other option to save ...

KARACHI (Reuters) - Pakistan's foreign exchange reserves rose to a record $18.31 billion in the week ending July 30, up from the previous life high of $18.30 billion hit a week ago, a senior State Bank official said on Thursday. Reserves held by the State Bank of Pakistan (SBP) jumped to $14.78 ...

ISLAMABAD - A crucial meeting of Federal Board of Revenues tax commissioners would be held on Thursday that is likely to devise new strategy for the ambitious revenue collection target of Rs1,952 billion set for the ongoing financial year 2011-2012 after the taxs numbers figures fudging scam, it ...

WASHINGTON (Reuters) - The US has wasted some $34 billion on service contracts with the private sector in the wars in Iraq and Afghanistan, according to a study being finalized for Congress. The findings by a bipartisan congressional commission were confirmed to Reuters by a person familiar with ...

LAHORE Administrator and DCO Ahad Khan Cheema Tuesday approved the Annual Budget of City District Government Lahore of Rs 20.68 billions for the year 2011-12 by using his powers, bestowed upon him by Punjab Local Government Ordinance (amended) 2001. While giving further details, District Officer ...

OUR STAFF REPORTER LAHORE The regional Customs Collectorate has collected Rs16.26, surpassing its target of Rs15.89 billion set for the fiscal year 2010-11. The net collection of duty and taxes during 2010-2011 stood at Rs5.8 billion as against the net collection of taxes of Rs4.42 billion during ...

Multan - The Punjab government has released funds worth about Rs3.95 billion for the completion of different ongoing development projects of Multan. This was disclosed by the Commissioner Multan Muhammad Khurram Agha while chairing a meeting to review the pace of work on Prime Minister Package ...

RAWALPINDI (Online) - Renowned nuclear scientist and member Planning Commission for Science and Technology Wing Dr Samar Mubarak Mand has declared the prevailing energy crises extremely hazardous for Pakistan saying the country is not only facing the loss of Rs 300 billion per annum but also ...

KARACHI (Reuters) - Pakistans foreign exchange reserves fell slightly to $17.47 billion in the week ending June 25, from $17.52 billion a week earlier, the State Bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $14.02 billion from $14.11 billion a week ago, while ...

ISLAMABAD - The countrys trade deficit has swelled to $14.105 billion during the first nine months (July-May) of the current financial year 2010-2011 against $13.977 billion of the same period last year, Federal Bureau of Statistics reported on Friday. According to the official figures of Federal ...

ISLAMABAD-The cash-starved government has no other option than to borrow from external as well as internal resources to run its expenditures, as country's total external debt has gone upto $59.5 billion while total public debt has increased to Rs 10020 billion by the end of March 2011. According to ...

KARACHI - Karachi Electric Supply Corporation (KESC) owes Rs 84.5 billion to different government and private companies from where it has taken gas and oil to produce electricity, TheNation learnt reliably on Sunday. The reliable sources inside the company disclosed that despite getting Rs 30 ...

ISLAMABAD - The National Economic Council (NEC) would meet on May 28 in order to give final approval to the developmental budget of Rs 710 billion for Federal as well as for provinces for the upcoming financial year and it would also give approval to the Annual Plan 2011-2012. Prime Minister Syed ...

WASHINGTON (Reuters) Microsoft Corp agreed to buy Internet telephone company Skype for $8.5 billion in cash in its biggest deal ever, as the technology giant seeks to plug a hole in its mobile offerings. Buying loss-making Skype would have no immediate impact on Microsofts finances, but would make ...

ISLAMABAD - The finance-starved Pakistan Railways was spinning into worse crisis and non-provision of the bail out package of Rs 11.1 billion approved by the Federal Cabinet depicted the sheer apathy of the Federal Government toward the sinking of this department of strategic importance. The ...

ISLAMABAD (APP) - Deputy Chairman of the Planning Commission Dr Nadeem-ul-Haq said on Thursday that Rs 350 billion would be allocated for socio-economic development in the Public Sector Development Programme (PSDP) 2011-12. Talking to APP, Dr Nadeem-ul-Haq said that proper management and ...

OUR STAFF REPORTER LAHORE - Engro Corporation (ENGRO) has announced its 1Q2011 result on Wednesday. The company reported earnings of Rs2.1bn (diluted EPS: Rs5.22) compared to Rs1.9bn (diluted EPS: Rs4.80) in the corresponding period last year, up 9 percent. Though, net sales of the company grew by ...

LAHORE (PPI) - NRL announced profits of Rs4.8 billion in 9MFY11- an increase of 146 percent. The growth is primarily attributed to strong performance in the lube segment with net margins hovering in the vicinity of 14.7 percent (versus 10.3 percent in 9MFY10). Although GRMs during 3QFY11 were ...

ISLAMABAD (APP) - The Asian Development Bank (ADB) approved $17.51 billion in financing operations last year, according to Asian Development Banks 2010 Annual Report released ahead of the 44th Annual Meeting. Of the total financing of $17.51 billion approved by Asian Development Bank, $15.50 ...

ISLAMABAD - Minister for Economic Affairs and Statistics Dr. Abdul Hafeez Sheikh on Friday told the National Assembly that the total foreign loans outstanding against Pakistan at present are $57.967 billion. In these foreign loans, the minister in a written reply during the question-hour, said that ...

ISLAMABAD - The Central Development Working Party (CDWP) Thursday considered 64 projects costing Rs 236 billion including foreign aid of Rs 107 billion. The CDWP meeting was held Thursday under the chairmanship of Deputy Chairman of Planning Commission, Dr. Nadeem ul Haque. According to the ...

KARACHI (Reuters) - Pakistans foreign exchange reserves fell to $17.37 billion in the week ending on March 5 from $17.50 billion the previous week, the State Bank said on Thursday. Reserves held by the State Bank of Pakistan (SPB) fell to $13.97 billion from $14.03 billion in the week ending March ...

LAHORE-The recently sacked Punjab Finance Minister Tanvir Ashraf Kaira has alleged that Punjab is facing a default of over Rs 520 billions, while 96b had been wasted due to corruption out of total development budget of Rs193 billions. Addressing a news conference along with ex-PPP minister ...