Business

Stocks gained as investors were hoping that the government would agree to some recommendations by brokers.

The Securities and Exchange Commission of Pakistan (SECP) has slashed the fund size for a Real Estate Investment Trust to 60%

Hinopak Motors has announced that it has started exporting vehicles to Middle Eastern and African countries.

The National Assembly Standing Committee on Finance and Revenue has verbally committed a reduction in turnover tax to 0.1%.

Analysts believe that most of the individuals are unused to declaring their brokerage in their annual tax statement.

PSO’s earnings are likely to fall by eight per cent in the coming fiscal year 2011 on the recent revision in oil prices.

The government has undertaken restructuring of Pakistan International Airlines (PIA), Pakistan Railways (PR) and PSM.

Industrialists are considering relocating to other areas because of the security situation around the National Highway.

OPI Gas has announced that the company has purchased 68 per cent shares of Shell Gas LPG (Pakistan) Ltd for $8 million.

The government has overlooked tea smuggling in the budget for 2010-11 and has also increased taxes for legal tea importers.

Stocks ended up on Wednesday amid investor optimism regarding talks between KSE and a parliamentary committee.

Faysal Bank is to acquire 99.37 per cent of RBS Pakistan for Rs4.298 billion ($50.37 million), said RBS on Wednesday.

The Punjab food department has requested the chief minister to provide Rs33 million in subsidies.

SBP has announced that limits sanctioned by banks for individual exporters will continue up to August 31.

Byco Petroleum will soon begin sale of LPG to domestic and commercial consumers, said its President Kalim Siddiqi.

An expected 9% increase in power tariff by July and the government paying Rs41.4b to PSO will clear some of the backlog.

A number of Italian companies belonging to the agriculture sector are ready to initiate joint ventures.

The Senate on Wednesday recommended that the government withdraw one per cent increase in the General Sales Tax (GST).

Bureaucrats have won in their cause to block an overhaul of the taxation system that would include an imposition of the VAT.

The Senate's Standing Committee for Finance has rejected a one per cent increase in general sales tax (GST).

Faysal Bank Limited has bought a majority stake in Royal Bank of Scotland Group's Pakistan unit for 41 million euros.

Continuous sectarian and ethnic target killings in Karachi have worried businessmen from big industrialists to small traders.

Tense relations with India are costing Pakistan $1.8 billion in annual trade which can be saved by changing policy.

Prime Minister Yusuf Raza Gilani decided to provide an immediate financial relief of Rs41.4 billion to PSO on Tuesday.

The Karachi stock market saw high depression on Tuesday, but key indices were able to put a limit on losses.