Author: capital

SMEDA offers 70% grant for certifications

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LAHORE: The Small and Medium Enterprises Development Authority (SMEDA) has launched a 70% matching grant under its SME Certification and International Accreditation Grant Programme to help businesses obtain internationally recognised certifications and improve export competitiveness. According to a statement issued on Tuesday, the programme has gained traction as entrepreneurs from several parts of the country have shown interest in obtaining globally recognised certifications to enhance their competitiveness and export potential. SMEs will bear 30% of the cost, while the grant will cover certification expenses up to Rs800,000 and consultancy costs…

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Foreign firms invest Rs41b

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ISLAMABAD: Seventy nine new foreign companies have commenced operations in Pakistan over the past three years while international companies invested Rs40.7 billion in key sectors during the same time period. According to a statement released by the Securities and Exchange Commission of Pakistan (SECP), 61 foreign companies have also carried out shareholding transactions involving local entities. Of these transactions, 29 involved shareholding transfers to other foreign companies, four deals pertained to transfers to foreign individual investors, 20 were related to local individual investors and eight comprised local corporate entities. “Pakistan…

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PSX falls further in absence of cues

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KARACHI: Losses deepened at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark index closed lower by around 1,450 points over persistent selling and cautious investor sentiment in the absence of near-term positive cues. It came following a steep fall of around 5,500 points a day ago, when market players offloaded their holdings in panic mainly due to the evolving geopolitical situation. On Tuesday, the market opened in the green and staged a brief early rally, pushing the KSE-100 index to the intra-day high of 169,238. However, the positivity…

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$2b rollover status remains unclear

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ISLAMABAD: Pakistan has received over $10 billion in foreign loans, half of it in fresh disbursements and the remainder in rollovers of existing debts, but the central bank has yet to announce the status of the $2 billion rollover by the United Arab Emirates (UAE). According to Ministry of Economic Affairs data, the federal government received $5.1 billion in fresh loans during the July-January period of the current fiscal year. In addition, Saudi Arabia, China and the International Monetary Fund (IMF) either disbursed funds or rolled over $5 billion worth…

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Senate denounces Netanyahu’s plans to form ‘hexagon of alliances’ with India against Muslim nations

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The Senate unanimously passed a resolution on Tuesday, strongly condemning and rejecting Israeli Prime Minister Benjamin Netanyahu’s remarks about a plan to ally with India and other countries to counter Muslim states. The resolution expressed concern over what it described as provocative narratives that threaten the unity of the Muslim Ummah. The resolution was passed in response to comments made by Israeli Prime Minister Netanyahu during a Cabinet meeting on Sunday ahead of Indian Prime Minister Narendra Modi’s visit to Tel Aviv, that said that Israel “will create an entire…

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Islamabad court grants pre-arrest bail to Imran Khan and Bushra Bibi in multiple cases

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ISLAMABAD: A local court in Islamabad on Tuesday approved pre-arrest bail applications for Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and former first lady Bushra Bibi in multiple cases. Both were granted bail against surety bonds of Rs 50,000 each. Bushra Bibi also received pre-arrest bail in a separate protest-related case. Additional District and Sessions Judge Muhammad Afzal Majoka heard six pre-arrest bail applications of the PTI founder and one of Bushra Bibi. The PTI founder faces cases related to May 9 incidents, the Azadi March, attempted murder, vandalism, arson, and alleged fake…

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Sindh Bar Council demands immediate removal of Governor Kamran Tessori

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KARACHI: The Sindh Bar Council has demanded the immediate removal of Governor of Sindh, Kamran Tessori, by President Asif Ali Zardari, declaring political activities at the Governor House to be in violation of the Constitution. A resolution against the governor was approved during the 109th meeting of the Sindh Bar Council, held on February 21, which decided that the “involvement of the Governor of Sindh in political activities and using Governor House for political activities is in violation of the Constitution.” The council demanded that the president immediately remove Tessori…

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Iranian envoy calls for calm amid rising Pakistan-Afghanistan tensions

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ISLAMABAD: Iran on Tuesday voiced concern over rising tensions between Pakistan and Afghanistan and called for continued efforts to ease relations. Speaking at the Islamabad Institute of Strategic Studies, Iranian Ambassador to Pakistan Reza Amiri Moghadam said, “War in the region is in no one’s interest.” He added that the common enemies of Pakistan and Iran are promoting terrorism and separatism, warning: “We must remain vigilant.” Late Saturday night, Pakistan carried out intelligence-based strikes against terrorist camps inside Afghanistan in what officials described as a retributive response to a string…

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Sheikh Rashid barred from Umrah as name lands back on ECL

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ISLAMABAD: Former interior minister Sheikh Rashid Ahmad’s application to travel abroad for Umrah was dismissed on Tuesday after his name was placed on the Exit Control List (ECL) for the second time. The prosecutor informed the court that on the instructions of the federal government, the Federal Investigation Agency had placed Sheikh Rashid’s name on the ECL. The prosecutor added that in connection with the May 9 incidents and the GHQ attack cases, the names of all the accused have been placed on the list. Read: PTI directs lawmakers to attend…

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PM arrives in Doha amid regional tensions

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ISLAMABAD: Prime Minister Shehbaz Sharif is set to meet the Amir of Qatar, Sheikh Tamim bin Hamad Al Thani, on Tuesday (today) with a wide-ranging agenda that includes the latest escalation in tensions between Pakistan and Afghanistan, the Gaza peace plan, US-Iran standoff and other pressing regional developments. This marks the third visit of the prime minister to Qatar in the last five months, underlining the growing strategic importance of ties between Islamabad and Doha. The prime minister had travelled to Doha twice in September – first to express solidarity…

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