Pakistan News

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  • Legal issues hamper plan to revive KP cooperative bank

    PESHAWAR: The Khyber Pakhtunkhwa government’s plan announced in 2011 to revive the cooperative bank has fizzled out due to legal and other problems...

    They said since 2011, the government had allocated Rs200 million annually to resuscitate the bank but the money remained unspent due to litigations from former employees and legal issues raised by the law department...

  • Multinational firm offers internships to 160 students

    ISLAMABAD: A leading communication technology company offered 160 students across Pakistan a three-month internship...

    Speaking to interns, who recently joined the company’s office in Islamabad, Huawei Pakistan’s Chief Operating Officer (CEO) Aragon Meng said: “The internship at Huawei is a great opportunity for you to learn and enhance your knowledge with its practical implementation...

  • PTI says ECP was 'non-cooperative'

    ISLAMABAD: Pakistan Tehreek-i-Insaf (PTI) counsel Abdul Hafeez Pirzada on Monday alleged that the Election Commission of Pakistan (ECP) remained non-cooperative and did not produce documents which the PTI intended to present as evidence before the judicial commission...

  • Rangers detain ex-chief of fishermen cooperative for 90 days

    KARACHI: Pakistan Rangers, Sindh, informed the administrative judge of the anti-terrorism courts on Wednesday about the 90-day preventive detention of former chairman of Fishermen Cooperative Society (FCS) Dr Nisar Morai for questioning...

    The Rangers had also detained for 90 days Saeed Baloch, the general secretary of the Pakistan Fisherfolk Forum and the FCS employees’ union, in January for allegedly funding outlawed People’s Amn...

  • World Bank sees depressed oil, commodity prices through 2016

    WASHINGTON: The World Bank said on Tuesday it expects global commodity prices, important for emerging economies, to remain weak through 2016, with returning Iran exports holding oil down...

    The Bank also said in a new report that a forecast strong return of the El Nino weather phenomenon, which can hit essential southern hemisphere food crops, will not likely force grain prices sharply higher because of generous stockpiles...

  • Bank deposits grew 20pc in 2016

    4 per cent in 2016, which is notably higher than the growth rate witnessed in recent years...

    In its latest statement of position of all scheduled banks, the State Bank of Pakistan (SBP) said deposits and other accounts of all scheduled banks on Dec 30 amounted to Rs11...

  • Bahrain's Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank

    Bahrain-based Bank Alkhair said on Wednesday it had received approval from the State Bank of Pakistan to sell its stake in Pakistan's Burj Bank to a subsidiary of Bahrain's Al Baraka Banking Group...

    Al Baraka, one of the Gulf's top Islamic banks, had said in September that its Pakistani unit, Al Baraka Pakistan, would merge with Burj Bank to create an institution with assets totalling more than $1...

  • Bank Alfalah declared best bank for 2017

    KARACHI: Bank Alfalah received the Best Bank Award for 2017 for demonstrating “the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise community and financials”...

    It received the honour at the second Pakistan Banking Awards, which were jointly organised by the Institute of Bankers, A...

  • India central bank says linking national ID number to bank accounts mandatory

    MUMBAI: India’s central bank on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhar numbers, to bank accounts...

    “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,” it said in a statement...

  • Summit Bank eyes Burj Bank for Islamic banking entry

    KARACHI: Summit Bank has received approval from the State Bank of Pakistan (SBP) to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale...

    The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • 100m Pakistanis without a bank account, says World Bank

    ISLAMABAD: Pakistan is home to 100 million adults without a bank account, with 13 per cent adults citing religious concerns as a reason for not having account at a financial institution, a World Bank report on the use of financial services revealed...

    The ‘Global Findex Database’ said high costs turned out to be at least as important as religious concerns in each of the economies — cited by 21pc in Pakistan and 19pc in Turkey...

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