Islamabad, Dec 30: TRG Pakistan Limited (PSX: TRG) announced on Monday that it has identified fake documents bearing the Company’s logo circulating widely on social media. These documents contain incorrect calculations and financial scenarios related to the tender recently announced by the Company’s largest shareholder. TRG expressed concern over shareholders being misled by this false information, which has been deliberately spread by certain parties using the Company’s logo to deceive investors. The Company urged its shareholders and stakeholders to rely only on information released through official channels and to disregard content from unofficial sources, particularly on WhatsApp and social media,…
Author: Mawadat Fatima
Islamabad, Dec 30: A major cement manufacturer is allegedly implicated in a Rs. 2.4 billion tax fraud involving the misuse of four export tax exemption schemes. The Post Clearance Audit (PCA) South reported that the company imported significant amounts of clinker and packing materials but failed to meet the export obligations required under these regimes. During a physical inspection of the factory on December 18, 2024, it was found that only 62,000 MT of clinker was accounted for from a total of 463,334 MT, leaving 395,000 MT, valued at Rs. 3.3 billion, untraceable. The manufacturer’s claims of stockpiles at Taftan…
Islamabad, Dec 30: The Customs Classification Committee of the Federal Board of Revenue (FBR) has ruled in favor of a multinational beverage company regarding the classification of “Kola Vanilla Extract,” a flavoring agent and preservative used in beverage production. The Committee determined that the extract is properly classified under Pakistan Customs Tariff (PCT) Heading 2106.9010, based on its characteristics and intended use. This decision followed a valuation ruling issued by the Committee. The case originated when the Collectorate of Customs (Appraisement) Islamabad referred the classification of “Kola Van,” imported by Pepsi Cola International, for determination. Initially, the importer sought clearance…
Islamabad, Dec 30: The Islamabad High Court (IHC) has affirmed the Pakistan Telecommunication Authority’s (PTA) decision, requiring Zong, a prominent telecom operator, to reimburse over Rs 2 billion to its users. Justice Mian Gul Hassan Aurangzeb rejected Zong’s challenge against PTA’s directive, which demanded the return of funds collected as service and operational charges from April 26, 2019, to July 12, 2019. The court highlighted that cellular operators, including Zong, charged customers Rs 10 on every Rs 100 prepaid card as service or administrative fees, a practice deemed illegal by the Supreme Court. The PTA has instructed Zong to refund…
Islamabad, Dec 29: The Association of Builders and Developers (ABAD) has categorically rejected the Federal Board of Revenue’s (FBR) decision to impose restrictions on property transactions by non-filers. Speaking to the media, ABAD Chairman Hassan Bakhshi termed the move as counterproductive, warning that it will discourage investment and cripple Pakistan’s already struggling construction sector. Bakhshi argued that the ban on buying and selling properties for non-filers will have a domino effect on the economy. “The construction industry employs millions of people directly and indirectly. If these restrictions remain, the industry will collapse, and unemployment will rise,” he stated. Highlighting the…
Islamabad, Dec 29: The Pakistan Super League (PSL) has brought thrilling cricket action to millions, but no rivalry is more electric than Karachi Kings vs. Lahore Qalandars. This intense face-off transcends cricket, representing a cultural battle between Pakistan’s two largest cities. Let’s dive deep into this exciting rivalry that captures the heart of PSL fans. The Origin of the Rivalry The Karachi-Lahore rivalry has its roots in the cities’ historical significance. Karachi, known as Pakistan’s economic hub, and Lahore, celebrated as its cultural heart, have long been compared in every arena, from food to lifestyle. When PSL debuted in 2016,…
Islamabad, Dec 29: The Pakistan Stock Exchange’s KSE-100 Index is projected to gain momentum in 2025, driven by declining interest rates and sector-specific growth. Analysts from AKD Securities forecast a robust return of 55.5%, underpinned by improved profitability across key sectors like fertilizers, banking, and oil and gas. Falling fixed-income yields are expected to enhance cash flows for exploration and production (E&P) companies and oil marketing firms (OMCs). Weekly Performance and Economic Highlights Despite year-end volatility, the KSE-100 closed with a 1.68% weekly gain, adding 1,838 points to reach 111,351. Major contributors included: Commercial Banks: +780 points OMCs: +336 points…
Islamabad, Dec 29: With less than a month to go until January 22, 2025, Samsung is gearing up to host its next Galaxy Unpacked event, where it is expected to unveil the Galaxy S25 lineup. While the event will resolve questions about the phone’s features and hardware, a new report sheds light on the potential release timeline. Release Date and Pre-Orders Samsung is reportedly planning to release the Galaxy S25 in South Korea on February 7, 2025. This timeline aligns with Samsung’s usual strategy, where international availability is expected to follow closely. For context, the Galaxy S24 was unveiled on…
Islamabad, Dec 29: The State Bank of Pakistan (SBP) has issued a reminder that the deadline to redeem or exchange National Prize Bonds of Rs40,000, Rs25,000, Rs15,000, and Rs7,500 denominations is December 31, 2024. Citizens now have only four days to act. How to Redeem or Exchange Bonds Prize bonds can be exchanged at commercial bank branches, the SBP Head Office, or SBP Banking Services Corporation offices nationwide. The SBP has emphasized that no applications will be accepted after the deadline. Holders are urged to visit their nearest bank or SBP office immediately to complete the necessary formalities and avoid…
Islamabad, Dec 29: Cricket holds a unique place in the hearts of Pakistanis. It transcends the boundaries of sport, uniting people across cultures, languages, and social classes. This article explores why cricket is deeply ingrained in the cultural, political, and emotional fabric of Pakistan. Cricket as a Unifying Force Cricket in Pakistan is a unifying force, bringing together millions of fans regardless of their backgrounds. During major tournaments like the ICC World Cup or Pakistan Super League (PSL), the entire nation is glued to their screens. This shared passion creates a rare sense of unity and national pride. National Heroes:…
