CNG supply resumes in Sindh for 12 hours

KARACHI: Compressed Natural Gas (CNG) stations reopened in Sindh on Sunday morning for 12 hours, ARY News reported.

According to a spokesman for Sui Southern Gas Company (SSGC), the CNG will be available at service stations from 7:00 a.m. on Sunday until 7:00 p.m. for 12 hours

The decision to open stations was announced after witnessing an improvement in the SSGC gas pressure, the spokesperson added.

Read more: CNG stations reopen in Sindh for 24 hours

Earlier on February 20, the Compressed Natural Gas (CNG) stations had reopened for 24 hours, throughout Sindh.

According to the Sui Southern Gas Company (SSGC), it had been decided to open service stations throughout the province for 24 hours during the current week.

It is pertinent to mention here that the SSGC authorities followed a 12-hour schedule during the last weeks in the province due to a shortage in gas supply due to the current winter season.




Gold rates climb new peak after Rs750 due to tola increase

KARACHI: Extending an upward trend, gold rates increased by Rs750 to reach a record high of Rs94,250 per tola in the domestic market on Saturday, ARY News reported.

Similarly, the price of 10 grams of yellow metal registered an increase of Rs643 to reach Rs80,804 at the end of the day.

The latest increase in bullion gold prices is attributed to an increase in the rates of the precious yellow metal in the world market.

Reports say that gold rose more than 1.5% to its highest level in seven years in the global market, as investors rushed to metal security due to concerns about the global economic consequences of rapid expansion coronavirus.

Cash gold rose 1.7% to $ 1,646.89 per ounce at 01:46 p.m. EST (1846 GMT), after reaching its highest level since February 13, 2013, at $ 1,648.75 at the beginning of the session. US gold futures UU. They settled 1.7% at $ 1,648.80.

Bullion has increased by 4% so far this week, on its way to its best week since the end of June.

“The markets are again anxious because the outbreak of coronavirus is possibly spreading outside of China. There is a large amount of demand for safe haven since the economic slowdown in China, Japan and Germany is expected to persist in the first half of the year.” said Edward Moya, senior market analyst at the OANDA broker.





Let’s join together to impose taxes on tech giants, say G20 officials

RIAD: Major global economies must show unity when dealing with aggressive “fiscal optimization” by global digital giants such as Google, Amazon and Facebook, G20 officials said Saturday.

The Organization for Economic Cooperation and Development (OECD) is developing global rules to make digital companies pay taxes where they do business, rather than where they register subsidiaries. The OECD says that this could increase national tax revenues by a total of $ 100 billion a year.

The call to unity appeared primarily aimed at the United States, home of the largest technology companies, in an attempt to avoid any stalemate in the rules until after the US presidential elections in November.

“There is no time to wait for the elections,” German Finance Minister Olaf Scholz said at a fiscal seminar on the sidelines of a meeting of G20 central finance ministers and bankers.

“This needs leadership in certain countries,” Scholz said, looking directly at US Treasury Secretary Steven Mnuchin sitting next to him at the seminar.

The taxes of digital companies and the effect of the coronavirus outbreak on the global economy are some of the hot topics for G20 financial leaders, of the 20 largest economies in the world, during their talks in Riyadh this weekend.

The OECD wants to establish a minimum effective level at which these companies would be taxed and seeks an agreement at the beginning of July, with the backing of the G20 at the end of the year.

“A coordinated response is not the best way to go, but, given the alternatives, the only way to go,” OECD director Angel Gurria said at the seminar.

But OECD efforts stalled late last year because of the last-minute changes demanded by Washington, which many G20 officials consider reluctant to deal with a politically complicated issue before the presidential elections.

Mnuchin said the OECD countries were close to an agreement on the minimum level of taxes, which he said would also help solve the problem of where taxes are paid.

“I think we all want to achieve this by the end of the year, and that’s the goal,” Mnuchin said at the seminar.

Several European countries, including France, Spain, Austria, Italy, Great Britain and Hungary, already have a plan for a digital tax or are working on one, creating the risk of a highly fragmented global system.




2,000 bags of sugar recovered during a raid on Nawabshah

NAWABSHAH: Nawabshah district authorities said Saturday they recovered more than 2,000 bags of sugar during a raid in a Nawabshah district of Sindh.

The repression against sugar accumulators by the directives of Prime Minister Imran Khan continues throughout the country.

The raid on a demolition was carried out in the city of Muhammad de Nawabshah under the supervision of Deputy Commissioner Tariq Solangi. The warehouse was sealed after the recovery of two thousand bags of sugar.

In a separate action against sugar hoarders on Friday, a team led by ADC Shaukat Ali Ujjan raided a demolition of a high-tech mill in Kotri and recovered more than 100,000 bags of sugar.

Read more: PM Khan approves summary to ban sugar exports

The factory owner was identified as Haseeb Shaikh s / o Habib Shaikh and authorities find clues to his alleged connections with influential people in the government.

It was learned that Haseeb Shaikh is a resident of Khairpur and nephew of Deputy Inspector General (DIG) Hyderabad Naeem Shaikh.

In addition, the leader of the Popular Party of Pakistan (PPP), Manzoor Wasaan, is also a partner of the high-tech factory, while the father of the factory owner was a former officer of the Sindh Works Department in Karachi who had been facing a corruption case registered by the National Responsibility Office (NAB).





Export ban on tomatoes, potatoes imposed: SAPM

ISLAMABAD: The special assistant to the Prime Minister of Information and Broadcasting, Firdous Ashiq Awan, on Friday rejected reports that the government has imposed a ban on the export of tomatoes and potatoes.

On Twitter, he clarified that the federal cabinet only banned the export of onions in view of the decision of the Economic Coordination Committee.

Some sections of the media misreported the matter, which needed clarification, he explained.

Read more: ECC imposes ban on sugar exports to stabilize domestic prices




Hafeez Shaikh, Chinese ambassador, discusses the visit of President Xi

ISLAMABAD: China’s Ambassador to Islamabad, Yao Jing, asked the Prime Minister of Finance and Revenue, Dr. Abdul Hafeez Shaikh, on Friday.

They shared details of the progress in preparations for President Xi Jinping’s next visit.

Hafeez Shaikh said Pakistan highly values ​​relations with China and will greet the president with great respect.

He also thanked the Chinese government for the “massive support” at the FATF meetings in Paris.

Read more: China praises Pakistan’s “huge efforts” to improve the FTL regime

Hafeez Shaikh said that China and other sister countries have supported Pakistan throughout the process in terms of guiding the country to improve its frameworks.

The ambassador said it is a difficult time for the people of China, but they are patiently dealing with the calamity and hope to overcome it very soon. He thanked Pakistan for the support at this difficult time.

Read more: India again failed to push Pakistan to the FATF blacklist: sources

They also discussed progress in the China Pakistan Economic Corridor (CPEC) and measures to improve bilateral trade between the two countries, indicating that it has progressed smoothly.

Issues of bilateral interest were discussed and both parties agreed to improve economic cooperation in the future.