Pakistan, Saudi Arabia working to transform bilateral ties into strategic partnership: PM

Prime Minister Imran Khan says the relations between Pakistan and Saudi Arabia have withstood the test of time and special bond between two countries is old.

In an interview with Saudi Arabia’s Al-Riyadh newspaper, he said it is now our earnest desire to transform this relationship into a deep, diverse and mutually beneficial strategic partnership.

The Prime Minister said we are working to consolidate the historical gains by exploring new and non-conventional areas of cooperation.

He said we want our trade relations and investment cooperation to commensurate with excellent political relations.

Imran Khan said during his recent visit to Saudi Arabia, at the first Saudi-Pakistan Investment Forum, he had stressed the importance of engaging the private corporate sectors of the two countries to realize the untapped potential in the fields of trade, business and investment.

He expressed the confidence that the Investment Forum would usher in a new dynamism in investment cooperation between the two countries.

Source: Radio Pakistan

Corona claims 11 more lives in country during last 24 hours

Eleven more deaths due to Coronavirus infection and 733 positive cases have been reported across the country in a single day.

According to the statistics of National Command and Operation Centre, 48,192 tests were conducted yesterday and positivity ratio remained one point five two percent.

Source: Radio Pakistan

FBR Surpasses Monthly Tax Collection Target 4 Months in A Row

The Federal Board of Revenue (FBR) has collected net revenue of Rs. 1,841 billion from July to October of the current financial year 2021-22.

FBR on Saturday released the provisional revenue collection figures for July-October Financial Year 2021-22.

According to the provisional information, FBR has collected net revenue of Rs. 1,841 billion during July-October exceeding the target of Rs. 1,608 billion by Rs. 233 billion. This represents a growth of about 36.6% over the collection of Rs. 1,347 billion during the same period last year.

The net collection for the month of October 2021 realized Rs. 440 billion, representing an increase of 30.5% over Rs. 337 billion collected in October 2020.

These figures would further improve before the after-book adjustments have been taken into account. On the other hand, the gross collections increased from Rs. 1,413 billion during July-October 2020 to Rs. 1,932 billion in the current Financial Year, showing an increase of 36.7%.

The number of refunds disbursed was Rs. 91 billion during July-October 2021 compared to Rs. 66 billion paid last year – an increase of 37.7%.

The Minister for Finance and Revenue on Saturday congratulated the FBR team and Chairman on the excellent tax collection. The collection has exceeded its monthly targets for four consecutive months, he tweeted.

Source: Pro Pakistani

PSX Forced to Resume Trading on Old System

The Pakistan Stock Exchange (PSX) confirmed that starting Monday, November 1, the exchange will switch back to the old trading system, known as Karachi Automated Trading System (KATS).

The announcement comes after the Pakistan Stock Exchange was forced to delay trading for two and a half hours on Wednesday due to “technical problems” triggered by the newly adopted Chinese trading and surveillance platform, read a press release.

In the statement issued, PSX noted that:

Implementation of such a complex system is a monumental task to ensure that there is no interruption of service to all market participants. It is pertinent to mention that 18 mock sessions were held before go-live. The live environment, however, presents its own unique set of challenges.

The PSX IT team and the Shenzhen Stock Exchange (SZSE) technical teams are working with local vendors to address all issues in the Jade Trading Terminal (JTT). In due course, the SZSE trading terminal may be deployed as part of the new trading system (NTS). Marketwide testing will be initiated before re-deploying the new system, explained the stock exchange.

Prior to the aforesaid development, the PSX had procured the new software from the Shenzhen Stock Exchange for $2.85 million. The procurement was intended to increase security against data leakages and theft attempts, safeguard the data of the investors and integrate the national market with regional and international stock markets.

However, last week, investors lost millions of rupees due to the technical glitches in the new platform.

Source: Pro Pakistani

PM directs not to change prices of petroleum products for next fortnight

As per directions of the Prime Minister Imran Khan, the prices of petroleum products will remain unchanged for the next fortnight.

According to a press release issued by the Finance Ministry, if there will be any price differential then Government will bear the burden and compensate to both Oil Marketing Companies and Refineries.

The decision has been taken in public interest.

The statement said that the Government is fully committed to provide maximum relief to the masses.

Oil and Gas Regulatory Authority has been advised to maintain uninterrupted supply across the country.

Source: Radio Pakistan

PR alters routes of many trains in view of current law & order situation

In view of the current situation, the railway administration has diverted trains from Peshawar and Rawalpindi to Lahore via Jund, Basal, Kundian, Sargodha, Sangla Hill and Sheikhupura.

According to Pakistan Railways, the Subak Kharam Express between Lahore and Rawalpindi running at 4:30 pm and the Islamabad Express running at 6:00 pm and the Rawal Express running at 12:30 am have also been suspended from both sides for today (Sunday).

The Green Line and Tezgam trains between Rawalpindi and Lahore have also been suspended for today (Sunday).

Source: Radio Pakistan