ISLAMABAD (September 09, 2010): The Federal Board of Revenue (FBR) has decided not to allow adjustment of losses on disposal of securities at the stock exchanges in cases of "Wash sales", "Cross trade" and "Tax Swap Sale". No adjustment of loss arising in cases of "Wash sales", "Cross trade" and "Tax Swap Sale" shall be admissible under the CGT rules, the FBR rules said.

ISLAMABAD (September 09, 2010): The Asian Development Bank (ADB) is not expected to disburse 2 billion dollars of new assistance for reconstruction and rehabilitation in the aftermath of the recent floods, as claimed by the Director General of the Central and West Asia Regional Department on his recent visit to this country, but to divert $1.5 billion from 29 ongoing projects, sources in the Planning Commission told this correspondent, exclusively.

ISLAMABAD (September 09, 2010): The country has no law to safeguard foreign direct investment (FDI), as the Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Ordinance has lapsed. The Supreme Court, in its July 31, 2009 verdict, had given 37 ordinances, including arbitral awards, a life of 120 days and asked parliament to take decision on these ordinances by November 28, 2009.

ISLAMABAD (September 09, 2010): Prime Minister Syed Yousuf Raza Gilani on Wednesday said Pakistan is facing the biggest human and economic crisis in history because of devastating floods and it is beyond any single country's capacity to meet a challenge of such magnitude. Pakistan, he mentioned, is simultaneously fighting war against terrorism as a frontline state in the interest of international peace and prosperity.

ISLAMABAD (September 09, 2010): The United Nations would launch second appeal to the international community for accelerating provision of additional funds urgently needed for rehabilitation and reconstruction of the flood hit areas. UN spokesperson for Pakistan Ishrat Rizvi, talking to Business Recorder, said that the UN would launch a second appeal for the flood affectees of Pakistan on September 17.

ISLAMABAD (September 09, 2010): Pakistan will have up to 3 million tonnes of rice available for export this year despite the worst floods in its modern history that damaged nearly 28 percent of the crop, traders said on Wednesday. Floods have affected more than 708,000 hectares (1.7 million acres) of rice out of the total 2.64 million hectares, according to government estimates. Production losses are feared at around two million tonnes.

KARACHI (September 09, 2010): President Asif Ali Zardari on Wednesday gave his approval to the appointment of noted economist Shahid Hafiz Kardar as Governor of State Bank of Pakistan. According to Aaj TV, the president signed the summary on the advice of Prime Minister Syed Yousuf Raza Gilani late Wednesday night. Earlier, the new Governor of SBP called on the President at Bilawal House here, the channel reported.

KARACHI (September 09, 2010): The Federal Board of Revenue (FBR) will highlight issues, particularly third-party composite audit, during the meeting with the World Bank (WB) review mission, which is scheduled to reach Pakistan on September 15, 2010, Business Recorder learnt on Wednesday.

KARACHI (September 09, 2010): The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed on 10th to 13th September, 2010 (Friday, Saturday, Sunday and Monday) being public holidays declared by the government on the occasion of Eidul Fitr.