Year: 2020

23 countries where money can buy you a second passport or ‘elite residency’

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The Second Citizenship Survey 2017 from CS Global Partners found that 89% of people would like to own a second passport, and over 34% said they had looked into investing in a second citizenship. Even more striking were the 80% who said they would be willing to invest or donate 5% of their annual salary for a second citizenship — more than they spend on monthly rent. Luckily, a number of countries offer Citizenship by Investment (CIP) programs where money — normally invested in real estate — can actually buy…

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Perfect Timing? China Announces Hydropower Megaprojects In Pakistan

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Few global projects receive the same amount of praise and criticism as China’s Belt and Road Initiative (BRI) does. Regardless of one’s opinion, the BRI is President Xi’s signature foreign policy project with magnanimous allure. According to Morgan Stanley, overall expenses could reach $1.2-1.3 trillion by 2027. Beijing has invested significantly not only in financial terms but also politically. In this context, the success of the China-Pakistan Economic Corridor (CPEC) is essential to showcase Beijing’s model of development. The CPEC was announced in 2013 in response to the countries’ economic needs and…

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Appointments in Wapda: Ministry challenges recommendations by CCI

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ISLAMABAD: Ministry of Water Resources (MoWR) has challenged recommendations of Council of Common Interests (CCI) regarding appointments of Wapda Chairman and Members, saying the direction is against the judgment of Lahore High Court (LHC), sources in the Ministry told Business Recorder. Wapda was established as a body corporate under section 3 of an Act of Parliament in 1958 for the unified and coordinated development of the water and power resources of Pakistan. The appointment of Chairman and Members of the Authority is to empower the Federal Government under section 4…

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FPCCI for revamping power sector to overcome circular debt

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LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar on Monday stressed the need for resolving the circular debt issue by revamping the entire power sector, including tariff setting, efficiencies of power generating units, supply chain network and payment recoveries. If this is not done, the future of energy sector would remain at stake, the FPCCI chief warned and urged the power ministry to identify system constraints, communicate targets to all the concerned departments to initiate up-gradation of transmission system on war footing. In this…

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Bill seeks to ‘enhance functions, utility’ of FBR’s policy board

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ISLAMABAD: A private member bill introduced in the Upper House of the Parliament on Monday sought to amend the law to “enhance the functions and utility” of the Federal Board of Revenue’s (FBR’s) Policy Board. During the Senate session presided over by Chairman Sadiq Sanjrani, Kauda Babar, an independent senator from Balochistan, introduced the Federal Board of Revenue (Amendment) Bill, 2020 which was referred to the relevant standing committee. “The Policy Board of Federal Board of Revenue was conceived as an apex forum for the provision of policy guidance to…

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