KARACHI: Several industrialists are planning to shift their business abroad from Karachi due to the unnecessary gas load-shedding, an official said in a statement on Saturday. Korangi Association of Trade and Industry president Salman Aslam asked the government to lift tax on the re-gasified liquefied natural gas (RLNG) to help industrialists purchase the commodity as … Read more
KARACHI: Pakistan’s textile exports in September 2021 surged 28 per cent to a record high of $1.503 billion, up 27.11 per cent, compared with $1.189 billion recorded in September last year, the All Pakistan Textile Mills Association (Aptma) tweeted on Saturday. During the first quarter of FY22, the textile exports rose to $4.437 billion, up … Read more
DUBAI: President Dr Arif Alvi on Saturday said that Pakistan was committed to offering promising business opportunities for foreign investors through one-window operations in sectors of innovation and technology. In a meeting with the heads of leading investment and technology firms in Dubai, the president said the one-window facility under Special Technology Zones Authority (STZA), … Read more
KARACHI: Food manufacturers plan to pass-on the rising cost to the consumers to sustain the margins, which would translate into a 10 per cent price hike in FY22. AKD Securities Ltd organised a Pakistan listed food manufacturing conference, which was attended by leading local food manufacturers. The companies attending the event said they need to … Read more
KARACHI: Experts have urged the tax authorities to bring the overall supply chain of tobacco under effective tobacco control and enforcement, including a mechanism for quick verification of data on cigarette production and sales, to reduce the damage to the national treasury and public health risks from the illicit trade in cigarettes in Pakistan. They … Read more
KARACHI: Pakistan stocks tumbled on Friday, amid low volumes; following news the World Bank revised down Pakistan’s GDP growth projection to 3.4 per cent for FY22, dealers said. Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower, amid thin trade on investors’ concerns over foreign outflows, the World Bank forecast of 3.4 … Read more
KARACHI: The State Bank of Pakistan (SBP) on Friday launched a dedicated landing webpage, https://www.sbp.org.pk/hcf/index.html, on promoting housing and construction finance on its website. The page contains extensive information on housing and construction finance and Mera Pakistan Mera Ghar (MPMG), government’s flagship markup subsidy scheme for affordable and the low-cost housing finance. The webpage provides information … Read more
DUBAI: The United Arab Emirates (UAE), one of the world’s biggest oil exporters, has launched a ‘strategic initiative’ targeting carbon neutrality by 2050, ahead of a UN climate conference later this month. The UAE has in recent years verbally backed the battle against climate change, but — along with fellow Gulf hydrocarbon producers — remains … Read more
KARACHI: The Sindh government has collected over Rs29.27 billion tax during the first quarter (July-September) ofFY21 as against Rs21.021 billion during the corresponding period of the last year, an official said on Friday. Presiding over a meeting to review the details of the tax collection, provincial Minister for Excise and Taxation, Narcotics Control Department, Parliamentary … Read more
KARACHI: The central bank has taken several measures to curtail the burgeoning import bill of the country by imposing certain restrictions on various sectors, including the auto financing. A report of the Topline Securities said car sales clocked-in at 250k units in FY21, which is likely to grow 10 per cent in FY22 to 276k … Read more
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered 2,223 new companies in September 2021, up 20 per cent over the same period in the preceding year, a statement said on Friday. The total capitalisation (paid-up capital) of the new companies stood at Rs2.8 billion and the total number of registered companies has risen … Read more
KARACHI: The K-Electric, Engro Energy and Akhuwat Islamic Financing (AIM) has signed a memorandum of understanding (MoU) at the National Electric Power Regulatory Authority (Nepra) headquarters, to provide interest-free (Qarz-e-Hasna) loans to the small businesses and households for the installation of photovoltaic systems, a statement said. The signing ceremony was presided over by Nepra chairman … Read more
KARACHI: The rupee made a recovery of 34 paisas against the dollar on Friday, as measures taken by the State Bank of Pakistan (SBP) discouraged the demand for import payments, dealers said. The exchange rate ended at Rs170.53 against the greenback from the previous day’s closing of Rs170.87 in the interbank foreign exchange market. The … Read more
KARACHI: FrieslandCampina Engro Pakistan Limited, a leading dairy company with over 150 years of expertise has joined the United Nations Global Compact to reinforce its commitment towards achieving the global Sustainable Development Goals (SDGs) and promoting responsible business, a statement said on Friday. The UN Global Compact is the world’s largest corporate sustainability initiative, with … Read more
KUNDUZ: A suicide bomb attack on worshippers at a Shia mosque in the Afghan city of Kunduz killed at least 50 people Friday, in the bloodiest assault since US forces left the country. Scores more victims from the minority community were wounded in the blast, which has not been claimed but appears designed to further … Read more
KARACHI: Pakistan’s foreign exchange reserves have declined $151 million to $26 billion by the week ended October 1, 2021, the central bank reported on Thursday. The foreign exchange reserves of the country stood at $26.151 billion by the week ended September 24, 2021. The official reserves of the State Bank of Pakistan (SBP) decreased $126 … Read more
KARACHI: Pakistan Navy and Royal Saudi Naval forces commenced their bilateral exercises named “Naseem Al Bahar 13” in the Arabian Sea, aimed at sharpening professional skills and promoting bilateral relations between both forces. “These exercises are being held regularly between both the naval forces, which consists of aircraft of both the forces and joint conduct … Read more
LAHORE: Rejecting the amendments brought in NAB laws via an ordinance, PPP parliamentary leader in the Senate Sherry Rehman vowed that her party will reject the bill in the upper house of parliament. “The PTI government has a clear ulterior motive behind this ordinance, issued with obvious malafide intent, which we will reject in the … Read more
KARACHI: The Pakistan stocks recovered on Thursday ahead of the quarter-end financial results due next week, amid central bank imposing curbs in dollar buying to stall falling rupee, dealers said. The Pakistan Stock Exchange KSE-100 shares index gained 0.48 per cent, or 212.82 points, to close at 44,586.05 points. The KSE-30 shares index gained 0.46 … Read more
ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Thursday appreciated new investment worth $5 billion in the local textile sector. “We have been informed that an investment of approximately $5 billion is in the pipeline, under which 100 new textile units are expected to be established,” the advisor said … Read more
ISLAMABAD: Pakistan exported goods worth $50.6 million to Japan during the first quarter of the current fiscal year 2021/22, witnessing a growth of 24.21 per cent over the merchandise exports during the corresponding period of the last year, a statement said on Thursday. The statement from the Embassy of Pakistan in Tokyo said that other … Read more
LOS ANGELES: Tesla chief executive Elon Musk thinks US regulators should take cryptocurrency out of their crosshairs, leaving it free to ‘fly’, he told a conference in California. The colorful serial entrepreneur, an outspoken digital money fan, shared his view at a Code Conference in Beverly Hills, as the governments around the world fret over … Read more
LONDON: The Royal Dutch Shell on Thursday warned of a financial hit from the recent Hurricane Ida, but the energy giant said cash flows would profit from soaring gas and electricity prices. The third-quarter earnings and cash flow will be impacted by around $400 million (346 million euros) from the August hurricane in the Gulf … Read more
DHAKA: South Asia’s recovery continues as global demand rebounded and targeted containment measures helped minimise the economic impacts of the recent waves of Covid-19. But the recovery remains fragile and uneven, and most countries are far from pre-pandemic trend levels, says the World Bank in its twice-yearly regional update received here on Thursday. The latest … Read more
BEIJING: Growth in the global manufacturing sector slowed for four straight months in September as the resurgence of Covid-19 and rising raw material prices weighed on the recovery, according to an industry report. The global manufacturing purchasing managers’ index (PMI) dropped by 0.1 percentage points month on month to 55.6 in September, a report published … Read more
The Pandora Papers leaked to the Washington-based International Consortium of Investigative Journalists (ICIJ) recently have fallen short of creating the sort of storm caused by the Panama Leaks five years ago. However, since they include the names of 700 Pakistanis including Prime Minister Imran Khan’s cabinet members, businessmen, investors, retired generals and media owners among … Read more
MOSCOW: The Kremlin said on Thursday that NATO’s decision to strip eight members of the Russian mission to the alliance of their accreditation shows its members have no desire to normalise relations with Moscow. NATO on Wednesday barred eight members of the Russian mission, calling them “undeclared Russian intelligence officers,” meaning spies. The military bloc … Read more
KARACHI: Foreign selling, increasing commodity prices, amid supply concerns dampened the market sentiments on Wednesday, dealers said. Ahsan Mehanti at Arif Habib Corporation said that the stocks fell sharply on investors’ concerns over foreign selling, weak global equities and surging trade deficit. “Dismal data on cement sales falling by 6 per cent in July-September 2021 … Read more
