BEIJING: Profits of China’s major industrial firms maintained sound growth momentum in the first 10 months of the year as industrial production continued to recover and business operations continued improvements, official data showed Saturday. Industrial firms with annual business revenues of at least 20 million yuan (about 3.1 billion U.S. dollars) saw their combined profits … Read more
ISLAMABAD: The International Cricket Council on Monday unveiled its growth strategy, developed in partnership with the members, that places women’s cricket at the forefront. The growth strategy will also help strengthen and grow the game across the globe with a vision of making it accessible to more nations, players and fans, the ICC said in … Read more
JAKARTA: Indonesia’s economy expanded again in the third quarter, official data showed on Friday, thanks to a pick-up in exports but the rate slowed from the previous three months as the pandemic continued to take its toll. Southeast Asia’s biggest economy grew 3.51 per cent on-year in July-September, the Central Statistics Agency (BPS) said, though that … Read more
KARACHI: Bank Alfalah Limited (BAFL) posted profit-after-tax of Rs10.481 billion for the nine months period ended September 2021, compared with Rs8.33 billion, showing a growth of 26 per cent, an announcement made by the bank on Monday said. The bank declared earnings per share of Rs5.9 for the period under review, compared with Rs4.69 EPS … Read more
LAHORE: The cement sector posted 22.77 per cent growth in August 2021, compared with the same month of the last year. Total cement dispatches last month remained 4.336 million tonnes as against 3.531 million tonnes during August 2020. As per the data released by the All Pakistan Cement Manufacturers Association (APCMA) on Friday, local cement … Read more
BEIJING: Beijing on Monday banned written exams for six- and seven-year-olds, as part of sweeping education reforms aimed at relieving pressure on pupils and parents in China’s hyper-competitive school system. China’s exam-oriented system previously required students to take exams from first grade onwards, culminating in the feared university entrance exam at age 18 known as … Read more
KARACHI: Pakistan’s total debt, including domestic and external increased 10.23 per cent in the fiscal year 2020/21 to Rs38.70 trillion, compared with Rs35.10 trillion by June 30, 2020, the central bank reported on Monday. The federal government’s domestic debt increased to Rs26.26 trillion by June 30, 2021, compared with Rs23.28 trillion. The domestic debt during … Read more
KARACHI: The collection of motor vehicle tax has registered a 50 per cent increase in the fiscal year 2021, owing to substantial increase in sales of vehicles during the year under review. The tax collection under this head increased to Rs14.38 billion during the fiscal year 2020/21, compared with Rs9.86 billion in the preceding fiscal … Read more
RIYADH/MOSCOW: Inflation rate in Saudi Arabia decelerated in July from June on an annual basis, as the effects of the July 2020 tripling of the VAT rate no longer weigh on spending, Arab News reported. The consumer price index, a gauge used to detect the changes in prices, recorded a modest increase of 0.4 per … Read more
ABU DHABI: Etisalat Group has continued growth in across-the-board operations for the first half of the year as the company announced its consolidated financial results for H1 ending 30th June 2021. According to company’s latest announcement, consolidated revenues amounted to Dh 26.4 billion representing year-over-year (YoY) increase of 3.2 percent while consolidated net profit after … Read more
KARACHI: The Ministry of Finance has said that the transition towards higher growth may put pressure on the external accounts. “In the transition towards a higher potential growth level, pressure can be built on the external accounts,” the Finance Ministry said in the monthly economic outlook released on Wednesday evening. It is important to closely … Read more
WASHINGTON: The International Monetary Fund (IMF) maintained its 6 per cent global growth forecast for 2021, upgrading its outlook for the United States and other wealthy economies but cutting estimates for a number of developing countries struggling with surging Covid-19 pandemic. The Fund has cut this year’s economic growth forecast for some Asia countries including India, … Read more
KARACHI: The tax collection from dividend income has registered a sharp growth of 33 per cent during the fiscal year 2020/21, owing to better earnings of the corporate sector, official sources said on Saturday. The collection of income tax grew to Rs18.46 billion during the fiscal year 2020/21, compared with Rs13.83 billion in the preceding … Read more
KARACHI: The Covid-19 pandemic badly affected the global economy and household earnings, but it proved a boon for Pakistan, as the country witnessed the highest surge in remittances among 45 developing nations, a World Bank report revealed. Overseas Pakistanis sent 17 per cent more back home, owing to the launch of tax incentives for the … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday resented the government move to shift the collection of the federal excise duty into the sales tax regime, a statement said. FPCCI acting president Nasir Khan said that the business community of Pakistan is against the unbalanced policies that have been in … Read more
KARACHI: The world economy is booming, as the global GDP is expected to expand 5.6 per cent, while the growth in advanced economies is expected to reach 5.4 per cent in 2021, the highest rate in nearly 50 years, powered by rapid vaccination and unprecedented fiscal and monetary policy support since the beginning of the … Read more
Optimism runs high: The upcoming Federal Budget 2021/22 is likely to target economic growth and structural reforms, analysts said on Tuesday. The federal government is scheduled to announce the budget on June 11. “We expect the budget to remain accommodative and should target economic growth and sound structural reforms side-by-side,” analysts at Insight Securities said. … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested the government to reduce tax rates on the existing taxpayers and broaden the base to achieve 6 per cent GDP growth in the next two years, a statement said on Saturday. Addressing a meeting to discuss the upcoming budget 2021/22, Mian Anjum … Read more
Prime Minister Imran Khan said Pakistan is moving on the road to development with accelerated development spending. In a tweet, he said the rupee is stable, current account deficit down by 73 percent, exports growing and cement sales has risen. Pakistan is moving on the road to development with accelerated development spending; rupee stable; current … Read more
The World Journal Bloomberg says Pakistan will be one of the important countries for the global economic growth rate by 2024. According to the details, Bloomberg has stated in its report that by 2024 Pakistan will be one of the important countries for the global economic growth rate. These countries will provide 78.5% of the … Read more
The World Bank says that Pakistan’s growth rate will be 2.4 percent in the next two years. According to the details, the World Bank predicts Pakistan’s economic growth targets for the next two years. Imran Khan’s government cannot meet the targets of inflation, public debt and fiscal deficit reduction, says World Bank. In the report … Read more
Prime Minister Imran Khan on Monday chaired meeting of the Economic Team of the Government. The meeting was briefed on the outcomes of the steps being taken by the Government for sustainable growth and economic consolidation, increased productivity, ease of doing business while removing hindrances in the way of investment as well as protection to … Read more
