Half-yearly uplift spending rises to 55pc of allocation

ISLAMABAD: The government has increased development spending to about 55 per cent of its budgetary allocations, significantly higher than last year’s 35pc during the corresponding period. The data released by the Planning Commission shows that it has approved Rs384 billion disbursements for development projects as of January 17 against a budgetary allocation of Rs701bn, accounting […]

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Foreign LNG firms to invest $500m without off-take guarantees

ISLAMABAD: A parliamentary body on Wednesday was informed that international companies investing in liquefied natural gas (LNG) will bring in roughly $500 million foreign direct investment without any financial subsidy and off-take guarantees from the government which earlier placed unnecessary financial burden on the state. During the meeting of Standing Committee of National Assembly on […]

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Pakistan drops three spots on global Corruption Perceptions Index 2019

Pakistan ranked 120 out of 180 countries in the Corruption Perceptions Index (CPI) 2019 released by Transparency International on Thursday, slipping by three spots from the previous year’s ranking despite increased anti-corruption efforts. On a scale of zero (highly corrupt) to 100 (very clean), Pakistan was assigned a score of 32, a point lower than […]

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Aramco IPO to fund Saudi industry

DAVOS: Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy over several years, including building up the domestic defence industry amid tensions with Iran, its finance minister said on Tuesday. Mohammed al-Jadaan told Reuters there were “serious efforts” to reduce antagonism between Washington and Tehran after […]

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Real estate still attractive place to park grey money: FBR chief

ISLAMABAD: In his first public appearance since returning from a leave over health issues, Federal Board of Revenue (FBR) Chairman Shabbar Zaidi laid emphasis on documentation measures, saying money whitening channels continued to flourish despite the government’s efforts to shut them down. Mr Zaidi, who was one of the speakers at the All Pakistan Chambers […]

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Cash-starved PTV seeks increase in licence fee

ISLAMABAD: With no business plan of its own, the cash-starved Pakistan Television Corporation (PTV) is seeking to pass on Rs20 billion additional cost of its operations to the country’s electricity consumers already overburdened by up to 40 per cent increase in their power tariff over the past 18 months. The PTV board of directors, mostly […]

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Don’t expect uniform cut, fertiliser makers warn govt after GIDC waiver

LAHORE: The government’s efforts for an across-the-board reduction in urea prices could face resistance from some manufacturers as the impact of cuts in Gas Infrastructure Development Cess (GIDC) on industry’s cost of production will vary from company to company. The Economic Coordination Committee (ECC) on Monday slashed the GIDC on fertiliser sector by almost 99 […]

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China virus outbreak may wallop economy, financial markets

News that a new virus that has afflicted hundreds of people in central China can spread between humans has rattled financial markets and raised concerns it might wallop the economy just as it might be regaining momentum. Health authorities across Asia have been stepping up surveillance and other precautions to prevent a repeat of the […]

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