Category: Business

KARACHI: Improved returns following a sustained increased in policy rate has helped attract fresh rupee deposits of Rs690 billion this year for banks, while reducing the appetite of greenback deposits for domestic investors. Bankers said deposits of rupee have proved attractive as compared to those in dollars since the two currencies have substantial difference in […]

ISLAMABAD: The Fede­ral Board of Revenue (FBR) on Monday released Rs22 billion of verified sales tax refunds to exporters through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system. The first payment through FASTER module against the refund claims for July has been made and the State Bank of Pakistan confirmed the credit of […]

ISLAMABAD: The ex-Wapda Distribution companies (Discos) have sought about Rs1.93 per unit increase in consumer tariff on account of monthly fuel price adjustment due to higher than estimated power generation cost. The National Electric Power Regulatory Authority (Nepra) will take up for public hearing on September 4 a petition for increase in consumer tariff for […]

KARACHI: After the year’s heaviest monthly fall in August, the market opened on Monday with the bulls in complete command. The KSE-100 index climbed to intraday high by 506 points but later retraced some of the gains to close up by 385 points (1.3 per cent) at 30,057. Due to some technical ‘glitch’, the start […]

ISLAMABAD: Stakeholders of the defunct Pakistan Steel Mills have alerted Prime Minister Imran Khan over deliberate delays by vested interests in revival or sale of the country’s largest industrial complex which has been bleeding for more than a decade. Comprising employees, pensioners, suppliers, dealers and contractors, the PSM Stakeholders’ Group (PSMSG) said it was surprising […]

The State Bank of Pakistan (SBP) recently issued guidelines for the Modaraba-based Islamic refinance scheme for the working capital financing of small and low-end medium enterprises. The subsidised rate will be six per cent as opposed to the regular rate of approximately 18pc. In a market with a steeply upward sloping yield curve, financial institutions […]

ISLAMABAD: A group of energy sector experts have opposed the draft Alternative & Renewable Energy (ARE) policy saying it is unstructured, deficient and contradictory to various regulations and codes and fails to provide a clear roadmap for renewable energy development. A 10-member panel of experts including former heads of public and private sector energy companies […]

LONDON: British lawmakers opposed to no-deal Brexit will attempt to pass a law this week to stop Prime Minister Boris Johnson allowing Britain to crash out of the European Union on Oct 31, the opposition Labour Party’s Brexit spokesman Keir Starmer said. Senior minister Michael Gove, however, refused to guarantee the government would abide by […]

LAHORE: Chief Minister Usman Buzdar has approved abolishing of factories inspection by tax officials, allowing the owners to submit tax returns on their own under self-assessment scheme. The chief minister said here on Sunday the end of such inspections would ensure ease in doing business in the province. He hoped the process of industrialisation would […]

Kuwait Airways plans to spend about $2.5 billion on 28 new aircraft due to be delivered by 2026, Kuwait Airways Chairman Yousef A. M. J Alsaqer said. The planes will be financed with bank debt, the airline’s own capital and through the sale and re-leasing of the carrier’s planes, Alsaqer said, declining to disclose how […]