Category: Business

KARACHI: The Pakistan Yarn Merchants Association (PYMA) has rejected four per cent withholding tax imposed on textile value chain. In a statement issued on Tuesday, PYMA Chairman Muhammad Saqib Goodluck said that in a meeting with the Federal Board of Revenue (FBR), it was agreed that only 1pc withholding tax would be imposed on yarn. […]

NORMAN: An Oklahoma judge on Monday found Johnson & Johnson and its subsidiaries helped fuel the state’s opioid crisis and ordered the consumer products giant to pay $572 million, more than twice the amount another drug manufacturer agreed to pay in a settlement. Cleveland County District Judge Thad Balkman’s ruling followed the first state opioid […]

ISLAMABAD: The Petroleum Division is planning to hold open bidding for 20 new oil and gas exploration blocks by the year end, aimed at making the country self-sufficient in the energy sector. The government, in the last year, awarded five new exploration blocks through a transparent bidding process, a senior official privy to petroleum sector […]

KARACHI: Producers of ghee and cooking oil are reporting a rapidly shrinking market, as consumers search for cheaper alternatives and retailers become wary of placing order following the newly introduced condition to obtain a CNIC of all parties purchasing or providing supplies to registered businesses. Many distributors are non-filers, coupled with restriction of filling the […]

ISLAMABAD: Amid unease of three cabinet members, the Cabinet Com­mittee on China-Pakistan Economic Corridor (CPEC) on Monday decided to start financing discussions with China on the $8.2bn Main Railway Line (ML-1) project and cleared a draft CPEC Authority bill for cabinet approval. Informed sources told Dawn that Railways Minister Sheikh Rashid Ahmed had expressed displeasure […]

ISLAMABAD: The Supreme Court was informed by Additional Advocate General for Punjab Chaudhry Faisal Hussain on Monday that the provincial government had deposited Rs455 million in the water conservation account on behalf of different companies as cess for utilising underground water resources. An SC bench headed by Justice Umar Ata Bandial was informed that Balochistan […]

Asian markets mostly rose on Tuesday, recovering from the previous day’s pounding after Donald Trump said China-US trade talks would resume soon, though the president’s sharp changes in tone are keeping investors on edge. Regional equities tanked and the yuan plunged on Monday in response to news at the weekend that Washington would hike tariffs on more […]

KARACHI: The government paid $11.55 billion in debt servicing during the fiscal year 2018-19; an increase of over 54 per cent compared to the preceding year, data released by the State Bank of Pakistan (SBP) showed on Monday. The figures showed government paid $8.654bn as principal amount whereas the remaining $2.933bn was paid as interest. […]

ISLAMABAD: The government has released about Rs27 billion Public Sector Development Programme (PSDP) funds for security enhancement, jacking up total development spending to Rs50.5bn in less than two months of the current fiscal year. The Planning Commission on Monday said that the finance ministry had made a lump sum payment of Rs26.78bn for security enhancement […]

BERLIN: German business confidence has fallen for a fifth consecutive month and hit a nearly seven-year low, a closely watched survey found on Monday adding to mounting worries that Europe’s biggest economy is headed for a recession. The Ifo institute said its monthly confidence index declined to 94.3 points in August from 95.8 in July. […]