Category: Business

ISLAMABAD: While the Ministry of Science and Technology and the Ministry of Industries are not on the same page for implementation of safety standards of vehicles produced locally, the Senate Standing Committee on Industries and Production has expressed concern over low quality of locally assembled cars. A meeting of the committee, presided over by its […]

It’s an ugly spat for such a glamorous industry: French luxury powerhouse LVMH and US jeweller Tiffany & Co. are blaming each other for the collapse of what would have been the sector’s biggest-ever buyout deal. Paris-based LVMH had announced on Wednesday it was abandoning the $14.5 billion takeover plan because the French government had requested a […]

ISLAMABAD: Prime Minister Imran Khan on Tuesday said the country’s Information Technology (IT) sector held tremendous potential for investment, revenue generation and economic development. He emphasised that IT-solutions in government operations ensured transparency, speed of delivery and good-governance. The prime minister expressed these views during a meeting with a delegation of technology giant Huawei led […]

ISLAMABAD: Warning of an impending serious gas shortage, the federal government on Tuesday said the Article 158 of the Constitution that promised priority rights to gas producing provinces was becoming irrelevant and all stakeholders would have to reach a consensus on a workable way forward. “We will be going towards massive (gas) load shedding in […]

KARACHI: After a 20 per cent year on year (YoY) drop in August 2020, exports are unlikely to recover in September due to the rains and subsequent floods flooding in the country — particularly in Karachi — which affected overall industrial operations, Federation of Pakistan Chambers of Com­merce and Industry (FPCCI) President Mian Anjum Nisar […]

ISLAMABAD: The Senate Standing Committee on Finance has asked the Ministry of Finance to prepare a working paper on the proposed amendment bill regarding supplementary grants in order to minimise the misuse of funds. The body, headed by Chairman Senator Farooq H Naek, directed the Special Secretary Finance Mohsin Mushtaq Chandna to submit the framework […]

KARACHI: Stocks plun­ged on Tuesday with the KSE-100 index recording a fall of 311 points (0.73 per cent) to close at 41,985.  The market opened positive and the benchmark spiked to intraday high by 233 points. But the index started to slide within an hour, wiping out all the early gains. Shares began to fall […]

KARACHI: US dollar buying from the open market started increasing for the first time since the Covid-19 pandemic made its way to Pakistan in March. However, currency dealers said current trading was still much lower compared to pre-coronavirus levels. Since the emergence of Covid-19 in the country earlier this year, dollar buying in open market […]

ISLAMABAD: The government-owned National Transmission & Despatch Company (NTDC) has challenged certain directives of the National Electric Power Regulatory Authority (Nepra), saying these will limit the scope of bidding for lowest tariff and lead the country towards another ‘capacity trap’.  The “NTDC believes that while considering these directions, size of committed set of projects would […]

MULTAN: Foreign Minister Shah Mehmood Qureshi said that the government wanted reduction in the rates of independent power producers (IPPs) and Prime Minister Imran Khan had discussed the matter with IPPs. Addressing a ceremony of the inauguration of 132-kv grid station at Fatima Jinnah Housing Scheme here on Sunday, the foreign minister said that the […]