Category: Business

LAHORE: The PTI’s Punjab government on Friday announced its second budget improving the allocation for Annual Development Programme (ADP) 2019-20 to Rs350 billion from Rs238bn in the outgoing fiscal year. Even this 47 per cent increase in the ADP fails to match the allocation of Rs635bn made by the Shahbaz Sharif government in 2017-18. Presenting […]

KARACHI: Pakistan received $20.19 billion remittances during July-May FY19, reflecting an increase of 10.4 per cent compared to the same period of last fiscal. Malaysia emerged as the biggest source of inflows with $1.438bn, a jump of 37pc from the same period last year. In terms of amount, United Arab Emirates appeared as the second […]

ISLAMABAD: A PML-N senator on Friday raised alarm over the proposed ‘cut’ in defence expenditure at a time when the country was facing internal and external threats. Opening the debate on the proposed budget in the Senate, retired Lt Gen Abdul Qayyum, who heads the house standing committee on defence, said the government’s decision to […]

The value of the US dollar against the rupee touched another all-time high for the second consecutive day, reaching Rs156.80 in the interbank market after an increase of Rs2.80 on Friday. The greenback was being traded at Rs157.50 in the open market at the time of closure, showing an increase of Rs3. In the last […]

Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said. The attacks have already stoked concerns about reduced flows of crude oil on […]

The World Bank has approved a package of $518 million for two projects in support of “Pakistan’s ambitious efforts to raise revenue and reduce compliance cost with a goal of providing better services to the people”, said a statement issued by the body. “The $400 million Pakistan Raises Revenue Project will support the Federal Board […]

ISLAMABAD: On the basis of budgetary measures, the Ministry of Finance estimates economic growth rate to further slow down to 2.4 per cent and inflation rate to rise up to 13pc, showing a wide margin with targets set by the National Economic Council (NEC) a few days ago. The NEC had approved a target of […]

Huawei will delay the launch of its much-touted foldable 5G Mate X smartphone by three months, the latest setback for the company that was slapped with US sanctions last month. The Mate X, a competitor to Samsung Electronics’ Galaxy Fold, is expected to be rolled out globally in September, Vincent Pang, Huawei’s head of corporate […]

LAHORE: The Punjab government is all set to present its budget on Friday (today) for the financial year 2019-20, having an estimated total outlay of Rs2.16 trillion, which includes development investment of something between Rs425bn and Rs450bn. The Punjab government’s estimated total budget outlay is 6.65pc higher than the original estimates for the ongoing 2018-19 […]

KARACHI: Consultants have found a number of deficiencies in the taxation measures proposed in the budget 2019-20 saying these are also contrary to the PTI’s election manifesto. Speaking at a post-budget seminar, organised by Karachi Tax Bar Association (KTBA) on Thursday, these experts pointed out that the proposed budgetary steps would trigger inflationary trend. They […]