Category: Business

India’s stock market shot to record highs early on Thursday on news Narendra Modi was easily securing a second term, but all gains vanished as investors took profits and started looking at the broader fundamental issues facing the economy. The broader NSE index, which on early vote results surged 2.58 per cent to a record […]

ISLAMABAD: The government has envisioned a subdued economic outlook for next fiscal year with gross domestic product forecast to grow by 4pc as the development programme comes under a virtual freeze. This is the crux of the budget preparations ahead of Annual Plan Coordination Committee (APCC) meeting being held on Thursday after at least three […]

ISLAMABAD: Board of Invest­ment (BoI) chairman Haroon Sharif, who was appointed eight months ago, tendered his resignation to Prime Minister Imran Khan on Wednesday. Later in the day reports emerged that Secretary Finance Younus Dagha is also likely to be replaced within days. A high-level source familiar with these developments told Dawn that Mr Dagha had developed differences with […]

ISLAMABAD: Prime Minister Imran Khan said on Wednesday the government was formulating a new petroleum policy to provide incentives to the oil exploration and production (E&P) companies working in the country. “In order to capitalise on the potential of the sector, the government is working on a new petroleum policy, offering incentives to foreign E&P […]

ISLAMABAD: While opposition parties are planning to launch a protest movement against the government over rising inflation after Eid, the National Security Committee (NSC) on Wednesday endorsed the government plan to deal with the economic crisis. “The forum discussed and fully supported the ongoing efforts towards a sustainable and lasting resolution of country’s economic issues,” […]

Saudi Arabia’s promised deferred payment facility to Pakistan for the latter’s oil imports will kick in from July 1, under which Pakistan will receive petroleum products worth $275 million every month, Radio Pakistan reported on Wednesday. Quoting a tweet by Adviser to the Prime Minister on Finance Hafeez Shaikh, Radio Pakistan stated that the kingdom will export petroleum products worth […]

ISLAMABAD: Amid record high fiscal deficit and declining government revenues, Federal Board of Revenue (FBR) Chairman Muhammad Shabbar Zaidi on Wednesday revealed that only 11.2 per cent of the total 348,174 industrial gas and electricity connections in the country are registered with sales tax authorities. The alarmingly low level of compliance with the tax laws […]

KARACHI: The Karachi Shipyard and Engineering Works (KS&EW) on Wednes­day launched a 1,500-tonne state-of-the-art Maritime Patrol Vessel (MPV) built for the Pakistan Maritime Security Agency (PMSA). The MPV is a multi-mission vessel with a steel hull and aluminium super structure of 95 metres length and 12.2 metres breadth and can achieve maximum speed up to […]

The Petroleum Division has granted Kirthar Pakistan BV — a subsidiary of Kuwait Foreign Petroleum Exploration Company (Kufpec) — the license for exploration of oil in the Makhad block, a press statement by the energy ministry said on Wednesday. The division said that the government has executed an Exploration Licence (EL) as well as a […]

ISLAMABAD: In the Pakistan Tehreek-i-Insaf’s first year in office, the country’s fiscal deficit in first three quarters (July-March) of the current fiscal year peaked to five per cent of GDP as expenditures broke past records and revenue performance was the lowest almost in a decade. The details of fiscal operations released by the ministry of […]