Category: Business

LAHORE: One of the five advisers to the Punjab chief minister resigned here on Tuesday, reportedly to make room for economist Dr Salman Shah in the provincial cabinet as an adviser on finance. An aide of the CM’s outgoing adviser Akram Chaudhry claimed that Mr Chaudhry tendered his resignation after the ruling Pakistan Tehreek-i-Insaf asked […]

LAHORE: Pakistan has been ranked 3rd in the world among top 20 countries for newly installed hydropower capacity in 2018. The country was placed at third position by the United Kingdom-based renowned organisation — International Hydropower Association (IHA) — in its recently issued report titled “2019: Hydropower Status Report — Sector Trends and Insights”. Formed […]

DUBAI: Saudi Aramco aims to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years as it expands its trading operations there with an office opening this summer in London, a senior company executive said. Aramco, the world’s biggest oil producer, is expanding its downstream, or refining and […]

After much deliberation, the government has announced its tax amnesty scheme — Asset Declaration Scheme — after it was approved by the cabinet on Tuesday. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh briefed the media on the scheme. He was accompanied at the presser by Federal Board of Revenue (FBR) Chairman Syed […]

ISLAMABAD: With the PTI-led government coming under increasing public and political pressure to rein in sweeping price hike of medicines, the federal cabinet plans to take up the issue when it meets on Tuesday (today) and discuss ways by which they can dial down the prices. “We have decided to take up the matter of medicines […]

North Korea on Tuesday called the US seizure of a North Korean cargo ship involved in banned coal exports a “robbery” and demanded that the vessel be returned immediately. The North’s official Korean Central News Agency, or KCNA, carried a statement by an unnamed foreign ministry spokesman who accused the United States of betraying the […]

ISLAMABAD: Former finance minister Asad Umar said on Monday he would speak next week to explain the difference between the terms and conditions he had negotiated with the International Monetary Fund (IMF) for a bailout package and those accepted by the new economic team of the government. This he said after being unanimously elected chairman […]

KARACHI: The US dollar gained Rs2 against the rupee in the open market on Monday as there were strong speculations that the local currency will depreciate further after signing of a bailout agreement with the International Monetary Fund (IMF). The IMF spoke of a “market determined exchange rate” in its statement on the programme, and […]

ISLAMABAD: Pakistan Customs (PC) on Monday launched “WeBOC-Glo” — a modern version of WeBOC Customs’ clearance system — to ensure speedy clearance of goods in order to reduce parking time at ports to facilitate businesses. An official statement released by the Federal Board of Revenue (FBR) said that WeBOC-Glo will be a technologically advanced version […]

KARACHI: The latest IMF programme has given some in industry circles significant grounds for anxiety while others, mostly from big business, are taking heart that in the longer run the programme could help rectify some long-standing imbalances in the economy. Meanwhile, economists say the details will reveal far more than just the scale of the adjustment that […]