Category: Business

Newly appointed Federal Board of Revenue (FBR) chairman Shabbar Zaidi on Friday devised a mechanism to freeze bank accounts in case of a dispute, directing authorities against freezing accounts without his prior approval and notice to the account holder. In what was his first order in the capacity of the FBR chairman, Zaidi directed all […]

ISLAMABAD: Pakistan’s economy suffered a major setback with all key sectors failing to perform according to expectations resulting in just 3.3 per cent economic growth rate, significantly short of 6.2pc growth target for the year 2018-19. “Growth of agricultural, industrial and services sectors is 0.85pc, 1.4pc and 4.7pc respectively,” said an official announcement on Thursday, […]

Uber is set for its Wall Street debut Friday with a massive share offering that is a milestone for the ride-hailing industry and the so-called “sharing economy,” but which comes with simmering concerns about its business model. Shares will be priced at $45 for the initial public offering (IPO), valuing the startup at more than […]

ISLAMABAD: Experts from Pakistan and China on Thursday reviewed problems related to the volume of traffic and trade activities on the China-Pakistan Economic Corridor (CPEC). The two sides held a detailed discussion on the issues during signing of minutes of the two-day expert groups meeting on international road transport at the communications ministry. Communications ministry’s […]

ISLAMABAD: Ahead of the wrap up on International Monetary Fund (IMF) bailout talks, the government on Thursday projected this year’s fiscal deficit at 6.5-7 per cent of GDP amid criticism from a parliamentary panel over ‘unprecedented surge in public debt’ during this fiscal year. Members of the National Assembly’s Standing Committee on Finance and Revenue […]

KARACHI: Country’s overall mango production is feared to have come down to 1.2 million tonnes this year from 1.8m tonnes last year owing to heavy rains and hailstorms that damaged mango crop in Sindh by 10 per cent and 35pc in Punjab. Amid a bad crop, stakeholders have fixed a export target of 100,000 tonnes […]

DUBAI: Iran’s foreign ministry said on Thursday that new US sanctions targeting revenue from the country’s exports of industrial metals were “against international norms”, and warned Washington would be responsible for Iran’s losses. Iran exported over 57 million tonnes of mineral products worth more than $9.2 billion during the fiscal year to March, according to […]

KARACHI: Following the free-fall a day ago, stocks remained range-bound and in search of a direction on Thursday. The KSE-100 index attempted to claw back in early trade but profit-taking, mainly in banks, thwarted the effort. Brooding investors who have watched the index slide in seven of the last eight sessions saw index extend losses […]

The federal government on Thursday officially confirmed the appointment of Shabbar Zaidi as the new chairman of the Federal Board of Revenue (FBR) on an “honorary and pro bono basis for a period of two years with immediate effect”. The appointment, first announced by Prime Minister Imran Khan on Monday, was today notified by the Establishment Division. […]

China rejected the US accusations of backtracking in trade talks and warned it would not “capitulate to any pressure” as the two sides head into make-or-break negotiations on Thursday. After months of seemingly collegial talks, Chinese trade envoy Liu He returns to the bargaining table in the US capital under a tense atmosphere after US […]