Category: Business

KARACHI: Sindh Chief Minister Syed Murad Ali Shah has said that the financial position of the province is precarious because of decline in federal revenue transfer and this has badly affected the development portfolio of the provincial government. Because of the prevailing situation, in the next financial year “We may hardly include a few new […]

ISLAMABAD: The Central Development Working Party (CDWP) on Monday approved 17 development projects worth Rs18.8 billion and recommended nine projects worth Rs594.5bn to the Executive Committee of the National Economic Council (Ecnec) for approval. The approved projects related to energy, transport and communication, science and technology, health, population planning, industries and commerce, food and agriculture […]

ISLAMABAD: Prime Minister Imran Khan on Monday announced the appointment of Syed Shabbar Zaidi, a Karachi-based partner in the chartered accounting firm A.F. Ferguson, as the new chairman of the Federal Board of Revenue (FBR). Mr Zaidi will become the third person from the private sector to hold this post. The announcement came from the […]

ISLAMABAD: The government has set a target to get rid of the circular debt by December 2020, Prime Minister Imran Khan was told in a meeting held on Monday to ascertain the progress on reforms introduced in the power sector. The premier was briefed in detail about ongoing reforms in the power sector to remove […]

KARACHI: Consumers brace for a costlier Ramazan this year as prices of almost all essential items including meat, ghee, cooking oil, flour, onion, chicken, and fruits have seen a significant increase during the last few weeks. Meat sellers have increased prices by Rs20-50 per kg — depending on the localities as retailers, previously selling veil […]

ISLAMABAD: The World Bank has released ‘Governance Notes on Pakistan Customs (PC)’ on Monday highlighting three key reforms including enhancement of risk management system (RMS), improving pre- and post-clearance facilities and broadening tax base to enable PC build on its relatively strong base of goods and revenue control capabilities. The report proposes enhancement of the […]

ISLAMABAD: Contrary to claims of the tobacco industry, only around 16 per cent of cigarettes consumed in Islamabad are classified as illicit. Moreover, smoking is inversely related to academic qualifications and prices in the federal capital. This has been stated in a study, “The burden of illicit trade in cigarettes in Islamabad” launched by Fikr-i-Farda […]

ISLAMABAD: The country will have to wait for another two months to reap the possible benefits of duty-free market access along 313 tariff lines to China under the recently-signed second phase of China-Pakistan Free Trade Agreement (CPFTA). The news came from Adviser to Prime Minister on Commerce and Industries Razak Dawood at a news conference […]

KARACHI: Stocks sank deeper into the red as the losing streak extended to fifth day with the KSE-100 index taking a dip of 517.53 points (1.43 per cent) to close at 3-year low at 35,605.42. Investors’ risk appetite vanished and panic mounted as the date of closing the deal with the International Monetary Fund for […]

WASHINGTON: US President Donald Trump decided to play hardball with Beijing ahead of a key round of negotiations this week, threatening to impose tariffs on all of the $550 billion in Chinese goods imports. The threat tanked stock markets worldwide and frightened US farmers and businesses caught in the crossfire who have been banking on […]