Category: Business

Apple Inc said sales in China were stabilising and touted how increasing demand for services and accessories such as Apple Music and the Apple Watch helped offset a record drop in iPhone revenue. Sales of iPhones, which account for more than half of all revenue, fell 17 per cent in the fiscal second quarter from […]

ISLAMABAD: The federal cabinet on Tuesday deferred up to 14 per cent increase in prices of petroleum products proposed by the Oil and Gas Regulatory Authority (Ogra) and referred the matter to the Economic Coordination Committee (ECC) for further consideration. A meeting of the cabinet presided over by Prime Minister Imran Khan also condemned the […]

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has failed to implement ‘the brokers’ model’ in the Pakistan Stock Exchange (PSX) after stockbrokers rejected the idea fearing that it would lead to place the market in few hands. Securities Market Division (SMD) Commissioner Shauzab Ali held two meetings with brokers to discuss the ‘stockbrokers’ […]

KARACHI: Bykea, the local ride-hailing technology startup, announced on Tuesday in a press release that it has raised $5.7 million in Series A investment – the first round of financing after seed money. The funding came from Pakistan-focused venture capital Sarmayacar as well as institutional investors from Southeast Asia and for Middle East. This also […]

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Tuesday directed the Federal Board of Revenue to consult all stakeholders on the business plan for the establishment of National Single Window (NSW). Chairing the second meeting of Steering Committee to review the implementation status of the NSW, the […]

BEIJING: China is expected to release a trimmed version of the negative list for foreign investment to expand market access for foreign investors, Vice Minister of Commerce Wang Shouwen said on Monday. The minister told a press conference that the ministry was collaborating with relevant departments to trim the list and optimise investment environment for […]

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has calculated an increase of Rs14.38 and Rs4.89 per litre in the price of petrol and high-speed diesel (HSD) respectively for the month of May. The oil and gas regulator has estimated a 15 per cent increase in prices of all petroleum products following the rise in […]

KARACHI: K-Electric has planned to set up a 700MW power project with the assistance of a Chinese engineering firm, calling it a milestone project in the economic cooperation bet­ween China and Pakistan. The project, it said, would directly benefit the country’s economic hub and “meet the growing power demand of Karachi and its adjoining areas”. […]

Samsung Electronics Co. said on Tuesday its operating profit for the last quarter declined more than 60 per cent from a year earlier because of falling chip prices and sluggish demands for its display panels. The South Korean technology giant said its operating profit for the January-March period came in at 6.2 trillion won ($5.2 […]

LAHORE: The Lahore Development Authority (LDA) approved the map of first-ever 45-storey high-rise on Monday to be built in Johar Town’s Finance and Trade Centre (FTC) after departments concerned issued no-objection certificates (NOCs). The high-rise, which will have a five-star hotel, commercial areas, and the head office of a leading private company, will be 500-foot […]