Category: Business

KUALA LUMPUR: Malaysia is hopeful of getting more “fair” investment from China, its foreign minister said on Tuesday, after both countries agreed to resume two multi-billion dollar projects just before a Belt and Road conference in Beijing this week. Malaysian Prime Minister Mahathir Mohamad, who came to power after a stunning election victory last May, […]

ISLAMABAD: Amid Kabul’s demand for allowing its trucks to pass through the Wagah-Attari border as a pre-condition to an ambitious Pakistan-Afghanistan-Tajikistan Trade and Transit Agreement (PATTTA), Islamabad has dropped a World Bank-funded project of about $500 million for development of the Khyber Pass Economic Corridor (KPEC). A senior government official told Dawn that the World […]

ISLAMABAD: The government of Pakistan and the International Islamic Trade Finance Corporation (ITFC) on Monday signed a $551 million facility to finance oil and liquefied natural gas (LNG) imports during the current fiscal year. Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh attended the signing ceremony. This is […]

ISLAMABAD: The Ministry of Industries and Production (MoIP) has delayed its decision to forward the summary of proposals to the Economic Coordination Committee (ECC) of the Cabinet prepared by the Experts Group, which was tasked to give its recommendations for reviving the Pakistan Steel Mills (PSM). A senior MoIP official told Dawn on Monday that […]

ISLAMABAD: Pakistan on Monday sought expeditious approvals from the World Bank to ensure disbursement of about $1.5 billion project financing before the fiscal year ends on June 30. Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh had a meeting with the World Bank Country Director Patcha­muthu Illangovan and discussed the ongoing […]

ISLAMABAD: Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh has said the government will facilitate Chinese investors by providing them all possible support to invest in Pakistan. During a meeting with Chinese Ambassador Yao Jing on Monday, the finance adviser said the environment for investment is conducive and […]

SAN FRANCISCO: Tesla Inc broadcast a web presentation on Monday to update investors about its self-driving strategy as Chief Executive Elon Musk tries to show that the electric car maker’s massive investment in the sector will pay off. Global carmakers, large technology companies and an array of startups are developing self-driving — including Alphabet Inc’s […]

ISLAMABAD: The All Pakistan CNG Association (APCNGA) on Monday said that around twenty multinational and local companies are keen to invest in the country’s gas sector. The companies keen to invest in the country’s gas sector include ExxonMobil, Mitsubishi, Trafigura, Eni of Italy, Vito, Gunvor Group, Petronas Global, and Qatargas. Moreover, local companies include Associated […]

ISLAMABAD: The country’s oil import bill went up 3.8 per cent year-on-year to $10.6 billion during 9MFY19, from $10.22bn in same period last year, according to data from the Pakistan Bureau of Statistics (PBS). The rise in imported value of the petroleum group was led by surge in liquefied natural gas, higher by 49.3pc and […]

Oil prices rallied by about 3 per cent on Monday to their highest since late 2018 as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions. Brent crude futures rose as much as 3.3 per cent to $74.31 a barrel, the highest since Nov […]