Category: Business

The federal government on Wednesday appointed eight members of the private sector to the board of directors of Sarmaya-i-Pakistan Limited (SPL), a holding company that will administer state-owned enterprises under an ambitious program to turn these enterprises around. The people appointed to the board include: Kamran Y. Mirza Chairman of the government’s Planning Commission, Chairman […]

Two companies on Wednesday committed $2 billion in investments to Pakistan’s housing and manufacturing sector after senior executives met the prime minister in Islamabad. Prime Minister Imran Khan on Wednesday met with Xuzhou Construction Machinery Group Co. Ltd’s (XCMG) Global Sales President and General Manager Dr Hanson Liu, as well as the Chairman of the […]

ISLAMABAD: The federal secretary of the finance division on Tuesday warned that Pakistan might face economic sanctions over non-implementation of Financial Action Task Force (FATF) recommendations. Talking to reporters after attending a meeting of a sub-committee of the Public Accounts Committee (PAC), Finance Secretary Arif Ahmed Khan said Pakistan had to take strict measures to […]

ISLAMABAD: Without a scientific study, the government on Tuesday ordered setting up of a third LNG processing terminal on a fast-track basis for completion before next winter at a new location – Jharri Creek/Chann Wadoo – and approved about Rs1.63 billion supplementary grants for security improvement and facilities for paramilitary forces. The decisions were taken […]

ISLAMABAD: Prime Minister Imran Khan on Tuesday approved a new policy to allocate 20 per cent quota or almost 12 posts for overseas Pakistanis for posting as trade officers in Pakistan’s missions abroad to be tasked to promote export and foreign direct investment in approximately 40 countries. The decision comes at a time when tenure […]

ISLAMABAD: The World Bank on Tuesday declined to extend financing to infrastructure projects in Pakistan during the current fiscal year saying it would continue working on its priority areas of agriculture, health and education sectors under its existing country partnership framework. The bank, however, promised to consider financing Peshawar-Torkham Highway project next year because of […]

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday asked the government to frame a special scheme for bringing in the massive black economy into the folds of tax net. Speaking at a press briefing at the Federation House, FPCCI president Daroo Khan Achakzai said that by doing so the government […]

KARACHI: Atlas Honda Ltd (AHL) made its third price jump in various two-wheeler models by Rs600-2,000 from Mar 1. The new price of CD70, CD Dream, Pridor 100cc, CG125 and CB150F have been fixed at Rs70,500, Rs74,500, Rs96,500, Rs116,500 and Rs191,900 versus Rs69,900, Rs73,900, Rs95,900, Rs115,900 and Rs189,900, respectively. Yamaha Motor Pakistan Ltd also jacked […]

ISLAMABAD: The government has cleared Rs200 billion of the circular debt that had swelled to well over Rs1.64 trillion to slightly improve cash flows of the entire energy sector including oil, gas and electricity companies. The largest chunk, of Rs60bn, flowed to Pakistan State Oil (PSO) followed by Rs54bn to all the independent power producers […]

In an attempt to resolve Pakistan’s circular debt, the Ministry of Energy on Friday issued a Rs200 billion ‘Pakistan Energy Sukuk’, which, according to a statement shared by Meezan Bank Limited (MBL), is “the first of its kind”. As per the statement, the sukuk was issued through Power Holding Private Limited, a company entirely owned […]