Category: Business

ISLAMABAD: Despite system constraints, the Liquefied Natural Gas (LNG) supplies into the system increased by almost 14 per cent during calendar 2019 over the preceding year and reduced gas shortfall by 20-25pc. The two LNG terminals operating in the country reported to have pumped more than 393.6 billion cubic feet (BCF) of gas into the […]

ISLAMABAD: The government may settle for about $275 million payment being offered by the UAE’s Etisalat against $800m proceeds of the sale of Pakistan Telecommunication Company Limited (PTCL) outstanding for more than 13 years. “We want to move beyond the status quo maintained on the issue for over a decade and bring the matter to […]

ISLAMABAD: The government on Thursday decided to handover Rs204 billion worth of Sukkur-Hyderabad Motorway to the private sector to finance, build and operate it for 25 years and sought expedited mineral development through coordinated guidance to the provinces. The decisions were taken at two separate meetings presided over by Minister for Planning, Development and Special […]

Uber on Friday confirmed the official close of the acquisition of Careem for $3.1 billion. According to a press release from Uber, “Careem Networks FZ-LLC has become a wholly-owned subsidiary of Uber, preserving its brand”. The statement said that Careem co-founder and CEO Mudassir Sheikha “will continue to lead the Careem business, which will report […]

Oil prices surged and most major global stock markets declined on Friday after an Iranian general was killed by US forces in Iraq. London, Frankfurt and Paris opened lower while Hong Kong also declined. Shanghai was little-changed and Japanese markets were closed. News that General Qassem Soleimani, head of Iran’s elite Quds Force, was killed […]

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday approved eight projects worth Rs13 billion with the aims of improving livelihoods, transport and communications, urban resources and water management. The committee meeting, chaired by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, also recommended five projects worth Rs112.20bn to the Executive Committee of National Economic Council […]

KARACHI: Repatriation of profits and dividends on foreign direct investment (FDI) in Pakistan increased to $600 million during the first five months of FY20, reflecting enhanced profits of companies having foreign investment. Latest data issued by the State Bank on Wednesday revealed that profits on FDI increased. However, profits on portfolio investment significantly dec­reased during […]

ISLAMABAD: Pakistan’s inflation rate slightly eased to 12.63 per cent in December from 12.7pc last month but still scaled the highest level in nine years, the Pakistan Bureau of Statistics (PBS) reported on Wednesday. Inflation, measured by the Consumer Price Index (CPI) lowered 0.34pc over the previous month. The data released shows that higher food […]

The stock market soared on Thursday, continuing its rally from the previous day, with the benchmark KSE-100 index closing at 42,480 to register a rise of over 1,080 points (2.54 per cent). Combined with yesterday’s rally, the market has risen 4.28pc or 1,745 points since the start of the new year (YTD). Yesterday, the market […]

UAE telecom company Etisalat has submitted a framework of settlement to the government for the long-outstanding payment of $800 million against shares of the Pakistan Telecommunication Company Limited (PTCL). Etisalat had, on June 18, 2005, acquired 1.36 billion shares or a 26 per cent stake in PTCL for $2.598 billion. The government has a 62 […]