Category: Business

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has taken note of malpractices in selling of insurance policies through bancassurance agents, initiating action against all companies involved in their sales. The SECP had received a large number of complaints regarding insurance products sold through bancassurance distribution channel. Bancassurance combines savings with insurance to offer […]

LAHORE: The Sui Northern Gas Pipelines Ltd (SNGPL) on Thursday halted gas supply to general industry — fertiliser, manufacturing and compressed natural gas sectors — to meet energy needs of around six million domestic consumers in Punjab. “In the wake of increasing gas consumption of domestic sector due to the current cold wave in the […]

ISLAMABAD: Three provinces have protested over “unauthorised and unconstitutional” transfer of their funds to the federal consolidated fund and approached the Council of Common Interests (CCI) to get the diversion reversed. On the complaint of Punjab, Sindh and Balochistan, the CCI will deliberate the issue on Monday (Dec 23) when it is also expected to […]

KARACHI: The current account turned negative in November after posting a surplus in October, indicating the deficit is still here to haunt the economy. However, the current account deficit (CAD) plunged by 73 per cent to $319 million in November, as compared to $1,166m in same period last year, reported the State Bank of Pakistan […]

ISLAMABAD: In what appears to be a major reform initiative, the World Bank is pushing for more harmonisation of general sales tax on services and goods among federating units of Pakistan, arguing that this will help tap 87 per cent potential revenue, which remains largely uncollected. The World Bank Country Director Patchamuthu Illangovan and one […]

The International Monetary Fund (IMF) on Thursday approved the second tranche of $452.4 million for Pakistan under the $6 billion Extended Fund Facility (EFF), declaring that Pakistan’s reform programme is “on track and has started to bear fruit”. The Fund, after completing it’s first review of Pakistan under the EFF, noted that “decisive” implementation of […]

KARACHI: The stock market kept its upward momentum with the KSE-100 index closing with a gain of 124 points (0.30 per cent) at 41,769. The proceedings remai­ned choppy as investors traded all day between hopes and apprehension on political developments. The bulls began their charge right from the start and carried the index to intraday […]

ISLAMABAD: The exports of textile and clothing grew by 4.68 per cent year-on-year to $5.76 billion during the first five months of 2019-20, showed data released by the Pakistan Bureau of Statistics on Tuesday. The overall improvement in current account after a gap of five years was mainly contributed by increase in exports of textile […]

KARACHI: Foreign direct investment (FDI) in to the country jumped by 78 per cent in the first five months of current fiscal year mainly on account of large inflows in the telecommunication sector. The massive jump in the FDI comes after one-off payments were made by the telecom companies — Telenor, Warid and Zong — […]

KARACHI: Despite dec­re­­asing cost of imported parts on account of strengthening of the rupee and steep fall in sales during the first five months of this fiscal year, the auto assemblers on Tuesday gave car and bike buyers a fresh shock by jacking up prices. Pak Suzuki Motor Comp­any Ltd (PSMCL), barring Cultus, raised prices […]