Category: Business

Facebook Inc dropped to the 23rd spot in Glassdoor’s list of “Best Places to Work” in 2020 from the seventh it secured last year, amid heightened regulatory scrutiny of the world’s largest social network. The company received an overall rating of 4.4 out of 5, compared with 4.5 last year, as employees gave relatively lower ratings for […]

KARACHI: Overall car sales plunged 44 per cent to 49,110 units during the first five months of current fiscal year as demand for WagonR, Bolan, Toyota Corolla and Honda Civic/City slumped by around 35-75pc. In another depressing development in the auto sector, the Millat Tractors Ltd (MTL) — assembler of Massey Ferguson tractors — on […]

KARACHI: The State Bank of Pakistan (SBP) on Tuesday received $1.3 billion just a day after signing an agreement with the Asian Development Bank (ADB) in Islamabad. The $1.3bn inflow from the ADB pushed up central bank’s reserves to eight-month high at $10.41bn. Moreover, the country’s total reserves including central bank and commercial bank holdings […]

Federal Minister for Economic Affairs Hammad Azhar on Wednesday said that Russian involvement in development projects will be mutually beneficial for both Russia and Pakistan. Addressing a press conference alongside Russian Trade Minister Denis Valentinovich in Islamabad, Azhar specifically highlighted cooperation in the railway sector. “Russia is exporting [railways] equipment to European countries. On the […]

Asian Development Bank (ADB) on Wednesday announced its plans to invest $2 billion in the energy sector over the next three years. The announcement was made after an ADB team lead by Director General for Central and West Asia Department Werner Liepach met with Federal Minister for Power Omar Ayub Khan and Special Assistant to […]

ISLAMABAD: Minister for National Food Security and Research Makhdum Khusro Bakhtyar on Monday issued directives for immediate release of 50,000 tonnes of wheat to Sindh from Pakistan Agricultural Storage and Services Corporation (Passco) stocks. In a statement, the Ministry of National Food Security and Research said that there is no issue with the wheat stocks […]

KARACHI: On a directive of the Sindh cabinet, the province’s top law officer is set to file an application in the Supreme Court with a request to fix for hearing a pending application of the province seeking the funds being deposited by the Bahria Town Limited for settlement of cases about its project in Karachi. […]

ISLAMABAD: A Senate Panel on Monday termed as ‘bribery’ the induction of 42 projects in the development portfolio after the approval of the federal budget 2019-20 by the parliament and took strong exception to non-cooperation of the Ministry of Planning in investigating the matter. A three-member sub-committee led by Mir Kabir Ahmad Shahi and comprising […]

ISLAMABAD: In what appears to be a last reminder, Pakistan’s top tax machinery has approached the finance ministry of the United Arab Emirates for provision of information about those Pakistanis who have sought iqama (work permit) under the residence by investment scheme in a bid to hide their illegal wealth. The request for sharing data […]

KARACHI: In an all-encompassing conversation at a media round-table on Monday, the senior management at Citibank Pakistan gave a ringing endorsement to the government’s economic policies. “We are seeing a paradigm shift in economic management with efforts being made towards addressing the low tax-to-GDP ratio and the move from managed to market-based exchange rate are […]