Category: Business

The National Crime Agency (NCA) of the United Kingdom has agreed to a settlement worth £190 million with the family of property tycoon Malik Riaz. “The £190 million settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national, whose business is one of the biggest private sector employers […]

ISLAMABAD: A study commissioned by the World Bank has identified 23 selected tourist sites across the province of Punjab to delineate the engagement of youth and women in the tourism sector who remain under-represented in most economic activities and policy thinking. The World Bank has been engaged by the Punjab government to provide technical and […]

ISLAMABAD: Pakistan is expected to request Qatar to reduce its liquefied natural gas (LNG) supplies under a ‘take or pay’ long-term contract as its energy demand tumbles amid an economic slowdown. Informed sources told Dawn that the proposal for fresh talks with Qatar had come up for discussion at a meeting of the Economic Coordination Committee (ECC) […]

Moody’s Investors Services upgraded Pakistan’s outlook from ‘negative’ to ‘stable’, reaffirming the country’s rating of B3, the agency announced on Monday. Moody’s had downgraded Pakistan’s ratings outlook to negative last year in June, citing heightened external vulnerability risk due to depleting foreign exchange reserves. “The change in outlook to stable is driven by Moody’s expectations that the […]

ISLAMABAD: The government has decided to separate gas transmission pipelines from the distribution network under its Ease of Doing Business (EoDB) policy aimed at creating an environment of competition among public and private sector companies. Major restructuring on the pipelines side by converting them into open access pipes is in the offing and during the […]

ISLAMABAD: The Oil & Gas Regulatory Authority (Ogra) has calculated minor reductions in the prices of major petroleum products for December to pass on the impact of lower international market rates. Meanwhile, Ogra has already notified an increase of 2.64 per cent in the price of Liquefied Petroleum Gas (LPG) for next month. Under the […]

ISLAMABAD: Chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi has assured the business community that raids would not be carried out on places of registered taxpayers for collection of income tax or sales tax. He, however, called upon businessmen and traders to help the authorities solve the problems of smuggling and tax evasion. […]

KARACHI: Repatriation of profit and dividends against the foreign investment in the country increased by over 10 per cent in the first four months of current fiscal year. The State Bank of Pakistan’s (SBP) latest data released on Friday showed the total profit and dividend outflow rose to $548 million compared to $497m in the […]

ISLAMABAD: The process to divest up to seven per cent shares of the Oil and Gas Development Company Ltd (OGDCL) to foreign and domestic institutional investors, high net-worth individuals and general public at the Pakistan Stock Exchange has begun. Privatisation secretary told the National Assembly Standing Committee on Privatisation that the government has invited ‘Expressions […]

ISLAMABAD: Ministry of Industries on Thursday forwarded a plan to the Economic Coordination Committee (ECC) for the revival of the Tuwairqi Steel Mills (TSML) requesting cheap gas supply, tax exemptions and threshold for new investment to make the state-of-the-art steel mill operational. The TSML has been non-operational since 2013 following the management’s dispute with the […]