Category: Business

RIYADH: The retail portion of Saudi Aramco’s initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals ($10.2bn), lead manager Samba Capital said on Thursday. The state oil giant plans to sell a 1.5 per cent stake, or about 3bn shares, and has said at least one-third of the sale is […]

ISLAMABAD: To meet another target before a mee­ting of the executive board of the International Mone­tary Fund (IMF), the government on Thursday app­roved an increase of 26 paisa per unit in electricity tariff, instead of 15 paisa allowed by the power regulator. This decision was made at a meeting of the Economic Coordination Committee (ECC) […]

Huawei Technologies has decided to challenge a United States Federal Communications Commission (FCC) decision barring US rural carrier customers from tapping an $8.5 billion government fund to purchase equipment from the Chinese company, Wall Street Journal reported on Thursday. Last week, the US telecommunications regulator voted to propose requiring carriers to remove and replace equipment from Huawei from […]

ISLAMABAD: Planning Min­ister Asad Umar on Thursday held separate meetings with key economic ministries to improve the pace of work between project conception and implementation while directing officials to expedite work on groundbreaking of special economic zones (SEZs), one of them before Dec 31. He said this while reviewing progress on the China-Pakistan Economic Corridor […]

ISLAMABAD: Federal Minister for Planning, Development and Reform Asad Umar said the government was encouraging private sector to come forward and participate in infrastructure development. The minister made these remarks during the meeting of third Board of Directors of the Public Private Partnership Authority (PPPA) on Wednesday. The meeting reviewed various proposals relating to the […]

KARACHI: Federation of Pakistan Chambers of Commerce and Industry President Daroo Khan Achakzai on Wednes­day showed serious concerns over the declining private sector credit —down by Rs4.1 billion in the first four months of current fiscal year. “The declining demand of private sector credit is due to high cost of borrowing and slow economic activity […]

Saudi Arabia and the United Arab Emirates discussed a planned refinery in the western Indian state of Maharashtra that will cost at least $70 billion, a figure that exceeds the initial $44 billion estimate previously announced. The new figure came from a read-out of a meeting in the UAE between Saudi Crown Prince Mohammed bin […]

ISLAMABAD: Highlig­hting the importance of foreign remittances in economy, Prime Minister Imran Khan on Wednesday directed delivery of full amounts of remittances to the families of overseas Pakistanis. The prime minister directed every possible measure to facilitate the overseas Pakistanis, calling them “an asset for the country”. PM Khan was presiding over a meeting of […]

ISLAMABAD: The 969MW Neelum-Jhelum Hydropower Company (NJHPC), Wapda and the government of Pakistan will go into default if energy payments to the firm do not begin within a month as the power sector is using its unaccounted units for showing a reduction in line losses, a National Assembly panel has been informed. “If revenue from […]

RAWALPINDI: Special Assistant to the Prime Minister on Youth Affairs Usman Dar on Tuesday said under the Kamyab Jawan Programme, one million applications have been received in just 15 days. “The number of female applicants is 190,000. Under the youth entrepreneurship scheme, a transparent and fair procedure has been adopted to distribute loans under the […]