Category: Business

Chinese technology giant Alibaba on Friday confirmed plans to list in Hong Kong in what it called a $13 billion vote of confidence in the turbulent city’s markets and a step forward in its plans to go global. The enormous IPO, which Hong Kong had lobbied for, will come as a boost for authorities wrestling […]

Consumer spending in India’s rural areas has plummeted to a four-decade low, a leading business daily reported on Friday, bringing more bad news for Indian Prime Minister Narendra Modi as he struggles to revive a stuttering economy. Consumer demand in India’s villages fell 8.8 per cent between July 2017 and June 2018 — the sharpest […]

Iran imposed petrol rationing and raised pump prices by 50 per cent or more on Friday, in a new move to cut costly subsidies that have fuelled high consumption and rampant smuggling. The Islamic republic provides some of the most heavily subsidised petrol in the world, with the pump price previously standing at just 10,000 […]

ISLAMABAD: The government on Wednesday allowed import of tomatoes from Iran for a period of one month to arrest the skyrocketing prices of the vegetable in domestic market. The decision was taken at a meeting of importers with top officials of the Ministry of National Food Security (MNFS), Ministry of Commerce and other stakeholders. “Yes, […]

KARACHI: The Sino-Pak Tire Manufacturing Joint Venture is “an import substitution opportunity” that seeks to leverage Pakistan’s locational advantage as well as growing market for vehicle tyres, said Dr Xu Peng, Managing Director of InvestTarget — the investment bank and private equity fund which is the largest investor in the consortium. The company will aim […]

KARACHI: Bulls re­­su­med their run up on Wednesday after a day’s breather. The KSE-100 index recorded gains of 401.40 points (1.09 per cent) and crossed 37,000-level for the first time in six months (last seen on April 30), to settle at 37,166.96. The market also witnessed traded value at Rs10.8 billion which was the highest […]

ISLAMABAD: The Economic Coordination Committee (ECC), in a meeting chaired by Finance Adviser Hafeez Shaikh on Wednesday, increased minimum support price for wheat by Rs50 to Rs1,350 in order to safeguard growers’ interests. The increase comes after a gap of five years, as the government last raised wheat support prices by Rs100 to Rs1,300 for […]

SLAMABAD: Prime Minister Imran on Wednesday held out an assurance to top officials of the Federal Board of Revenue (FBR) that the tax machinery would be reformed in consultation with all stakeholders not only to restore confidence of taxpayers but also to raise potential revenue from all sectors. Almost a week after resistance from tax […]

KARACHI: Overall car sales plunged 44 per cent to 40,586 units in July-October 2019, from 72,563 units in the same period last year. Meanwhile, Honda Atlas Cars Pakistan Ltd (HACPL) has planned to work only seven days in November due to depressed demand and unsold stocks. After witnessing a 70 per cent fall in Honda […]

ISLAMABAD: After a delay of more than a month, the government has finally reached a decision to explore avenues including import of tomatoes from Iran to arrest the skyrocketing prices of the vegetable in the domestic market. The combination of ill-timed government policies and bad weather caused disruption in supply of tomatoes — a kitchen […]