Category: Business

WASHINGTON: Anonymous shell companies are one of the most widely used methods for laundering the proceeds of crime and corruption, says the latest report by the Paris-based international financial agency Financial Action Task Force (FATF). Its latest report identifies “best practices” to help countries “get rid of the cloak of secrecy” concerning the ultimate owner […]

WASHINGTON: Washington and Beijing are making “headway” on key issues in their ongoing trade dispute and discussions will continue, the US Trade Representative’s office said on Friday following a phone call between senior officials. President Donald Trump heralded a major win in his offensive against China two weeks ago, saying the economic powers were close […]

ISLAMABAD: President Dr Arif Alvi on Friday said that Pakistan and Iran needed to fully utilise the trade potential to enhance bilateral relations. President Alvi was speaking to his Iranian counterpart Dr Hassan Rouhani during a meeting held on the sidelines of the 18th Non-Aligned Movement (NAM) Summit in Baku, Azerbaijan. He briefed the Iranian […]

ISLAMABAD: Pakistan’s top tax machinery has linked approval of a fixed tax regime for small to medium traders with prior approval of the International Monetary Fund’s review mission, which is scheduled to arrive here on Sunday. On Oct 28, the IMF mission — headed by Ernesto Ramirez Rigo — will start review of Pakistan’s first […]

LONDON: Pakistan issued a tender on Friday to buy five cargoes of liquefied natural gas (LNG) for delivery in January 2020, Pakistan LNG documents showed. The delivery windows are Jan 6-7, Jan 11-12, Jan 16-17, Jan 23-24 and Jan 28-29. The deadline to submit offers is on Nov 26. Asian spot prices for LNG slipped […]

ISLAMABAD: At a time when the debt levels are unsustainable and alarmingly high, the government on Friday revealed that it will borrow additional funds in the next five years owing to greater need for bridging the fiscal deficit and keeping it within the projected target. Debt Office of Finance Division Director General Abdul Rehman Warraich […]

LAHORE: The Better Work Programme (BWP) will help improve Pakistan’s compliance and exhibit its commitment to improve labour welfare, International Labour Organisation (ILO) Country Director Ms Ingrid Christensen said on Thursday. Sharing details about the project during a consultative session at Pakistan Textile Exporters Association, Ms Christensen said the BWP aims to improve working conditions […]

ISLAMABAD: President Arif Alvi has upheld recommendations of the Federal Tax Ombudsman (FTO) to investigate wide spread reports on presence of showrooms dealing in non-paid vehicles (NDP) in Quetta and further transportation of these automobiles to other parts of the country. Collector Customs, Model Customs Collectorate (MCC) Quetta had filed representation before President Alvi against […]

KARACHI: Depressed demand in the auto sector has led to a drop of 27 per cent in overall import of completely- and semi-knocked kits (CKD/SKD) to $261 million in first quarter of the current fiscal year. Of the total imports, arrival of CKD/SKD kits for heavy vehicles plunged to $67m from $114m, followed by $175m […]

ISLAMABAD: In what appears to be the highest-ever upward shift in a year shown by a country, Pakistan climbed 28 places and rose to the rank of 108 in the World Bank Ease of Doing Business index and landed in the club of world’s top 10 business climate improvers. In its report for the year 2020 released […]