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business and stock

Mobile phone imports increase 83.17% in July-Sept quarter

ISLAMABAD: The import of mobile phones into the country has witnessed an increase of 83.17 percent during the first quarter of financial year 2020-21 as compared to the corresponding period last year. Pakistan imported mobile phones worth $492.894 million during

Sale of sugar banned in Punjab for commercial use

LAHORE: A one-month ban on the sale of sugar for commercial use has been implemented in Punjab. Punjab chief secretary ordered the provincial field officers to strictly implement a ban for a month on the sale of sugar for commercial

Hammad Azhar expresses satisfaction over economic revival

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has expressed satisfaction over the report that Pakistan’s industry is leading the economic revival despite coronavirus shock. Hammad Azhar in a tweet wrote that cement, Automobiles, LSM, exports, construction, fertiliser, and other

EFP organize sports awareness seminar for workers

SIALKOT: Employer’s Federation of Pakistan (EFP) in collaboration with the International Organization of Labour and Pakistan Olympic Association organized a seminar to create awareness of sports among youth in Sialkot. Chief Executive Officer Forward Group of Companies, Khawaja Masood Ahmed

Cement exports jump 8.27 percent

ISLAMABAD: The sales of cement have increased by 8.27 percent during the first quarter of the financial year (2020-21) as compared to the same period of 2019. According to data released Pakistan Bureau of Statistics (PBS), the country exported cement

SSGC hints at pay cuts for employees

KARACHI: The management of Sui Southern Gas Company (SSGC) has hinted at a cut in the salaries of its employees. According to sources, the decision to cut the salaries of the employees was taken due to the financial crisis. The

Gold price increases in Pakistan

KARACHI: The price of 24 karat gold increased by Rs. 350 and was traded at Rs. 116,000 on Monday against its sale at Rs. 115,650. According to the Karachi Sarafa Association, the price of 10 grams of gold also increased

NKATI appeals PM to defer EOBI audits for two years

KARACHI: Faisal Moiz Khan, President North Karachi Association of Trade & Industry (NKATI), has appealed to Prime Minister Imran Khan to defer the audits of Employees’ Old Age Benefits Institution (EOBI) for at least two years. The request has been

Automated duty drawback payment system starts operations

ISLAMABAD: An automated computerized risk-based system of payment of duty drawback has started its operations. This news was announced by Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood.  With the operation commencement a large number of exporters

Adu Dhabi conglomerate to invest $1 billion in Egypt

DUBAI: The Abu Dhabi Development Holding (ADQ) will partner with LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, by investing $1 billion to back the grocer’s expansion in Egypt. ADQ will team up with Lulu

Global oil prices decline as China’s economic data disappoints

SINGAPORE: Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer. The world’s second-largest economy

FBR unearths Rs 12.78 billion suspicious transaction in Ghotki

GHOTKI: The Federal Board of Revenue (FBR) has unearthed a Rs 12.78 billion suspicious transactions from a dry cleaner’s account in the Ghotki area of Sindh. According to sources, a dry cleaner identified as Romesh Kumar was shocked after receiving

Prices for essential items fixed in Rawalpindi

RAWALPINDI: The Rawalpindi district administration today (Thursday) notified the new retail prices of essential items after the meeting of the Price Control Committee. According to details, Deputy Commissioner Rawalpindi Anwar-ul-Haq has also issued a notification in this regard. The local

PEW lauds conversion plan of CNG vehicles to RLNG  

ISLAMABAD: Pakistan Economy Watch (PEW) Chairman Brigadier (r) Aslam Khan has appreciated the move of the government to promote the use of Regasified Liquefied Natural Gas (RLNG) in vehicles in place of compressed natural gas (CNG). PEW) Chairman Brigadier (r) Aslam

FPCCI laments frequent increase in gas, power rates

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented that regular increase in oil, gas, power rates and rupee devaluation was posing threat to all sectors besides making the life of the common man miserable. FPCCI

Pakistan’s inflation rate increases to 9.20 percent

ISLAMABAD: Pakistan Bureau of Statistics (PBS) report has stated that the inflation rate jumped above 9.20 percent.   According to the statistics, prices of 25 items including eggs, chicken, flour, and sugar have gone up while prices of nine items including

Pakistan is wheat secure till next harvest: Food Ministry

ISLAMABAD: Ministry of National Food Security and Research (NFSR) stated that Pakistan is wheat secure till the next harvest and claims of excessive shortage are fallacious. It stated that 4.883 million metric tons (MMT) wheat is available with the public

Water shortage halts industrial production in North Karachi

KARACHI: The North Karachi Association of Trade and Industry (NKATI) has expressed reservations over the unavailability of water to industries and demanded immediate supply as production has come to a halt. In a statement, President NKATI Faisal Moiz Khan expressed

Pakistan, World Bank sign $1.15 billion agreements for two power projects

ISLAMABAD: The World Bank will provide $1.15 billion concessional financing for the two projects to support hydropower and renewable energy development in Khyber Pakhtunkhwa, and transmission of power from Dasu Hydropower Project. Prime Minister Imran Khan witnessed the signing ceremony

Petrol prices in Pakistan to remain unchanged until Oct 31

ISLAMABAD: The PTI-led federal government has decided to keep the prices of petroleum products in the country unchanged for the rest of October. According to a statement issued by the finance ministry today (Thursday), the existing prices of petroleum products

Govt making efforts to revive economy: Finance Adviser

LAHORE: Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh has said that the economy had shrunk due to the coronavirus but the government is making concerted efforts to revive it. The finance adviser was addressing members

FBR eliminates regulatory duty on textile sector import

ISLAMABAD: The Federal Board of Revenue (FBR) has eliminated regulatory duty on the import of the textile sector. The FBR has issued another SRO.1043(I)/2020 to amend the regulatory duty SRO.680(I)/2019. AS per the new amendment, the bureau will not charge

Sindh govt notifies wheat price at Rs 3687.50 per 100 kg

KARACHI: The Sindh government has notified that wheat from stocks will be released at a price of Rs 3687.50 per 100 kilograms. According to the government notification, the wheat will be released to flour mills and Chakkis from government stocks

Provincial govt taking result oriented steps to strengthen economy: CM KP

PESHAWAR: Chief Minister Khyber Pakhtunkhwa Mahmood Khan has said the provincial government was taking concrete steps under the comprehensive strategy for the purpose. The chief minister said his government was taking result-oriented steps to strengthen the economy of the province,

Govt decision to allow import of tomatoes, onions from Iran hailed

KARACHI: President Pakistan Businessmen and former provincial minister Mian Zahid Hussain has lauded the move of the government to allow the import of tomatoes and onions from Iran. Mian Zahid Hussain said that all the steps against price hike have

EXIM Bank to start operations in Pakistan

ISLAMABAD: The federal cabinet has approved the enactment of the Export-Import Bank of Pakistan Act, 2020 paving the way for the bank to start operation in the country. According to Adviser to Prime Minister for Commerce and Investment, Abdul Razak

APTMA express grief over spike in Sept power bills

LAHORE: The All Pakistan Textile Mills Association (APTMA) has expressed concerns over the increase in power tariff from ₵7.5 per kWh to ₵9 in September bills, saying that this increase would play havoc with the small and medium enterprises (SME) sector

Govt taking steps to enhance exports: Fakhar Imam

ISLAMABAD: Minister for National Food Security and Research Syed Fakhar Imam has said that Pakistan was focusing on developing a phytosanitary system in order to enhance its exports. While talking to Ambassador of European Union Androulla Kaminara who called on

KCCI rejects hike in power tariff

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Shariq Vohra has that hike in K-Electric tariff would prove to be a serious blow to the city’s industry despite the effects of the  COVID-19 pandemic. Rejecting the federal government’s decision

SBP announces markup subsidy for affordable housing finance

KARACHI: State Bank of Pakistan had announced the markup subsidy for the construction and purchase of new affordable housing finance. This facility will allow all individuals, who will be constructing or buying a new house for the first time, to