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CEO Binance reacts to Elon Musk selling his cryptocurrency holdings

Tesla and SpaceX founder Elon Musk has sold most of his cryptocurrency holdings, prompting a reaction from CEO Binance. Binance CEO Changpeng Zhao said that if someone buys or sells bitcoin, he does not think it will have a negative

USA, China, and UK are top export destinations of Pakistani products, says Razak Dawood

Prime Minister’s special aide on Commerce and investment, Abdul Razak Dawood revealed that the United States of America (USA) remained the top export destination of the Pakistani products followed by China and the United Kingdom (UK) during the first four

ECC delays approval of Textile and Apparel policy 2020-25

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has delayed the approval of Textile and Apparel policy 2020-25. The ECC held a meeting under Finance Minister Shaukat Tarin have discussed the range of issues regarding the approval of

Govt plans to raise funds through issuing treasury bills

KARACHI: The government has planned to raise its debt worth of Rs5.87 trillion through issuing treasury bills to banks. Over the next three months, the government has planned to help finance and national debt through issuing T-bills, Treasury bills to

Islamic principles of business success

The startup lifestyle is known to be stressful and challenging, but it’s also meant to be satisfying and fulfilling, with you as the entrepreneur in control of your own destiny. Unfortunately, it doesn’t always work out that way. Most Muslim

Karachi port handled 894,017 tonnes of cargo last week

KARACHI: The Karachi Port Trust kept cargo handling operations active at the Keamari and Port Qasim ports during the outgoing week. A total volume of 894,017 tonnes was handled at the Karachi port which included 676,689 tonnes imports and 217,319

Business leaders express condolences over demise of Siraj Kassam Teli

KARACHI: The business community has offered their condolences and expressed deep sorrow and grief over the sad demise of prominent industrialist Siraj Kassam Teli who passed away from a cardiac arrest in Dubai. SITE Association of Industry Patron Zubair Motiwala,

Oil prices rally accelerates after drop in US stocks

TOKYO: Oil price rose for a fifth day on Thursday after a surprise fall in US crude inventories rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels. Brent futures were up 45 cents,

Trump imposes ban on US transactions with WeChat, TikTok

WASHINGTON: United States President Donald Trump announced sweeping bans on transactions with China’s ByteDance, owner of video-sharing app TikTok, and Tencent operator of the WeChat app within 45 days, The executive order is a major escalation of tensions with Beijing

Rupee strengthens by Rs 0.21 against dollar

KARACHI: The exchange rate of Pakistani rupee on Thursday increased by Rs0.21 against the US dollar. The greenback is currently trading at 166.55 against the domestic currency at the interbank foreign exchange market. The dollar had finished at Rs166.76 against

KP eases lockdown, allows shops to open four days a week

PESHAWAR: While the government announced to ease lockdown restrictions, Khyber Pakhtunkhwa has decided that all shops will open four days a week and all businesses will be closed at 4PM evening. Addressing a press conference, Advisor to chief minister on

Lockdown and business

The coronavirus pandemic is the worst crisis since the Second World War, taking a heavy toll and human lives and health. The only known solution so far to defeat the virus is the imposition of a lockdown. After immense devastation,

Economic conditions improving as compared to past: SBP Governor

KARACHI: The State Bank of Pakistan (SBP) Governor Dr. Reza Baqir has said that the economic conditions of the country have been improved in many areas as compared to the past. Addressing a ceremony today (Tuesday), he said that in

Israel permits citizens to visit KSA for cultural, business reasons

JERUSALEM: On Sunday, Israel officially allowed its citizens to travel to Saudi Arabia for religious and commercial visits, in a major step towards improving ties with KSA. As Israelis traveled to Saudi Arabia through third countries, especially Jordan in the

Ordinance prepared against Benami properties, Chairman FBR

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has revealed that an ordinance has been formed against Benami or undisclosed properties. Sources added that the government has come up with an ordinance without making significant amendments in it but

Bulls dominate as KSE-100 surges 503 points

KARACHI: Bulls dominated the Pakistan Stock Exchange (PSX) on Thursday, as the indices kept rising for almost the entire session, as the KSE-100 Index crossed the 34,000 mark barrier. The KSE-100 Index marked its intraday high of 34,047.11 during the

PM assures to resolve problems faced by business community

ISLAMABAD: Prime Minister Imran Khan on Thursday reaffirmed that the present government is fully committed to providing all possible facilities to the business community. Talking to a delegation of representatives belonging to various Chambers of Commerce and Industry, the prime

CDWP clears seven projects costing more than Rs.30 bn

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday cleared a total of seven development projects with an estimated cost of Rs. 36 billion. The development projects are categorized into smaller and bigger development schemes. The projects with a combined

FBR sends over 400,000 notices to unregistered commercial users

ISLAMABAD: In the middle of the ongoing record fiscal deficit and low revenue collection, The tax watchdog has served 482,352 notices to non-registered or non-compliant industrial and commercial power consumers across the country. The non-compliance of tax policies is widening

Indonesian market is beneficial for Pakistani exporters: envoy

RAWALPINDI: Indonesian High Commissioner Iwan Suyudhie Amri has said on Monday that Indonesia is a thriving industry with a high potential for Pakistan products. The envoy while speaking to the business community on Monday in the Rawalpindi Chamber of Commerce

Oil imports sharply decline by 26 percent in current fiscal year

ISLAMABAD: The oil import bill showed a sharp decline of over 26% in the first two months of the  current fiscal year from year ago according to data released by the Pakistan Bureau of Statistics (PBS). The data analysis shows that all groups, including food

Egyptian logistical firm launches its operations in ISB and RWP

CAIRO: Egyptian startup, Swvl will enter two more cities of Pakistan. The bus hailing app has decided to expand its operations in Islamabad and Rawalpindi. Swvl is a bus hailing app, which is a substitute for public transit services.  The

Accountability not to affect businesses: Hafeez Shaikh

ISLAMABAD: Finance and Revenue Adviser to Prime Minister Dr. Abdul Hafeez Shaikh has expressed his opinion that accountability measures should not affect the business environment in Pakistan. Dr. Abdul Hafeez Shaikh was addressing the press on Sunday, he indicated that

Gold price remains stable in Pakistan

KARACHI: Gold prices in the country remain stable at 75,360 per 10 grams, and Rs 87,900 per tola. In the last week, a heavy decline in prices was observed. The country’s bullion market remained stable on Monday after a bloodbath

Saudi stocks plunge after drone attacks on Aramco

Riyadh: The Saudi stocks fell by 2.3 percent after the recent attacks on ARAMCO facilities in Saudi Arabia. The attacks on the facilities have slashed the Saudi oil supply by almost 50 percent. The Saudi markets opened on Sunday observed

Pakistan in top 5 remittance recipients in the region: ADB

MANILA: Asian Development Bank has released its list of countries receiving a high amount of remittance from abroad in 2019.  “The region’s top five recipients of remittances in 2018 were India ($78.6 billion), China ($67.4 billion), the Philippines ($33.8 billion),

Saudi Arabia appoints new Energy Minister amid low oil prices

RIYADH: Saudi Arabia’s King Salman has appointed his son, Abdul Aziz bin Salman, as the new energy minister, on Sunday, state media said, in a major shakeup as the OPEC overlord reels from low oil prices. The appointment of Prince

PSX trades negatively on third trading of week

KARACHI: The third day of the trading week started negatively in the Pakistan Stock Exchange.  The KSE-100 index in the stock market was down by 29 points to 29,787 level. The market opened at 29,809 levels, which saw a slowdown

Government decides to lift ban on import of Indian medicines

Islamabad: Avoiding a health crisis in the country, the Government has lifted the ban on the medicines and raw materials imported from India. Statutory regulatory orders (SROs) issued by the Ministry of Commerce and Textile state that the ban on