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Diesel price cut by Rs2.40 per litre, petrol rate to remain unchanged

ISLAMABAD: The government on Wednesday decided to cut the price of high-speed diesel by Rs2.40 per litre and keep that of petrol unchanged for a period of fifteen days with effect from October 1. The prices of other petroleum products will also remain unchanged for the next 15 days. Earlier, the Oil and Gas Regulatory Authority (OGRA) put forth a ... Read More »

Pakistan to auction extra telecom spectrum; seeks $1b

ISLAMABAD: Pakistan will this week begin the process of selling unused telecom spectrum in an auction it hopes will raise around $1 billion and enhance network capacity, said three senior government officials familiar with the matter. The spectrum is in the 1800 and 2100 MHz bands typically used by operators for 4G LTE (long-term evolution) networks that offer faster video ... Read More »

Sindh bans use of LPG in public transport

KARACHI: The Sindh government has banned the use of liquefied petroleum gas (LPG) as fuel in all public service vehicles (PSVs) and asked the police to start a crackdown against passenger vans using gas cylinders. According to details, the Sindh transport department banned the use of LPG cylinders in public transport and has informed IG police, all commissioners, deputy commissioners, ... Read More »

BoI, MISHAL join hands to improve Pakistan’s CGI ranking

ISLAMABAD: The Board of Investment (BoI) and the World Economic Forum’s partner institute on global competitiveness, MISHAL, have agreed to assume reforms aligned to the Global Competitiveness Index (GCI). The MISHAL team visited BoI to brief the board’s secretary Fareena Mazhar and her team on GCI. The BOI secretary thanked the MISHAL team for elaborating the competitiveness challenges faced by ... Read More »

Exports of major commodities slide by 19pc YoY, 20pc MoM

ISLAMABAD: Pakistan’s exports showed a dismal picture in the month of August 2020, as total exports as per Balance of Payment (BoP) showed a 19pc YoY and 20pc MoM decline in August 2020, according to a report based on State Bank of Pakistan (SBP) findings by Mettis Global. Cumulatively, during Jul-Aug FY21, the overall exports declined by 15pc YoY to ... Read More »

Govt committed to making Punjab industrial hub: CM Buzdar

LAHORE: Chief Minister Punjab Sardar Usman Buzdar chaired a meeting to analyze the developments made on the proposed Special Economic Zone in Punjab. Buzdar directed the committee overseeing the SEZ to soon realize all the proposed economic zone projects across Punjab. It’s my mission to make Punjab the industrial hub, he said in the meeting. He noted that throughout Punjab ... Read More »

OGDCL earns Rs100.081b profit in FY2019-20

ISLAMABAD: The Oil and Gas Development Company (OGDCL) announced financial results for the year 2019-20, declaring earnings of Rs100.081 billion profit. “The Company’s net sales revenue clocked at Rs244.856 billion with profit after tax at Rs100.081 billion. This translated into earnings of Rs23.27 per share,” an OGDCL press release said. The company’s board of Directors announced a final cash dividend ... Read More »

Govt adopts measures to ensure economic empowerment of women: Razak Dawood

ISLAMABAD: Adviser to the Prime Minister for Commerce and Investment Razak Dawood Tuesday said that the government has adopted a number of significant measures to ensure economic empowerment of women for integrating them with international trade. Through the creation of Women Economic Empowerment (WEE) under the umbrella of National E-Commerce Council (NeCC), “We aim to reduce gender disparity across trade ... Read More »

Pharmaceutical exports increase 10.27pc in two months

ISLAMABAD: The exports of pharmaceutical products from the country witnessed an increase of 10.27 percent during the first two months of current financial year (2020-21) as compared to the corresponding period of last fiscal year. Pakistan exported pharmaceutical products worth US $41.197 million during July-August (2020-21) as against the exports of US $37.360 million during July-August (2019-20), showing growth of ... Read More »

Agha Steel signs Rs10.5b MoU with Horizon Steel

KARACHI: Agha Steel Industries is going to sell 100,000 metric tons of low-carbon billets worth approximately Rs10.5 billion per annum to Horizon Steel, according to a press release issued here on Monday. The announcement comes just days before the initial public offering (IPO) of Agha Steel Industries. In this regard, the two companies on Monday signed a memorandum of understanding ... Read More »

Mauritius buys 6,000 tonnes rice in tender from Pakistan

LAHORE: The state purchasing agency in Mauritius has purchased about 6,000 tonnes of long grain white rice to be sourced from India and Pakistan in a tender for the same volume which closed in August, European traders said on Monday. It was purchased at $380 a tonne C&F Mauritius. Sellers of rice from India were trading houses Mac Impex and ... Read More »

ADB approves $300m policy-based loan for Pakistan to strengthen finance sector

ISLAMABAD: The Asian Development Bank (ADB) on Monday approved a $300 million policy-based loan to help Pakistan strengthen its finance sector by supporting measures to develop competitive capital markets and encouraging private sector investment in the country, said a statement issued by the lender. “Capital markets act as a major catalyst in transforming the economy into a more efficient, innovative, ... Read More »

NAB arrests Shehbaz Sharif in money laundering case

LAHORE: National Accountability Bureau (NAB) team has arrested Opposition Leader in National Assembly Shehbaz Sharif in money laundering case. According to details, NAB team arrested the PML-N leader when Lahore High Court (LHC) rejected his bail plea after detailed arguments from both sides. The anti-graft watchdog will present Opposition Leader before the court tomorrow and request physical remand of the ... Read More »

Capital witnesses 90pc surge in construction firm registrations

ISLAMABAD: Following Prime Minister (PM) Imran Khan’s announcement of a special incentives package for the construction sector in April 2019, the Islamabad Directorate of Industries and Labour has witnessed a 90 per cent increase in the number of construction firm registrations and allied services. The prime minister had announced a relief package for the construction sector, aimed at stimulating economic ... Read More »

Govt sells WAPDA’s rest house in Mansehra

PESHAWAR: The Ministry of Privatisation has auctioned the Lalazar Batundi Rest House in Mansehra District of Khyber Pakhtunkhwa (KP) for Rs72 million. The 6 kanal 8 marla rest house was owned by the Water and Power Development Authority (WAPDA) but it had not been properly utilised for the promotion of tourism. The auction process was completed in a local hotel ... Read More »

Engineering goods exports increase record 4.02pc

ISLAMABAD: Engineering goods exports during first two months of current fiscal year grew by 4.02 percent as compared to the exports of the corresponding period of last year. During the period from July-August, Engineering goods worth US$29,060 thousand were exported as compared to the exports of US$27,936 thousand of same period of last year. According the data released by the ... Read More »

Businessmen keen to invest in Bundal Island, Ravi River Front projects, PM Imran told

ISLAMABAD: A delegation of top businessmen of the country, who called on Prime Minister Imran Khan on Thursday, expressed keen interest in two mega-development projects – Urban Development and Bundle Island Project (UDBSP) off Karachi coast and Ravi River Front Urban Development Project (RRFUDP) in Lahore. The delegation comprised Aqeel Karim Dhadi, Arif Habib, Abbas Mukhtar, Fawad Mukhtar, Faisal Afreedi, ... Read More »

FIA traces gang of ATM hackers in Rawalpindi

RAWALPINDI: The Federal Investigation Agency (FIA) has traced a gang involved in the hacking of Automated Teller Machines (ATMs) in Rawalpindi. According to the details, the FIA launched an investigation into the matter after receiving numerous complaints of cash transfers from the bank accounts of the consumers. The initial investigation revealed that a gang of five people including two government ... Read More »

GSP-Plus facility: EU envoy urges Pakistani exporters to focus on product diversity

ISLAMABAD: European Union’s Ambassador to Pakistan Androulla Kaminara has stressed the need for product diversity and more value-addition to exploit the full potential of market access to the countries under GSP-Plus regime. She was talking to All Pakistan Business Forum President Syed Maaz Mahmood and General Secretary Khurram Niaz Khan. Both sides discussed in details technical education, skills development, EU ... Read More »

NEPRA approves Rs1.62 per unit hike in power tariff

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) approved an increase of Rs1.62 per unit in the power tariff due to the fuel adjustment cost for the second and third quarters of Financial Year 2019-20. The consumers will have to bear the burden of Rs164.87 billion if the government approves NEPRA’s tariff hike. The decision was taken in light of ... Read More »