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Pakistan earns $224m from export of travel services in 1HFY21

ISLAMABAD: Pakistan earned US $224.120 million by providing different travel services in various countries during the first half of current financial year 2020-21. This shows decline of 18.54 percent as compared to US $275.114 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said. During the period under review, the personal ... Read More »

NEPRA to review agreements between govt & IPPs on March 3

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has decided to review the agreements reached between the government and Independent power producers (IPPs). The authority will hold a hearing on March 3. NEPRA will hear the Central Power Purchasing Agency (CPPA)’s petition regarding tariff adjustment with IPPs. During the hearing, the agreements between power plants and Jahangir Tareen’s JDW Sugar Mills, ... Read More »

World Bank provides $12m grant for FATA’s, displaced families

ISLAMABAD: World Bank has provided additional grant worth of US $ 12 million for FATA, Temporarily Displaced Persons Early Recovery Project (TDP-ERP) to earlier recovery of displace families in former tribal areas of Khyber Pakhtunkhwa (KPK). Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of Additional Grant Agreement of “FATA Temporarily Displaced Persons Emergency Recovery Project” worth ... Read More »

Pakistan to save $300m annually from Qatar LNG deal: PM Imran Khan

LAHORE: Prime Minister Imran Khan on Friday revealed that Pakistan had signed a deal related to the supply of the Liquefied Natural Gas (LNG) which would help save the nation $300mn annually. Speaking at the groundbreaking ceremony of the Central Business District ceremony in Lahore, the prime minister said that his government had been trying to negotiate this deal for ... Read More »

Exports of ICT, telecom services increased 38pc in 7MFY21: Razak Dawood

ISLAMABAD: Adviser to the Prime Minister for Commerce and Investment, Abdul Razak Dawood, on Thursday said that the export of information and communications technology (ICT) and telecom services increased by 38 per cent during the first seven months of the current fiscal year (7MFY21) as compared to the corresponding period last of the last fiscal year. In a tweet, he ... Read More »

OGRA recommends increase in petrol price by Rs20.7

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division, suggesting an increase in the prices of petroleum products from March. According to sources, OGRA has recommended an increase in the price of petrol by Rs20.7 and an increase in the price of diesel by Rs 6 per litre. Meanwhile, the current levy on ... Read More »

UBL declares Rs20.9b as annual after tax profit

KARACHI: United Bank Limited (UBL) announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent. The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 ... Read More »

Pharmaceutical products export increases 24.92pc in 7 months of FY21

ISLAMABAD: The exports of Pharmaceutical products from the country witnessed an increase of 24.92 percent during the seven months of ongoing financial year (2020-21) as compared to the exports of corresponding period of last year. The country exported pharmaceutical worth US $161.443 million during July-January (2020-21) as against the export of US $129.242 million during July-January (2019-20), showing growth of ... Read More »

Govt, ITFC sign annual financing plan amounting to US$1.1b

ISLAMABAD: Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing ceremony of ITFC’s Annual Financing Plan 2021 for government of Pakistan, amounting to US$ 1.1 billion. The document was signed by Economic Affairs Division Secretary Noor Ahmed and Chief Executive Officer Eng Hani Salem Sonbol, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of Islamic Development Bank Group). ... Read More »

Pakistan cotton prices peak to 11-year high

KARACHI: Cotton prices in Pakistan pushed to an 11-year high because of a decline in production. Cotton traded at Rs12,000/maund, while its spot rate moved up to Rs11,700/maund, Karachi Cotton Brokers Forum Chairperson Naseem Usman was quoted as told. This is the highest price in the history of cotton trade in Pakistan. An increase of Rs400 was recorded in the ... Read More »

Cement export decreases 3.80pc in 7 months of FY21

ISLAMABAD: The exports of cement from the country witnessed a decrease of 3.80 percent during the seven months of financial year (2020-21) as compare to the corresponding period of last fiscal year. The country exported cement worth US $163.673 million during July-January (2020-21) as against the exports of US $170.133 million during July-January (2019-20), showing negative growth of 3.80 percent, ... Read More »

Islamic banking poised to expand across South, Southeast Asia post-pandemic: Moody’s

ISLAMABAD: Islamic banks in South and Southeast Asia have sufficient capital and liquidity to meet increased demand for financing as economies recover from the pandemic, while young, growing populations and government efforts to develop the sector will support long-term growth, according to a new report by Moody’s Investors Service. “Although Islamic banks’ profitability in these regions weakened in 2020, their ... Read More »

Non-textile exports surge 1.85pc in 7MFY21

ISLAMABAD: Pakistan’s non-textile exports posted 1.85 per cent growth year-on-year to $5.49 billion in the first seven months of FY21, as the pace of orders from international markets picked up to almost pre-Covid levels. However, according to the latest data released by the Pakistan Bureau of Statistics (PBS), growth was only seen in the value-added textile products during the July-January ... Read More »

Nepra reserves judgment on KE petition for power price hike

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) reserved judgment on a petition filed for hike in power tariff under fuel adjustment mechanism Tauseef Farooqi, Chairman NEPRA, heard a plea of KE to increase the price of electricity by Rs 1.71 per unit. During the hearing, National Electric Power Regulatory Authority (NEPRA) Chairman Tauseef Farooqi has directed K Electric, the ... Read More »

SNGPL to spend Rs9b on transmission network’s reinforcement in KP

ISLAMABAD: The Sui Northern Gas Pipelines Limited (SNGPL) is working on an extensive plan to reinforce its transmission network in parts of Khyber Pakhtunkhwa aimed at reducing Unaccounted For Gas (UFG) losses at an estimated cost of Rs 9 billion. Accordingly, the company has got approved a project from its Board of Directors and submitted it to the Petroleum Division ... Read More »

SBP defers Rs657.16b under refinancing scheme during COVID-19

ISLAMABAD: The State Bank of Pakistan (SBP), under its refinancing scheme for protecting businesses from the impact of COVID-19, has so far deferred Rs657.14 billion principal repayments of loans up to one year. The bank also allowed restructuring or rescheduling of around Rs235.8 billion so far, according to the updated data of the central bank. The number of borrowers that ... Read More »

Shipping activity at Port Qasim on Feb 23

KARACHI: Four ships, MSC Heidi, Sphene, Gas Athena and Maritime Tuntiga carrying Container, Petroleum gas and Palm oil were arranged berthing at Container Terminal, Chemicals Terminal and Liquid Terminal respectively during last 24 hours. Meanwhile four more ships, Maersk Sea Barok, MSC Asya, Zhou Shan Hai and Harriet-P carrying Containers, Coal and Soya bean also arrived at outer anchorage of ... Read More »

CDWP approves Rs25 billion development projects

ISLAMABAD: Central Development Working Party (CDWP) meeting approved four projects at an estimated cost of Rs25 billion and recommended two projects worth Rs44.3 billion to the Executive Committee of the National Economic Council (ECNEC) for further consideration. The CDWP meeting, which was chaired by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, also had senior officials from the Planning Commission, federal ... Read More »

KP govt introduces online system to monitor uplift projects in tribal districts

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has introduced an online system to actively monitor tribal districts’ development programme. As per officials, each project under the programme will now be assessed through the online system by the officials of Planning and Development department (P&D). The online system, developed by P&D in collaboration with the United Nations Development Programme, is dubbed as ... Read More »

FDI declines over 27pc in Jul-Jan FY21

KARACHI: Foreign Direct Investment (FDI) declined by 27.4 percent during the period July-Jan 2021 of the fiscal year. According to the State Bank of Pakistan (SBP) latest data, Pakistan fetched FDI amounting to $1,145.3 million in July-Jan of FY21 compared to $1,577 million in the same period of the last fiscal year (FY20), depicting a decline of $431.7 million. The ... Read More »