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Pakistan approaches US court against levy of $6b fine in Reko Diq case

WASHINGTON: Pakistan has asked a US federal court to pause an Australian copper company’s bid to enforce a $6 billion arbitral award while it looks to have the award nixed, reports Law360, a New York-based legal publication. Tethyan Copper Co. Pty Ltd won the award last summer following a dispute over the rejected Reko Diq mining project in Balochistan. Pakistan ... Read More »

SBP reserves jump $14m to $11.5b

KARACHI: The State Bank of Pakistan’s (SBP) net reserves increased by $14 million to $11.50 billion during the week ending December 03, according to data released by the State Bank of Pakistan (SBP) on Thursday. According to the central bank’s data, the country’s total foreign reserves stood at $18.84 billion. The break-up of the foreign reserves position is as under: ... Read More »

Tractor sales decline 40pc in 1H of FY20

ISLAMABAD: Slowdown in the tractor industry continues as sales declined to just over 15,000 units during the first half of the current fiscal, a significant drop of 40pc when compared with the same period of last fiscal. According to data released by the Pakistan Automotive Manufacturers Association (PAMA), the tractor sales had already declined from 70,887 units in FY18 to ... Read More »

PM Imran to launch Rs30b ‘Hunermand Jawan’ programme for youth

ISLAMABAD: Prime Minister Imran Khan will launch the “Hunermand Jawan” programme aimed at the skill development of the youth across the country through government-run professional training, reported Radio Pakistan. The programme, billed as the largest ever programme for the development of skilled labour in the country, is expected to be carried out in phases over the next four years, and ... Read More »

CoE seeks plan to improve energy supply, reduce shortage

ISLAMABAD: The Cabinet Committee on Energy (CCoE) was held with Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh in the chair has sought a detailed plan from the Ministry of Energy to overcome the shortage of energy and improve gas supplies throughout the year. The instruction was given to the Ministry of Energy after it briefed ... Read More »

Pakistan participating in Heimtextil 2020 Trade Fair

ISLAMABAD: With the presence of 231 exhibitors, Pakistan has become the 4th largest country to participate in the Heimtextil 2020 Trade Fair that started in Frankfurt (Germany) on Tuesday, January 7. “Pakistan is the 4th largest country at the show after Germany, China and India,” said a press statement received here. The 50th edition of Heimtextil, the international trade fair ... Read More »

China ready to pursue ‘high-quality development’ of CPEC

BEIJING: China on Tuesday said it was ready to pursue “high-quality development” of the China-Pakistan Economic Corridor which would benefit both the countries. Chinese foreign ministry spokesperson Geng Shuang passed the comments at a press briefing while explaining the second phase of the Pakistan-China Free Trade Agreement (FTA). Geng said that the amending protocol to the FTA came into effect ... Read More »

Pakistan to export additional 500,000 tons rice to China

ISLAMABAD: Advisor to Prime Minister on Commerce, Textile, and Industry Abdul Razak Dawood has said on Wednesday that Pakistan has completed rice export target of 250,000 tons to China. The rice were exported under the duty-free incentive package of $1 billion offered by China for Pakistan to lift its exports. Completing the target of assigned quota, Pakistan approached Chinese government ... Read More »

Pakistan to establish its first corporate restructuring company

] ISLAMABAD: Prime Minister Imran Khan has taken one more step towards economic development as the federal government decided to establish Pakistan’s first corporate restructuring company. According to media, the upcoming entity, Pakistan Corporate Restructuring Company Limited (PCRCL), will be established with the assistance of 10 domestic banks with an initial paid-up capital of Rs500 million. The company aims to ... Read More »

Exports decline 4pc during December

ISLAMABAD: Pakistan’s exports of goods declined 3.96 per cent year-on-year in December 2019 despite cash support and multiple currency depreciation. Exports clocked in at $1.99 billion in December, down 3.96pc over $2.07bn in corresponding month last year. For the six-month period between July and December, exports edged up by 3.17pc to $11.53bn, as against $11.18bn in same half last year. ... Read More »

PREMA makes new investment to meet rising milk demand

LAHORE: PREMA Milk has imported 600 more cows from Australia to meet the rising demand of milk in the country, making a total of 3300 cows and adding to the total stock of the milk with the company. PREMA recently told PSX the company has recently added a big herd of 600 more Austrian and American breed cows which will ... Read More »

SECP policy board softens Companies Regulations, 2018

ISLAMABAD: The Securities and Exchange Policy Board of SECP on Tuesday approved changes in the Companies (Further Issue of Shares) Regulations, 2018 to facilitate capital formation and provisions whereby the Commission could impose conditions on further issue of shares, were substantially removed. The Board, which met here with Security Exchange Commission of Pakistan (SECP) Chairman Professor Khalid Mirza in the ... Read More »

Prices of 89 medicines reduced by 15pc

KARACHI: The Ministry of National Health Services, Regulations and Coordination (NHSR&C) has decreased the prices of essential medicines by 15pc. According to a notification issued by the ministry on Tuesday, “In continuation of Drug Pricing Policy 2018, the ministry has reduced the prices of 89 life-saving drugs by 15 per cent.” Special Assistant to Prime Minister (SAPM) Dr Zafar Mirza ... Read More »

PM Imran gives approval for Rs6b relief package for Utility Stores

ISLAMABAD: Prime Minister Imran Khan on Monday gave approval for a Rs6billion relief package for Utility Stores Corporation (USC) to bring down the prices of essential commodities. An official notification in this regard will be issued today. Sugar, which is being sold at a retail price of Rs75/kg in the open market will now be provided at Rs68/kg at the ... Read More »

Transporters strike: Tyre association joins hands, KPT-PQA activities distrubed

KARACHI: Country wide strike of All Pakistan Goods Transport Association (APGTA) has created an alarming situation after the sea ports activities has badly got disturbed. According to the details, the country wide situation is posing threat as the All Pakistan Goods Transport Association strike has entered the second day over the demands which have not been addressed till yet by ... Read More »

Govt launches ‘Zindagi’ digital app to fight drugs

ISLAMABAD: Prime Minister Imran Khan said on Monday that fighting the drug culture and eradicating it from Pakistan is not only the job of the authorities, but the society as a whole should campaign against the menace. PM Imran was addressing the launching ceremony of “Zindagi” [life] a digital application which aims to curb drug trafficking and also make people ... Read More »

Knitwear worth $1.320b exported in five months of FY2019-20

ISLAMABAD: Knitwear exports from the country during first five months of current financial year grew by 8.69% as compared the exports of the corresponding period of last year. During the period from July-November, 2019 about 51,240 thousand dozen knitwear worth $1.320 billion were exported as compared the exports of 48,315 thousand dozen valuing $1.215 billion of same period of last ... Read More »

IT exports surged 23 per cent during first five months of FY 2019-20

ISLAMABAD: IT and IT enabled services (ITes) export remittances have surged to $439.9 million at a growth rate of 23.35 percent over the first five months of FY 2019-20 (July-November), in comparison to $356.6mn during the same period in last year. According to a statement issued by Pakistan Software Export Board (PSEB), the number of registered IT and ITs companies ... Read More »

CNG stations across Sindh shut down for next 36 hours again

KARACHI: The gas supply to filling stations of Compressed Natural Gas (CNG) across Sindh including Karachi was suspended for 36 hours on Sunday night. According to spokesperson of Sui Southern Gas Company (SSGC) gas supply to CNG station across Sindh was suspended at 8:00pm on Sunday that would be restored at 8am on Tuesday. The SSGC sources said that gas ... Read More »

Flour price set upto Rs64 per kg in Lahore

LAHORE: The Flour Mills Association on Saturday jacked up price of flour to Rs 64per kg in Punjab’s provincial capital. According to the spokesperson of the association, the price of flour with an increase of Rs4 now has been fixed at Rs 64 per kilogram. “The price was increased after the surge in wheat price by Rs7 per kg”, the ... Read More »