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China offers full support to Pakistani business community

KARACHI: Ambassador of China in Pakistan Nong Rong along with Chinese Consul General in Karachi Li Bijian and his team visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday. The meeting took note of various subjects pertaining to economic relationship between Pakistan and China particularly in reference to China Pakistan Economic Corridor and China-Pakistan Free Trade ... Read More »

Hammad directs FBR to hold consultative sessions with stone crushing association

ISLAMABAD: A delegation of senior members of Stone Crushing Associations, led by the Minister for Labour and Human Resource, Punjab Ansar Majeed Khan, called on the Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar, at the Finance Division. Additional Secretary, M/o Industries and Production, Member (Operations) FBR and other senior officers participated in the meeting. The Finance ... Read More »

Over 35 bank accounts of Jahangir Tareen, family frozen

LAHORE: More than 35 bank accounts of estranged Pakistan Tehreek-i-Insaf (PTI) leader Jahangir Khan Tareen and two members of his family have been frozen over alleged involvement in the sugar scandal. Well-placed sources told that a total of 36 accounts at nine different banks were frozen. Of the frozen accounts, the PTI leader owns 14, his son 21 and his ... Read More »

Confidence of Pakistani consumers on economy below global average: survey

ISLAMABAD: A survey has shown that the confidence of Pakistani consumers in the country’s economy has declined and is below the global average recorded. IPSOS in its recent survey on the global consumer confidence index revealed that the Pakistani consumers are not only dissatisfied with future investment but are also expressing no-confidence in important purchases. Besides this, the majority of ... Read More »

USC unveils special discount package for Ramazan

KARACHI: The state-owned Utility Stores Corporation (USC) unveiled the ‘Ramazan relief package’ approved by the federal government last month. A special ‘Ramzan discount Package’ would start from April 10 at all utility stores of the country with affordable rates, giving subsidy to over 19 essential commodities. According to the announcement, a subsidy of Rs10 per kilogram announced on daal channa ... Read More »

Ramazan timings for govt offices announced

ISLAMABAD: The federal government on Thursday announced the Ramadan timings for government offices. For offices working five days a week, the timings will be 08:00am to 04:00pm from Monday to Thursday. On Fridays, the office hours will be from 08:00am to 01:00pm. For government offices working six days a week, the timings will be as follows: Monday to Thursday and ... Read More »

Pakistani rupee hits 22-month high against US dollar

KARACHI: The Pakistan rupee strengthened by 23 paisas against the United States (US) dollar at the start of today’s trading, hitting a 22-month high. According to forex dealers, the local currency is currently trading at Rs152.95 against the greenback. The rupee had closed at Rs153.18 against the US dollar the other day. The local unit has gained considerable ground on ... Read More »

NEPRA approves hike in power tariff

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) approved hiking the power tariff while allowing some exemptions, a notification issued in this regards said. Per the notification, NEPRA said it has approved a hike of Rs0.64 per unit as fuel price adjustment for February, which will be included in the bills of April. It further mentioned that customers who utilise ... Read More »

OGRA hikes April LNG prices by at least Rs24 per mmbtu

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) announced a revision in the imported LNG prices for the month of April hiking $0.17 for the Sui Northern system and $0.16 for the Southern. For the month of April, Sui Northern Gas Pipelines Limited (SNGPL) shall sell the imported gas against $9.763 per unit, according to the notification while for the ... Read More »

KP govt to borrow Rs99b from Asian Development Bank

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has decided to take a loan of Rs99 billion from the Asian Development Bank (ADB) for the local government department. The loan, which will be the largest loan borrowed in the history of the province, will reportedly be used to improve the living standards in five major cities including Swat, Peshawar, Mardan, Abbottabad and ... Read More »

Uzbekistan shares list for tariff reduction under PTA

ISLAMABAD: The government of Uzbekistan has shared a request list of items for tariff reduction with Pakistan under the proposed Preferential Trade Agreement (PTA). This was disclosed in a consultative meeting to review progress to finalise the agreement. Secretary Commerce and other senior officials attended the meeting. An official announcement said the Ministry of Commerce is in the process of ... Read More »

PSX seeks change in law to indemnify staff against legal repercussions

KARACHI: The Pakistan Stock Exchange (PSX) wants to indemnify its directors and officials against any loss and liability through a legal change, which is a demand similar to what the State Bank of Pakistan is seeking, according to media reports. “PSX explored international practices and found that various stock exchanges in other countries have [an] indemnification clause available in their ... Read More »

Govt committed to implement structural reforms, protect vulnerable segments: Hammad

ISLAMABAD: Federal Minister for Finance, Revenue, Industries and Production, Mohammad Hammad Azhar said that the government was fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of the society. He made these remarks in a virtual meeting with Vice President South Asia Region, World Bank Group, Hartwig Schafer, ... Read More »

Pak Rupee gains 33 paisa against USD

KARACHI: The exchange rate of US Dollar fell by 33 paisa in the interbank on Tuesday against Pakistani rupee. The greenback closed at Rs153.33 rupees on second business day of the week compared to previous closing of 153.66. However, since start of March, dollar has declined by 4.7 rupees or 3 percent. The greenback has lost 15.1 rupees or 9.34 ... Read More »

LHC bars govt to procure sugar at Rs80 per kilogram from millers

LAHORE: The Lahore High Court (LHC) has on Tuesday barred the government from procuring sugar at Rs 80 per kilogram from millers. The plaintiff had maintained that the government does not have any authority to fix sugar rates. The LHC summoned industries secretary, cane commissioner and representatives of the Federal Investigation Agency (FIA) on Wednesday. It is pertinent here to ... Read More »

Hydropower tariff reduced by Rs1.56 per unit

ISLAMABAD: Hydropower tariff has been reduced by Rs 1.56 per unit. According to a statement issued by NEPRA, the average generation tariff for hydropower for the current financial year has been fixed at Rs 4.11 per unit. The NEPRA hydropower tariff includes a net profit of 96 paisa per unit. According to the statement, the average tariff for hydropower was ... Read More »

PTA directs Jazz to discontinue use of ‘Super 4G’ in adverts

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has directed Jazz to discontinue using the term ‘Super 4G’ in all sorts of advertising including commercials and bill-boards. According to details, PTA has directed the mobile operator to discontinue the term within 15 days by making necessary arrangements. “A compliance report should be submitted to this office within the stipulated time period,” a ... Read More »

Hammad directs provinces to keep flour prices in check

ISLAMABAD: Finance Minister Hammad Azhar has directed the representatives of the provincial government to take appropriate measures for keeping prices of wheat flour in check. The finance minister issued this direction while chairing a meeting of the National Price Monitoring Committee (NPMC) on Monday. Hammad Azhar directed the provinces that wheat must be procured in a smooth and timely manner ... Read More »

Gold prices fall by Rs950 to Rs104,450 per tola

ISLAMABAD: The price of 24 karat per tola gold decreased by Rs950 on Monday and was traded at Rs104,450 against its sale at Rs105,400, Karachi Sarafa and Jewellers Group reported. The price of 10 grams 24 karat gold also decreased by Rs814 and was traded at Rs89,550 against Rs90,364 whereas the prices of ten grams 22 karat gold went down ... Read More »

Spices export increases 8.20pc to $ 61m in 8 months

ISLAMABAD: The export of spices from the country witnessed an increase of 8.20 percent during the eight months of financial year 2020-21, against the export of the corresponding period of last year. Pakistan exported spices of worth $ 61.494 million during July-February (2020-21) against the exports of $ 56.836 million during July-February (2019-20), according to the Pakistan Bureau of Statistics ... Read More »