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Four telecom companies submit bids for NGMS spectrum auction in AJK & GB

ISLAMABAD: Four telecom companies have reportedly submitted bids for the next generation mobile service (NGMS) spectrum auction in Azad Jammu and Kashmir (AJK) as well as Gilgit Baltistan (GB). Sources said that the Pakistan Telecommunication Authority (PTA) has received all four telecom companies (Telenor Pakistan, Pakistan Mobile Communication Limited (PMCL/Jazz), Pakistan Telecommunications Mobile Limited (Ufone), and China Mobile Pakistan (CMPak/Zong) ... Read More »

European Union decides to maintain Pakistan’s GSP Plus status

BRUSSELS: The European Union has decided to maintain the Generalised Scheme of Preferences (GSP+) status of Pakistan. According to a statement issued by the European Commission, Pakistan will remain in GSP Plus till 2023. Under GSP Plus, there will be no tax on Pakistani products. The European Commission also changed the rules regarding GSP Plus. According to the European Commission, ... Read More »

Pakistan to spend Rs73.9b on health sector in 2021-22

ISLAMABAD: Federal Minister for Planning Development and Special Initiatives, Asad Umar has said the government would spend Rs 73.9 billion on health sector in different schemes during the current fiscal year. In the current year’s Public Sector Development Program (PSDP) 2021-2022, Rs 21.7 billion had been allocated to the Ministry of National Health Services, regulation for 40 new and ongoing ... Read More »

Exports increase by 24pc to Rs742,259m in two months

ISLAMABAD: The exports from the country in rupee term witnessed an increase of 23.86 per cent during the first two months of the current fiscal year as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported. According to PBS provisional figures issued by PBS, the exports from the country during July-August 2021-22 were recorded at ... Read More »

Pakistan’s earns $195m from IT services’ export during July 2021

ISLAMABAD: Pakistan earned US $195.990 million by providing different Information Technology (IT) services in various countries during the first month of current financial year 2021-22. This shows growth of 20.22 percent as compared with US $ 163.020 million earned through provision of services during the corresponding period of last fiscal year 2020-21, Pakistan Bureau of Statistics (PBS) reported. During the ... Read More »

‘Chinese companies to invest US $ 15 bln in Pakistan’s petrochemicals’

ISLAMABAD: Federal Secretary, Board of Investment (BOI), Fareena Mazhar said Chinese companies were ready to invest US $15 billion in Pakistan’s petrochemicals sector. Under the said project, Chinese companies would invest in the petrochemical sector in Gwadar, including the project of energy pipeline from Gwadar to China, she told APP. The secretary said bilateral talks were underway for investment in ... Read More »

Govt, ADB differ over changing scope of AMI project

ISLAMABAD: The government and Asain Development Bank (ADB) have reportedly failed to reach consensus over changing the scope of the Advanced Metering Infrastructure (AMI) project. Sources revealed that ADB representatives held a meeting with the special assistant to prime minister (SAPM) on Power with regard to reviewing the reasons causing delay in the implementation of the project. The power division ... Read More »

CCoE approves winter incentive package on incremental consumption

ISLAMABAD: The Cabinet Committee on Energy (CCoE) approved the summary submitted by Power Division on the winter incentive package on incremental consumption for all domestic, commercial and general services consumers of XW- DISCOs and K- Electrics from November 01, 2021 till February 28, 2022. The meeting of the Cabinet Committee on Energy (CCOE) was held under the Chairmanship of the ... Read More »

Bid documents of Sukkur-Hyderabad motorway approved

ISLAMABAD: The board of Public-Private Partnership Authority (P3A) approved the bid documents of the landmark Sukkur-Hyderabad Motorway Project proposed to be constructed on a Public-Private Partnership (PPP) basis at an approved construction cost of approximately Rs191 billion (US$1.23bn). Minister for Planning, Development and Special Initiatives (MoPD&SI) Asad Umar presided over the meeting of the board held here. The P3A Board ... Read More »

Shipbuilder Hyundai Heavy sails away on market debut

SEOUL: Shares in the world’s biggest shipbuilder Hyundai Heavy Industries more than doubled from their initial public offering price when they made their stock trading debut on Friday. Hyundai Heavy’s IPO, follows a restructuring of the wider group linked to a deal to take a majority stake in global number two Daewoo, although that is still waiting regulatory approval. The ... Read More »

Dry-docking at Engro LNG terminal completed: Hammad Azhar

ISLAMABAD: Federal Minister for Energy Hammad Azhar has said the process of dry docking at the liquefied natural gas (LNG) terminal in Karachi has been completed and the original floating storage and regasification unit (FSRU) has been restored ahead of the schedule. “Just 66 hours of gas curtailment in some sectors that are being restored from tonight. Zero interruption on ... Read More »

Tourism agreement between Sino- Pak cities to promote tourism: Fareena Mazhar

ISLAMABAD: Federal Secretary Board of Investment (BOI), Ms. Fareena Mazhar on Thursday said that the signing of an Memorandum of Understanding (MoU) between the cities of China and Pakistan will help to promote tourism in Shanghai Cooperation Organization (SCO) countries. Secretary Board of Investment (BOI), Ms. Fareena Mazhar expressed that the signing of an MoU on Establishing Cooperation Mechanisms among ... Read More »

PKR breaks losing streak, up by Rs1.41 per USD

KARACHI: The Pakistani Rupee (PKR) broke its recent downtrend in the early trading session Thursday, appreciating by over Rs1.41 against the US dollar in the interbank market. The dollar was being quoted at 167.70 compared to the previous day’s close of 169.116 against the greenback, an all-time high. Read More »

PSO’s new LNG contract allegedly burdens RLNG consumers with $31mn: sources

ISLAMABAD: The Pakistan State Oil (PSO) has reportedly canceled an LNG term cargo from Qatar for September and bought a spot cargo in its place at a higher rate with an impact of $31 million on RLNG consumers. According to OGRA sources, PSO, which imports five term cargoes every month from Qatar under a 15-year agreement at price of 13.37 ... Read More »

Govt increases petrol price by Rs5 per litre

ISLAMABAD: Government on Wednesday approved an increase of Rs5 per litre in the price of petrol. According to a notification issued by the Finance Division, the price of petrol has been increased by Rs5 per litre and new price will be Rs123.30 while High Speed Diesel price increased by Rs5.01 and the new price will be Rs120.04. The price of ... Read More »

Tarin chairs NPMC meeting

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin, presided over the National Price Monitoring Committee (NPMC) held at the Finance Division. Among others, Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Khusro Bakhtiar, Adviser on Commerce Abdul Razak Dawood, Secretary Finance Division, Secretary Petroleum, Secretary M/o Industries & Production, Provincial ... Read More »

Pakistan Stock Exchange wins Best Islamic Stock Exchange Award 2021

KARACHI: The Pakistan Stock Exchange (PSX) has bagged the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards (GIFA). According to a statement, GIFA is an international platform that recognises excellence in banking and finance in the Islamic world. “PSX has a robust platform for providing Shariah-compliant products including dedicated Islamic indices, Shariah-compliant equities and debt instruments,” the ... Read More »

Iran seeks promotion of digital markets with Pakistan

ISLAMABAD: Iran and Pakistan have great scope to enhance mutual trade relations and should consider setting up digital markets to boost bilateral trade up to the potential of both countries. This was stated by Syed Mohammad Ali Hosseini, Ambassador of Iran while interacting with the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI) along with ... Read More »

USD hits all-time high against PKR in midday trading

KARACHI: The US dollar has reached to all time high against the Pak Rupee (PKR) at 168.70 during intraday trading on Tuesday. The dollar was seen trading at Rs168.70 during midday trading in the interbank foreign exchange market. The rupee came down by 60 paisas to the dollar. The exchange rate ended at Rs168.10 in the interbank market a day ... Read More »

CCP found Millat, Al-Ghazi Tractors involved in cartelization

ISLAMABAD: The Competition Commission of Pakistan (CCP) during an inquiry in the tractor industry has found two major tractor manufacturing firms involved in cartelization. According to sources, the commission has concluded an enquiry under Section 37(1) of the Competition Act, 2010 (the ‘Act’) in the Tractor Industry. The Commission’s enquiry report has found that two leading Tractor Manufacturers, Millat Tractors ... Read More »