Business

LAHORE: The Punjab Agricultural Research Board (PARB) has approved research projects amounting to Rs900 million. These projects encompass the development of superior canola quality lines in rapeseed and mustard, with a particular focus on elevating their productivity in the Potohar region. Presided over by interim Agriculture Minister SM Tanveer, a board meeting approved 40 research plans — 31 relating to …

ISLAMABAD: Weekly inflation recorded a year-on-year surge of 29.83 per cent for the week ending on Aug 3 due to a sharp rise in petroleum and food prices, showed the official data released on Friday. On a week-on-week basis, the short-term inflation, measured by the Sensitive Price Index (SPI), rose 1.30pc, the second-highest increase in the past two months. The …

KARACHI: The stock market extended its overnight losses on Friday to close on the lower side owing to a bad economic outlook. Topline Securities said the index of representative shares opened on a positive note and went on to register an intraday high of 229 points. However, investors preferred to book some gains before the weekend by trimming their positions …

ISLAMABAD: A Nati­onal Assembly panel has raised questions over the transparency of over $3 billion loans under the concessio­nary Temporary Econ­omic Refinance Faci­lity (TERF) to some businesses during the Covid-19 pandemic and expressed concern over the central bank’s weak oversight of how the cheaper financing was utilised. Meanwhile, Finance Minister Ishaq Dar told the Standing Committee on Finance and Revenue …

LAHORE: Unprecedented 1.429 million bales of cotton arrived in the ginning factories by July 31 as no significant pest threat to the crop from any cotton-growing belt was reported. Due to a record production during the first two months (June-July) of the cotton season this year, the total domestic output may exceed 10m bales after a break of 12 years. …

KARACHI: Rising whole­­­sale prices have pushed up the retail sugar price to Rs150-165 per kilogram due to a lack of vigilance on hoarding and black marketing of sweetener. Retailers are demanding Rs150 per kg, while many online grocery websites, marts, and superstores have tagged the retail prices at Rs155-165 per kg. Chairman of Karachi Wholesalers Grocers Asso­ciation Rauf Ibrahim said …

KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Thursday the restructuring of its bank loans will conclude in the “next few months”. A statement attributed to the company’s chairman, Alan Duncan, said a corporate revival plan is “on track” and will likely lead to the injection of required fresh capital by a potential investor. Even though the statement …

KARACHI: Construction activities appear to have revived as local cement sales grew 47 per cent during July to 2.776 million tonnes from 1.887m tonnes in the same month last year. Exports also surged by 184pc to 435,854 tonnes from 153,517 tonnes. As a result, total cement despatches (local and exports) soared by 57.44pc to 3.212m tonnes from 2.040mn tonnes. A …

KARACHI: MCB Bank Ltd posted consolidated earnings of Rs14.7 billion for April-June, up 542 per cent from a year ago, it told investors on Wednesday. The rise in profitability was because of a “massive jump” in net interest and non-interest incomes, said Arif Habib Ltd. According to an MCB press release, the bank “achieved substantial growth in core earnings” with …