Business

Turkey’s opposition leader vowed Thursday to send back millions of migrants in a strident message aimed at winning the backing of an ultra-nationalist who helped push last weekend’s presidential vote to a runoff. Secular opposition leader Kemal Kilicdaroglu delivered his first public address since a landmark election Sunday in which he came in almost five points behind President Recep Tayyip Erdogan. …

KARACHI: Amid the persistent political and economic crisis, businessmen urged the PDM government to announce a business-friendly and pro-growth budget for the next fiscal year to put the economy back on the right track. In a statement issued on Tuesday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said the much-needed taxation reforms must be …

ISLAMABAD: The current fiscal year is about to close with extraordinarily tight fiscal positions and the austerity policy of the PDM government, but discretionary spending on development schemes for constituencies of parliamentarians of the coalition partners and publicity continues to grow. The Economic Coordination Committee (ECC) of the Cabinet on Tuesday enhanced the allocations for parliamentarian’s constituencies under the so-called …

KARACHI: The benchmark of representative firms listed on the Pakistan Stock Exchange traded mostly on the higher side on Tuesday. Topline Securities said the positivity in the stock market could be attributed to the Supreme Court taking a “subdued tone” on the Punjab elections and delaying the hearing of the case until May 23. In addition, a religious party that’s …

KARACHI: Foreign Direct Investment (FDI) plunged by almost 29 per cent year-on-year to $121.6 million in April and 23pc in the first 10 months of the current fiscal year. At a time when Pakistan is facing a default-like situation due to falling foreign exchange reserves posing a serious risk to meeting its external obligations, the inflows (remittances) from overseas Pakistanis …

ISLAMABAD: The National Elect­ric Power Regulatory Authority (Nepra) on Tuesday showed reluctance to allow about Rs32 per unit generation tariff for the 660-megawatt Jamshoro coal-based power plant as inordinate delays escalated its cost despite payment of loan commitment charges to the Asian Development Bank for years. “Who will pay such a high tariff?” questioned Nepra Chairman Tauseef H. Farooqui who …

ISLAMABAD: Large-scale manufacturing (LSM) shrank 25 per cent in March over the same month last year, the highest monthly decline since the Covid-19 pandemic, showed data released by the Pakistan Bureau of Statistics on Monday. The big industry production contracted for the seventh consecutive month of the current fiscal year mainly contributed to a slowdown in the production of export-based …

ISLAMABAD: Pakis­tan on Monday signed a debt relief agreement with the Republic of Korea (RoK) for the deferment of repayment of about $20 million loan under the G-20 Debt Service Suspen­sion Agree­­ment (DSSI) offered to poor nations to sustain economic challenges in the aftermath of Covid-19 pandemic. The agreement was signed by Secretary of Economic Affairs Dr Kazim Niaz and …

ISLAMABAD: The high-growth industries in Pakistan lack industry-specific action plans that set a long-term growth vision to match with the Fourth Industrial Revolution (4IR) aimed at consolidating plans for innovation, technology adoption, and skills development of employees, said a new study published by Asian Development Bank on Monday. “The Industry Transformation Maps (ITMs) developed by Singapore that explicitly consider how …

KARACHI: Honda Atlas Cars Ltd (HACL) on Monday announced that it was preparing to resume its production thanks to a slight improvement in the accessibility of trade finance facility for the supply chain with a hope to increase the same gradually. In a stock filing, the company did not give an exact date for resuming the production activities. An official …