Business

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday directed the tax authorities to step up their efforts so that the country can achieve its true tax potential. Chairing a meeting to review the performance of the Federal Board of Revenue (FBR), the minister extended his full support to tax officials in performing their revenue-collection duties. Special Assistants to Prime Minister on …

ISLAMABAD: The federal government is considering withdrawing funding to the Rs88 billion nationwide health programme initiated three years ago to combat Covid-19 and other natural calamities owing to poor implementation progress by the provinces and other regional administrations. Informed sources told Dawn that the ‘Covid-19 Responsive and other natural calamities control programme’ was approved in 2020 for implementation across the four provinces …

KARACHI: Imports of steel and scrap iron fell by over 50 per cent this fiscal year, data issued by the State Bank of Pakistan (SBP) revealed on Tuesday. The data also showed that the import of scrap iron and steel fell by 50.6pc to $859.3 million in the first nine months of FY23 against $1,739.5m during the same period last …

Oil rose on Wednesday after plunging more than 2 per cent in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world’s top oil consumer. Brent crude climbed by 40 cents, or 0.5pc, to $81.17 a barrel by 0723 GMT. US West Texas Intermediate crude gained 48 cents, or 0.6pc, to …

KARACHI: Dwindling purchasing power amid record-high inflation and massive devaluation has put a serious strain on e-commerce companies operating in Pakistan. According to a soon-to-be-released research report on the state of business-to-consumer (B2C) e-commerce in Pakistan, firms are struggling to even maintain their existing sales levels, let alone grow their operations. “Discussions with e-commerce executives reveal a pretty bleak picture… …

KARACHI: The compliance department of the Pakistan Stock Exchange (PSX) has sought a clarification from five listed companies for a “substantial” change in their share prices between March 16 and April 13. One of the five companies is Pakistan Services Ltd (PSEL), which owns and manages the chain of Pearl Continental hotels in Pakistan. It has a free-float of 60 …

ISLAMABAD: Amid delays in the resolution of legal issues, the board of directors of defunct Pakistan Steel Mills (PSM) has refused to accept the unilateral evaluation of its land by Sui Southern Gas Company Ltd (SSGCL). The board in its meetings held on March 29 and April 7 “has shown great concern over delay in issuance of No-Objection-Certificate (NOC) for …

In Pakistan, standing in queues at petrol pumps has become a regular occurrence, particularly when people anticipate an increase in fuel prices. Waiting in these lines, one often reflects on the past when petrol used to cost under Rs100 per litre, a time that now seems distant, even though it was less than three years ago. These queues also serve …

For Ahmed Khan Jat, the unending sea intrusion has deprived the area of its agricultural diversity and prosperity in the Indus Delta. The Indus Delta, which witnessed rich farming activities in the past, has become a painful saga of brackish seawater intrusion. From the experts’ point of view, it is primarily due to inadequate Indus River flows to check intrusion …

KARACHI: Amid surging Eid-related demand, retailers have further raised veal meat prices by Rs100 per kg. Veal beef with and without bones prices rose to Rs900-950 and Rs1,100-1,200 per kg from Rs850 and Rs1,000 depending on the area. In the last one and a half months, retailers have increased veal meat rates by up to Rs200 per kg citing rising …