Business

ISLAMABAD: Pakistani traders have expressed interest in buying tea and coffee from Ethiopia at affordable rates to meet the huge demand for the two commodities. However, connectivity, quality control mechanism and institutional linkages between the two countries needed improvement, noted members of a joint delegation of the Federation of the Pakistan Chamber of Commerce and Industry (FPCCI) and the Pakistan …

ISLAMABAD: The telecom industry is agitating against a central bank restriction that bars users from making international payments directly through their mobile carriers, a method that makes paid media services and mobile gaming more accessible to customers on a global scale, especially those who don’t have bank accounts or credit cards. However, in a recent meeting, the IT and telecom …

KARACHI: Rice exporters are braced for a lacklustre year ahead amid fears of at least a 30 per cent drop in production in Sindh due to damage to crops caused by flash floods earlier this year. Besides, they also face fierce competition from India, which is offering lower prices to foreign buyers. Chela Ram Kewlani, chairman of the Rice Exporters …

KARACHI: The country’s default risk as measured by five-year credit-default swaps (CDS) — insurance contracts that protect an investor against a default — rose sharply overnight amid political turmoil and uncertainty about talks with the International Monetary Fund (IMF). The CDS soared to 75.5 per cent on Wednesday from 56.2pc a day ago, according to data provided by research firm …

Oil prices fell for a second day in early Asian trade on Thursday as concerns over geopolitical tensions eased and rising numbers of Covid-19 cases in China added to demand worries in the world’s largest crude importer. Brent crude futures dropped by 62 cents, or 0.7 per cent, to $92.24 a barrel by 0110 GMT. US West Texas Intermediate (WTI) …

KARACHI: Made-in-Pakistan weapons are so effective that they determine the outcome of war. According to one private-sector arms manufacturer present at the 11th International Defence Exhi­bition and Seminar (IDEAS) 2022, his company’s 40mm single-shot grenade launchers played a “key role” in helping Sri Lanka win its war against the Tamil Tigers in the late 2000s. “Their chief of army staff …

Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organisational restructuring this week. Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc was …

KARACHI: Sazgar Engi­neering Works Ltd (SEWL) has successfully assembled Pakistan’s first hybrid electric vehicle (HEV). The company in a filing to Pakistan Stock Exchange (PSX) on Wednesday said the vehicle was being launched under the brand name “Haval” on Nov 17 in Lahore. It’s a joint venture between SEWL and Great Wall Motor of China. Sources said the price of …

ISLAMABAD: The federal government on Tuesday extended for two months the supply of cheaper Liquefied Natural Gas (LNG) to two Punjab-based fertiliser plants with an additional subsidy of about Rs20bn and subsidised supply of essential items in Khyber Pakhtunkhwa until June 2023 with Rs17bn additional funds. The decisions were taken at a meeting of the Economic Coordination Committee (ECC) of …

ISLAMABAD: The government has suspended the popular prize scheme of the Federal Board of Revenue (FBR) for the shoppers from Point-of-Sales (POS) integrated tier-1 retail outlets for two and a half months. The POS prize scheme will remain suspended until Jan 31, 2023, according to a sales tax notification SRO1005 released on Tuesday. An official of the FBR said that …