Business

LAHORE: Fertiliser prices have skyrocketed as a result of rupee depreciation and rising production costs, putting agriculture and food security in greater jeopardy than previously anticipated. Di-ammonium phosphate (DAP) is currently being sold for between Rs11,500 and Rs12,500 per bag, according to market trends. A bag of sulphate of potash (SoP) has gone up to Rs1,600 and the muriate of …

MUZAFFARABAD: The share of social and productive sectors in Azad Jammu and Kashmir’s (AJK) Annual Development Programme (ADP) has been fixed at 19 per cent and 12pc, respectively, but the infrastructure sector would still get the lion’s share of 69pc, Finance Minister Abdul Majid Khan said on Saturday. Giving details of the Rs28.5 billion ADP for 2022-23, the finance minister …

ISLAMABAD: The IT minister has expressed dismay over “limited relief” given to the sector and “negligible tax support” to the telecom industry. The industry has also issued unwelcoming statements over budgetary measures announced by the finance minister. Responding to announcements made by Finance Minister Miftah Ismail in parliament on Friday, Minister for IT and Telecommunications Syed Aminul Haque said the …

ISLAMABAD: Pakistan ranks 29th among the countries holding natural gas reserves. This was revealed in the findings of a gas monitor report presented by Dr Amanullah Mahar, Director Center for Environmental Sciences, University of Sindh, Jamshoro. He said total extractable potential is reported around 24 TCFT, however, 4 billion cubic feet (BCFT) is the daily gas production. He said Sindh …

LAHORE: Notwithstanding the prospects of getting a better rate this year, farmers in Punjab did not show as much enthusiasm as was expected in planting cotton as the province has fallen short of its sowing target by 0.34 million acres. Data shared by the Punjab Crop Reporting Service reveals that against the target of 4.0 million acres set by the …

Prime Minister Shehbaz Sharif on Friday announced that the government will be imposing a 10 per cent “super tax” on large-scale industries in a bid to shore up revenues for supporting the country’s poor amid rising inflation. Industries to be taxed Cement Steel Sugar Oil and gas Fertilisers LNG terminals Textile Banking Automobile Cigarettes Beverages Chemicals Airlines High net worth …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday notified Rs5.27 per unit additional fuel cost adjustment (FCA) to K-Electric to be charged to consumers for electricity they consumed in April. This will help the Karachi-based private utility to mop up an additional amount of Rs10.16bn from consumers in upcoming billing month of July. The FCAs shall be applicable …

ISLAMABAD: Pakistan has decided not to accept the single bid for LNG cargo it received for delivery in July at a record $39.8 per million British thermal unit (mmBtu) for being too expensive and unaffordable amid rising electricity prices and shortages. Therefore, Pakistan would have again only 8 LNG cargoes of about 800 million cubic feet (mmcfd) in July — …

LAHORE: The prime minister’s announcement of imposing a 10 per cent Super Tax on the country’s major industry has only panicked the manufacturers, leaving them with no option but to resist the plan by all means. While criticising and expressing wonder over the government’s anti-industry steps in various forms including least interest in broadening the tax net and extracting more …

LONDON: Britain’s economy is showing signs of stalling as high inflation hits new orders and businesses report levels of concern that normally herald a recession, a closely watched industry survey showed on Thursday. S&P Global’s Purchasing Managers’ Index (PMI), covering services and manufacturing firms, also showed companies raising pay and passing higher costs on to clients, a worry for the …