Business

ISLAMABAD: Faced with an acute port congestion and fuel supply constraints, the ministry of energy is seeking berthing of oil vessels and their quality testing at the jetty of Pakistan Steel Mills (PSM) currently abandoned for well over seven years now. Senior government officials told Dawn that the issue had been discussed in detail by secretaries of the petroleum division and industries …

LAHORE: The fourth Istanbul-bound freight train carrying high-value goods in six container-laden wagons is yet to reach its destination despite a lapse of around two months. The train is currently parked near a remote station in Iran for about one week as the authorities concerned, on the complaint of a leading Turkish freight forwarder, have reportedly declined its entry into …

KARACHI: Three of the five telecom operators have reached out to the State Bank of Pakistan (SBP) for the reversal of the recently imposed 100 per cent cash margin requirement for the import of “almost all” telecom-related equipment that these companies usually source from abroad. In a recent letter to the Banking Policy and Regulations Department of the central bank, …

ISLAMABAD: The Federal Board of Revenue (FBR) raised a record Rs4.858 trillion in the first 10 months of the current fiscal year, exceeding the target of Rs4.619tr by Rs239 billion, provisional data compiled by the tax body showed on Saturday. Compared with the revenue collection of Rs3.778tr in the same period in 2020-21, a 28.6 per cent growth was posted …

KARACHI: Factory owners appear divided over the claims of 5.5 million new jobs created by the PTI government, as they believe that textile and construction have mainly led to the opening of huge new employment opportunities while hiring of fresh blood in other sectors has remained insignificant. Talking to Dawn, chairman of the Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam), Abdur …

ISLAMABAD: The Indonesian government has assured Pakistan it will resume supply of palm oil in the third week of May, Commerce Minister Naveed Qamar said on Saturday. The meeting of the Prime Minister’s Task Force on Supply of Palm Oil, chaired by Mr Qamar at the Trade Development Authority of Pakistan to review the supply of the commodity in the …

ISLAMABAD: As religious segments welcomed the decision of the Federal Shariat Court (FSC) to implement an interest (Riba)-free banking system by December 2027, business and trade stakeholders on Thursday appeared cautious in their optimism. Taking to Twitter, Finance Minister Miftah Ismail tweeted: “We welcome the Federal Shariat Court (FSC) decision in the Riba case. The government and SBP will carefully …

NEW YORK: Elon Musk told banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could crack down on executive and board pay at the social media company in a push to slash costs, and would develop new ways to monetize tweets, three people familiar with the matter said. Musk made the pitch to the …

ISLAMABAD: Inflation measured through the Sensitive Price Index (SPI) increased 0.43 per cent during the week ended on April 28, owing to a rise in the prices of essential food items, Pakistan Bureau of Statistics (PBS) data showed on Friday. This increase in weekly prices was noted in the week under review. Since April 7, it is the lowest increase …

KARACHI: With fluctuations in the exchange rate, the rupee appreciated by Rs1.12 against the US dollar during the current week giving a positive picture about the weak economy. The start of talks with the IMF for disbursement of $1 billion has improved the market sentiments evident from 70 paise recovery made by the local currency against the dollar on the …