Business

ISLAMABAD: Federal Board of Revenue (FBR) and Pakistan Telecomm­unications Authority (PTA) have jointly developed a new system for temporary registration of overseas Pakistani and foreign nationals mobile devices in collaboration with the Federal Investigation Agency (FIA) and mobile phone operators. This module has been introduced for those overseas Pakistanis and foreign nationals who do not intend to keep their mobile …

Between July 1, 2021, and Feb 11, 2022, banks’ lending to the private sector soared to Rs813 billion from just Rs292bn a year ago, according to the State Bank of Pakistan (SBP). Credit disbursement to the private sector for the full 2021-22, ending in June, should well exceed the Rs1 trillion mark. The government had stopped borrowing from the central …

When you think of technology and startups, what image comes to your mind? If you are a technolibertarian Gen Z who is easily fascinated by hyperbole and pomposity, for better or worse, it’s probably Elon Musk. In case you are a millennial whose dad gifted you an iPhone before your eighteenth birthday and who wastes no opportunity to talk about …

Pakistan began talks with the International Monetary Fund (IMF) for the next $960 million tranche at a time when the government is faced with critical political, economic and foreign policy challenges in the middle of its fourth year in power. The threat from the opposition political parties of a vote of no confidence against the prime minister has compelled the ruling PTI …

Bears were in firm control of the Pakistan Stock Exchange (PSX) on Monday as its benchmark KSE-100 index shed nearly 1,500 points in intraday trading. The bourse was under severe selling pressure right from the opening bell, with KSE-100 losing 514 points and sinking to 44,037 within the first 10 minutes. Following a brief respite, the market continued its downward …

KARACHI: State Bank of Pakistan (SBP) Governor Reza Baqir has reiterated his stance on cryptocurrency, saying it doesn’t have a use case that can further the goals like financial inclusion or innovation — key objectives of the banking regulator. During a panel discussion at the 13th Karachi Litera­ture Festival on Sunday, Mr Baqir agreed that the underlying technology behind the …

LAHORE: In a bid to promote the manufacturing sector, encourage diversification in exports and boost the country’s economy, the government has established 10 Special Economic Zones (SEZs) in various parts of Punjab. The construction of four more SEZs is about to be launched as approval from authorities is awaited, Dawn learnt on Thursday. Land for the first Special Technical Zone (STZ) in …

LAHORE: A fleet of 36 Afghan trucks received the second consignment of 2,000 tonnes of wheat from India and left for Afghanistan on Saturday after being cleared by the customs, immigration and security officials here at the Wagah border. The convoy had earlier entered Pakistan via Torkham border on Thursday night and reached the Indo-Pak border on Friday morning under …

KARACHI: Trading in the outgoing week started on a positive note as Russia and Ukraine began negotiations to resolve the military conflict. However, their talks broke down and caused a surge in global crude oil prices, which crossed $114 per barrel, according to Arif Habib Ltd. The announcement of an industrial package by the prime minister triggered buying in the …

KARACHI: Former finance minister Miftah Ismail said on Saturday import substitution is a racket that Pakistani businesses run to enrich themselves at the cost of public funds. Taking part in a panel discussion at the 13th Karachi Literature Festival, the PML-N general secretary said the government provides businesses with subsidised loans every year in the name of job creation and …