Business

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 …

ROME: World food prices hit a record high in February, led by a surge in vegetable oils and dairy products, to post a 20.7 per cent increase year-on-year, the UN food agency said on Friday. The Food and Agriculture Organisation’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 140.7 points last month against a downwardly …

ISLAMABAD: The Drug Regulatory Authority of Pakistan (Drap) has formulated a policy aimed at manufacturing raw material for production of medicines in the country. Currently, Pakistan produces about 15pc of the raw material while the remaining 85pc is imported mostly from China and India. The policy document, prepared as per directions of the federal cabinet, suggests that pharmaceutical companies will …

LAHORE: Pakistan’s biggest agricultural machinery manufacturer on Friday suspended its operations due to a severe liquidity crunch. Millat Tractors Ltd (MTL) informed the Pakistan Stock Exchange (PSX) and all relevant federal ministries that the entire tractor manufacturing industry is now facing a severe liquidity crunch as the industry’s over Rs8 billion sales tax refunds are stuck with the Federal Board …

KARACHI: Trading in the shares market began on Friday on a positive note amid expectations of the status quo in the monetary policy announcement due on March 8, according to Arif Habib Ltd. A majority of analysts polled by Topline Securities said they expected no change in the benchmark interest rate. The last monetary policy announced on Jan 24 maintained …

ISLAMABAD: Prime Minister Imran Khan on Friday directed the authorities concerned to ensure implementation of the incentives and facilities announced by the government for freelancers and the IT industry within the stipulated time. Chairing a meeting to review the incentives being provided to the IT sector, PM Khan said the government was extending maximum facilitation to the sectors with immense …

Energy Minister Hammad Azhar on Saturday said Pakistan’s efforts to complete the Financial Action Task Force’s (FATF) technical parameters would be acknowledged “soon”. The energy minister’s comment came in the early hours of Saturday after the financial watchdog yet again retained Pakistan on its terrorism financing “grey list” and asked the country to address the remaining deficiencies — two unmet targets out …

ISLAMABAD: The Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) was informed on Thursday that Chinese companies have agreed to relocate industries to Pakistan and invest in the country in different sectors. The committee, which met with MNA Sher Ali Arbab in the chair, was briefed by the Minister for Planning, Development and Special Initiatives Asad Umar on the recent visit …

ISLAMABAD: Pakistan on Thursday signed an agreement with the Saudi Fund for Development (SFD) for suspension of debt servicing of $846 million for six years under the G20’s Debt Service Suspension Initiative (DSSI). The total amount of Pakistan’s external debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, is …

ISLAMABAD: Contractors stopped working on all government-funded housing projects months ago due to cost escalation, dealing a major blow to the prime minister’s much-trumpeted vision to provide homes to the shelter-less, the Public Accounts Committee (PAC) was told on Thursday. Housing Secretary Dr Imran Zeb, while briefing the committee on the ongoing projects of the Federal Government Employees Housing Authority …