Business

ISLAMABAD: The government on Wednesday approved pricing guidelines for the supply of Regasified Liquefied Natural Gas (RLNG) to K-Electric along with amendments to the existing legal framework and extended agreement with Saindak Copper-Gold Project with existing Chinese contractors for another 15 years. These decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over …

KARACHI: The stock market witnessed volatile trading on Tuesday amidst mounting international oil prices, according to Arif Habib Ltd. Global coal prices also hovered on the higher side, leaving stocks in the cement sector under pressure. Investors failed to sustain the physiological level of 46,000 points and resorted to across-the-board profit-taking. Trading remained dull mainly because the market hunted unsuccessfully …

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet will take up today an 11-point agenda that includes the extension of lease to Chinese contractors of the Saindak copper-gold project and the revival of tax concessions to Chinese power producers as part of the efforts to attract investment to the second phase of the China-Pakistan Economic Corridor (CPEC). To be …

ISLAMABAD: The World Bank has sought at least four crucial ‘prior actions’ for the second phase of a multi-million dollar loan programme to advance the reform process – Resilient Institutions Strengthening Programme (RISE-II). The key prior actions would require the authorities to ensure harmonisation of General Sales Tax (GST) among the federal and provincial governments, control rising debt burden through …

ISLAMABAD: The United States remained the top export destination of Pakistani products during the first six months of 2021-22, followed by China and the United Kingdom. Total exports to the US increased by 45.95 per cent to $3.32 billion during July-December 2021-22 against $2.27bn in 6MFY21, according to data released by the State Bank of Pakistan (SBP) on Tuesday. Exports …

LAHORE: Pakistan should not be limited to taking measures related to tax alone, but it should also find other ways to enhance the competitiveness of the economy, said IMF’s Resident Representative Ms Esther Perez Ruiz. Speaking to the office-bearers of the Lahore Chamber of Commerce and Industry on Tuesday, she said the purpose of the IMF programme is to promote …

Tesla Inc said on Monday the fair market value of the electric-vehicle maker’s bitcoin holdings as of December 31 was $1.99 billion. In its annual filing with the US Securities and Exchange Commission, Tesla, which had invested $1.50bn in bitcoin last year, said it registered about $101 million in impairment losses last year due to the value of bitcoin. A …

KARACHI: Trading on the stock market witnessed a strong start on Monday with investors rushing to buy shares in the oil and gas sector. But the benchmark index failed to stay above 46,000 points amidst a lack of positive triggers and dropped below the previous session’s closing level. “Going forward, a slight correction can be seen and we advise investors …

KARACHI: Inflows under Roshan Digital Accounts (RDAs) — a banking facility reserved for non-resident Pakistanis — amounted to $222 million in January, down nine per cent from the preceding month. On a year-on-year basis, however, the increase in monthly RDA inflows was almost 38pc, data issued by the State Bank of Pakistan (SBP) showed on Monday. “RDA flows continue at …

ISLAMABAD: Principally approving the formation of the Pakistan Cotton Authority (PCA), Prime Minister Imran Khan on Monday called for effective legislation to protect farmers’ rights. PCA’s formation was principally approved to “ensure the provision of quality seed, monitoring and enhancing the yield”. According to Prime Minister Office, PM Khan presided over a meeting on the agriculture sector and discussed enhancing …