Business

ISLAMABAD: The Punjab Agriculture Department informed the wheat review committee on Thursday that the province would not be able to achieve its revised sowing target of 16.7 million acres due to the increasing price of fertilisers. However, it said, the originally assigned sowing target of 16.2m acres would be achieved. Punjab had voluntarily enhanced its sowing target to 16.7m acres, …

ISLAMABAD: The Ministry of Finance (MoF) on Thursday identified the spread of Omicron variant, external pressures on account of higher imports and double digit inflation as emerging risks to an otherwise balanced growth trend. “Though economic recovery is underway, the economy is also confronting the new Covid-19 wave, inflation and external sector pressure. The rising global inflation along with the …

ISLAMABAD: The Water and Power Development Authority (Wapda) on Wednesday alerted the government about the impediments that could cause delays and cost escalations to major dam projects, particularly Diamer-Bhasha and Mohmand. Briefing the Implementation Committee on Diamer Basha and Mohmand Dams (ICDBMD) on Wednesday, Wapda Chairman Muzammil Hussain updated the participants “of the impediments in the way to smooth execution …

KARACHI: Stock investors restricted themselves to range-bound trading on Wednesday as the number of coronavirus cases and international oil prices remained on the higher side. According to Arif Habib Ltd, cement stocks came under pressure after the release of provisional data that reflected an annual decline of 19 per cent in monthly despatches. The fertiliser sector also suffered as Fauji …

ISLAMABAD: Finance Minister Shaukat Tarin said on Wednesday the International Monetary Fund’s (IMF) Executive Board had delayed on Pakistan’s request its case for completion of the sixth review because of authorities’ inability to get the State Bank of Pakistan amendment act passed by the Senate. “The IMF board was kind enough to accept our request and postpone the review until February 2,” …

KARACHI: The National Bank of Pakistan (NBP) said on Wednesday it was cooperating with the Federal Investigation Agency (FIA), which is investigating a mega scandal worth Rs54 billion and has arrested several high-ranking officials of the bank and a petroleum company. The FIA arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), on Jan 23. It said a total of 30 …

ISLAMABAD: A new report on private investments for Pakistan’s sustainable development warns that continued borrowing from multilateral and other sources is posing all sorts of economic and political challenges while external development grants are rapidly shrinking. The situation calls for an exploration of resources from the private sector, as well as non-traditional regional partners, emphasises the ‘Pakistan SDG Investment Report …

KARACHI: Trading on the stock exchange began on a positive note on Tuesday after the central bank’s decision to keep the benchmark interest rate unchanged at 9.75 per cent. The market stayed in the green zone with cement stocks remaining in the limelight on the expectation of high earnings in the upcoming results’ season, according to Arif Habib Ltd. However, …

LAHORE: To the concern of other provinces, Sindh continues to report exceptional water losses between Taunsa and Guddu during the ongoing Rabi season as it refuses to allow observation of real water flows by other federating units. Data available with the Indus River System Authority (Irsa) shows that Sindh’s irrigation authorities reported on an average 35.15 per cent water loss …

LAHORE: In a major development, Pakistan Railways Freight Transportation Company’s (PRFTC) chief executive officer Jawaid Siddiqi has resigned from the office, serving a one-month notice on the department. Mr Siddiqi joined the PRFTC in July last year. Sources held “typical bureaucratic behaviour” as responsible for the problems that forced the officer to resign. “As far as I know Mr Siddiqi …