Business

Presently, Pakistan’s economy is grappling with the formidable challenge of achieving fiscal sustainability. During FY23, the government generated a total revenue of Rs9.64 trillion, equivalent to 11.4 per cent of GDP. In contrast, its consolidated expenditure soared to Rs16.2tr, accounting for 19.1pc of GDP, resulting in a substantial fiscal deficit of Rs6.5tr, or 7.7pc of GDP. Notably, a significant portion …

ISLAMABAD: President Arif Alvi has blocked promulgation of an ordinance, moved by the caretaker government just before the end of its term that apparently sought to neutralise the powers of the Indus River System Authority (Irsa) bypassing the Council of Common Interests (CCI). Informed sources said the president rejected the proposed amendments to the 1991 Irsa Act on the grounds …

ISLAMABAD: The International Maize and Wheat Improvement Centre (CIMMYT) has developed and released 20 high-yielding heat-tolerant maize hybrids in Pakistan and four other South Asian countries. CIMMYT has announced that the high-yielding maize seeds were developed after a decade of rigorous efforts, along with public-sector maize research institutes and private-sector seed companies in the region. The other countries of the …

KARACHI: K-Electric and Hub Power Company Ltd have recently signed a memorandum of understanding (MoU) to explore the opportunity for off-take of affordable electricity following the conversion of the Hub plant to local Thar coal. This is in line with KE’s long-term strategy to induct power generation from indigenous sources into its energy mix. The company is exploring the viability …

ISLAMABAD: The mobile manufacturers have expressed confidence that the new government will streamline a key loophole in the taxation system to promote the local assembly of mobile phone accessories in the country. They have pointed out that this lacuna currently permits the import of finished products at zero rates while imposing heavy taxes on raw materials. The Pakistan Mobile Phone …

KARACHI: Stocks finished the tumultuous three-session election week on a negative note as the ‘unusual delay’ in announcing election results created uncertainty among investors about a smooth return to a stable political government as a result the benchmark KSE 100-share index came under renewed selling pressure settling the short week below 63,000. As Feb 5 was a closed holiday on …

LAHORE: The terms on conditions related to the loan pledged by Beijing for the Pakistan Railways’ flagship project — Main Line-1 (ML-1) — will be finalised by the upcoming government with the Chinese authorities. “Everything, except finalisation of the terms and conditions related to financing/loan by the government, has been completed, as no issue about the project exists at the …

KARACHI: During the past 20 months, Pakistani businessmen and rich individuals have not only been investing heavily in Dubai’s real estate but also establishing export-import trad­ing houses there, said market sources. “This is not a surprise that the Pakistanis have been investing in the real estate of Dubai but important is the establishment of trade and business houses by Pakistanis,” …

ISLAMABAD: Exports to nine regional countries grew 17.71 per cent during the first half of the current fiscal year mainly driven by an increase in shipments to China. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives rose to $2.233 billion in July-December FY24 from $1.897bn in the corresponding period last year, showed …

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), aided by its in-house Adjudication Division, aims to promote compliance and transparency in the corporate sector. This quasi-judicial arm maintains independence and minimises arbitrariness in decision-making while adhering to laws and international best practices. The commission effectively enforced its laws in the first half of 2023-24, deciding 1,849 cases of violations …