Business

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday notified an additional fuel cost charge of Rs2.51 per unit to consumers so that ex-Wapda distribution companies (Discos) could mop up additional revenue of Rs34 billion in November. In a notification issued on Tuesday, the regulator said it “has reviewed and assessed an increase of Rs2.5272/kWh in the applicable tariff …

KARACHI: The federal government on Tuesday hinted at providing relief to the sugar industry but called for start of the production “at the earliest” to keep the demand and supply in balance. A delegation of the Pakistan Sugar Mills Association (PSMA), led by its chairman Chaudhry Zaka Ashraf, held a meeting with Adviser to the Prime Minister on Finance and …

ISLAMABAD: The cabinet on Tuesday approved the Strategic Trade Policy Framework 2020-25 after a delay of more than two years. The framework envisages measures to enhance enterprises’ capacity to produce, distribute and sell products more efficiently than their competitors. This is the fourth strategic framework announced since 2009 by the government which allocated Rs45 billion for its implementation in the …

ISLAMABAD: Pakistan has sought Chinese government’s intervention to persuade China Export and Credit Insurance Corpora­tion — Sinosure — to clear about $13 billion insurance cover of energy and infrastructure projects on priority basis. Sinosure — the Chinese state insurer — has to underwrite all foreign investments and debts but has been holding back insurance cover of about $5bn to six …

ISLAMABAD: Pakistan’s overall fiscal deficit in the first quarter (July-September) of the current fiscal year dropped to 0.8 per cent of Gross Domestic Product (GDP) or Rs438.5 billion, which is one of the lowest in the comparable period of last four years of the current government. According to Fiscal Operations Data released by the Ministry of Finance, the total revenue …

The State Bank of Pakistan (SBP) on Monday rejected reports circulating on social media that currency notes were being redesigned, saying no such proposal was under consideration. “Some fake news regarding new designs of currency notes is circulating on social media. SBP categorically denies the news and clarifies that no such proposal is under consideration at the moment,” the central …

ISLAMABAD: The Federal Board of Revenue (FBR) has intensified offsite and onsite inspections against Designated Non-Financial Businesses and Professions (DNFBPs) and imposed penalties on a large number of real estate agents for not implementing anti-money laundering and counter finance terrorism regime, Dawn has learnt from knowledgeable sources. The FBR designated Department of Director General DNFBPs imposed hefty fines on all those real …

KARACHI: Trading on the Pakistan Stock Exchange remained lacklustre on Monday as uncertainty over the International Monetary Fund (IMF) loan programme made investors cautious. According to Topline Securities, the benchmark index achieved an intraday high of 47,442 points. Selling pressure ensued, however, and the KSE-100 index closed at 47,115.04 points down 180.76 points or 0.38 per cent from last Friday. …

Pakistan-based fintech Savyour, a pioneer in developing the country’s first cashback app and pay-per-sale affiliate marketing network, has raised $3.3 million in a seed round co-led by Global Founders Capital and Zayn Capital. The seed funding will be used to accelerate Savyour’s online expansion and launch the in-store feature for the platform. The round saw participation from Fatima Gobi Ventures, …

The US Dollar rose against the rupee on Tuesday, gaining Rs1.3 to reach Rs172 in the interbank market, up from the previous day’s closing rate of Rs170.7. Zafar Paracha, the chairman of the Exchange Companies Association of Pakistan, told Dawn.com that the increase was caused by higher demand for the greenback due to the delay in the International Monetary Fund’s (IMF) loan …