Business

ISLAMABAD: Adviser to the PM on Commerce Abdul Razak Dawood on Thursday said that Pakistan Pavilion received 55,000 visitors in just the opening week of Dubai Expo-2020, making it one of the busiest pavilions of the mega event. The pavilion’s first look is such a magnificent facade, established by Pakistan’s reno­wned visual artist Ras­hid Rana, that 20,000 people visited it …

ISLAMABAD: Following negotiations with the refining industry, the petroleum division has wiped out 10-year tax exemption protection, reduced government’s contribution to finance upgrades of existing oil refineries and enhanced compliance requirements. The Cabinet Committee on Energy (CCoE) led by Planning Minister Asad Umar had earlier approved an incentives package for modern refineries that also included 20-year tax holiday but had …

ISLAMABAD: The International Monetary Fund (IMF) on Wednesday forecast Pakistan’s major fiscal indicators gradually improving this year and beyond until 2026. In one of its flagship publications — Fiscal Monitor — released on Wednesday, the IMF estimated the government’s overall fiscal deficit at 6.2pc of GDP, primary deficit at 0.4pc of GDP and debt levels at about 81pc of GDP …

Federal Minister for Finance Shaukat Tarin on Wednesday expressed hope that top-level negotiations between Pakistan and the International Monetary Fund (IMF) would be successful and the $6 billion Extended Fund Facility (EFF) would be put back on track. “I believe that the progress we have made to date is really encouraging and as we say, God willing, I see this …

KARACHI: The Pak­istan Stock Exchange (PSX) witnessed another bloodbath on Wednesday amid political noise, with the benchmark index shedding 661.30 points (1.51 per cent) to 43,221.78 points. According to Topline Securities, the selling spree continued on the PSX as the market opened on a positive note and made an intraday high of 44,172 points (up 0.66pc). However, the controversy around the …

Shares at the Pakistan Stock Exchange soared on Thursday as the benchmark KSE-100 index gained 1,111.90 points, or 2.57 per cent, to close the day at 44,333.68. Remaining in the green almost throughout the session, the index saw the addition of 769.37 points during intra-day trading by 12:48pm. The day’s high was recorded at 44,431.65 points, while 43,046.25 was the …

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bloodbath on Tuesday in the first half, but eventually the benchmark KSE 100 index managed to close in green with a gain of 53.73 points or 0.12 per cent at 43,883.08 points. The benchmark index largely recovered its losses by the end of the day mainly because of broad-based value-buying. Investors scooped …

ISLAMABAD: With liquefied natural gas (LNG) based circular debt reaching Rs200 billion and global prices touching new peaks, a parliamentary panel on Tuesday asked the government to avoid selling expensive imported gas to residential consumers when they do not have the capacity to pay and instead dedicate imports to productive sectors. The advice from the Senate Standing Committee on Petroleum …

LAHORE: In a bid to check the rising value of US dollar, the Federal Investigation Agency (FIA) has decided to investigate about 100 individuals for allegedly buying over $63 million from different exchange companies in Lahore that are believed to have been either smuggled to Afghanistan or hoarded during the last 45 days. “The FIA Lahore on Tuesday served notices …

KARACHI: The US dollar kept going high against the rupee hitting a fresh peak despite a number of measures taken by the State Bank of Pakistan (SBP) to cool down the demand for the greenback. Currency dealers in the interbank market said the dollar was traded as high as Rs171.13 during the session on Tuesday. However, it closed at Rs171.04, …