Business

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved import of 200,000 tonnes of sugar and 400,000 tonnes of wheat and Rs24.555 billion supplementary grant for procurement of Covid-19 vaccines. The meeting, presided over by Finance Minister Shaukat Tarin, waived duties on import of spray drones from China. The ECC approved import of 200,000 tonnes of sugar …

KARACHI: An elated Babar Azam heaped praise on Shaheen Shah Afridi and Fawad Alam after the duo played pivotal role in Pakistan’s series-levelling victory in the second Test against the West Indies in Kingston. While addressing a tour-ending virtual presser on Wednesday hours before the squad was due to leave for Lahore via London, the Pakistan skipper singled out player-of-the-match …

KARACHI: Engro Corporation said on Wednesday it will enhance its total equity investment in the telecom infrastructure vertical to Rs21.5 billion. According to a regulatory filing on the Pakistan Stock Exchange, the holding company will make this investment in its wholly-owned subsidiary Engro Connect, which will serve as a platform for the conglomerate’s initiatives in the telecommunications sector. Speaking to Dawn, …

ISLAMABAD: The petroleum division on Wednesday blamed the power sector for most of the challenges faced by the liquefied natural gas (LNG) supply chain and said the Frontier Works Organisation (FWO) had given monopoly through 10 fuel stations on the motorway to troubled Hascol as subsidiary. Testifying before the Senate Standing Committee on Petroleum and Natural Resources, Petroleum Secretary Dr …

WASHINGTON: The World Bank announced on Wednesday that it was suspending aid to Afghanistan following the Taliban’s takeover of the country earlier this month. The World Bank has committed more than $5.3 billion for development projects in Afghanistan. The bank-administered Afghanistan Reconstruction Trust Fund also has raised more than $12.9 billion for the country. “We are deeply concerned about the …

KARACHI: Pakistan State Oil Company Ltd on Tuesday declared a profit-after-tax (PAT) of Rs29.14 billion translating into earnings per share of (EPS) Rs62.07 for the year ended June 30, 2021. It represented a turnaround from the loss of Rs6.47bn (LPS: Rs13.77) suffered the earlier year. The company also ann­ounced a cash dividend at Rs10 per share. Engro incomes surges 88pc …

ISLAMABAD: A parliamentary panel on Tuesday asked the government to offer at least one-year tax amnesty to people earning less than Rs1.2 million per year to fight adverse economic effects of Covid-19 and inflation, and advised the central bank to do away with inter-bank fund transfer (IBFT) charges by banks to encourage digitisation. The Senate Standing Committee on Finance and …

ISLAMABAD: In yet another major reshuffle in its economic team, Pakistan Tehreek-i-Insaf government on Tuesday removed the chairman of the Federal Board of Revenue (FBR) while the special assistant to the prime minister (SAPM) on finance and revenue said he had resigned. Informed sources said FBR chairman Asim Ahmad, who was fifth in the row in almost three years, was …

ISLAMABAD: The GSMA, which represents the interests of 750 mobile operators worldwide, has projected that Pakistan will be at the lowest end in terms of smartphone users as well the 5G coverage among the selected countries of Asia Pacific region by 2025. However, Minister for Information Technology and Telecommunication Syed Amin Ul Haque said key initiatives have been taken which …

KARACHI: The dollar reached a 10-month high of Rs165.20 against the rupee on Tuesday as the country’s foreign exchange reserves reached a historic level of $27.4 billion due to the inflow of $2.75bn through Special Drawing Rights (SDR) of the International Monetary Fund (IMF). The dollar crossed Rs165 for the first time since Sept 30, 2020. The dollar gained 77 …