Business

KARACHI: The federal government, while acknowledging the fact that domestic prices of essential food items have gone up over the last three years, has claimed that it has absorbed a considerable amount of increase in international prices and has not allowed its full passage to consumers in Pakistan. A Finance Division statement released in Islamabad on Sunday says it is …

Pakistan hopes to capitalise on the fall of Ashraf Ghani-led hostile regime by increasing the scale and depth of economic engagement with Afghanistan at a time when the economy desperately needs a push for growth. As Taliban leaders scramble for legitimacy in the wake of the bloodless takeover on August 15, businesses in Pakistan wish for lasting peace in the …

ISLAMABAD: As Ehsaas — an umbrella of 20 programmes of social safety and welfare — has completed a fresh poverty survey for 2021 in the country, the number of Benazir Income Support Programme beneficiaries has increased to 8.2 million. The first BISP survey that was completed in 2011 had 23 variables to ascertain the deserving people but the fresh one …

ISLAMABAD: President Dr Arif Alvi on Sunday disposed of 42 representations of the Federal Board of Revenue (FBR) in cases of bogus sales tax invoices worth over Rs1.2 billion. The representations had been filed with the president assailing the orders of the Federal Tax Ombudsman (FTO) passed in suo motu cases, in which bogus sales tax refunds were reimbursed fully …

ISLAMABAD: Oil marketing companies (OMCs) have asked the government to provide a deregulated and fair environment to all arms of the petroleum sector through an all-encompassing petroleum policy 2021 to address existing challenges like repeated shortages, reduce foreign exchange loss through rationalised imports and provide investment opportunities to all instead of working on just refining policy in isolation. “It must …

KARACHI: The outgoing shortened week (with three sessions instead of the usual five) was marked by early week selling as panic-stricken investors watched the Taliban advance without resistance and capture Afghanistan’s capital Kabul. However, by the end of the week, the KSE-100 index gained 430 points, or 0.91 per cent, and closed at 47,600. Heavy sell-off in the first two …

FAISALABAD: Special Assistant to the Prime Minister on Food Security and Agriculture Jamshed Iqbal Cheema has said that most of the commodities commonly imported would be available in Pakistan in abundance within a couple of years as the government was focusing on enhancing their domestic production. Addressing a press conference at the Ayub Agricultural Research Institute (Aari) here on Saturday, …

LAHORE: The increasing demand for gas in the country has forced the government to get the re-gasification capacity of the two private liquefied natural gas (LNG) terminals in Karachi increased to 1,500 million cubic feet of gas per day from 1,200mmcfd to ensure uninterrupted supply to domestic consumers on priority. The situation may worsen in the upcoming winter, especially in …

KARACHI: Motorcycle and rickshaw assemblers have been striving to tap African markets besides aiming to boost their exports to Afghanistan after business environment gets normal following takeover of Kabul by the Taliban. Rickshaw makers are trying to break the decades-old monopoly of an Indian auto giant Bajaj in various countries, especially in African countries. The task is gigantic, but they …

KARACHI: Foreign investment in the construction industry fell sharply in July this year compared to the corresponding month of last year, possibly due to an end of the amnesty scheme on June 30. According to the latest data of the State Bank of Pakistan, the foreign direct investment (FDI) in the construction sector noted a net outflow of $4.9 million …