Business

ISLAMABAD: The ex-Wapda distribution companies (Discos) have sought about 80 paisa per unit increase in tariff for one month while K-Electric has demanded up to Rs2.5 per unit increase for six months under monthly fuel cost adjustments (FCAs). Separately, the Karachi-based power utility has also sought about 37 paisa per unit increase in its normal tariff under quarterly tariff adjustment …

FAISALABAD: The Federal Board of Revenue will register housing societies and jewellers, says FBR’s Faisalabad Chief Commissioner Mahmood Hussain. Addressing a press conference along with additional commissioner (headquarters) Asif Rafiq, deputy commissioner Inam Qadir and others on Wednesday, he said the FBR was striving to increase the tax growth and at national level it had achieved its target. He said …

KARACHI: After already sending home thousands of employees, Pakistan Steel Mills (PSM) has offered voluntary separation scheme for the rest of its workers. Acting DGM In-charge (Administration and Personnel) Riaz Hussain Mangi issued a letter on Tuesday which said that those employees who wished to avail separation may apply for the same on enclosed form within 14 days of issuance …

KARACHI: The government raised Rs569.7 billion through auction of market treasury bills on Wednesday. The cut-off yields on both three-month and 6-month papers were slightly reduced by 5 and 4 basis points, respectively. Banks participated in the auction with huge liquidity as the total bids for three-month, six-month and 12-month reached Rs1,683.7bn while the government raised Rs569.7bn. All bids for …

KARACHI: The State Bank of Pakistan (SBP) has received $1 billion against the issuance of Eurobonds which took the foreign exchange reserves of the central bank to a five-year high of $18.2bn. Pakistan issued Eurobonds last week which attracted investors from the international market — reflecting improved confidence in the economy and external account. With the arrival of $1bn, total …

ISLAMABAD: A high-powered Ru­­s­­sian delegation is currently in Islamabad for critical talks on the Pakistan Stream Gas Pipeline Project. When contacted, an official of the petroleum ministry said that talks with the Russian delegation, led by A.A. Tolparov, deputy director of department of foreign economic co­­operation and fuel markets development, were continuing and exp­e­cted to conclude on Thursday (today), following …

ISLAMABAD: The State Oil Company of Azerbaijan Republic (Socar) on Tuesday appeared to be back-peddling its diplomatic push for oil and gas deals with Pakistan’s public sector firms under government-to-government arrangement after an aggressive public snub by the Petroleum Division. A Socar spokesman said that various media reports appearing in the last several days did not represent the reality of successful cooperation …

ISLAMABAD: The Large-Scale Manufacturing (LSM) continued its growth momentum in the fourth consecutive month as big industrial sectors’ output rose year-on-year by 36.84 per cent in May, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday. The overall output of Large-Scale Manufacturing Industries (LSMI) increased by 14.57pc in July-May 2020-21 compared to 11MFY20. However, on a month-on-month …

LAHORE: The National Transmission and Despatch Company (NTDC) on Tuesday secured Rs6.4 billion financing from a three-member consortium of banks for construction of a 220kV/132kV grid station and 35 kilometre-long allied transmission lines for getting 1,274MW of lean renewable energy power from 10 wind energy projects being set up in Gharo-Jhimpir wind corridor near Tando Muhammad Khan in Sindh. The …

KARACHI: Overseas Pakis­tanis remitted record $29.4 billion during 2020-21, helping the country meet its widening trade deficit and expected current account deficit in the last month of the just-ended fiscal year. The central bank said that with inflows of around $2.7bn in June (9pc growth year-on-year) and 8pc (month-on-month), workers’ remittances continued their unprecedented streak of above $2bn for a …