Business

KARACHI: Auto assemblers have been dragging their feet in passing on the price cut benefit to the consumers after the government’s decision of slashing federal excise duty (FED), general sales tax (GST) and additional customs duty (ACD) on import of parts and accessories from July 1. Six days have gone and the assemblers and even their dealers are not ready …

LAHORE: Pakistan on Tuesday raised additional debt of $1 billion through a tap issue of its recently issued three-tranche dollar denominated Eurobond that had fetched $2.5bn in March. The bond was subscribed in excess of $3bn for five, 10 and 30 years. Pakistan accepted $300m for five-year note at 5.875pc, $400m for 10-year bond at 7.125pc and $300m for 30-year …

KARACHI: The State Bank of Pakistan (SBP) has decided to impose penalty on banks if they fail to meet the mandatory targets for the number of houses and disbursement, said a circular issued on Tuesday. “It has been decided that penalty will be imposed on banks falling short of their Government’s Mark-up Subsidy Scheme (G-MSS) targets with effect from July …

ISLAMABAD: The Balochistan government has asked the Water and Power Regulatory Authority (Wapda) to interfere and regulate water share issues under the Indus River System Authority (Irsa) rules as third party as the Sindh government is denying the legitimate right to Balochistan. Speaking at a press conference held here on Tuesday, Balochistan government spokesperson Liaquat Shahwani urged the Sindh government …

Adviser to the Prime Minister on Commerce Abdul Razak Dawood said on Tuesday that the Pakistan-US relationship would not impact the China-Pakistan Economic Corridor (CPEC). Appearing on DawnNewsTV show Live with Adil Shahzeb, he was asked whether Pakistan-US relations could have an impact on CPEC. “I don’t think so,” he responded, adding that the US knew how important the project was for Pakistan …

KARACHI: The government’s domestic debt and liabilities increased by 12 per cent to Rs26.755 trillion during the 11 months of the current fiscal year (11MFY21) compared to Rs23.876tr in June 2020. The government borrowed Rs2.88tr during 11MFY21, with most of the amount accumulated through the Pakistan Investment Bonds and market treasury bills (T-bills). The PIBs attracted $263 million also as …

ISLAMABAD: As the report on water distribution, which had to be released in one month, has been pending with the Attorney General Office for the last one year, the National Assembly Standing Committee on Water Resources on Monday requested Prime Minister Imran Khan and the Council of Common Interests (CCI) to intervene in the matter and get the report released. …

LAHORE: Sui Northern Gas Company Ltd (SNGPL) on Monday announced that the profit-after-tax (PAT) for the first quarter (July-September) of FY21 jumped by 69.20 per cent to Rs3.181 billion compared to Rs1.880bn in the same period the preceding year. The earnings per share (EPS) rose to Rs5.01 in for 1QFY21 as against Rs2.96 in the corresponding quarter of 2019-20. A …

ISLAMABAD: Pakistan witnessed record wheat production during the fiscal year 2020-21, with Punjab and Khyber Pakhtunkhwa producing more than the estimated figures, the government announced on Monday. Against the estimated production of 27.33 million tonnes, the country produced 27.539m tonnes of wheat, according to the final figures shared during a meeting of the wheat review committee at the Ministry of …

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) on Monday urged the government to withdraw taxes imposed on voice calls. A delegation of representatives from cellular service provider companies visited the chamber premises and met ICCI President Sardar Yasir Ilyas Khan. They expressed concerns over the 75 paisa tax levy on voice calls that exceed the five minute duration in …