Business

FAISALABAD: Undocumented transactions worth millions of rupees conducted by yarn and fabric traders in Sutar Mandi are hurting the national exchequer. Located in Faisalabad, Sutar Mandi – also known as Yarn Market – is one of the biggest yarn and fabric markets in Asia. According to the Federal Board of Revenue (FBR), there are 860 registered wholesalers, traders and commission …

LAHORE: Pakistan has overall scored 51 points out of 100 at the Decent Work Check tool of the Labour Rights Index (LRI) that covers 115 countries across the globe. Finland and Lithuania top the LRI with both scoring 96 points. The LRI for the year 2020 contains 10 indicators each with five legal questions and has been compiled by the …

Dubai’s property market is powering out of a six-year malaise as “lockdown dodgers” and wealthy international investors drive a buying frenzy that is breaking records and fuelling an economic recovery. Luxury villas are the hottest segment in the market, with European buyers, in particular, seeking homes on Dubai’s signature Palm Jumeirah man-made island, as well as golf course estates. Dubai’s …

ISLAMABAD: Pakistan’s economy will get a boost as the production of four important crops as well as three minor crops posted a record production this season from a year ago, indicating a lesser reliance on imports of eatables in 2021-22. Lower crop yield of cotton is mainly due to a decline in sowing area and climatic changes which badly hit …

ISLAMABAD: Pakistan’s top tax machinery on Saturday claimed to have crossed Rs4.143 trillion in 11 months of the current fiscal year against Rs3.536tr collected over the corresponding months of last year indicating a revival of economic activities in the country. More revenue ranging between Rs15bn and Rs20bn will come into the government kitty in the last two days (May 30-31) …

ISLAMABAD: The water shortages for Sindh and Punjab went up to 32 per cent on Friday as river flows continued to drop and storages at both Mangla and Tarbela dams neared dead level. The Indus River System Authority (Irsa) said it reviewed the overall water situation on Friday and decided to apply 32pc shortages to the two larger provinces instead …

ISLAMABAD: Pakistan’s exports to nine regional countries posted a paltry growth of 1.818 per cent while imports from the region grew by nearly 31pc in first 10 months of the ongoing fiscal year (10MFY21) from a year ago, latest data released by the State Bank of Pakistan showed. The country’s exports to Afgha­nistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, …

KARACHI: The spectacular rally at the stock market concluded the week with the benchmark KSE-100 index storming past the 47,000 level — a feat accomplished after about four years. The index had last stepped over that level on June 15, 2017. After a day’s breather, the bulls returned to the market on Friday with a vengeance and tossed the index …

ISLAMABAD: The opposition in the Senate on Friday set a new precedence by calling into question the yet-to-be-presented federal budget for the next fiscal year. Speaking about the budget, former Senate chairman and Pakistan Peoples Party (PPP) stalwart Mian Raza Rabbani expressed alarm over changes in the financial team at a time when the budget was just around the corner. …

ISLAMABAD: Pakistan and Russia on Friday signed an inter-government agreement (IGA) to develop Pakistan Stream Gas Pipeline for gas transportation from Karachi to Kasur. Russian Energy Minister Nikolai Shulginov and Pakistan’s ambassador in Moscow Shafqat Ali Khan signed a protocol on the amendments to the IGA on North-South Gas Pipeline Project in Moscow, according to the Pakistan Embassy in Russia. …