Business

ISLAMABAD: The quantum of smuggled goods into the country decreased during the first 10 months of the current fiscal year from a year ago as data reported by the Pakistan Customs showed higher regular imports of these commodities. Formal imports of six smuggling-prone items — green tea, black tea, tyres, textile products, electronic goods and palm oil — increased by …

KARACHI: The government’s borrowing for budgetary support sharply declined by 42 per cent in the first 10 months of the current fiscal year, indicating a trend that may result in lower fiscal deficit for the year. The State Bank’s latest data shows the government borrowed Rs676 billion during July-April period of 2020-21 compared to Rs1,171bn in the same period last …

KARACHI: Conflicting claims relating to Eidul Fitr sales amid the Covid-19 lockdown from May 8-16 have emerged, with some traders claiming good sales compared to last year while others presented a picture of doom and gloom. In 2020, when the pandemic made its way to Pakistan in February, traders in Karachi and in some other cities were allowed business activities …

MUMBAI: Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2 billion arbitration aw­ard that it won in a tax dispute against India, according to a US District Court filing reviewed by Reuters. The move ratchets up pressure on India’s government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn …

YANGON: If you need cash in Myanmar, you have to get up early. Queues start forming outside banks at 4am, where the first 15 or 30 customers are given a plastic token that will allow them to enter the bank when it opens at 9:30am and withdraw cash, according to more than a dozen people who spoke to Reuters. If …

KARACHI: As the auto assemblers anticipate jump in vehicle prices on account of spiralling raw material prices on world markets, another cost pressure has emerged following removal of export tax rebate by China on 146 kinds of steel products from May 1, 2021. At the analyst briefing held last week, Pak Suzuki Motor Company Ltd (PSMCL) and Indus Motor Company …

KARACHI: The MSCI on Wednesday announced outcome of its Semi-Annual Index review which to the surprise of some major market participants was addition of Lucky Cement to the MSCI Pakistan Index under the MSCI Global Standard Index in place of Oil and Gas Development Company (OGDC), which was eased out as it fell short of the criteria. The other two …

LONDON: Marylebone Cri­cket Club (MCC) said late on Monday it would discuss research that suggests cricket bats made from bamboo could provide a cheaper alternative to the traditional willow. The Cambridge University study said its prototype bamboo bat was cheaper to produce, more sustainable and stronger than willow blades and could grow the game worldwide. The article, published in the …

LAHORE: The PTI government is targeting disbursement of Rs60 billion through commercial banks as clean, collateral-free loans among small and medium enterprises (SMEs) over the next three years, says a senior official of the Small and Medium Enterprise Development Authority (Smeda). “The SMEs, mostly small businesses, will be eligible to obtain bank loans up to Rs10 million on the basis …

KARACHI: With Eidul Fitr only a couple of days away, poultry retail prices hit the highest-ever rate of up to Rs350-360 per kg for live bird, Rs520-640 for meat (with and without giblets) and Rs800 per kg for boneless, showing a jump of Rs100-150 per kg in the last one week. Poultry sector people say that massive price hike was …