Business

ISLAMABAD: Adviser to the Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood said on Sunday that the country’s exports were gradually increasing and export to Australia jumped by 29 per cent during 10 months of the current fiscal year. In a tweet, the adviser said that the country had witnessed $52 million worth of more exports to …

LAHORE: Traders on Sunday asked the Chief of Army Staff (COAS) to take notice of inappropriate use of army troops for forcibly closing down the businesses of small traders by the government and announced that they would hold a protest demonstration in front of the NCOC headquarters in Islamabad after Eid. “This is for Gen Qamar Javaid Bajwa (COAS). The …

• Specialised agencies to probe money laundering cases • Special prosecutors to be hired to ensure implementation ISLAMABAD: The government is set to introduce new rules on forfeiture, management and auction of properties and assets relating to Anti-Money Laundering (AML) cases and transfer of investigations and prosecution of AML cases from police, provincial anti-corruption establishments (ACEs) and other similar agencies …

KARACHI: The non-performing loans (NPLs) of all banks significantly increased by Rs22 billion in the first quarter of the calendar year 2021 to Rs866bn, while the recovery remained less than half of the preceding quarter (October-December 2020). Increased NPLs are a sign of poor banking particularly when the role of the private sector is limited in the banks’ money. The …

LAHORE: Pakistan’s cement producers plan to expand their capacity by more than 40 per cent from nearly 69 million tonnes to nearly 99m tonnes over the next several years in anticipation of 10-15pc growth in their sales every year, claims an All Pakistan Cement Manufacturers Association (APCMA) official. Speaking with Dawn, the APCMA official, who requested anonymity, said almost every cement …

ISLAMABAD: Cellular subscriptions in Pakistan crossed the 183 million mark by the end of March 2021 from 178.97m in January, figures shared by the Pakistan Telecommunication Authority (PTA) on Saturday showed. Mainly owing to pressures from the education sector in the wake of Covid-19 lockdowns, authorities have been expanding internet infrastructure in the country for more than a year. Broadband …

ISLAMABAD: The export of services posted a growth of 31.72 per cent year-on-year to $563.95 million in March, showed data compiled by the Pakistan Bureau of Statistics. After having contracted in the previous year, the export of services bounced back since January this year. However, the service exports in July-March period of 2020-21 grew by just 0.61pc to $4.37bn as …

ISLAMABAD: Pakistan and Saudi Arabia have agreed to give strategic direction to their ties through the Saudi-Pakistan Supreme Coordination Council (SP-SCC) by strengthening and diversifying existing bilateral cooperation in different fields. For this purpose, the Saudi Development Fund will finance projects worth $500 million, according to the spokesperson for the Ministry of Foreign Affairs. The projects to be launched under …

ISLAMABAD: The country’s fiscal deficit has increased to 3.6 per cent of gross domestic product (GDP) or Rs1.652 trillion during the first nine months (July-March) of the current fiscal year despite a drastic cut in development, almost static defence expenditure, healthy provincial cash surpluses and record petroleum levy collections. The consolidated data on fiscal operations for the first three quarters …

KARACHI: The most attractive long-term domestic papers — Pakistan Investment Bonds (PIBs) — witnessed another significant cut up to 65 basis points in the auction held on Thursday. The auction was held for fixed rate PIBs. The government, which has been raising maximum liquidity from banks, slashed cut-off yields on all PIBs for all tenors. The details issued by the …