Business

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Wednesday commended the measures taken by the State Bank of Pakistan (SBP) to shield small and medium businesses against insolvency and joblessness amid the Covid-19 pandemic. A press statement issued by the Finance Ministry said that Mr Tarin met SBP Governor Dr Reza Baqir who updated him on different policy …

LAHORE: The troubled Silkbank Ltd (SBL) has requested the State Bank of Pakistan (SBP) to allow it yet another extension until June 30 for finalising and publishing its annual report and audited accounts for 2020. The bank has sought the extension on the grounds that Habib Bank Ltd (HBL) has recently started due diligence of its consumer portfolio in order …

ISLAMABAD: After consecutive increases for many months, the electricity rates for consumers of 10 distribution companies (Discos) of Wapda are set to go down by over 61 paisas per unit under monthly fuel cost adjustments for March. The National Electric Power Regulatory Authority (Nepra) will take up for public hearing on April 28 the tariff petition seeking reduction in consumer …

KARACHI: The government reduced the cut-off yields by up to 15 basis points and raised Rs708 billion through the auction of treasury bills (T-bills) on Wednesday. The bids pattern shows that investors are also keen on investing in the short-term T-bills. The government raised the highest amount of Rs347.4bn for benchmark six-month T-bills. Market experts believe that the government has …

ISLAMABAD: Pakistan on Tuesday shared with the World Bank a revised outline of the Circular Debt Management Plan that seeks rationalisation of taxes, negotiated takeover of old independent power plants (IPPs) and closure of all old public sector plants to increase electricity tariffs, but slightly lower than that committed with the lenders under the IMF programme. This was the takeaway …

ISLAMABAD: Despite the apparent short-term control over current account deficit (CAD), the government’s policies suggest Pakistan’s economy is to stay in the low growth, low export and close to default position, a report issued on Tuesday by a think tank said. The Institute of Policy Reforms (IPR), a think tank led by PTI leader Humayun Akhtar, in its latest report …

ISLAMABAD: The cabinet on Tuesday decided to establish a centralised database to maintain record of stocks of essential food items available with the federal and provincial governments to ensure the country does not face shortage. The cabinet meeting, which was presided over by Prime Minister Imran Khan, also took several other decisions, including deferring a proposal to exempt Kartarpur (Sikhs’ …

LAHORE: The Chinese government has sent Pakistan’s first modern railways’ infrastructure project — Main Line-1 (ML-1) — to the Exim Bank of China for approval of a $6 billion loan after all technical, administrative and other issues have finally been resolved, paving the way for launching civil work on this scheme within this year. “The latest on the $6.8 billion …

SHANGHAI: Thought Big Tech was taking over your life through smartphones? It may be coming for your car next as Chinese firms lead a stampede into auto manufacturing in their battle for more consumers. Cars are the next major prize in the battle for digital territory, industry insiders say, and the deep pockets and data muscle of big Chinese tech …

ISLAMABAD: Participants at a public hearing overwhelmingly supported the cases of two separate firms for grant of construction licences at the earliest to help reduce energy costs and gas shortage that currently stood at about three billion cubic feet per day (BCFD). The hearing presided over by Ogra Chairman Masroor Khan was attended by Member Gas Muhammad Arif, Member Oil …