Business

ISLAMABAD: The resurgence of recent infection rates and slow vaccination coupled with high inflation rate and consolidation policies could impact Pakistan’s nascent and fragile economic recovery and worsen poverty situation, according to a World Bank report. In its flagship ‘Pakistan Development Update-Navigating in Uncertain Times’ released on Tuesday, the World Bank said the country had been showing signs of a …

LAHORE: Wheat harvest has begun in the southern districts of Punjab as temperature has increased enough to mature the crop. However, the formal opening of the reaping season will be done by Chief Minister Usman Buzdar within a couple of days as authorities concerned are scheduling his visit to Rajanpur district. Wheat growers from Rahim Yar Khan, Bahawalnagar, Bahawalpur and …

KARACHI: A Russian delegation on Tuesday agreed to submit proposals for the modernisation of Pakistan Steel Mills (PSM). The government of St Petersburg’s delegation, led by its adviser Andrey Zubal, called on Sindh Chief Minis­ter Murad Ali Shah and discussed various projects. The delegation members included Rus Welding, Consul General of Russia in Karachi Dr Aleksandr G. Khozin, Ahmed Rana …

ISLAMABAD: Clouds of uncertainty gathered over the Federal Board of Revenue (FBR) as talk continued to swirl in the capital whether its chairman Javed Ghani would be replaced in a few days or get a three-month extension to cover the upcoming budget 2021-22. Mr Ghani, who is the fourth chairman of the FBR appointed in the tenure of the PTI-led …

ISLAMABAD: The government is expected to appoint within a week an actuarial firm for a study on actual costs and ramifications of the growing pension bill as the government considers existing system of payment of salaries and pensions as unsustainable. “The current model of disbursements of pay and pensions is not sustainable,” said Finance Minister Hammad Azhar on Tuesday. “There’s …

HOUSTON, Texas (KTRK) — A wild scene began along the Southwest Freeway, involving multiple suspects and more than one stolen vehicle. Houston police say they spotted a stolen vehicle, with four people inside. That’s when they say the suspects broke into and stole another vehicle. A short time later, the pursuits ended at a couple of locations across southwest Houston. …

ISLAMABAD: In a dramatic turn that may forestall an early settlement of tens of billions of dues between K-Electric and state-owned entities, Saudi investor Abdulaziz H. Aljomaiah and Special Assistant to the Prime Minister on Power Tabish Gauhar publicly accused each other of conflict of interest and attempts to fleece the state and Karachi-based power consumers. In a letter to …

KARACHI: The federal government’s domestic debts have increased by 11.7 per cent to Rs24,780 billion from February 2020 to February 2021, the State Bank of Pakistan reported on Monday. Despite an increase in revenue collection in a year, domestic debt has gone up by Rs2,596bn or 11.7pc from Rs22,184bn in Feb 2020, reflecting higher expenses and widening of fiscal deficit. …

ISLAMABAD: With falling sugar prices in the world market, the government is considering floating an international tender for import of 50,000 tonnes of the sweetener to maintain its price within the official retail rate. A meeting of the National Price Monitoring Committee (NPMC) presided over by Minister for Finance, Revenue and Industries Hammad Azhar on Monday discussed the proposal. Last …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Monday determined about 27.5 per cent reduction in average bulk hydroelectric tariff of the Water and Power Development Authority (Wapda) to ensure its revenue stream at Rs124 billion for fiscal year 2020-21. The bulk hydropower tariff at which Wapda sells its power generation from all hydropower stations to the Central Power …