Business

ISLAMABAD: After a gap of three decades, the supply of water from Rawal Dam to Islamabad has been restored. The Capital Development Authority (CDA) on Monday started receiving two million gallon per day (mgd) which is being stored in a treatment plant near the sports complex. “We are very happy today as finally the supply of water from Rawal Dam …

There is no way for Pakistan to insulate from consequences if famine strikes Afghanistan, a neighbouring country with which it shares a long porous border. Currently, Pakistan itself is struggling with a fragile economic recovery and Covid-induced alarmingly high poverty and unemployment rates. The relevant authorities, at both tiers of the government, acknowledge the need to collectively assess the critical …

ISLAMABAD: An audit of the Utility Stores Corporation (USC) for the year 2019-2020 has revealed that 9,756 employees are working in the organisation’s 42 regions against the sanctioned or authorised strength of 7,662. The auditors recommen­ded an independent inquiry into the matter to fix responsibility. According to the audit report, 2,094 extra emplo­yees are an extra burden on the already …

The rupee picked up where it left off on Friday, gaining an additional 42 paisa against the US dollar on Monday as the greenback was quoted at below the pre-pandemic level of 154.24 (March 6, 2020). The dollar was being quoted at 154.15/154.20 (11:30 PST) compared to Friday’s closing value of Rs154.58. The US dollar had lost 42 paisa against the …

LAHORE: The Federal Investigation Agency (FIA) on Sunday summoned chief financial officers (CFOs) and heads of sales of eight major sugar groups in connection with the ‘speculative price-hike’ of the sweetener. “The FIA has summoned the chief financial officers (CFOs) and heads of sales of PTI’s Jahangir Tareen’s JDW Sugar Mills for April 2, Maryam Nawaz and Sharif family’s Chaudhry …

ISLAMABAD: In response to tax default notices, the Pakistan Sugar Mills Association (PSMA) has urged the Federal Board of Revenue (FBR) to include its relevant officials in the investigation, alleging that they might have submitted incorrect information. Recently, the FBR has issued notices to 81 out of 89 sugar mills for paying less than the considered income tax on sugar …

HYDERABAD: The perennial price uncertainty associated with the perishable tomato crop is affecting both growers and consumers alike. Tomato consumers are forced to pay high prices due to demand and supply imbalances, while farmers suffer when imports are allowed to stabilise market prices. Cultivation of the tomato crop is now difficult for farmers like Suraya Lashari, owner of a small …

NEW YORK: Goldman Sachs Group Inc liquidated $10.5 billion worth of stocks in block trades as part of a selling spree that erased $35bn from the values of stocks of major companies, Bloomberg News reported on Saturday. The bank sold $6.6bn worth of shares of Baidu Inc, Tencent Music Entertainment Group and Vipshop Holdings Ltd, before the US market opened on Friday, …

LAHORE: The State Bank of Pakistan (SBP) will discontinue quasi-fiscal operations or monetary actions it undertakes on behalf of the government but keep refinancing facilities it uses to support access (of various sectors of the economy) to subsidised credit, even after the passage from the parliament of amendments to the existing SBP Act of 1956. “A central bank should have …

KARACHI: The stock market showcased range-bound behaviour during the outgoing week. Although the KSE-100 index managed to leap forward in three of the five trading sessions, investors’ hesitation to keep shares over the week-end resulted in heavy profit-booking in the last session. Overall, the index gained 620 points, or 1.4 per cent, over the week to settle at 45,522 points. …