Business

KARACHI: The stock market snapped four-day losing streak on Friday that had wiped off 3,058 points or 6.7pc from the KSE-100 index. The ferocious bulls made a comeback with a vengeance to toss the index up by intraday high of 1,206 points with closing seen on a stunning recovery of 1,008 points, or 2.36 per cent, to close at 43,788 …

• 100,000 accounts opened by overseas Pakistanis from over 100 countries • Half of total deposits came over last eight weeks KARACHI: The Roshan Digital Account (RDA) launched in September last year has crossed 100,000 accounts and attracted $671 million, the State Bank of Pakistan said in a tweet on Friday. According to the SBP, the accounts have been opened …

QUETTA: The Balochis­tan government has fixed the support price of wheat at Rs1,650 per 40kg and the procurement target at one million bags for this year. “We are expecting a better wheat crop during the current year,” Zeeshan Lehri, director general of the provincial food department, told Dawn, adding that Balochistan missed the procurement target last year as it could …

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday made it mandatory for all manufacturers to affix tax stamps or Unique Identification Marking (UIM) on all products effective from July 1, 2021. The order was notified through late-night Sales Tax General Orders (STGO). After awarding the licence for Track and Trace System to the successful bidder, the FBR has also …

KARACHI: Remittances sent by overseas Pakistanis remained above $2 billion in February for the eighth consecutive month, the State Bank said on Thursday. If June FY20 is also counted, it was the ninth straight month when the country received over $2bn in monthly remittances. The Covid-19 pandemic has positively impacted on remittances which increased by 24.1 per cent during the …

KARACHI: Overall auto sales, barring heavy vehicles segment, showed robust performance in the first eight months (July-February) of FY21 as car sales grew by 19.6 per cent, jeeps by 143pc, pick-ups by 32pc, tractors by over 50pc and two- and three-wheelers by 17pc. Despite frequent price hikes, low interest rates appear to have played a major role in luring new …

ISLAMABAD: To boost the Digital Pakistan initiative, the government has decided to accord major concessions to the IT & Telecom sector by granting it the status of ‘industry’, with reduced taxes and duties, Federal Minister for Information Technology and Telecommunication Syed Amin-ul-Haque said on Thursday. Various heavy taxes on the telecom sector will be reduced gradually, Mr Haque said at …

KARACHI: The government increased the cut-off yields on treasury bills (T-bills) by up to 34 basis points in the auction held on Wednesday. The yield on three-month T-bills was increased by 34 basis points to 7.59 per cent while for the benchmark six-month papers it was jacked up by 25 basis points to 7.80pc, the central bank reported. The government …

ISLAMABAD: The Minis­­­try of Industries and Pro­duction (MoIP) expects that the new mobile phone manufacturing industry could be larger than the existing automotive industry in the coming years due to high demand and expansion in coverage areas across the country, the Engineering Development Board (EDB) said on Wednesday. In its report, the EDB — which is a technical arm of …

ISLAMABAD: The Supreme Court on Wednesday restrained the National Accountability Court (NAB), Karachi from passing any final order or judgment against Shell Petroleum which had sought quashment of a reference from the apex court against it for selling jet fuel to a company called Aero Lube. A three-member SC bench comprising Justice Umar Ata Bandial, Justice Sajjad Ali Shah and …