Business

NEW DELHI: India expects to start full-scale operations at Iran’s Chabahar general cargo port it has built by the end of May, the country’s shipping minister said in a boost for regional trade. India has been developing a part of the port on Iran’s south-eastern coast along the Gulf of Oman as a way to transport goods to Iran, but …

KARACHI: The Federal Board of Revenue (FBR) signed a contract with a consortium on Friday to operationalise the ‘Track & Trace Solution’ on tobacco, cement, sugar and fertiliser sectors from July 1, aimed at accelerating digitisation of economic activity, improving revenue forecasting and curbing counterfeit products in the market. The FBR said that 45 million tonnes of cement, over four …

ISLAMABAD: A parliamentary panel on Thursday res­isted a government bill seeking powers to impose surcha­rge on electricity consumers required under the IMF de­al, while the standing committee on finance unanimously clea­red another bill for corporate restructuring of companies. At a meeting of the Standing Committee of the National Assembly on Power, the secretaries of Power and Finance pleaded clearance of …

KARACHI: The stock market witnessed a bloodbath on Thursday with red splashed across the board. The KSE-100 index opened with a massive loss of 942 points and within minutes caved in to hit intraday low by 1,073 points. The index closed with a loss of 882 points, or 1.91 per cent, at 45,279, with a huge sum of Rs143bn wiped …

ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Thursday did not immediately allow reduction in port charges on handling of liquefied natural gas (LNG) demanded by the Petroleum Division and ordered an independent assessment to reach a decision on charges competitive in the region. At a meeting of the CCoE presided over by Minister for Planning and Development Asad Umar, …

KARACHI: Habib Bank and Akhuwat signed strategic MoU to work on providing affordable housing to the masses, said a press release issued on Thursday. The MoU was signed in Lahore by HBL Head of Islamic Banking Muhammad Afaq Khan and Akhuwat Founder Dr Amjad Saqib. Through this MoU, HBL will come together with Akhuwat to roll out a programme that …

ISLAMABAD: The Economic Coordi­nation Committee (ECC) of the cabinet is likely to take up and approve a Rs6.37 billion Ramazan relief package to give a subsidy of around Rs40 per kilogram on sugar, ghee and wheat flour to the masses. Sources in the Ministry of Industries and Production confirmed that a summary had been forwarded to the ECC for approval. …

LAHORE: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday agreed to review the proposed amendment to the Companies (Distribution of Dividends) Regulations 2017, which requires cash dividend payment in three working days from the date of its approval by the general meeting of the company’s shareholders in case of final dividend and its board in case of interim …

ISLAMABAD: Pakistan’s trade deficit posted double-digit growth as it widened by 10.64 per cent to $17.54 billion in the eight months of 2020-21 (8MFY21) from $15.85bn over the corresponding period last year, Pakis­tan Bureau of Statistics (PBS) data showed on Wednesday. The trade gap has been widening since Dec 2020. In February, it swelled by 23.93pc to $2.52bn as against …

KARACHI: The stock market remained on an upward trajectory on Wednesday. The KSE-100 index gained 197 points, or 0.4 per cent, and closed at 46,161. The market opened in the green as almost simultaneously polling for elections to the Senate commenced. However, the market didn’t show interest in the event as most expected the government candidate in Islamabad, Finance Minister …