Business

yy ISLAMABAD: Moody’s Investor Service on Wednesday forecast Pakistan economy will grow by 1.5pc during the current fiscal year and found Pakistani banks to be stable owing to government support but banking sector risks were growing. “Economic activity will remain below pre-outbreak levels, although the economy should return to modest 1.5pc growth in fiscal year 2021,” Moody’s said in its …

KARACHI: Stocks extended the ongoing rally on Wednesday when after opening in the green, the index continued to climb until it reached intra-day high by 392 points. Mid-day profit taking pulled the index down which managed to retain the day’s gains of 169.92 points or 0.37 per cent and crossed over the 46,000 level after 32 months at 46,091.96 points. …

SYDNEY: Australia captain Tim Paine has apologised for his conduct during the final day of the third Test against India, saying his sledging of Ravichandran Ashwin fell short of the standards he has set for the team. Wicket-keeper Paine at one stage called Ashwin a ‘dickhead’ as the spinner and Hanuma Vihari batted through the last three hours of the …

pcl KARACHI: Shares rebounded on Tuesday after a slight drop a day earlier. The KSE-100 index climbed to new highs with gains of 316.62 points or 0.69 per cent to settle at 45,922.04. Intra-day, the index jumped over the 46,000 huddle when it rose 408 points on the back of splendid performance by the second- and third-tier stocks. Shares that …

ISLAMABAD: The Eco­nomic Coordination Commi­ttee (ECC) of the Cabinet will take five crucial decisions on Wednesday linked with the implementation of an ambitious Textile and Apparel Policy 2020-25, Dawn has learned from knowledgeable sources on Tuesday. The decisions, which are mostly political in nature, are expected to generate heated debate in the ECC meeting to be chaired by Finance Minister …

ISLAMABAD: Overriding all objections from some private companies, the Oil & Gas Regulatory Authority (Ogra) on Tuesday granted marketing licences to Energas and Tabeer Energy for sale of regasified-liquefied natural gas (RLNG) to their customers. The licences would be valid for 10 years, starting Jan 8, 2021. Both applicants are stated to have their own customers in the private sector …

ISLAMABAD: Pakistan has finally notified the Geographical Indication (GI) Rules strengthening its case against India over safeguarding its claims of basmati rice and Himalayan pink salt. The rules, prerequisite for any GI claims, will allow Pakistan to fight India in the European Union as the latter asserts that basmati rice is an Indian product. Meanwhile, Pakistan has already challenged India’s …

Tesla Inc has moved a step closer to its launch in India later this year by registering a company in the country, a regulatory filing showed on Tuesday. Tesla Motors India and Energy Private Limited was incorporated on January 8 with its registered office in the southern city of Bengaluru, a hub for several global technology companies. The filing shows …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Monday notified about Rs1.06 per unit increase in electricity rates for ex-Wapda distribution companies (Discos) to generate about Rs8.4bn additional revenue to troubled power sector. The increase was allowed on account of monthly fuel cost adjustment (FCA) for electricity consumed in October and November 2020. This would be charged to consumers …

ISLAMABAD: Finance Minister Dr Hafeez Shaikh has directed the provincial governments to continue momentum of strict price evaluation for provision of basic items to masses at affordable prices. He was chairing a meeting of the National Price Monitoring Committee (NPMC) on Monday and reviewed the price trend of essential commodities especially wheat, sugar, eggs and edible oil. Federal Minister for …