Business

ISLAMABAD: The government confirmed on Thursday that power sector’s circular debt went past Rs2.306 trillion as of Nov 30, 2020, up by Rs156 billion over the first five months of the current fiscal year, at a rate of Rs31.2bn per month. With this on the table, a meeting of the Cabinet Committee on Energy (CCoE) presided over by Planning and …

ISLAMABAD: Pakistan’s trade deficit widened by 32.04 per cent to $2.683 billion in December from $2.032bn over the same month last year mainly on account of higher imports, latest data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday. The country’s imports have been on a rising trend since September. The continuous decline in imports in the last …

ISLAMABAD: Pakistan’s 20.76 million workforce suffered livelihood losses due to coronavirus-related lockdowns and a large majority of them got back to work after July 2020, an official survey reveals. The Planning Commission on Thursday said the country’s 35 per cent (about 55.74m) population of 10 years and older was working before the onset of Covid-19, but due to closure of …

ISLAMABAD: As the High Court of Justice in the British Virgin Islands (BVI) resumes on Thursday (today) hearing of a case relating to enforcement of a $5.97 billion award against Pakistan, Islamabad is hopeful that its legal team will ensure that no further adverse effect takes place against the country. “The government of Pakistan has engaged a team of lawyers …

ISLAMABAD: The Par­lia­­mentary Committee on China-Pakistan Economic Corridor (CPEC) on Wed­nesday called for strengthening the agriculture sector under the CPEC framework by observing that this diminishing sector has the potential source of employment for the people of the country. The committee, chaired by Sher Ali Arbab, emphasised that Pakistan needs not to rely on China for technological transfer rather boost …

KARACHI: Public sector pension expenditure has risen sharply over the past decade and the unfunded nature of pension payments in the country is making the current structure unsustainable, the State Bank of Pakistan said in its first quarterly report of FY21. The overall pension spending as a share of tax revenue has reached 18.7 per cent as of FY20, almost …

LAHORE: The government’s ‘lopsided’ surveillance mechanism, the alleged sugar cartel and above all hoarding have caused around Rs20 per kilo increase in the price of the sweetener in the last 15 days alone, leaving the inflation-stricken people with no option but to buy the commodity at higher rates. “Two or three weeks back, the price of sugar (powdered form) imported …

ISLAMBAD: The BNP Group project, One Constitution Avenue, has been de-sealed after the developer deposited Rs1.7 billion with the Capital Development Authority (CDA) on account of first installment of Rs17.5 billion. The CDA’s building control directorate de-sealed the building on Wednesday, Dawn has learnt. A letter issued by an official of Estate Management Wing of CDA on Wednesday stated: “With reference to …

ISLAMABAD: Pakistan’s economic growth rate for the current fiscal year is forecast to remain subdued at 0.5 per cent even though the global economy may expand by 4pc in 2021. “In Pakistan, the recovery is expected to be subdued, with growth at 0.5pc in FY2020-21”, said the World Bank on Tuesday in its Global Economic Prospects (GEP) 2021. Growth is …

KARACHI: Stocks snapped the four-day winning streak as the KSE-100 index after a volatile session finished flat with a minor loss of 36 points or 0.1 per cent at 44,460 points. The market opened in the red taking cue from regional bourses which remained under pressure due to drop in international oil prices. During the day, the market took investors …