Business

KARACHI: The final week of the year 2020 brought cheers to the stock market where the KSE-100 index surged 1,018 points or 2.34 per cent to close at 30-month high index level at 44,435 points. The last trading day contributed 679 points mainly on the euphoria created by reports of repayment schedule devised to disburse total amount of Rs450 billion …

KARACHI: President Arif Alvi has assured the industrialists he will take up the growing gas crisis in the city with “the relevant ministries”, a press release issued by the Karachi Chamber of Commerce and Industry (KCCI) on Saturday claimed. In a meeting with the KCCI President Shariq Vohra at Governor House, Alvi is reported to have said he will update …

ISLAMABAD: The Fede­ral Board of Revenue (FBR) has officially released provisional revenue collection figures for the first six months of the fiscal year 2020-21, showing a rise of 5 per cent over the receipts of same period last year. According to the provisional information, the FBR collected a net revenue of Rs2,204 billion, short by Rs6bn of its six-monthly target …

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday notified procedures for new registration of manufacturers for concessionary tariff rates on supply of electricity and gas. The standard operating procedures were notified through a sales tax circular no 4 of 2020 released on Friday. The procedure for registration of new entrants in export-oriented sectors shall become applicable with effect from …

ISLAMABAD: Pakistan’s exports grew for the fourth consecutive month in December to $2.357 billion, up 18.3 per cent from $1.993bn in the corresponding month last year, data released by the Ministry of Commerce showed on Friday. However, the December export proceeds posted a growth of 8.4pc when compared with $2.174bn in November 2020. The increase in overall exports is mainly …

NEW YORK: Three Chinese companies will be booted off the New York Stock Exchange this month under an executive order signed in November by President Donald Trump. The exchange says China Telecom Corp. Limited, China Mobile Limited, and China Unicom Hong Kong Limited will be delisted from the exchange. Trump issued an order Nov 12 barring investment in publicly traded …

ISLAMABAD: In the wake of the first meeting with a delegation of the IPPs to discuss payment of circular debt and implementation of memorandums of understanding (MoUs) signed with the power producers, the government has decided to pay Rs135 billion out of Rs450bn circular debt and settle the remaining amount by the end of the current calendar year. Sources in …

KARACHI: Foreign investment in local bonds reached $77.2 million till Dec 31, 2020, data released by the State Bank of Pakistan showed on Friday. With the emergence of Covid-19 in March, foreign investments in treasury bills and Pakistan Investment Bonds (PIBs) left the country within a few months. However, foreign investors started to return in Nov 2020, with the PIBs …

ISLAMABAD: The Federal Board of Revenue (FBR) collection in the first half (July-December) of the current fiscal year stood at Rs2.194 trillion, missing the projected Rs2.21tr target by Rs16 billion, provisional data showed on Thursday. However, revenue collections were increased by five per cent year-on-year when compared to Rs2.092tr during the same period last year. For achieving the annual target, …

KARACHI: The rupee showed strong resistance against the US dollar during 2020 despite serious repercussions of Covid-19 on the economy. The local currency depreciated by 3.29 per cent against the greenback between Dec 31, 2019 to Dec 30, 2020. Since the beginning of 2020, the Covid-19 started expanding on a global level and reached Pakistan by the end of February. …