Business

KARACHI: A day after Aviation Minister Ghulam Sarwar Khan expressed hopes that the ban imposed on Pakistan International Airlines (PIA) to operate flights in Europe would be lifted soon, the European Union Aviation Safety Agency (EASA) informed the national flag carrier that the ban had been extended by three months and that it would not be reviewed until a safety audit of …

ISLAMABAD: Pakistan’s non-textile exports shrank 1.85 per cent year-on-year to $3.7 billion in the first five months of this fiscal year due to delays of orders amid Covid-19-related closures in major export markets, latest data released by the Pakistan Bureau of Statistics (PBS) showed. The non-textile sector was yet to receive export orders in the post first wave of Covid-19. …

LONDON: China will overtake the United States to become the world’s biggest economy in 2028, five years earlier than previously estimated due to the contrasting recoveries of the two countries from the Covid-19 pandemic, a think tank said. “For some time, an overarching theme of global economics has been the economic and soft power struggle between the United States and …

KARACHI: Commerce Adviser Abdul Razak Dawood has said issues relating to the bottlenecks in export of fruit and vegetables will be taken up with the governments of Afghanistan, Indonesia and Iran. During a meeting held in Islamabad a delegation of Pakistan Fruits and Vegetable Exporters Association, led by Patron-in-Chief Waheed Ahmed, informed the adviser that Kabul had imposed duty on …

ISLAMABAD: Minister for IT & Telecommunication Syed Amin ul Haque on Friday said that the IT sector has to harness the potential arising out of the digital shift due to the pandemic and achieve $5 billion export target by the end of FY23. In a statement, Haq said the measures taken by the IT ministry was moving on the right …

KARACHI: Bank lending to private sector plunged 88 per cent in more than five months of the current fiscal year reflecting slow economic activities. The recently issued State Bank data showed that net lending to the private sector was just Rs10.3 billion during July 1 to Dec 11 period of this fiscal year against Rs88.1bn in the same period of …

ISLAMABAD: At a time when the economy is grappling with second wave of Covid-19, the International Monetary Fund (IMF) has accepted Pakistan’s plea to delay implementation of some significant tax measures for a period of six months. The agreement was reached during technical-level talks on delaying tax measures in the sales tax act and on changes in the personal income …

LONDON: Britain is set for a new chapter on Friday after securing a hard-fought post-Brexit trade deal with the European Union as EU envoys gave the accord, reached only after months of tortuous negotiations, a sober welcome. “There was no great joy because a divorce is not really good news,” one EU diplomat told AFP. Member state envoys to the EU …

ISLAMABAD: The drive to ensure effective compliance with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime led to unprecedented enforcement actions against non-compliant institutions and imposition of dissuasive penalties amounting to Rs32.280 million regarding 76 orders, the Securities and Exchange Commission of Pakistan (SECP) said on Thursday. In its annual report for financial year 2019-20, the SECP detailed measures which …

KARACHI: The bulls took over control of the market on the last trading day of the rollover week. It propelled the KSE-100 index up by 329.07 points or 0.76 per cent to settle for the prolonged week-end at 43,416.77. The market has managed to recover 500 points from the 860 points it conceded in the earlier three days. The significant …