Business

ISLAMABAD: Putting country’s fiscal deficit at 1.7 per cent of GDP (Rs753 billion) in first four months of current fiscal year, the government on Thursday said continued economic recovery in recent months could be affected by the resurgence of new Covid-19 cases. “With the resurgence of new cases of coronavirus, still there is a risk of slower economic performance mainly …

BRUSSELS: Just a week before the deadline, Britain and the European Union struck a free-trade deal on Thursday that should avert economic chaos on new year’s day and bring a measure of certainty for businesses after years of Brexit turmoil. Once ratified by both sides, the agreement will ensure Britain and the 27-nation bloc can continue to trade in goods …

ISLAMABAD: The ruling Pakistan Tehreek-i-Insaf (PTI) on Thursday submitted more documents with the scrutiny committee of the Election Commission of Pakistan (ECP) auditing its accounts, informed sources told Dawn. The documents, the sources said, had been submitted in response to the committee’s latest questionnaire. The committee, which met on Thursday after a gap of more than two months, has now …

ISLAMABAD: With a view to provide micro loans to small merchants and traders though a regulated regime the first peer-to-peer (P2P) lending platform was launched on Wednesday. Addressing the launching ceremony, Securities and Exchange Commission of Pakistan chairman Aamir Khan said serving the micro small and medium enterprises (MSMEs) was a priority as they play a vital role in the …

SWABI: Multinational and local tobacco companies have increased their requirements of tobacco crop by 10.86 million kilograms to 56.48m kg for the upcoming year, sources told Dawn on Wednesday. Last year, the total demand from tobacco companies was 45.61m kg. Tobacco growers from Khyber Pakhtunkhwa have strongly condemned the delay, stating that they could not cultivate the crop according to their earlier …

ISLAMABAD: The Federal Cabinet has granted massive tax exemptions to facilitate promotion of four-wheeler electric vehicles (EVs) in the country. The summary forwarded by the Ministry of Industries was approved by the cabinet allowing one per cent sales tax for locally-made EVs up to 50 kwh and light commercial vehicles (LCVs) up to 150 kwh. The cabinet also capped the …

KARACHI: Stocks bounced back on Wednesday to recover at least a part of the huge losses of 860 points that the index had sustained collectively in three consecutive previous trading sessions. The stability in international oil prices showed signs of recovery in global markets which translated to improvement in the local market. The KSE-100 index recovered 180.76 points or 0.42 …

NEW YORK: Stocks rose on Wednesday as investors waved away a threat by US President Donald Trump not to sign a pandemic relief bill, while the British pound soared on rising expectations of a Brexit trade deal. In a video posted on Twitter, Trump said a stimulus bill, agreed upon after months of wrangling in Congress, was “a disgrace” and …

WASHINGTON: US lawmakers have approved a $900 billion relief package for the world’s biggest economy that will provide a long-sought boost for millions of Americans and businesses battered by the coronavirus pandemic. Overwhelming approval in the Senate and House of Representatives on Monday cleared the way for the legislation to be sent to President Donald Trump to be signed into …

PAMPORE (India-held Kashmir): On sweeping fields once blanketed in lush purple, a thin and bedraggled crop of flowers is all farmers in India-held Kashmir’s saffron-growing region Pampore have to show for this year’s harvest. Dry conditions blamed on climate change have seen yields of the world’s most expensive spice halved in the past two decades, threatening the future of a …