Business

KARACHI: Cement sector registered ‘highest-ever monthly despatches’ of 5.73 million tonnes in October compared to 4.98m tonnes in the same month last year, said a statement re­­leased by the All Pakistan Cement Manufac­turers’ Associa­tion showed on Wednesday. The local cement uptake in October increased by 16 per cent to 4.86m tonnes from 4.19m tonnes in October 2019 while exports rose …

ISLAMABAD: The second meeting of Joint Work­ing Group on socio-economic development under China-Pakistan Economic Corridor framework on Wednesday decided to prepare projects for the third phase, and the Chinese government was asked to send experts for the implementation of priority projects. The meeting via video link discussed and reviewed the projects under $1 billion Chinese grant, and expres­sed satisfaction over …

ISLAMABAD: The Asian Development Bank (ADB) will provide about $10 billion in fresh assistance to Pakistan over the next five years to speed up economic recovery process. This was agreed in a virtual meeting between Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar and Asian Development Bank (ADB) Vice President Shixin Chen. Secretary Economic Affairs Division Noor Ahmad and ADB’s …

ISLAMABAD: The government has changed the nominee rules for investors and certificate holders of National Savings Schemes (NSS) on the court orders to ensure payment of dues to ‘legal heirs’ instead of ‘nominated persons’ as required under Muslim Law of Inheritance. The finance ministry on Tuesday said the Sindh High Court (SHC), in its judgement of Aug 23, 2016 had …

ISLAMABAD: The government on Tuesday signed a $2 million grant agreement with the Asian Development Bank to strengthen efforts to combat the coronavirus pandemic. The grant financed from the Asia Pacific Disaster Response Fund will help provide life-saving medical supplies, diagnostic and laboratory facilities and other critical equipment for communities affected by the pandemic. Economic Affairs Division Secretary Noor Ahmed …

RAWALPINDI: Sugar will be sold in Rawalpindi markets for Rs84 per kilogram starting today (Wednesday), following the arrival of a consignment from Karachi Port. The provincial government released 779 metric tons of sugar to the Rawalpindi district after a month-long sugar crisis, to sell in the open market for Rs84 per kg. Sugar was being sold for Rs110 per kg …

ISLAMABAD: Pakistan’s exports grew for the second consecutive month in October to $2.066 billion, up 2.1 per cent from $2.024bn in the corresponding period last year, data released by the Ministry of Commerce showed on Tuesday. Exports in the new fiscal year started on a positive note but witnessed steep decline of 19pc in August before rebounding in September and …

• 50pc discount in tariff till June 2021 • Peak-hour charges abolished • 25pc relief on additional electricity usage for three years • Centre likely to fix wheat support price slightly over Rs1,600 per 40kg ISLAMABAD: Prime Minister Imran Khan on Tuesday announced a massive three-year relief package for the industrial sector, considerably reducing rate of commercial electricity on additional …

ISLAMABAD: Protesting over the inordinate delay in price notification of liquefied natural gas (LNG), Pakistan State Oil (PSO) has warned the government of disruption in the gas supply chain in coming winters. The “situation is seriously affecting the LNG supply chain in the country as PSO and other stakeholders in the LNG supply chain will not be able to claim …

ISLAMABAD: The power division’s circular debt has surged to Rs2.26 trillion, an increase of about Rs851 billion since December 2018. Power Division Secretary Ali Raza Bhutta, while briefing the Public Accounts Committee (PAC), explained the reasons due to which the government could not control the circular debt. The circular debt, commonly known as power sector payables, reportedly grew at an …