Business

LAHORE: Pakistan’s first and mega High Voltage Direct Current (HVDC) project — Matiari-Lahore transmission line — has almost been completed as engineers finished the entire line stringing work besides energising the converter station near Lahore. The project, launched under the China-Pakistan Economic Corridor, has now officially entered the testing and commissioning phase that is likely to complete by December this …

ISLAMABAD: Prime Minister Imran Khan on Thursday said that he would soon visit Balochistan and unveil a comprehensive development package for “backward” southern parts of the province. Presiding over a meeting on development projects for backward areas of the province, he said: “I will soon visit south Balochistan and announce a comprehensive development package for southern Balochistan areas and inaugurate …

ISLAMABAD: Instead of opposition, treasury members belonging to the ruling Pakistan Tehreek-i-Insaf (PTI) on Thursday blasted their own government in the National Assembly over the unprecedented increase in prices of medicines over the past two years, saying they were unable to face people in their constituencies due to the prevailing price hike. The opposition members kept on thumping desks and …

ISLAMABAD: Moody’s Investors Service on Tuesday assigned a first-time corporate family rating (CFR) of B3 to Water and Power Development Authority (Wapda) and a stable outlook. Wapda’s B3 CFR is primarily driven by its baseline credit assessment (BCA) of B3, and expectation of a very high likelihood of support from, and a very high level of dependence on, the Government …

QUETTA: Chinese investors were told about huge investment opportunities in Pakistan, particularly Balochis­tan, at a webinar organised by the Con­sulate General of Pakistan in Shanghai on Tuesday. The webinar on trade and investment opportunities in the country was hosted by Pakistani Consul General in Shanghai Hussain Haider and attended by CEO of Balochistan Board of Investment and Trade Farman Zarkoon, …

KARACHI: The State Bank of Pakistan (SBP) on Tuesday introduced a new mechanism to enable companies in Pakistan to conveniently remit out disinvestment proceeds to their foreign shareholders aiming to increase investor confidence. The SBP in a press release said the goal of this initiative is to make Pakistan a more attractive place for investment by increasing investors’ confidence and …

ISLAMABAD: As the Auditor General of Pakistan (AGP) claimed to have made Rs177 billion recoveries in first quarter of the current fiscal year, the Power Division on Tuesday called into question the publication of audit reports before conclusive decision by the Public Accounts Committee (PAC). “The AGP made recoveries of Rs176.9bn during first quarter (July-September) of 2020-21”, said an official statement. The …

KARACHI: Stocks tumbled on Tuesday with the KSE-100 index taking a plunge of 468.64 points (1.12 per cent) to close at 41,381.83. The index ceded over 80pc of the splendid gains made a day earlier. With the momentum generated from the Monday’s closing near the day’s high, the index opened in the positive but only managed to gain 72 points …

KARACHI: Meeting the current year’s tax revenue target is going to be challenging task for the government since it has committed to increasing the Federal Board of Revenue (FBR) collections by almost Rs1 trillion at a time the economy remains mired in low growth and high inflation, while the effects of Covid-19 still linger. “Look at the condition of the …

ISLAMABAD: With the Interna­tional Monetary Fund (IMF) programme in limbo, a whopping Rs400 billion energy support package for small and medium industries involving cheaper tariffs over a period of three years could not get through the Economic Coordination Committee (ECC) of the Cabinet on Monday. The ECC cleared Rs1,600 per 40 kg minimum support price (MSP) for coming wheat crop. …