Business

The benchmark index of the Pakistan Stock Exchange (PSX) continued its upward momentum on Thursday to cross the 64,000 milestone in yet another record high. According to the PSX website, the KSE-100 index gained 800.35 points at closing time to reach 64,718.07, up 1.25 per cent from the previous close of 63,917.72, nearing yet another barrier. The benchmark of representative shares, …

KARACHI: Federal Secretary Industries and Production Asad Rehman Gilani has said that while embarking on this journey with locally manufactured hybrid electric vehicles (HEVs) on our roads, let’s keep in mind, that the country must expedite exports to reduce the trade deficit. “I see no better partner to support this goal, than our long-term standing partner, Toyota,” he said while …

ISLAMABAD: Over 10,000 employees of Pakistan’s top tax authority have been identified as non-filers of income tax returns in the last two years, Dawn has learnt from knowledgeable sources. This raises serious concerns about the effectiveness of efforts to document the economy and broaden the tax base particularly when the tax authority itself struggles to ensure its employees are on the tax …

ISLAMABAD: Pertur­bed over the power regulator’s inquiry indicting distribution companies (Discos) of malpractices and over-billing in the provision of electricity, the Power Division on Wed­nesday constituted an­­other ‘independent and impartial committee’ to probe the findings and legalities of the Nepra report. The inquiry committee, constituted by the Power Division secretary to probe the Nepra’s inquiry report, will be led by …

ISLAMABAD: The Asian Development Bank (ADB) on Wednesday said it had approved $659 million for three separate projects to be implemented by the federal government, Sindh and Khyber Pakhtunkhwa provinces for more inclusive and sustainable growth and development. In a statement, the Manila-based lending agency said the projects will focus on improving domestic resource mobilisation, rehabilitating schools damaged by the devastating …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday notified an additional fuel cost adjustment (FCA) of Rs3.08 per unit for consumers of ex-Wapda distribution companies (Discos) with a net financial impact of about Rs28.5 billion for electricity consumed in October. According to Nepra’s notification, the adjustment will apply to all the consumer categories except Electric Vehicle Charging Stations …

Bulls maintained their dominance on the trading floor of the Pakistan Stock Exchange (PSX) on Wednesday and crossed the 63,000 milestone. According to the PSX website, the KSE-100 index closed at 63,917.72 points, up by 961.70, from the previous close of 62,956.02. At 3:15pm, it briefly crossed the psychological barrier of 64,000 before retracting. The benchmark of representative shares has seen …

ISLAMABAD: The power division has notified a freeze on monetised cost of free electricity units to all the senior employees of power companies and the Water and Po­­w­er Development Authority (Wapda) at the existing level for future. In a notification issued here on Tuesday, the power division said the federal cabinet had approved monetisation of free electricity units admissible to …

BEIJING: Ratings agency Moody’s on Tuesday downgraded the outlook on China’s credit rating to “negative” from “stable” on the back of rising debt in the world’s second-largest economy. China’s post-pandemic recovery has been hampered by weak consumer and business confidence, a persistent housing crisis, record youth unemployment and a global slowdown that is weighing on demand for the country’s goods. …

The Asian Development Bank (ADB) on Wednesday approved three projects totalling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development. The projects approved this week, will focus on improving domestic resource mobilisation; rehabilitating schools damaged by the devastating August 2022 floods; and enhancing agricultural productivity to improve food security, ADB said in a press …