Business

ISLAMABAD: With Pakistan and the International Monetary Fund (IMF) scheduled to conclude a staff-level agreement on Friday, the two sides agreed on Wednesday that the country would withdraw tax exemptions amounting to Rs700 billion within two years. Read: Technical level talks with IMF begin During their discussions on Wednesday, the two sides worked out a financing gap of around $11 billion …

Last night was the Met Gala, fashion’s most over the top, wackiest night. Met Gala style is known to be outrageous; in the past celebs have dressed their wildest — but how did our Bolly faves, Priyanka and Deepika fare on the red carpet? Also in attendance was Isha Ambani who may as well be part of that club. Her …

BERLIN: German industrial conglomerate Siemens said on Tuesday it plans to spin off its struggling gas and power unit to prepare it for a potential stock market listing next year. The division to be carved out comprises its oil and gas, conventional power generation, power transmission and related services businesses. Siemens’ Gas and Power (GP) unit is to be “given …

BRUSSELS: Italy’s huge debt pile is expected to rise this year as the country’s economy limps along, the European Commission (EC) said on Tuesday in quarterly forecasts that could reignite a dispute with Rome over its budget. Brussels marginally cut its 2019 growth outlook for Italy to 0.1 per cent from an already gloomy 0.2pc. The economy expanded 0.9pc last …

KARACHI: The government borrowed 26 per cent more for budgetary support during the first 10 months of this fiscal year, as compared to same period of 2017-18. According to the State Bank of Pakistan’s latest data, the government borrowed Rs1,073 billion during July-April (up to Apr26) as against Rs850bn in corresponding period last year, representing an increase of Rs223bn or …

ISLAMABAD: Former finance minister Asad Umar on Tuesday called on Prime Minister Imran Khan and again refused to hold any portfolio in the federal cabinet. Talking to Dawn, Mr Umar said political and national issues were discussed during the meeting. When asked if the prime minister insisted he can have any ministry other than finance, Mr Umar said he has a …

ISLAMABAD: The government is aiming to announce the federal budget on May 22, according to a communication received at the tax bureaucracy last week, as confusion reigns over the status of the current and incoming chiefs of the Federal Board of Revenue (FBR). Meanwhile, the summary to appoint Shabbar Zaidi, a Karachi-based chartered accountant, as new chairman of the FBR was returned …

ISLAMABAD: Negotiations with IMF are moving in positive direction to reach a program that provides a platform for macro-economic development, Adviser on Finance Hafeez Sheikh on Friday. Speaking at an Investment Conference, he said agreement with IMF will send a positive signal to other international financial institutions as well as countries regarding Pakistan’s commitment to fiscal discipline. Sheikh  said the …

KARACHI: Following were the closing rates of foreign currencies in kerb market issued by the Forex Association of Pakistan here on Friday May 03, 2019.

KARACHI: Following were the closing rates of  US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies   in  kerb market, according to the Forex Association of Pakistan on Saturday, May 04, 2019.