Business

ISLAMABAD: After opening lower, the Indian stock markets — Sensex and Nifty — extended losses on Tuesday, following violation of Line of Control by the Indian Air Force, Business Today of India reported. According to the report, the Sensex plunged nearly 500 points in opening deals and Nifty slipped below the 10,740 level. Most of the Bombay Stock Exchange sectoral indices were …

KARACHI: Panic swept the trade floor on the stock market as news of Indian military jets crossing into Pakistan flashed on the news screens. As a result, the KSE-100 index dipped by 785.12 points to close at 38,821.67. The Inter-Services Public Relations confirmed early morning that Indian military jets had violated Pakistan’s airspace in the dead of the night. Although the Indian …

PESHAWAR: The Peshawar Electric Supply Company on Monday claimed improvement in the recovery of dues from domestic consumers, and reduction in its line losses. Pesco chief executive officer Dr Amjad Khan told reporters at the Wapda House here that the company’s line losses had reduced through the collection of Rs500-Rs600 million every month since Dec 2018 when a crackdown on …

SUKKUR: Central stalwart of the Pakistan Peoples Party (PPP) and former leader of opposition in the National Assembly Syed Khursheed Ahmed Shah has said that Pakistan would have to change its foreign policy to strengthen its economy and provide ample opportunities to investors. Talking to reporters after inauguration of a flower show titled ‘An Evening With Flowers’ at Sukkur Institute …

LAHORE: The poor quality of petrol available in Pakistan is a major barrier to introduction of cars equipped with engines that meet the Euro 4 standards or above in this market, according to a senior executive of a South Korean auto manufacturer. “We would like to bring more eco-friendly cars in this market. But such plans depend on the quality …

LONDON: Global liquefied natural gas (LNG) trade is set to rise 11 per cent this year as China leads a global drive to reduce pollution and tackle carbon emissions, Royal Dutch Shell said in an annual LNG report on Monday. Shell’s forecasts, which see LNG demand rising to 354 million tonnes this year and to 384m tonnes in 2020, reflect …

ISLAMABAD: The Auditor General (AG) of Pakistan has demanded detailed investigations to fix responsibility for losses of almost Rs700 billion caused to the exchequer due to mismanaged development of the Neelum-Jhelum hydropower project and loss of water rights over the Jhelum River to India under an international arbitration. In its performance audit of the 969-megawatt power project worth Rs510bn in …

DHAKA: A fire in Bangladesh that killed at least 67 people in the oldest part of the capital shows the lapses in public safety that still plague the South Asian country despite its rapid economic growth. While the government of Prime Minister Sheikh Hasina touts the garment factories and gleaming office towers in Dhaka’s north side as signs of progress, …

Banks in Pakistan lend to small and medium enterprises (SMEs) selectively and, at times, reluctantly. They have a reason to do so: about 95 per cent of SMEs work in the informal sector i.e. they are not documented. Lending to them is far riskier than lending to a tax-paying individual. That explains why banks offer personal loans generously, but keep …

Basmati rice is Pakistan’s celebrated export. But its production and exports have slipped of late. The absence of research and development makes it extremely difficult for the rice sector to prepare for new challenges. The high status of basmati rice as a major export commodity conceals the fact that its contribution to the economy is below its potential. Without a …