Business

Karachi: Following were the closing rates of foreign currencies in kerb market issued by Forex Association of Pakistan here on Friday, February 01, 2019.

Instead of indulging in  rhetoric,   a historian chose to call a spade  a spade at the World Economic Forum in Davos. Rutger Bregman, s a Dutch historian and author, during a panel discussion found it ironic  that people talked about  justice, equality and transparency while overlooking the  issue of tax avoidance. He took billionaires to tasks for  not addressing the real …

Karachi: Following were the closing rates of foreign currencies in kerb market issued by Forex Association of Pakistan here on Wednesday, January 30, 2019.

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has recommended cut in petrol and diesel prices for the month of February. Sources said the regulatory body has sent the summary to decrease petrol and diesel prices to the ministry of petroleum. The Petroleum Minister has received the OGRA summary. The final decision will be made by Ministry of Finance after the …

ISLAMABAD: The UK Department for International Development (DFID) has asked the government to take ‘tough decisions’ to reform various sectors of the economy. The DFID is working with the World Bank and Asian Development Bank to support Pakistan’s economic reform programmes. Talking to a group of journalists on Tuesday, DFID Chief Economist Rachel Glennerster said there exists a good understanding …

KARACHI: The country’s macroeconomic environment was ‘challenging’ during the first quarter of this fiscal year mainly due to rising inflationary pressures, contracting large-scale manufacturing (LSM), macroeconomic imbalances said the State Bank of Pakistan (SBP) in its 1QFY19 report on the State of Economy. The report calls for an urgent need to ‘initiate and expedite’ structural reforms to “address the recurring …

ISLAMABAD: The government’s battle against bloated trade deficit is finally bearing fruit, driven primarily by a consistent fall in international oil prices, according to the Prime Minister’s Adviser on Commerce and Industry Abdul Razak Dawood. Speaking to media personnel at the Pakistan Secretariat, he said that the import bill is likely to contract in line with the declining trend seen …

ISLAMABAD: The federal government has proposed to eliminate taxes associated with manufacturing of solar and wind energy equipment in the country, in an effort to boost the production and use of renewable power and overcome power shortages. A new government bill, expected to be approved in parliament within a month, would give renewable energy manufacturers and assemblers in the country …

ISLAMABAD: Encouraged by attractive bids, the government on Tuesday allowed additional wheat exports of 500,000 tonnes and gave a go-ahead to raise Rs200 billion funds from Islamic banks for partial cash settlement of the circular debt now well above Rs1.415 trillion. The decisions were taken at a meeting of the Economic Coordination Com­mittee (ECC) of the cabinet presided over by …

PESHAWAR: The federal government is set to pay the Khyber Pakhtunkhwa government Rs40 billion from the province’s Rs65 billion share in net profit and its arrears projected for the current fiscal, officials said. A senior official of the finance department told Dawn that the payment was likely to reach the province next month. He said the department had projected the …