Business

ISLAMABAD: The Lahore High Court’s (LHC) Rawalpindi bench issued a landmark judgement on Tuesday on the “doctrine of expeditious resolution” of corporate disputes through mediation. The judgement, authored by Justice Jawad Hassan, explained the methodology of settling commercial disputes through alternative dispute resolution (ADR). Justice Hassan handed down the decision on a petition filed by Faisal Zafar and others regarding …

KARACHI: Share prices of Islamic banks took a beating on Monday, thanks to Finance Minister Dr Shamshad Akhtar’s recent statement that customers are getting short-changed by Sharia-compliant lenders by way of insufficient returns on deposits. Speaking to a TV host, Dr Akhtar said the State Bank of Pakistan (SBP) should review the issue of minimum deposit rate (MDR) — a …

ISLAMABAD: State-run Pakistan LNG Ltd (PLL) on Monday awarded a contract to OQ Trading —an Oman subsidy — to deliver an LNG cargo in the second week of January at a post-bidding negotiated price of $17.95 per million British thermal unit (mmBtu) to minimise peak winter gas shortage. Earlier, the PLL had received four international bids against its urgent tender. …

LAHORE: With the completion of eight under-construction water and hydropower projects, the carryover water capacity of the country will increase from 30 days to 45 days with an addition of 9.7 million acre-feet water storage and hydel power generation will be doubled to 18,000MW with an increase of 9,043MW. This was briefed to a delegation of PAF Air War College …

ISLAMABAD: A Senate panel on Monday found fault with the procurement of foreign multilateral-funded projects in the power sector and ordered the National Engineering Services of Pakistan (Nespak) not to sign a final agreement with a local firm till a conclusion because of suspicious circumstances. A meeting of the Senate Standing Committee on Power presided over by Saifullah Abro took …

The benchmark index of the Pakistan Stock Exchange (PSX) continued its bullish run on Tuesday to cross the 60,000 barrier in a record high. At closing, the KSE-100 index’s trade volume increased by 918.92 points, or 1.54 per cent, standing at 60,730.26 from the previous close of 59,811.34. The index reached a high point of 60,845.60 points at 3:30pm, while …

The Supreme Court (SC) recently initiated measures to effectively implement the judgments passed with respect to Bahria Town Karachi (BTK). For many who believed this real estate initiative to be ‘a transformative landmark’ in the land market of the metropolis, all was not well. For instance, an SC judgment passed in May 2018 directed the realtor to pay Rs460 billion according to …

While already struggling to manage high utility bills, consumers have yet to get any significant price relief despite a drop in world prices of raw materials and edible items, rupee recovery against the dollar, and low transportation costs. On one hand, many manufacturers can be blamed for not passing on the full impact of a lower cost of production. On …

Within three months and ten days of this fiscal year (between July 1 and November 10), the federal government borrowed more than Rs3.244 trillion from commercial banks. In the comparable period of the last fiscal year, the then federal government’s borrowings from banks totalled just Rs827 billion or one-fourth of where these borrowings stand today. What is more disturbing is …

ISLAMABAD: As Pakistan seeks continuous and extended international support at the global climate conference (COP28) in Dubai this week, the International Monetary Fund (IMF) has told the government that the budget for FY2024-25 should practically be a turning point for the planning mechanism and investment portfolios based on climate adaptation. “There is a need to be transparent on climate-related actions that have …