Business

ISLAMABAD: The Punjab government has appointed Sardar Tanvir Ilyas Khan as chairman Punjab Board of Investment and Trade. Former provincial minister Sardar Tanvir Ilyas has been instrumental in bringing investments worth more than $10 billion in the country during the past decade. “Foreign investment was the need of the hour to support the economy of country and boost exports,” Mr …

KARACHI: Islamic banks accelerated their credit to private sector as it grew by almost three times during 1HFY19 over same period last year. The State Bank of Pakistan’s (SBP) latest report shows the credit to private sector by Islamic banks rose to Rs77.086 billion during July-December FY19, surging by 190 per cent, as against Rs26.56bn in corresponding half of last …

KARACHI: Dispelling the impression that the up­­coming mini-budget be­ing announced on Janu­ary 23 would be loaded with new taxes, federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said that it will focus on ease of doing business and other measures to facilitate trade and industrialisation. The minister was addressing members of the business community during his visit …

ISLAMABAD: Pakistan’s unemployment rate edged lower to 5.8pc in 2017-18, from 5.9pc three years ago. However, the unemployment rate for the prime age group of 20-24 years was estimated at 11.56pc during FY18, said a report published by Pakistan Bureau of Statistics (PBS) on Friday. The age-specific joblessness in this category was reported at 11pc in 2014-15 and 9.2pc in …

ISLAMABAD: China plans to import potatoes from Pakistan, said Ambassador Yao Jing on Friday. The envoy in a meeting with Minister for National Food Security and Research Sahibzada Mehboob Sultan said his country will shortly send a delegation to Islamabad to finalise arrangements and fulfilling the requirements sanitary and phytosanitary measures (SPS). He said that Beijing wants to import more …

KARACHI: All appointments to the boards of state-owned enterprises (SOEs) have been halted following the Supreme Court’s decision in the Ataullah Qasmi case in which the appointment of PTV’s managing director was found to be illegal. Now the Ministry of Law is set to issue an opinion on the matter, and the process will resume by next week, says Finance …

RAWALPINDI: Tajik Ambassador Sherali S. Jononov on Friday offered electricity to Pakistan and also expressed desire to increase the trade volume between the two countries. “Rogun Dam in Tajikistan has begun its operations and we are ready to provide cheap and clean electricity to Pakistan to meet its energy needs in future,” he stated this during his visit to Rawalpindi …

ISLAMABAD: The government on Friday reconstituted the 9th National Finance Commission (NFC) to give new award for sharing of federal divisible resources among the centre and provinces. The Ministry of Finance has issued a formal notification for the reconstitution of nine-member commission after its reference was approved by President Arif Alvi. The commission will be headed by Federal Minister for …

KARACHI: Remittances from overseas Pakistanis jumped 10 per cent to $10.718 billion during the first six months of this fiscal year as compared to $9.744bn in same period last year, reported the State Bank of Pakistan on Thursday. However, inflows in December 2018 edged lower by 1.9pc year-on-year to $1,690.18m, from $1,723.57 in the same period of 2017. Meanwhile, on …

ISLAMABAD: Pakistan’s trade deficit fell sharply by 15 per cent in the month of December 2018 compared to November, driven largely by decline in fuel imports and machinery. When compared to December 2017, the decline is even sharper, falling by 18.6pc, according to the official figures of the Pakistan Bureau of Statistics shared with the federal cabinet on Thursday. Meanwhile, …