Business

ISLAMABAD: Admitting that inflated gas bills were a burden on consumers, Petroleum Minister Ghulam Sarwar Khan on Saturday offered them a “relief” and said they could pay the hefty bills in four equal instalments. The facility, according to the minister, will be available to the consumers who have received bills of Rs20,000 or more. The announcement was made by the …

KARACHI: Adviser to Prime Minister on Commerce, Textile Industry, Production and Investment Abdul Razak Dawood said on Saturday that under the China-Pakistan Economic Corridor (CPEC), the country would now prefer to enter into joint ventures (JVs) with Chinese companies to increase industrial base. “We are in talks with China to shift the focus from power plants and road networks and …

ISLAMABAD: The Senate on Friday adopted recommendations of its Standing Committee on Finance, Revenue and Economic Affairs that the three per cent share of National Finance Commission (NFC) Award should be given to erstwhile Fata and an interim relief allowance of 10pc of basic salary might be granted to all government employees. The amendments to Finance Supplementary (Second Amendment Bill) …

ISLAMABAD: It is important for Pakistan to develop a home-grown economic reforms programme, with focus on widening the tax base and increasing investment and competitiveness, said DFID Chief Economist Dr Rachel Glennerster on Friday. In a statement, Dr Glennerster further said that the United Kingdom Department for International Development (DFID) has pledged its support to Pakistan in providing assistance to …

KARACHI: Overseas investors’ confidence has seen a sharp decline in July-Dec 2018 due to change in economic landscape with pressures on the balance of payments front, depreciating rupee, rising interest rates and subsequent inflationary pressures dampening investor sentiment. The findings of the business confidence survey (BCS), conducted by the Overseas Investors Chambers of Commerce and Industry. (OICCI), revealed that the …

ISLAMABAD: A Mala­ysia-based company has pledged to make $250 million investment in the telecommunication sector in Pakistan during next five years. Malaysia’s Edotco Group chairman of the board of directors, Datuk Azzat Kamaluddin, made this commitment during a meeting with Prime Minister Imran Khan along with a delegation at Prime Minister Office (PMO) on Friday. According to the media cell …

ISLAMABAD: Influenced by faster rupee depreciation and demand pressure, inflation resurged to 7.2 per cent year-on-year in January, undermining earlier gains, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. The country’s inflation has now crossed the four-year high of 6.78pc recorded in October last year — the period when global oil prices started declining. Inflation …

The government has decided to reduce the prices of petroleum products barring HSD, for the month of February 2019. While price of HSD is being maintained at the current level, price of petrol has been reduced by Rs 0.59, kerosene by Rs 0.73 and that of LDO by Rs 0.25 per litre. The new prices shall be applicable from 1st …

SAN FRANCISCO: Amazon on Thursday reported its profit in the past quarter surged on strong holiday retail sales and its soaring cloud computing business. The US tech giant said profit jumped 63 percent from a year ago to $3.0 billion in the fourth quarter as revenues increased 20 percent to $72.4 billion. The results reflected growth in Amazon´s ever-expanding online …

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