Business

Airbus chief Tom Enders warned on Thursday that a no-deal Brexit could prompt the European aerospace giant to make “very harmful decisions” for Britain, branding the government’s handling a “disgrace”. Read more:Businesses sound alarm as UK prepares for no-deal Brexit The aircraft manufacturer currently employs 14,000 people in Britain, including sites at Filton in southwest England and Broughton in north …

ISLAMABAD: The amended finance bill has reduced and abolished several taxes as the government accepted the long-standing demand of various sectors including small enterprises, low-cost housing while charges on banking transactions has been abolished for filers. The amended finance bill, presented on Wednesday, has removed the Advance Income Tax on cash withdrawal and cash-denominated instruments from banks for filers, while …

KARACHI: Stocks rallied for the third straight day on Tuesday, underpinned by investors’ optimism on the mini-budget to be announced on the 23rd (today). The KSE-100 index climbed 358.44 points (0.91 per cent) and closed at 39,902.21. The finance minister’s earlier promise of a ‘good news’ for the market in the budget kept investors in the buying mood, though the …

  SHANGHAI: China has become a key backer for coal-fired power globally, funding more than a quarter of all new plants being developed outside its borders even as it clamps down on the polluting fuel at home, a study published on Tuesday said. The top destinations are Bangladesh, Vietnam, South Africa and Pakistan, and about a quarter of the proposed …

ISLAMABAD: The Senate Standing Committee on Ind­us­­tries and Production on Tuesday decried the Federal Board of Revenue (FBR) for not considering the fallout of cheap auto spare parts imports. Briefing the committee meeting, which was chaired by Senator Ahmed Ali, representatives of Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) said the lopsided government policies were discouraging local light …

ISLAMABAD: Pakistan has doubled the quantum of wheat from 40,000 tonnes to 80,000 tonnes as its share for the ‘Regional Food Bank’ maintained by the South Asian Association for Regional Cooperation (Saarc). Minister for National Food Security and Research Sahibzada Mehboob Sultan made the announcement on Tuesday at the 10th meeting of the Saarc Food Bank board in Islamabad. The …

ISLAMABAD: The government is set to introduce on Wednesday (today) key amendments to the Anti-Money Laundering (AML) Act 2010 and the Federal Investigation Act (FIA) 1974 as part of the Finance Supplementary (Second Amendment) Bill 2019 to comply with the requirements of the Financial Action Task Force (FATF). According to Dawn sources, Finance Minister Asad Umar will brief the federal cabinet on …

LAHORE: The country’s three major auto assemblers are revising down their monthly production schedules from this month anticipating a significant sales slowdown in the second half of the current fiscal year. The Pakistan Automotive Manufactures Association (Pama) said the move comes on the back of a budgetary restriction that bars manufacturers from selling automobiles to non-filers. “The impact (of the …

KARACHI: Non-food inflation’s weighted contribution to the overall Consumer Price Index (CPI) went up to 93.37 per cent in December 2018 from 88.78pc in the preceding month. According to the State Bank of Pakistan’s Inflation Monitor — December 2018, the share of food inflation, however, witnessed a drastic fall in the overall CPI basket. “The weighted contribution of food group …

In a short note shared with Dawn late on Monday night, IMF Resident Representative to Pakistan Teresa Daban Sanchez said that raising revenues is the heart of the adjustment effort that the government needs to undertake. “There is an immediate need to stabilise the economy,” she said, adding that “revenue collection is essential to this.” Regarding the mini-budget she said …