Business

LAHORE: A crucial meeting of the Dasu Hydropower Project’s Steering Committee was postponed again for a second time, delaying discussion and finalisation of the already tardy land acquisition and compensation to people to be affected by the project under a recent and jointly agreed formula. The meeting was first tentatively scheduled to be held on January 8, but it was later …

ISLAMABAD: Minister of State for Revenue Hammad Azhar has said the government is working towards implementing a direct taxation regime while gradually curtailing indirect taxes. He said this while speaking at a seminar on “Economic Reforms: Way forward”, organised by the Sustainable Development Policy Institute (SDPI) on Friday. The state minister highlighted that the supplementary budget, which was presented in …

KARACHI: The government borrowing from the central bank jumped by almost four times during the first seven months of the fiscal year (up to Jan 18) compared to the same period last fiscal year. The State Bank of Pakistan (SBP) on Friday reported that the federal government borrowed Rs3.98 trillion during the period under review up from Rs1.05tr during the …

ISLAMABAD: Finance Min­i­ster Asad Umar on Thu­r­sday said there was no panic in Pakistan over a bailout package from the Inter­na­tional Monetary Fund (IMF) and the country would neither go down on its knees and surrender before anybody nor would it take dictation for economic support. “I understand where this question is coming from. They are worried why we are …

CHAKWAL: The rain on Monday and Tuesday has given local farmers hope of a bumper wheat crop. “I have cultivated wheat on eight acres and because of the timely and heavy rain, I am looking forward to a promising yield,” said Asif Ali Khan, a farmer in Chakwal. Other farmers in the Potohar region are happy with it raining when …

ISLAMABAD: The Supreme Court has highlighted that the Board of Directors (BoD) of the national flag carrier — Pakistan International Airlines (PIA) — should act independently, transparently and in an impartial and unbiased manner while selecting the best and most suitable candidate for the coveted post of the airline’s chief executive officer (CEO). “BoD is responsible for the planning, succession …

KARACHI: Honda Atlas Cars Pakistan (HCAR) has found itself in a tricky spot following government’s decision to allow non-filers to purchase 1,300cc vehicles since it only manufactures vehicles of and above 1,339cc. The Japanese automaker assembles 1,339cc and 1,500cc City variants, 1,500cc BR-V and 1,800cc Civic models. Vice President HCAR Maqsood-ur-Rahmani has asked the finance minister to allow non-filers to …

KARACHI: The State Bank of Pakistan (SBP) received $1 billion from the UAE on Thursday following an agreement with the Abu Dhabi Fund for Development (ADFD) in Abu Dhabi on Jan 22. The ADFD has agreed to provide $3bn to Pakistan in three instalments to help bridge the country’s current account deficit. “The SBP has received $1bn from UAE today,” …

KARACHI: Trade and industry has taken the mini-budget unveiled by Finance Minister Asad Umar on Wednesday with cautious optimism. Many industry leaders believe that the proposed measures and concessions will help in capital formation, industrialisation and attracting fresh investment. However, they all contained much of their reactions until more details are made available. Speaking to Dawn, Overseas Investors Chamber of Commerce and …

ISLAMABAD: The latest United Nations report on world economic situation and prospects for 2019 says economic growth in Pakistan is projected to slow down markedly in 2019 and 2020 to below 4.0 per cent, after an estimated expansion of 5.4pc in 2018. The country’s economy is facing severe balance of payment difficulties amid large fiscal and current account deficits, a visible decline …