Business

‘Over $15b being remitted through illegal channel’

‘Over $15b being remitted through illegal channel’

ISLAMABAD:In order to increase foreign exchange reserves, the government plans to strengthen banking channels to convince Pakistani expatriates to send remittances through legal means, and ultimately discourage other means of transmission.Currently, more than $15 billion are being remitted through the Hundi system, which is the main impediment to the growth of gross domestic product (GDP). […]

PM Imran, businessmen agree to expand tax base

PM Imran, businessmen agree to expand tax base

KARACHI (Dunya News) – Prime Minister Imran Khan on Sunday met delegation of Pakistan Stock Exchange led by its Chairman Sulaiman Mehdi in Karachi. Officials of PSX and stock brokers were part of the delegation.During the meeting, the prime minister said that vast opportunities of investment are available in Pakistan, adding that foreign investors are […]

Refineries not great investments country can strive for

Refineries not great investments country can strive for

ISLAMABAD:Prime Minister Imran Khan has made his economic ideology very clear in a recent interview on a television network.He has spoken against anti-profit and anti-investment thinking which has discouraged business activities in Pakistan. In the wake of this interview or simultaneously, the petroleum minister has also indicated that he is withdrawing his campaign against liquefied […]

CPEC size to stay at $50 billion for now

CPEC size to stay at $50 billion for now

ISLAMABAD:Size of the China-Pakistan Economic Corridor (CPEC) will remain unchanged at $50 billion, for now, as both the countries have decided to consolidate the already approved projects amid a hope to also achieve the financial close of $1.7 billion transmission line project.A meeting of the Joint Cooperation Committee (JCC) of the CPEC will take place on […]

PSX witnesses another slump as 100-index sheds 1002 points

PSX witnesses another slump as 100-index sheds 1002 points

KARACHI – The KSE-100 Index closed today (Thursday) at 38300.63 points as compared to 39303.11 points on the last working day with a negative change of 1002.48 points.The total turnover was 189,763,050 as compared to 138,104,150 on the last working day with Worldcall Telecom having the highest turnover of 20,670,500.The KMI 30 index declined by […]

Cabinet approves Rs25.75b grant for zero-rated industries

Cabinet approves Rs25.75b grant for zero-rated industries

ISLAMABAD:The federal cabinet approved on Thursday a supplementary grant of Rs25.75 billion for the provision of subsidy to the zero-rated export-oriented industries and captive power plants consuming re-gasified liquefied natural gas (RLNG).Additionally, the cabinet approved a gas subsidy of Rs5.5 billion to maintain fertiliser prices at current levels. To minimise the price difference between the […]

Cabinet approves Rs25.75b grant for zero-rated industries

ISLAMABAD:The federal cabinet approved on Thursday a supplementary grant of Rs25.75 billion for the provision of subsidy to the zero-rated export-oriented industries and captive power plants consuming re-gasified liquefied natural gas (RLNG).Additionally, the cabinet approved a gas subsidy of Rs5.5 billion to maintain fertiliser prices at current levels. To minimise the price difference between the […]

PSX records fresh decline of 299 points, touches 39,303

PSX records fresh decline of 299 points, touches 39,303

KARACHI  – The capital market was once again under the command of bears with the index suffer fresh declines under the lead of cement, steel, auto manufacturer, oil and gas exploration on continuous rise in foreign debts and difficulties facing to clear the on-going payments and rumors of changes in the ministry level especially the […]

Cigarette industry: NAB to extend probe into Rs60-billion tax evasion

Cigarette industry: NAB to extend probe into Rs60-billion tax evasion

ISLAMABAD:The Regional Board, Rawalpindi of the National Accountability Bureau (NAB) has sent details of Rs60-billion tax evasion by the cigarette industry to NAB headquarters for further probe.Sources told The Express Tribune that the Regional Board in its meeting reviewed the case and decided that NAB should investigate it further as the magnitude of the tax […]

Govt slashes non-salary budget by 10%

Govt slashes non-salary budget by 10%

ISLAMABAD: The federal government has decided to cut non-salary current budget of the civilian setup by 10% as part of its austerity drive –a move that will help save nearly Rs10 billion in the remainder period of fiscal year but would not address core fiscal problems.The Pakistan Tehreek-e-Insaf (PTI) government has also decided to continue with […]

Gov’t to invest $8 billion in Gwadar Oil City project

Gov’t to invest $8 billion in Gwadar Oil City project

ISLAMABAD (AFP) – In a recent development, $8 billion investment is expected in the Gwadar Oil City.Minister for Planning, Development and Reforms has informed the Senate Special Committee on China Pakistan Economic Corridor (CPEC) that the government was expecting $8 billion investment in Gwadar project.According to details, the investment will be made in the proposed […]

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