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Government bans import of Iranian vegetables

LAHORE: The federal government’s Department of Plant Protection (DPP)’s quarantine unit, which is responsible to keep a check on import and export of edible goods, has banned the import of potatoes and tomatoes from Iran due to which there is a fear of price hike and shortage of the two …

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PPL’s profit drops 17%

Pakistan Petroleum Limited’s (PPL) consolidated profit dropped almost 17% to Rs49.42 billion in the year ended June 30, 2020 due to decrease in sale of oil and gas and the income earned from other than the core business. The state-owned oil and gas exploration firm had booked the profit at …

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Fertiliser firms threaten to hike prices

ISLAMABAD: Fertiliser companies on Friday threatened to increase urea prices by 17% or Rs500 per bag in case the government tried to recover the gas infrastructure development cess (GIDC) in light of a judgement of the Supreme Court, challenging the writ of the state. Representatives of fertiliser manufacturing companies and …

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Govt-opposition body to discuss FATF bills on 14th

ISLAMABAD: The ‘informal’ committee comprising government and opposition lawmakers is likely to meet on Monday to try to end a deadlock on four bills related to the Financial Action Task Force (FATF). Sources said the committee comprises Law Minister Farogh Naseem, Adviser to the Prime Minister on Accountability and Interior …

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PM forms panel on Balochistan uplift plans

ISLAMABAD: Prime Minister Imran Khan on Friday constituted a three-member committee to suggest priority areas for development in Balochistan with special focus on communications, agriculture, energy and other important sectors and submit a report in this regard. The committee comprising Balochistan Chief Minister Jam Kamal Khan Alyani, federal Minister for …

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No monetary policy till September: SBP

KARACHI: The State Bank of Pakistan (SBP)has decided not to hold Monetary Policy Comm­ittee meeting till Septe­mber, a press release issued on Friday said. “Given the number of MPC meetings that have taken place in recent months, and actions taken in those meetings, the MPC does not consider it necessary …

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World shares retreat as US-China tensions rise

LONDON: Global equities took a beating Friday as China-US tensions intensified, while stalled stimulus talks in Washington fuelled fears for the economy, traders said. Lingering worries about the impact on businesses of fresh coronavirus outbreaks helped trigger major profit-taking, overshadowing a batch of bright data in Europe. “It’s a sour …

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Power firms deny forced outages

ISLAMABAD: While ruling out forced load-shedding, Multan Electric Power Company (Mepco) CEO Tahir Mahmood has accused parliamentarians of building pressure for transfer, posting and hiring of people on political grounds. Earlier, Minister for Foreign Affairs Shah Mehmood Qureshi presided over a meeting and expressed dissatisfaction with Mepco’s performance. The Mepco …

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Covid-19 turns Honda into loss-making company

The automobile sector remained under the shadow of Covid-19 as Honda Atlas Cars (HCAR) reported a loss of Rs511 million in the quarter ended June 30, 2020 against profit of Rs241.7 million in the corresponding period of previous year. Loss per share (LPS) of the company came in at Rs3.58 …

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Stocks add 104 points to overnight gains

KARACHI: The galloping market broke into a trot as the stocks showed volatility for the second day with the KSE-100 index adding another 104.30 points (0.28 per cent) and close at 37,804.61. The benchmark remained in a band of intraday high and low by 286 and 148 points. Profit-taking followed …

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