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Business

Projects worth Rs90bn approved

ISLAMABAD (Web Desk) The Central Development Working Party (CDWP) on Tuesday cleared a total of 27 development projects having a total estimated cost of Rs80.7 billion.This included 24 development projects of Rs53.6bn that the CDWP meeting presided over by Deputy Chairman Planning Commission Sartaj Aziz approved and referred Rs27.1 billion …

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Oil, gas findings: committee endorses producer province’s first right

ISLAMABAD (Web Desk) The Inter-Provin­cial Coordination Committee (IPCC) on Tuesday recommended with a majority vote to give rights over all future oil and gas findings to the respective producer provinces so that Article 158 of the Constitution is implemented in its true spirit.The IPCC meeting was presided over by Federal …

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Bank of China allowed to begin operations in Pakistan

KARACHI (Web Desak) The Bank of China (BoC) has been allowed to commence banking business in the country, said the State Bank on Monday.This is the second Chinese bank which has been allowed to operate in Pakistan.Earlier, the Industrial and Commercial Bank of China (ICBC) opened two branches in Karachi …

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MoUs signed for $315m investment in Pakistan at textile expo

LAHORE (Web Desk) The three-day 18th International Textile Asia Exhibition concluded with $375 million worth of Chinese investment in Pakistan, pledged through several memorandum of understanding’s (MoUs) signed between Chinese and local firms.The event was jointly organised by the E-commerce Gateway Pakistan and Pakistan Readymade Garments Manufacturers and Exporters Association …

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Gas reforms will impact households

ISLAMABAD (Web Desk) Residential gas consumers are likely to be affected by gas sector reforms spearheaded by Prime Minister Shahid Khaqan Abbasi notwithstanding the government’s assertions to put in place two different tiers of gas supplies and pricing.The erstwhile Ministry of Petroleum and Natural Resources under Mr Abbasi as federal …

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GM to recall 2.5m vehicles in China over Takata airbags

BEIJING (Web Desk) General Motors will recall more than 2.5 million vehicles in China over concerns about airbags made by troubled Japanese giant Takata, Chinese authorities said, dealing a blow to the United States automaker in the world’s largest car market.GM and its joint venture partner Shanghai GM will start …

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Index adds 1,386 points on FTSE rebalancing

KARACHI (Web Desk) Stocks rallied during the outgoing week with the KSE-100 index going up by 1,386 points (3.35 per cent) to 42,787.Strong support at the 41,000-point level provided the market with a major trigger.The index closed in the positive in four out of five sessions during the week. The …

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Rupee depreciation report submitted

KARACHI (Web Desk) The inquiry report about the rupee’s sudden depreciation against the dollar on July 5 has been submitted to the Ministry of Finance.However,banking sources said the report did not hold anyone responsible for the depreciation of 3.1 per cent in a single day.The probe committee submitted the report …

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Petrol likely to get scarce amidst dwindling stocks

ISLAMABAD (Web Desk) Petrol stations started drying up on Friday as stocks plummeted to a critical level.A shortage of petrol looms amidst a spike in consumption, fewer imports, transportation challenges and chronic circular debt.The country’s total usable petrol stocks fell below 130,000 tonnes, which is sufficient for less than five …

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Pakistan’s services export up 15pc

ISLAMABAD (Web Desk) Pak­istan’s exports of services recorded a growth of 15.32 per cent year-on-year to $403.71 million in the first month of the current fiscal year, the Pakistan Bureaus of Statistics said on Friday.The export of services entered positive growth in the past couple of months after recording negative …

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