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Business

Tesla begins to deliver model for the masses

USA (Web Desk) Tesla began delivering on a dream to make an electric car for the masses, rolling out the first of its keenly-awaited “Model 3” cars, aiming to disrupt a world accustomed to automobiles powered by pollution-spewing fossil fuel.An initial batch of the ‘Model 3’ cars that rolled out …

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Businesses offer mixed views on Panamagate verdict

KARACHI (Web Desk)  Avoiding direct comments on the Supreme Court’s order to disqualify Nawaz Sharif in the Panamagate case, most trade and industry leaders shared mixed views and seemed apprehensive about the upcoming days.Talking to Dawn, some leaders opined that businesses would feel the negative impact while others maintained that …

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Nepra notifies reduced upfront tariff for Thar coal-based plants

ISLAMABAD (Web Desk) The National Electric Power Regulatory Authority (Nepra) announced on Thursday a fresh upfront tariff for power projects based on Thar coal that is slightly lower than the last tariff that expired in January.The decision came after almost four months as the regulator conducted a public hearing on …

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Bears dominate PSX before Panamagate verdict

KARACHI (Web Desk) Bears dominated the market in the first session of trading at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index down 719 points ahead of the Panamagate verdict.The KSE-100 Index had nosedived in the opening five minutes, losing 1,134 points, but managed to recover to hover …

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Rs134.4bn development schemes approved

ISLAMABAD (Web Desk) The Executive Committee of the National Economic Council (Ecnec) approved on Wednesday seven development projects at an estimated cost of Rs134.4 billion.Presided over by Finance Minister Ishaq Dar, the body approved the projects that included an Rs8bn road launched by former PPP Prime Minister Raja Pervez Ashraf. …

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IMF to launch new form of aid—with no money

WASHINGTON (Web Desk) The International Monetary Fund (IMF) announced on Wednesday it will launch a new tool to support governments in financial trouble — but one that involves no money — formalising a step it took last week for Greece.Instead of providing cheap loans to member countries, the new IMF …

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SECP ordered to audit all foreign companies

ISLAMABAD (Web Desk)  Interior Minister Chaudhry Nisar Ali Khan on Tuesday ordered the Securities and Exchange Commission of Pakistan (SECP) to carry out an audit of all foreign companies operating in Pakistan.The directives were issued following the receipt of the report of a joint investigation team (JIT) formed to probe …

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VW and Daimler face cartel accusations

BERLIN (Web Desk) Supervisory boards at two big German carmakers are to hold emergency meetings later after they were accused of breaching EU cartel rules.Volkswagen and Daimler have declined to comment on theallegations that they and other German car giants colluded to fix the price of diesel emissions treatment systems.The …

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Urea makers threaten to stop sales again

KARACHI (Web Desk) Manufacturers on Monday said that they will stop urea sales in case the government fails to issue fertiliser subsidy notification.Earlier this month, manufacturers resumed urea sales after getting assurances by the Ministry of Finance as well as the Ministry of Food Security and Research that a notification …

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Oil output increased 3pc in FY17

KARACHI (Web Desk)Pakistan’s oil production grew three per cent to 88,189 barrels per day (bpd) in 2016-17, according to a research note issued by Topline Securities on Monday.Temporary shutdowns suffered by some major oil companies affected production at the start of 2017. As a result, oil production averaged 95,000bpd initially. …

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