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Business

Karachi businessman booked for Rs576m tax evasion

ISLAMABAD (Web Desk) The Direct­orate of Intelligence and Investigation, Inland Revenue, has lodged a case against a Karachi-based businessman for tax evasion of Rs576.564 million.A senior tax officer said that an FIR has been lodged against Usman Shahid under section 203 of Income Tax Ordinance read with section 3, 4 …

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Rupee to come under pressure as reserves slide

KARACHI (Web Desk) Reserves of the State Bank of Pakistan (SBP) decreased by $3.9bn between October and July 21 despite commercial borrowing of more than $4.4 billion in 2016-17.Currency experts said pressure is mounting on the exchange rate as reserves fall. Dealers in the interbank market said the dollar rate, …

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LNG imports meeting up to 25pc of gas shortage

LAHORE (Web Desk) Ongoing impo­rts of Liqu­efied Natural Gas (LNG) are meeting up to 25 per cent of gas shortage, which currently hovers around 2.5 billion cubic feet per day.According to an official at the Ministry of Petroleum and Natural Resources, Pakistan has saved approximately $1.7bn by importing LNG, which …

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Petroleum products prices to remain unchanged in August

ISLAMABAD (Web Desk) In the absence of a political leadership, the bureaucratic machinery of the state struggled to take a routine monthly decision to revise prices of petroleum products on the due date of July 31 and decided to keep them unchanged for the month of August. The secretaries of …

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Mobile phone users cross 140.5 million in Pakistan

ISLAMABAD (Web Desk) Mobile phone users in the country have reached 140.5 million by May this year which was 133.2 million till July 2016, showing a moderate growth with each passing month.All the operators providing mobile phone services have added around 7.3 million new users in their subscribers during the …

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A ridiculously expensive accountability

ISLAMABAD (Web Desk) The Supreme Court’s landmark decision to disqualify the prime minister has exposed the fragile and nascent democracy to a tough endurance test.The system, fortunately, is expected to survive but the short-term cost to the economy is projected to be immense. A leading light of the business community …

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Businesses divided on verdict fallout

ISLAMABAD (Web Desk) The Supreme Court disqualified Prime Minister Nawaz Sharif from his job on Friday under the controversial articles 62 and 63 of the Constitution for mis-declaring his assets.His sacking has indeed ratcheted up political uncertainty in the country but the markets appear to have already factored it in …

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‘20 business groups get 30pc of total bank loans’

KARACHI: (Web Desk) A research report by the State Bank of Pakistan (SBP) said 30 per cent of banks’ exposure is to only 20 business groups. Growth in credit depends heavily on the appetite of the corporate sector, which currently receives nearly 70pc of total bank lending, according to “Bank …

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