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Business

Worries over external account compound

ISLAMABAD (WEB Desk) Pakistan’s external account worries are increasing at a time when the government is in disarray after the release of the Joint Investigation Team’s findings regarding the ruling Sharif family’s involvement in money laundering. In a politically charged environment, with the opposition demanding the Prime Minister’s resignation in …

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Money Market: Bank deposits rise by 2.34pc

ISLAMBAD (Web Desk) DEPOSITS and other accounts of all scheduled banks stood at Rs11,980.69 billion on June 30, a rise of 2.34 per cent over the preceding week and 14.5pc over the comparable period of the last year.Deposits and other accounts of all commercial banks rose 2.38pc week-on-week to Rs11,913.58bn, …

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Rain of new taxes possible

KARACHI (Web Desk) A welter of new revenue measures could become necessary this fiscal year, according to the International Monetary Fund (IMF) Article IV report released earlier in the week.The IMF projects a shortfall equal to 1.5 per cent of GDP just to meet the revenue target set by the …

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First loans to farmers with crop as collateral disbursed

KARACHI (Web Desk) The first-ever loans by a leading Pakistani bank to farmers with crop as collateral have been disbursed in the Muridke area of district Sheikhupura.The loans were disbursed after an effort by the non-profit Pakistan Agricultural Coalition.The bank disbursed loans worth Rs3.7 million against 185 tonnes of wheat …

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Honda recalls 1.2 million cars, citing faulty battery sensors

NEW YORK (Web Desk) Honda announced Thursday a recall of 1.2 million cars sold in the United States, following four engine compartment fires linked to faulty battery sensors.The Japanese auto giant said the recall affects Accords from the 2013-2016 model years.Honda said it would replace the sensors for the 12-volt …

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CPEC outflows to peak at $4.5bn: IMF

KARACHI (Web Desk) In a detailed look at the China-Pakistan Economic Corridor (CPEC), the International Monetary Fund (IMF) cautions that corridor projects will generate outflows of as much as $4.5 billion by 2024, while the export benefits of the projects “will likely accrue gradually over time”. Filling the gap in …

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China pushes Pakistan on Special Economic Zones

ISLAMABAD (Web Desk) While Pakistan is yet to form a group of experts to decide setting up of the exact number and types of special economic zones (SEZs) along the CPEC route in the first phase, China has notified the government of forming the group. During the last meeting of …

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Outdated trucking fleet unfit for CPEC challenges

ISLAMABAD (Web Desk) Stakeholders in the China-Pakistan Economic Corridor (CPEC) on Wednesday sought the implementation of the trucking reform policy approved a decade ago, creation of a ministry for transport and uniform border management, Custom clearance and related standards. The two-day ‘CPEC-Logistics International Forum’ – organised by the National Logistic …

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Implementation of auto policy reviewed

ISLAMABAD (Web Desk) Various foreign investors have shown their interest in investing in the auto sector under the the new development auto policy (ADP) 2016-2021 announced last year. In a meeting held under the joint chairmanship of Secretary, Ministry of Industries and Production (MoIP), Khizar Hayat Gondal, and Secretary, Board …

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