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Business

Ogra issues show-cause notices to top oil companies for overcharging

ISLAMABAD: (Web Desk) The Oil and Gas Regulatory Authority (Ogra) has issued show-cause notices to seven top oil marketing companies (OMCs) for alleged overcharging and substandard sale of petroleum products in Azad Jammu and Kashmir (AJK). Informed sources said the regulator had also written to the AJK government to activate …

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Power cuts return as shortfall touches 7,000MW

ISLAMABAD: (Web Desk) Electricity consumers across the country had a bad day on Sunday, when the gap between the demand and supply kept fluctuating between 5,000 and 7,000 megawatts, resulting in extensive power cuts of seven to 10 hours. The Ministry of Water and Power said the demand crossed 20,223MW …

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Low interest rates lead to fall in govt revenues

KARACHI (Web Desk ) The government’s policy to keep interest rates low seems to have started to bite. The low interest rate era has led to a big cut in non-tax revenue while tax revenue also remained short of the target during this fiscal year. According to the latest report of …

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22,000 big taxpayers, 100,000 rich individuals slip under FBR radar

ISLAMABAD (Web Desk )The Federal Board of Revenue (FBR) has identified over 21,800 big taxpayers and 100,000 rich individuals who have disappeared from the tax net in the past one year. In the tax years 2014 and 2015, the big taxpayers – including 7,720 companies and 14,103 associations of persons (AoPs) …

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Heavyweights propel index for second day

KARACHI(Web Desk ) Stocks continued to climb for the second day on Friday. The benchmark KSE-100 index made an intraday gain of 815 points as investors continued to take positions in heavyweight stocks eligible to be included in the MSCI’s emerging-market index. However, some nervousness crept in towards the end …

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Cement despatches grow 6.2pc

KARACHI  (Web Desk ) Cement despatches increased 6.2 per cent year-on-year to the record level of 33.88 million tonnes in the first 10 months of 2016-17, the All Pakistan Cement Manufacturers Association (APCMA) reported on Friday. Domestic consumption was 29.871m tonnes while exports remained 4.01m tonnes in the 10 months. …

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Ogra issues show-cause notices to three OMCs for unauthorised sale

ISLAMABAD (Web Desk ) The Oil and Gas Regulatory Authority (Ogra) has issued show-cause notices to three oil-marketing companies for unauthorised sale of petroleum products in violation of legal requirements and their own marketing licences. The companies — Exceed Petroleum, Kepler Petroleum and Quality-1 Petroleum — have 15 days to clarify …

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Iran for better trade ties with Pakistan

QUETTA (Web Desk ) Consul General of the Islamic Republic of Iran Mohammad Rafiei has said that Iran and Pakistan enjoy cordial relations in different fields since long and “we are mainly focusing on strengthening ties with Pakistan in the field of trade and economic cooperation”. Addressing a press conference …

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CPEC won’t create environmental problems for Pakistan: China envoy

ISLAMABAD(Web Desk ) Chinese Ambassa­dor Sun Weidong on Wednesday underscored the importance of Pakistan’s role in promoting China’s ‘Belt and Road’ initiative as he sought to dispel ‘myths’ about the China-Pakistan Economic Corridor (CPEC) project. “China and Pakistan can play a major role in promoting the Belt and Road initiative …

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Cheap kerosene being mixed with petrol, diesel

KARACHI: (Web Desk) A number of fuel stations are selling petrol and diesel adulterated with cheap kerosene. Unaware motorists are paying full prices for these substandard fuels which could damage engines of their vehicles. The price of petrol is Rs74 and diesel Rs83 per litre while kerosene costs Rs44 per …

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