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SBP imposes 100pc cash margin on some imports

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KARACHI: (Web Desk) The State Bank of Pakistan (SBP) imposed on Friday 100 per cent cash margin on the import of a number of consumer items to bridge an alarmingly high trade deficit that is eating up foreign exchange reserves. “This regulatory measure would discourage the import of these items …

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Index gains as SC reserves Panamagate verdict

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KARACHI: (Web Desk) The stock market saw intense volatility on Thursday, though the KSE-100 index managed to close the session with minor upside of 80.61 points (0.16 per cent) at 49,062 points. As the market opened investors were at high pitch of anxiety over the uncertainty of the outcome of …

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Mobilink says it has met requirements for merger with Warid

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ISLAMABAD: (Web Desk) Cellular service provider, Mobilink, told a parliamentary panel on Wednesday that it has closed off several dozen franchises and laid off employees following all the regulatory approvals for its merger with Warid Telecom. The company was questioned by the Senate Standing Committee on Information Technology about terminating …

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Gas consumers to pay Rs20b for leakage, theft

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KARACHI: (Web Desk) Consumers are estimated to additionally pay Rs20 billion to gas utilities for leakages in the system this year as the companies have failed to overcome the losses and continue to recover them from the consumers. KPMG Taseer Hadi & Company, a consultant, has recommended in a draft …

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Weekly review: Index loses 1.1% as negative sentiment continues

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KARACHI: (Web Desk) Political noise and security concerns kept investors at bay as multiple attacks and the Panama case hearing meant the local bourse remained under pressure, recording a decline of 1.1% week-on-week, translating into a fall of 550 points to close at 49,375.71. After starting the week on a …

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Karachi tycoons decry ‘unfair’ property valuation

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KARACHI: (Web Desk) Industrialists based in Karachi have urged the government to level the playing field by ensuring uniform property valuation rates across the country. In a two-day meeting held on Wednesday and Thursday with the members of sub-committee of the National Assembly’s Standing Committee on Finance, Revenue and Economic …

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Pakistan fares better than India, Bangladesh in renewable energy

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KARACHI: (Web Desk) Pakistan has fared better in terms of adopting renewable energy than in indicators of access to energy and power efficiency, finds a report of the World Bank made public Thursday. The report titled, ‘Regulatory Indicators for Sustainable Energy (RISE)’ showed that Pakistan did better than regional peers …

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UK retailer Tesco enters Pakistan market

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KARACHI: (Web Desk) Tesco PLC, the British transnational grocery and general merchandise retailer, has entered the Pakistani market with a bang after joining hands with Karachi-based Alpha Supermarket, a statement said on Wednesday. “United Kingdom’s brands, especially those as big as Tesco, have a real advantage in Pakistan as they …

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Chinese textile park to further weigh on struggling Pak exports

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KARACHI: (Web Desk) Pakistan’s struggling textile industry is facing new threats of further losing its market share to China, which is heavily investing in textile manufacturing facilities in its province bordering the south Asian nation, a leading trade body said on Wednesday. “The anticipated glut of textile and garment from …

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Over 40 economic zones to boost CPEC projects

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ISLAMABAD: (Web Desk) The Board of Investment has identified 41 sites for establishing special economic zones (SEZs) to boost the China-Pakistan Economic Corridor (CPEC) projects, the National Assembly’s Standing Committee on Planning, Development and Reform was informed on Tuesday. The committee’s meeting was presided over by Abdul Majeed Khan Khanan …

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