Category: Business

ISLAMABAD, Apr 15 (APP):The Cabinet Committee on Energy (CCOE) on Wednesday directed power division to submit a formal summary to the committee containing proposals for further reforms in the sector’s governance structure. The meeting was held here presided over by minister for Planning, Development and Special Initiatives Asad Umar. Secretary Power Division briefed the committee… Continue reading CCOE directs power division to work for further reforms in sector

ISLAMABAD, Apr 15 (APP):The Federal government has so far authorized release of Rs 962.725 million for various ongoing and new projects of Revenue Division under its Public Sector Development Programme (PSDP) 2019-20, as against its total allocation of Rs1728.238 million. Out of the total amount, Rs265.416 million have been authorized to be released for establishment… Continue reading Govt releases Rs 962.7 million for Revenue Division projects

ISLAMABAD, Apr 15 (APP):Pakistan Furniture Council (PFC) Chief Executive Mian Kashif Ashfaq Wednesday donated Rs. 1 million to Prime Minister Imran Khan’s special COVID-19 fund and pledged extending maximum cooperation to the government in its endeavours to eradicate coronavirus pandemic across the country. In a statement issued here today, Mian Kashif Ashfaq said furniture producers… Continue reading PFC donates Rs 1 million to PM Special COVID-19 fund

ISLAMABAD, Apr 15 (APP):Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood Wednesday said the Ministry of Commerce was following the policy that there should be no element of duties and taxes in country’s exports. “We have a meeting with Federal Board of Revenue (FBR) for the implementation of this principle on… Continue reading Razak emphasis for no element of duties, taxes in exports

ISLAMABAD, Apr 14 (APP):Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Tuesday expressed the hope that financial and other forums of the world would be able to come up with a plan, enabling developing countries like Pakistan to meet their international obligations and provide relief to the population adversely effected… Continue reading Hafeez hopeful of world plan to save developing countries from financial recession in wake of COVID-19

ISLAMABAD, Apr 14 (APP):The government has released an amount of Rs 4,118.810 million for various power projects under annual Public Sector Development Programme (PSDP) for fiscal year 2019-20 so far. According to the data of Planning Commission, an amount of Rs 42,531.230 million was allocated for various power sector projects in the current fiscal year.… Continue reading Govt releases Rs 4,118.810 mln for power projects

ISLAMABAD, Apr 14 (APP):The Executive Board of International Monetary Fund (IMF’s) has approved immediate debt service relief to 25 of its member countries under the revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic. “This provides grants to our poorest and most… Continue reading IMF Executive Board approves immediate debt relief for 25 countries

ISLAMABAD, Apr 13 (APP):Advisor to the Prime Minster on Commerce and Investment, Abdul Razak Dawood on Monday said the government was committed to bring out comprehensive solutions for sustaining the economic growth in the wake of global outbreak of COVID-19, coronavirus pandemic in the country. The commerce ministry was actively engaging with all relevant stakeholders… Continue reading Razak vows for inclusive economic solution in COVID-19

ISLAMABAD, Apr 13 (APP):Amid outbreak of COVID-19 in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) realizing the difficulties face by insurance brokers, insurance surveyors, and authorized surveying officers (ASOs) in renewal of their licenses, has relaxed the requirements in renewal of licenses. A circular in this regard has been issued, said a press… Continue reading SECP relaxes licenses renewal requirement for insurance brokers, surveyors, ASOs

ISLAMABAD, Apr 13 (APP):The World Bank has forecast that if the novel coronavirus (COVID-19) lasts longer than expected, Pakistan’s exports could plunge to negative growth of 19.7 percent in the current fiscal year (FY) 2019-20 as compared to the previous one. The negative impact of global lockdown due to coronavirus would persist longer and could… Continue reading Pakistan’s exports can contract by 19.7% if COVID-19 lasts longer than expected: WB

ISLAMABAD, Apr 13 (APP):The Economic Coordination Committee (ECC) of the cabinet Monday approved additional 200,000 metric tons of wheat for Utility Stores Corporation (USC) from Pakistan Agricultural Storage and Services Corporation (PASSCO) reserves. Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the ECC meeting. According to the ECC decision,… Continue reading ECC approves 200,00 Mt wheat to USC from PASSCO

ISLAMABAD, Apr 12 (APP):The construction sector on Sunday lauded the government’s decision to declare the sector as an industry as it had huge demand of up to 70 associated industries. Now the construction sector acquired the status of industry which would add the positive impact in country’s economic health and also enhance economic growth, Chairman… Continue reading Construction Sector greets government’s decision for achieving status of Industry

ISLAMABAD, Apr 12 (APP):The World Bank (WB) in its report published on Sunday has projected the real GDP of Pakistan to contract by 1.3 percent in Financial Year 2020 as domestic and global economic activity slowed down sharply in the last four months of the fiscal year. The outbreak of COVID-19 would impact growth beyond… Continue reading WB report predicts Pakistan’s GDP to contract by 1.3 in FY2020

ISLAMABAD, Apr 12 (APP):The construction work on the Sukkur-Hyderabad Motorway is likely to start by end of 2020, Chairman China Pakistan Economic Corridor (CPEC) Authority General (retd) Asim Saleem Bajwa said on Sunday. In a tweet, he said the construction of Sukkur-Hyderabad Motorway had already been approved and process of land acquisition was in progress.… Continue reading Construction of Sukkur-Hyderabad Motorway to start by end 2020: Chairman CPECA

ISLAMABAD, Apr 12 (APP):SAARC Chamber of Commerce and Industry (CCI) Sunday called for closer cooperation among national health emergency agencies to defeat the deadly Coronavirus and a long-term economic recovery plan for the region. In a statement issued here, President designate SAARC Chamber Iftikhar Ali Malik suggested that SAARC must adopt a shared telemedicine framework… Continue reading SAARC Chamber calls for closer cooperation to defeat coronavirus in South Asia

ISLAMABAD, Apr 11 (APP):The bullish trend dominated the Pakistan Stock Exchange (PSX) throughout the week ending on Friday, April 10, as the KSE-100 index collectively witnessed increase of 411.42 points since the end of trading last Friday. The KSE-100 bench mark index touched the figure of 32,033.21points on Friday after going through some mixed trends… Continue reading Bulls beat bears in week-long trade, index reaches to 32,033.21 points

ISLAMABAD, Apr 11 (APP):President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar has hailed Rs 100 billion packages offered to the local industrial sector as a support following current challenging situation, created due to COVID- 19 pandemic by the government. The government should take preventive measures and develop strategy… Continue reading FPCCI hails Rs 100 billion packages to industrial sector by govt

ISLAMABAD, Apr 10 (APP):Minister for Planning, Development and Special Initiatives Asad Umar Friday inaugurated the Mobile Utility Store Service here to provide essential items of daily use to the people during lock down imposed in the country to avoid spread of Coronavirus. Speaking on the occasion, Asad Umar said that the government was committed to… Continue reading Asad Umar launches Mobile Utility Store Service to facilitate the people at their doorsteps

ISLAMABAD, Apr 10 (APP):PM Adviser on Commerce and Investment, Abdul Razak Dawood on Friday said that that Drawback of Local Taxes and Levies (DLTL) refunds of Rs 20.5 billion for textiles sector and Rs 0.828 billion for npn textiles sector have been released by the Ministry of Commerce. In a tweet, he hoped,” our business… Continue reading Rs 21.328 billion releases for textiles ,non textiles sectors: Razak

ISLAMABAD, Apr 10 (APP):Minister for Planning, Development and Special Initiative Asad Umar Friday said that the Sensitive Price Index (SPI) based inflation had fallen to less than half in three months. “Inflation continues to fall, latest weekly SPI has been declined to 8.2 percent this week,” he said in his tweet. He said the year… Continue reading SPI based yearly inflation falls to 8.2%: Asad Umar