PM approves draft Pak-Turkey economic framework

Feb 20

National

PM approves draft Pak-Turkey economic framework

ISLAMABAD: Prime Minister Imran Khan on has approved the draft Strategic Economic Framework between Pakistan and Turkey. At a meeting the prime minister directed for early finalization of the framework aiming at transforming the bilateral relations between the two countries into a broader growing strategic economic relationship, a statement said on Wednesday. He directed relevant […]

by Faisal Shahnawaz

Bringing elites into tax net vital for economic viability: PM

Feb 20

National

Bringing elites into tax net vital for economic viability: PM

ISLAMABAD – Prime Minister Imran Khan, on Wednesday, underscored the significance of bringing elites into the tax net as a crucial step for the economic viability of Pakistan.

by Faisal Shahnawaz

FBR launches trial run for online payment through 18 banks

Feb 20

Taxation

FBR launches trial run for online payment through 18 banks

In a significant leap towards modernization and efficiency, the Federal Board of Revenue (FBR) has initiated a pilot run for the collection of duties and taxes through an online payment system in collaboration with 18 prominent banks.

by Faisal Shahnawaz

K-Electric, NIP sign MoU for enhancing supply for BQIP

Feb 20

Trade & Industry

K-Electric, NIP sign MoU for enhancing supply for BQIP

KARACHI: K-Electric and National Industrial Park (NIP) on Wednesday signed an MoU to ensure meeting electricity demands at Bin Qasim Industrial Park (BQIP). Under the MoU, KE will immediately start work on laying four 11KV feeder lines of 4-4.5 MW for the industrial units under construction and will ensure supply of needed electricity before they […]

by Faisal Shahnawaz

Equity market gains on better corporate results

Feb 20

Stock & Commodity

Equity market gains on better corporate results

KARACHI – The equity market in Pakistan witnessed positive momentum on Wednesday, driven by encouraging financial results declared by the corporate sector.

by Faisal Shahnawaz

Export sector complains non-compliance by power utilities

Feb 20

Trade & Industry

Export sector complains non-compliance by power utilities

KARACHI – The zero-rated textile export sector in Pakistan has raised concerns over the non-compliance of power utility companies in providing subsidized rates, according to a letter addressed to Abdul Razak Dawood, the Adviser to the Prime Minister on Commerce and Textile Industry.

by Faisal Shahnawaz

Feb 20

Money & Banking

Dollar retreats against rupee

In a notable development on Wednesday, the US dollar experienced a decline against the Pakistani Rupee, driven by increased export receipts and foreign inflows, according to market dealers.

by Faisal Shahnawaz

Mari Petroleum board approves acquisition of two new exploration blocks

Feb 20

Corporate

Mari Petroleum board approves acquisition of two new exploration blocks

The Board of Directors (BoD) of Mari Petroleum Company Limited (MPCL) has given its approval for the acquisition of two new exploration blocks, as announced in a statement issued by the company on Wednesday.

by Faisal Shahnawaz

United Bank registers 39 percent decline in annual profit

Feb 20

Corporate

United Bank registers 39 percent decline in annual profit

United Bank Limited (UBL) has revealed a substantial decline of 39.53 percent in its annual profit for the year ended December 31, 2018, attributing the decrease to significant provisioning, write-offs, and pension liabilities.

by Faisal Shahnawaz

Engro Corp announces 35 percent surge in annual profit

Feb 20

Corporate

Engro Corp announces 35 percent surge in annual profit

KARACHI: Engro Corporation Limited (ENGRO) has announced 35 percent surge in profit after tax to Rs12.71 billion for calendar year 2018 as compared with Rs9.41 billion in the preceding year.

by Faisal Shahnawaz