Business News
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Govt to scrap tax on power subsidy | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to resolve the controversy over the tax on subsidy being doled out to electricity consumers and decided to remove the levy in the upcoming budget for fiscal year 2022-23. The tax on subsidy has been a chronic issue between the power distribution companies and the Federal Board of Revenue…
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Deal inked to facilitate tech firms | The Express Tribune
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[ad_1] ISLAMABAD: To support ease of doing business and facilitate the domestic and global technology companies in the Special Technology Zones, the Special Technology Zones Authority (STZA) has signed a contract with a local tech company for the development and implementation of a one-window portal system. The signing ceremony, held on Wednesday, was attended by…
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Builders demand higher payments as costs rise | The Express Tribune
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[ad_1] LAHORE: Constructors Association of Pakistan (CAP) Chairman Kamal Nasir Khan has urged the government to negotiate with the representatives of builders for evaluating the loss being inflicted on them due to an unprecedented rise in prices of construction material. It posed a threat to all ongoing projects, which may shut down if suitable escalation…
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KIBOR reaches close to 13-1/2-year high | The Express Tribune
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[ad_1] KARACHI: The commercial banks’ benchmark six-month interest rate, at which they lend funds to each other in the Karachi money market, better known as Karachi Inter-bank Offered Rate (Kibor) – reached close to 13-and-a-half-year high at 15.68% on Wednesday. The rate increased by 30 basis points during the day despite reports that the central…
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IMF asks govt to reopen CPEC deals | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan’s government to renegotiate the China-Pakistan Economic Corridor (CPEC) energy deals before making payments of around Rs300 billion to the Chinese power plants, putting Islamabad in a tight spot. The global lender has asked the government to treat the Chinese CPEC power plants at par with…
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Oil jumps to 13-week high on US demand | The Express Tribune
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[ad_1] NEW YORK: Oil prices jumped over 2% to a 13-week high on Wednesday as US demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran. Iran said it was removing two International Atomic Energy Agency surveillance cameras at…
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Incentives sought for investors | The Express Tribune
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[ad_1] ISLAMABAD: The foreign exchange reserves with the State Bank of Pakistan (SBP) have tumbled below $10 billion, which are not enough to pay for even two months of imports and the best way to improve the reserves is to promote foreign direct investment (FDI) and boost exports, say businessmen. They asked the government to…
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Auto parts makers demand smooth energy supply | The Express Tribune
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[ad_1] KARACHI: Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Senior Vice Chairman Abdul Rehman Aizaz has called for smooth and uninterrupted power and gas supply to the industry at the competitive rates of Ogra. Aizaz blamed absence of electricity supply from the national grid for the industry’s financial crisis as they were provided…
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Changes to NEPRA Act sought | The Express Tribune
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[ad_1] ISLAMABAD: The government of Balochistan has not been able to meet the criteria set for nominating a candidate for appointment as a member of the National Electric Power Regulatory Authority’s (Nepra) Appellate Tribunal and has asked the federal government to make certain amendments to the Nepra Act. Owing to the inability of Balochistan government,…
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Provinces agree to close markets by 8:30pm amid energy crisis | The Express Tribune
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[ad_1] The National Economic Council (NEC) on Wednesday agreed on the closure of markets by 8:30pm in all provinces, a day after the federal Cabinet contemplated the move to maximise the use of daylight as part of the government’s austerity measures to deal with the energy crisis. The chief ministers of all provinces agreed to…
