Business News Archive

Punjab failing to boost tax collection

LAHORE: The Punjab government seems to be faltering in its effort to boost the provincial tax receipts, raising concern over its ability to achieve the budgeted tax revenue target of Rs294.9 billion for this fiscal year. The provincial tax authorities could collect …

Half-yearly uplift spending rises to 55pc of allocation

ISLAMABAD: The government has increased development spending to about 55 per cent of its budgetary allocations, significantly higher than last year’s 35pc during the corresponding period. The data released by the Planning Commission shows that it has approved Rs384 billion disbursements for …

Foreign LNG firms to invest $500m without off-take guarantees

ISLAMABAD: A parliamentary body on Wednesday was informed that international companies investing in liquefied natural gas (LNG) will bring in roughly $500 million foreign direct investment without any financial subsidy and off-take guarantees from the government which earlier placed unnecessary financial burden …

Indo-Pak trade plunges in six months

KARACHI: Amid strained bilateral relations between New Delhi and Islamabad, the trade between the two countries continued to suffer, but still mostly skewed in India’s favour in the first half of 2019-20. The latest data issued by the State Bank of Pakistan …

Sugar industry conundrum

A BIG question mark hangs over the viability of Sindh’s sugar industry amid a yawning gap between mills’ crushing capacity and the supply of sugar cane. The existing cumulative crushing capacity of sugar mills in Sindh stands at 253,300 tonnes per day, …

Automakers expect a bumpy ride ahead

Following a drop of up to 72 per cent in automobile sales in the first half of 2019-20, stakeholders in the auto sector say dark clouds will likely continue hovering over the sector in January-June. Issues like high prices on account of …

Textile exports increase 4pc

The July-December figures showed growth in textile and clothing exports emanated from the value-added sector. The improvement in the value-added sector helped increase overall exports by 3.14pc to $11.53bn on a year-on-year basis. In December, textile and clothing export proceeds were recorded …

Big industry output shrinks 4.61pc for eighth month

ISLAMABAD: Pakistan’s large-scale manufacturing (LSM) shrank for eighth month in row, raising fears of layoffs across the industrial sector. The LSM index contracted by 4.61 per cent year-on-year in November, the Pakistan Bureau of Statistics (PBS) reported on Friday. Between July and …

Indonesia releases no kinno import quota for Pakistan

KARACHI: The federal government has been asked to approach Indonesia for issuance of quota for importing kinno from Pakistan. Waheed Ahmed, Patron-in-Chief of Pakistan Fruit and Vegetable Exporters Association (PFVEA), had informed Commerce Adviser Abdul Razak Dawood that the country’s citrus exports …

Govt striving to boost industrial capacity: Asad

RAWALPINDI: The government is focused on boosting Pakistan’s industrial capacity through joint ventures in priority areas, relocation of labour-intensive export-led industry, SMEs collaboration and enhancement of vocational training capacity, Federal Minister for Planning, Development and Special Initiatives Asad Umar said on Thursday. …