Business

Pakistani delegation briefs IMF, WB & ADB officials on economic measures in meetings

The International Monetary Fund (IMF) appreciated the progress made by Pakistan in order to achieve economic stability and the government’s commitment to bring about reforms, a press release issued by the finance ministry said on Saturday. In a meeting with the Pakistani delegation, headed by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh, Director Middle East and ...

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Pakistan escapes FATF blacklist, but gets warning

ISLAMABAD: While giving a four-month lifeline, the Financial Action Task Force (FATF) has strongly urged Pakistan to swiftly complete its full action plan by February 2020 and until then the country will remain on the ‘grey list’. The Paris-based FATF reviewed measures taken and progress made by almost 15 countries, including Pakistan, vis-à-vis anti-money laundering and combating financing of terrorism ...

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Govt divided over control of Halal authority

Bureau Report ISLAMABAD: The cabinet has been divided over placing the Pakistan Halal Authority (PHA) under administrative control of the Ministry of Commerce as the country seeks to boost export of halal food products to the growing international market. Comprehensive discussions were held on the proposal of placing PHA under control of the commerce ministry in a cabinet meeting held ...

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FBR launches Urdu version of its website

Staff Report ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Muhammad Shabbar Zaidi on Thursday inaugurated the Urdu version of FBR’s website. FBR’s Facilitation and Taxpayer Education (FATE) Wing Member Mustafa Sajjad Hassan and FATE Chief Tehmina Aamer briefed the chairman about the features of the Urdu website. The senior officers of the revenue board, including Nausheen Javed Amjad, Seema ...

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Egypt eager to invest $1 billion in Pakistan

Bureau Report RAWALPINDI: Egypt is keen to invest $1 billion in Pakistan over the next one year in different sectors including energy, infrastructure, halal food and tourism, said Egyptian Ambassador Ahmed Fadel Yacoub. Speaking at the Rawalpindi Chamber of Commerce and Industry (RCCI) on Wednesday, the envoy said bilateral trade had been on an uptrend and it currently stood at ...

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UBL records 46 % jump in profit

KARACHI: United Bank Limited’s (UBL) profit increased 46 percent to Rs14.220 billion for the nine months period ended September 30, 2019, translating into earnings per share (EPS) of Rs11.62, a bourse filing said. The bank also declared a dividend of Rs3 per share for the quarter taking total payout to Rs8 per share for 9MCY19. On a year-on-year basis, the ...

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Pakistan’s Kinnoo exporters oppose minimum purchase price

Staff Report KARACHI: Kinnow exporters have expressed apprehension over the announcement of minimum purchase price of Rs1,000 per 40 kilogramme for the citrus and have voiced fear the decision may badly hurt exports in the current fiscal year. All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) Patron-in-Chief Waheed Ahmed said the Sargodha deputy commissioner had fixed the ...

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Huawei’s revenue jumps by thrid quarter

Bureau Report SHENZHEN: Huawei Technologies Co Ltd’s third-quarter revenue jumped 27pc, driven by a surge in shipments of smartphones launched before a trade blacklisting by the United States expected to hammer its business. Huawei, the world’s biggest maker of telecom network equipment and the No. 2 manufacturer of smartphones, was all but banned by the United States in May from doing ...

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