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August 20, 2018 5:03 AM 16 ministers from PM Khan's cabinet sworn in

Sixteen members of Prime Minister Imran Khan's 21-strong cabinet took oath at a ceremony held at the President House in Islamabad on Monday morning. President Mamnoon Hussain administered the oath to the nominated federal ministers. Newly sworn-in Prime Minister Khan was by his side. The ceremony commenced with the national anthem. This was followed

July 21, 2018 12:00 AM Tax abolition on cotton import urged

KARACHI: Opposing customs duty and other levies on import of raw cotton, the Karachi Cotton Association on Friday said the country needed at least four million bales due to the shortage of the commodity. KCA Secretary Aftab Alam expressed concerns over the decision of the government to impose three percent customs duty, two percent additional customs 5

July 21, 2018 12:00 AM Food imports increase to $6.185 billion in 2017/18

KARACHI: Food imports caused capital flight of $6.185 billion from the country during the last fiscal year of 2017/18, weighing down fragile external account in the agriculture country. Pakistan Bureau of Statistics (PBS) data on Friday showed that food imports marginally rose 0.68 percent from $6.143 billion in the previous fiscal year of 2016/17. Analysts 4

July 20, 2018 12:00 AM FBR launches tax evasion probe against stationery industry

KARACHI: Tax authorities have launched a tax evasion probe against the stationery businesses manufacturing books and pencils by scrutinising their returns after the government restored zero-rating facility for multibillion rupees industry from July 1, officials said on Thursday. The officials said strong lobby of stationery industry convinced the government 15

July 19, 2018 12:00 AM Chevron Pakistan inaugurates: Phase-1 modernization of its lubricants blending plant

KARACHI: Chevron Pakistan Lubricants (Private) Limited (CPLPL) held an inauguration ceremony for Phase 1 modernization and expansion of its Lubricants Blending Plant situated at West Wharf, Karachi. The expansion project is an investment of more than Rs. 2 billion spanned over 3 years and reinforces Chevron’s commitment to long-term growth in the Pakistan 1

July 19, 2018 12:00 AM LSM growth clocks in at 2.76 percent in May

KARACHI: Large scale manufacturing (LSM) grew 2.76 percent in May as compared to the corresponding month a year earlier as retail sector thrived on growing consumer demand, while construction boom kept fuelling steel production, official data showed on Wednesday. Pakistan Bureau of Statistics (PBS) data showed that food, beverages and tobacco production 3

July 19, 2018 12:00 AM Jang Economic Session: Rupee devaluation to bring new wave of inflation, say experts

LAHORE: Devaluation of rupee against the US dollar will affect all segments of society, PML-N, PTI and PPP experts should evolve a mechanism to handle the issue and Senate Standing Committee on finance can play an effective role in this regard. These views were expressed by the experts at Jang Economic Session on ‘impact of devaluation of rupee against 2

July 17, 2018 12:00 AM BIPL commissions isomerisation plant

KARACHI: Byco Petroleum Pakistan has notified the bourse that its subsidiary Byco Isomerisation Pakistan Private Limited (BIPL) has commissioned the country’s largest isomerisation plant, taking its total premium motor gasoline production capacity to 1.25 million tons/annum. “Byco has employed a superior technology with exceptionally higher capacity 1

July 12, 2018 12:00 AM Bahrain’s economy shrinks in Q1 as oil production sags

DUBAI: Bahrain´s economy shrank on an annual basis in the first quarter of 2018 for the first time in at least seven years, hit by a fall in oil production, data from the official statistics agency showed on Wednesday. The figures may increase concern about the health of Bahrain´s economy as it struggles with a current account gap and a large state budget 6

July 8, 2018 12:00 AM Iranian oil minister calls Trump’s order to OPEC insulting

LONDON: Iran´s oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure. Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged 3