Month: February 2021

Experts are cautiously optimistic that recent gains pushing the price of oil to around US$60 a barrel are a sign of good things to come. That’s welcome news after an industry downturn followed by the impacts of the coronavirus torpedoed prices and caused massive layoffs, even company closures. Now, supply cuts by major producers and optimism over the likelihood of increasing demand have driven prices to their highest in more than a year. That rise could continue as Saudi Arabia and OPEC continue supply reductions, the Chinese seek more crude…

Read More

To resolve the issues related to K-Electric’s payables and receivables through arbitration, the KE has submitted its TORs to the federal government and dropped its early demand of “the principle of reciprocity” and has also accepted that arbitration may take place in Pakistan, rather than in London. The Ministry of Energy has yet to respond to the TORs submitted by the KE regarding the arbitration in the issues related to company’s payables and receivables, officials’ source told The Nation. In continuation of the government’s now-desperate efforts to resolve the long-standing…

Read More

KARACHI: Pakistan’s total debt and liabilities increased 9.9 percent to Rs44.9 trillion during the last year, the central bank’s data showed on Thursday, as the government’s fiscal position is stressed amid lower tax revenue collection. The debt and liabilities stood at Rs40.9 trillion till December 2019. Brokerage BMA Capital said the government’s fiscal response is limited by burgeoning debt ratios and narrow tax base with the public debt ratio exceeding 81 percent of GDP. “Fiscal resources look strained but the performance has been good so far,” BMA Capital said in…

Read More

KARACHI: The Sindh High Court (SHC) has upheld the order of the Customs Appellate Tribunal that the Federal Board of Revenue (FBR) has no authority either to enhance or restrict exemption as it is the prerogative of the Parliament only. A division bench of the SHC comprising Justice Muhammad Junaid Ghaffar and Justice Agha Faisal gave this verdict in the appeals of director through additional director of PCA (Law) and collector of customs through additional collector of customs (law) against the decision of the Customs Appellate Tribunal, Karachi. According to…

Read More

Engro Corporation’s profit soared 45.1% to Rs44.4 billion in the year ended December 31, 2020 compared to earnings of Rs30.6 billion in 2019, according to a notice sent by the company to the Pakistan Stock Exchange on Thursday. Earnings per share (EPS) of the company came in at Rs43.57 in 2020 compared to Rs28.69 a year ago. Alongside the result, the company announced a final cash dividend of Rs2 per share, taking the full-year dividend to Rs26 per share. Net sales of the company rose 10.21% from Rs225.8 billion in…

Read More