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Money Market: Bank borrowings increase

THE government raised Rs147.25bn from the auction of Market Treasury Bills of various tenors last Wednesday, missing its target of Rs200bn and also falling short of the received amount of Rs193.52bn. Of the total, three month T-bills fetched Rs103.78bn at a cut off yield of 5.99pc, followed by six month ...

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CPEC: trade prospects

The China-Pakistan Economic Corridor comprises a collection of road, rail, and pipeline projects currently under construction to connect Kashgar in China with Gwadar in Pakistan. The project intends to rapidly expand and upgrade Pakistan’s infrastructure, as well as deepen and broaden its economic links with the People’s Republic of China. ...

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PSX gets a wider reach

Those pundits who had espoused China as the new owner of the country’s stock exchange were proven right. The Chinese consortium last Thurs­day, under a bidding process, won 40pc strategic shares of the Pakistan Stock Exchange (PSX) that were up for grabs. The winning team comprised three Exchanges led by ...

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Poor response to notices sent to offshore company owners

ISLAMABAD: The country’s tax officials received a poor response to the notices they had sent to the owners of offshore companies, as revealed in the Panama Papers and Bahamas leaks, according to sources. The Federal Board of Revenue (FBR) had sent notices to 444 individuals, who were said to own ...

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Fog causes chaos on roads, takes 10 lives

LAHORE: At least 10 people were killed and several others injured in accidents on roads blanketed by dense fog that continued to disrupt life in Punjab on Sunday. According to the meteorological department, thick fog also hung over the plains of upper Sindh, disrupting traffic. Temperatures have sharply dropped in ...

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Weekly review: Profit-bookers step in to halt three weeks of bull run

KARACHI: It was a volatile week for Pakistan equities as after two days of extending a positive streak, which ultimately ended after 13 sessions, the KSE-100 Index endured three successive sessions of correction. After an impressive rally of 3,500 points over the previous 3 weeks, the benchmark index took a ...

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Complaints from insurance policyholders rise 200% in 2016

KARACHI: Although insurance penetration remains negligible in Pakistan, the number of complaints lodged by policyholders against insurance companies has grown exponentially over the last couple of years. “The percentage of cases lodged during 2015 was 120% in comparison to the preceding year. In 2016, the complaints received till May show ...

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China fines GM unit $29 million for ‘price-fixing’

BEIJING: Beijing has fined the Chinese unit of General Motors nearly $29 million for “infringing on the rights of consumers and its competitors” via price-fixing, Shanghai authorities said. SAIC-GM – a joint venture between the American company and the state-owned SAIC Motor Corporation, China’s biggest automaker by production volume – ...

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Largest gas field: Centre flouts law by giving extension in Sui lease

ISLAMABAD: The federal government has admitted that it has violated the spirit of 18th Constitutional Amendment by giving extension in mining lease for Sui – the country’s largest gas field – to Pakistan Petroleum Limited (PPL) without consent of the Balochistan government. Under the new arrangement, consumer gas prices are ...

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Ties with Iran: Ambassador stresses increasing trade volume

LAHORE: There is tremendous scope to strengthen trade and economic ties between Pakistan and Iran, as both countries are big markets and home to a joint population of 280 million people. This was said by Pakistan Ambassador to Iran Asif Khan Durrani during his visit to the Lahore Chamber of ...

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