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Large US firms stashed $1.6tr in tax havens

WASHINGTON: The 50 largest US companies, including Apple, Microsoft and Wal-Mart, are parking about $1.6 trillion in offshore tax havens to reduce their US tax burden, according to a study published on Wednesday. Poverty-fighting organisation Oxfam America said the sum for 2015 was a $200 billion increase over the prior …

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Oil scrips lead index to a buoyant close

KARACHI: The KSE-100 index gained 207.19 points (0.43 per cent) to close at 48,457.26 as investors threw caution to the wind over the Panamagate case verdict. The sentiments were buoyed by the notification of stakeholders’ consultations from Friday on the refurbished financing product. Market participation improved considerably with the traded …

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Thailand to Trump: we don’t manipulate baht for trade gains

Bank of Thailand Governor Veerathai Santiprabhob said there’s no evidence authorities are manipulating the currency to give exports an unfair advantage, responding to the US’s decision to investigate the Southeast Asian nation for possible trade abuse. While the central bank intervenes in the foreign-exchange market at times, the baht has …

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Businessmen seek equal incentives for Gwadar

KARACHI: The Pakistan Association of Auto Parts and Accessories Manufacturers (Paapam) has urged the government to shun bias and treat local industrialists at par with foreign investors in Gwadar region. Paapam Chairman Mashood Ali Khan said only Chinese companies, active in aluminium, steel, edible oil, electric car and motorcycle etc, …

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India stands in the way of China’s free trade ambitions

A China-backed trade deal meant to cement Beijing’s dominance in Asia has veered off course because India is hesitant to open its borders to cheap Chinese goods. Without the participation of India, the third-largest Asian economy, the free-trade zone China hoped to create might still happen, but it won’t carry …

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Foreign interest transforming auto landscape

ISLAMABAD: The Board of Investment (BoI) has received two formal applications from prospective investors to set up auto assembly plants in Pakistan in the greenfield category of the Automotive Development Policy 2016-21, a senior official told Dawn. The BoI has received a comprehensive business plan from Lucky Cement for setting …

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Gloomy trend persists on stock market

KARACHI: Three dull trading sessions outnumbered two brighter ones on the Pakistan Stock Exchange (PSX) in the outgoing week, pushing the KSE-100 index further down by 267 points (0.6 per cent) to settle at 47,889. In particular, the spectacular rally of 533 points on Friday helped index pare off the …

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Policy demanded to avoid repeat of cotton crop failure

KARACHI: The government has been urged to formulate a new cotton policy to avoid losses suffered due to crop failure over the last two consecutive years. Analysts say the key crop failure should be taken seriously also because it did not occur in any of the cotton-growing countries except Pakistan. …

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SBP borrowing dollars to arrest fall in reserves

KARACHI: Currency dealers said on Saturday the State Bank of Pakistan (SBP) has been buying dollars from local banks and borrowing from overseas commercial banks to maintain foreign exchange reserves at the current level of $21.5 billion. The government is trying to arrest the fall in foreign exchange reserves that …

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FPCCI presses Federal Board of Revenue for refund clearance

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) urged the Federal Board of Revenue (FBR) on Wednesday to clear those outstanding refunds of exporters against which release payment orders (RPOs) have been issued. Addressing a press conference along with the heads of various exporters’ associations, FPCCI President …

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