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Line sticks to the global shadows despite splashy IPO

LISBON: It staged one of the year’s biggest IPOs but messaging app Line, while a huge draw among teens in Asia, says it has no big ambitions to take on Western giants such as Facebook on their home turf. The Japan-based company known for its popular cartoon “stickers” — a ...

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Stocks slide, ATMs run dry after India rupee shock

NEW DELHI: Cash machines ran dry and stocks tumbled in India Wednesday after Prime Minister Narendra Modi ordered the withdrawal of 500 and 1,000 rupee notes from circulation in a dramatic blitz on tax evasion. In a televised address to the nation late Tuesday, the Indian premier announced the notes ...

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Voicing grievance: Mine, not yours, say owners to mafia in K-P

ISLAMABAD: An eight-year ban on excavation has taken its toll on Khyber-Pakhtunkhwa’s (K-P) mining industry, while springing into action organised gangs who are now taking advantage of the void and pushing the remaining few legitimate players out of business. The ban, originally imposed by the provincial government, was overturned this ...

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Inter-corporate debt: PSO’s receivables swell to Rs251.7 billion

ISLAMABAD: Though the government claims to have restricted inter-corporate debt, it is still haunting state-run oil marketing company Pakistan State Oil (PSO) as its receivables from different clients, particularly power producers, have piled up to Rs251.7 billion. PSO is a major supplier of fuel to the power companies, which have ...

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Proposal rejected: ECC rules out subsidy on LPG sales in remote areas

ISLAMABAD: The Economic Coordination Committee (ECC) has turned down a proposal of the Planning Commission that suggested direct subsidy on liquefied petroleum gas (LPG) supply through cylinders in line with an Indian model. The ECC’s response came in its meeting held on October 31, 2016 to consider and give approval ...

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Market watch: Index ends slightly negative as US election looms

KARACHI: Late-day selling wiped off all gains equities made during intra-day trading as the benchmark-100 index closed marginally lower after a volatile session. The earlier half of the day saw the KSE-100 reach a new record high, moving past the 42,400-point mark, but profit-taking by a few foreign investors ahead ...

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For hybrid, electric vehicles: Pakistan’s first public charging station opened

LAHORE: In an effort to remind customers that they are back in the market and to give competitors a run for their money, Dewan Motors inaugurated Pakistan’s first public charging station for electric vehicles and plug-in hybrid electric vehicles at the Emporium Mall on Tuesday. “Today is an important milestone ...

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Distributors of mutual funds: SECP approves simpler regulatory environment

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved simplified regulatory requirements for distributors of mutual funds to increase their outreach and improve the penetration of retail investors. SECP Chairman Zafar-ul-Haq Hijazi said that in order to make the country’s economy grow, it was imperative to encourage mobilisation ...

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Gwadar-Quetta road to be completed next month

LAHORE: The development work on the China-Pakistan Economic Corridor (CPEC) was in full swing and the Gwadar-Quetta road would be completed by next month, which was ahead of schedule, said Federal Minister for Planning, Development and Reform Ahsan Iqbal. Speaking at the inauguration of the International Business Conference and Exhibition ...

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Centre to pay Punjab Rs82b in net hydel profit

ISLAMABAD: The centre on Monday agreed to pay Rs82 billion to Punjab in arrears of net hydel profit (NHP) of the Ghazi Barotha hydroelectric power project amid claims that the provincial government had backed off from its earlier undertaking that it would not demand hydel profit from the project. The ...

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