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Russian firm signs MoUs with two oil companies

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ISLAMABAD: Russia is expected to soon return to Pakistan’s petroleum sector after five decades with fresh investment commitments in new exploration and development techniques and construction of cross-country pipelines. While the two countries are at an advanced stage of talks on a government-to-government contract of a $2.5 billion, 1,100-kilometre gas pipeline from Karachi to Lahore, some Russian companies are preparing to ... Read More »

WWF-Pakistan and CCBPL inaugurate second water filtration plant in Lahore

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LAHORE– WWF-Pakistan and Coca-Cola Beverages Pakistan Limited (CCBPL), through their project Increasing the Supply and Access to Safe Drinking Water in Lahore inaugurated the second water filtration plant at Lady Willingdon Hospital here on Tuesday. The plant was inaugurated by Dr. Ejaz Ahmad, Senior Director, WWF-Pakistan; John Mathew Galvin, General Manager, CCBPL and Dr Zafar Yusuf, Medical Superintendent, Lady Willingdon ... Read More »

Oil prices down in Asian trade

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SINGAPORE– Oil prices eased in Asian trade Monday as dealers await the US Federal Reserve’s decision on whether to raise interest rate following a mixed August jobs report, analysts said. US benchmark West Texas Intermediate for October delivery fell 35 cents to $45.70 while Brent crude for October eased 38 cents to $49.23 in mid-morning trade. The US Labor Department said Friday ... Read More »

Finance Minister Ishaq Dar briefed over services tax

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Federal Minister for Finance Senator Ishaq Dar chaired a meeting here Thursday to discuss important matters related to levy of eight percent minimum tax on services. Special Assistant to Prime Minister on Revenue, Haroon Akhtar also participated the meeting. Chairman FBR, Tariq Bajwa apprised the Minister that FBR had held consultative meetings with the relevant stakeholders to discuss various issues. ... Read More »

ECC approves import of 50,000 MT of urea

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Allows gas companies to raise finances of Rs 101 billion for North-South Pipeline The Economic Coordination Committee of the Cabinet (ECC) in its meeting chaired by Finance Minister Senator Ishaq Dar on Thursday approved import of another 50,000 MT urea out of the total quantity of 250,000 MT approved earlier this year to guard against any shortage in the country. ... Read More »

Dollar rises as markets ride volatility

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NEW YORK–The dollar rose against other major currencies Wednesday as global equity markets faced renewed volatility driven by concerns about China’s slowdown. “Currencies are naturally sensitive to the volatility in equity markets (and in commodities for that matter),” said Kit Juckes, global foreign exchange strategist at Societe Generale, in a client note. And equity markets, after enjoying a long rally inspired by ... Read More »

Oil dips in Asia after mixed US report

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SINGAPORE– Oil prices fell in Asia followed a mixed US petroleum report that showed an increase in reserves but a dip in production. US benchmark West Texas Intermediate for October delivery fell 45 cents to $45.80 while Brent crude for October slipped 38 cents to $50.12 in late-morning trade.Prices turned sharply lower Tuesday and have been edging down since after ... Read More »

Gold import declines by 86.83pc in FY15

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The gold import witnessed a sharp decline during the year 2014-15 as it decreased by 86.83 percent from 4,265 kilogram during the period July-June (2013-14) to 578 kg in the year 2014-15. The yellow metal import recorded $23.327 million during the period under review as compared to that of $177.131 million during same period of last year, according to a ... Read More »

Pakistan’s shoe-last manufacturing facility boosts competitiveness

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Lahore — The Australian High Commissioner-designate Margaret Adamson unveiled the new IntraSystek shoe-last manufacturing facility today at a ceremony attended by Pakistan’s footwear industry. Joined by CEO of Intra-Systek, Mr Abid Hafeez, and CEO of Pakistan’s largest footwear exporter, Servis Footwear, Mr Omer Saeed, the inauguration marked a key milestone in the partnership between Intra-Systek and the Market Development Facility ... Read More »

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