The federal government has decided in principle that foreigners who invest in Special Economic Zones (SEZs) will be entitled to 100 per cent ownership and there will be no condition regarding the minimum amount of investment. A high-level committee has also been set up to review a proposal that non-resident Pakistanis be given a tax […]
US payments processor PayPal said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group. PayPal said it would forgo any further participation in the group and would instead focus on its own core businesses. In response, […]
Global energy giant ExxonMobil has signed a deal with a private company in Pakistan to supply liquefied natural gas (LNG) with the government planning to gradually move out of the import business. The agreement was signed between Universal Gas Distribution Company (UGDC) – the first private company to get gas marketing licence – and ExxonMobil […]
The Kashmir issue now stands verifiably internationalised because of Pakistan’s spirited diplomacy for the cause and the snowball effect, which started with rescinding of Article 370 by the Indian government, said Foreign Minister Shah Mehmood Qureshi on Tuesday. Addressing a multiparty Kashmir conference, he said the Kashmir cause was now gathering pace by the day, […]
Oil prices surged on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut over 5% of global supply. Brent crude futures, the international benchmark, rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day […]
Pakistani officials informed that the Financial Action Task Force about the progress made with regard to the implementation of its action plan to strengthen the country’s anti-money laundering and combating the financing of terrorism framework. A 15-member Pakistani delegation, headed by Minister for Economic Affairs Division Hammad Azhar, is holding talks with the FATF’s Asia-Pacific […]
The international community observed the first international day to commemorate the victims of acts of violence based on religion or belief. This is a great opportunity to raise awareness about religious intolerance, and violence and discrimination against anyone based on their religion or belief. The international day aims to honour the victims and survivors of […]
Walmart is alleging in a lawsuit that Tesla solar panels caused fires on the roofs of seven Walmart stores, and is accusing Tesla of breach of contract, gross negligence and failure to comply with industry standards. The fires destroyed significant amounts of store merchandise and required substantial repairs, totaling hundreds of thousands of dollars in […]
For the first time in 10 years, the growth in large-scale manufacturing (LSM) industries contracted over 3.6% in the last fiscal year ended June 2019 after almost all major sectors recorded reduction in their output, deepening concern about a protracted economic slowdown and a high unemployment rate. In June, the last month of the outgoing […]
The government on Sunday successfully commercialized a 2 billion 1,320 MW coal-fired power plant planted by the China Power Hub Generation Company (CPHGC) under the China Pakistan Economic Transit (CPEC) project. Confirmed the operations. M/s CPHGC has successfully undergone through commissioning tests as per the agreed procedure. The engineer has certified the successful commissioning of […]
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