The World Bank will ease financing for countries hit by natural disasters, it said on Thursday, as the International Monetary Fund announced it had hit its target of making $100 billion in special drawing rights available for vulnerable nations. The two announcements were made at a gathering in Paris of some 40 leaders, including about a dozen from Africa, China’s prime minister and Brazil’s pr
Lucky Cement Ltd said on Thursday it’ll reclassify Rs116 billion from its revenue reserves to separate capital reserves — which aren’t distributable by way of dividend — to reflect their nature “more accurately”. Set aside to pay future obligations, reserves are retained earnings of a company and appear on its balance sheet as liabilities. As opposed to capital reserves that are meant for fi
Finance Minister Ishaq Dar has agreed in principle to remove some of the anomalies in the finance bill to address the business community’s apprehensions, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) claimed on Thursday. Irfan Iqbal Shaikh, the FPCCI chief, said Mr Dar had promised to look into a list of anomalies presented to him by FPCCI on income tax, withholding tax,
Amid economic slowdown, the country’s oil import bill and local production of petroleum products declined 21.84 per cent and 11.23pc, respectively, during the first 11 months of FY23. As a consequence, exports of petroleum products were down by 24.61pc in 11MFY23 from a year ago. The foreign sales of crude oil and petroleum products were down by 21.97pc and 32.65pc, respectively. In dollar t
Skipping the normal process of inviting competitive bids, the Karachi Port Trust (KPT) has entered into a 50-year concession agreement with the Abu Dhabi Ports Group (ADPG) of the UAE government to operate the Karachi Gateway Terminal Ltd (KGTL). Sindh Governor Kamran Khan Tessori inaugurated the gateway by unveiling the plaque in a ceremony held at KPT. The UAE’s ADPG would manage, operate