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KARACHI: Habib Bank Limited (HBL) profit decreased 32 percent to Rs3.177 billion in the three-month period ended March 31, 2019, translating into earnings per share (EPS) of Rs2.08, a bourse filing said on Wednesday. HBL earned Rs4.687 billion with EPS of Rs3.12 in the corresponding three-month period ended earlier. The...
ISLAMABAD: Amid Kabul’s demand for allowing its trucks to pass through the Wagah-Attari border as a pre-condition to an ambitious Pakistan-Afghanistan-Tajikistan Trade and Transit Agreement (PATTTA), Islamabad has dropped a World Bank-funded project of about $500 million for development of the Khyber Pass Economic Corridor (KPEC). A senior government official...
ISLAMABAD: The new economic team of the government, headed by newly appointed Adviser to the Prime Minister on Finance Dr Hafeez Shaikh, is fine-tuning the much-awaited tax amnesty scheme which will be unveiled soon as a comprehensive document. This was communicated to the federal cabinet at a meeting held at...
ISLAMABAD: The timeline of the International Monetary Fund (IMF) bailout package has complicated the launch of government’s first tax amnesty scheme, Dawn has learnt from knowledgeable sources in the Finance Division. In a meeting held to discuss the tax amnesty scheme — Asset Declaration Scheme — under the leadership of Finance Adviser...
KARACHI: Pak Suzuki Motor Company (PSMC) switched from profit to loss in first quarter of the current calendar year as earnings were driven down by a massive depreciation of the rupee and the halt to production of its popular car model, Mehran. PSMC posted a loss of Rs980 million in the...
ISLAMABAD:  Pakistan and China will sign the second phase of Free Trade Agreement (FTA) during the upcoming visit of Prime Minister Imran Khan to China, said Adviser to Prime Minister for Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood. In a joint media briefing at the Board of Investment...
KARACHI: Gold became less attractive, as jewellers in Pakistan revised price downwards by Rs1,000 per tola (11.66 grmas) to six-week low at Rs68,800 in line with downturn in the imported commodity at world markets on Tuesday. With the fresh drop, the bullion has fallen Rs3,400 per tola, or 4.7%, since it hit...
ISLAMABAD:  The federal cabinet on Tuesday approved plans to reduce the prices of medicines, and the companies which benefited from the hike in prices would be asked to return the money, Special Assistant to Prime Minister on Information Firdaus Ashiq Awan said. Briefing the media about the decisions taken at the...
ISLAMABAD: Pakistan has so far exported 150,000 tons of sugar to China while export of 200,000 tons of rice will be completed by June under the $1-billion duty-free incentive package offered by Beijing, revealed Adviser to Prime Minister on Commerce, Textile and Industry Abdul Razak Dawood. Briefing the Senate Standing Committee...
LAHORE: The current structure of the federal finance ministry is the weakest since the 1990s, remarked former finance minister Dr Hafiz Pasha. Speaking at the launch of his book, ‘Growth and Inequality in Pakistan’, Pasha said the capacity of the Ministry of Finance was shamefully low and it was not able...

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Changing of The Financial Guard

After weeks of intense speculation over about his possible exit, Asad Umar resigned as the Federal Minister for Finance. Subsequently he refused the offer...