Economy

SA adopts resolution against Karachi’s power share cut

KARACHI: The Sindh Assembly on Tuesday unanimously passed two resolutions condemning a statement to cut down 350-megawatt Karachi’s power quota and demanding closure of Chashma Barrage. Pakistan Tehreek-e-Insaf MPA Hafeezuddin Advocate tabled a...

Budget 2013-14: National Assembly session tomorrow

ISLAMABAD: The National Assembly session has been convened on Wednesday, June 12 at 4:30 pm where the Federal Budget for the fiscal year 2013-14 will be presented, media reported. According to sources, the newly formed government is due to pres...

2012-13 targets not met: Economic Survey

ISLAMABAD: Geo News has received a copy of the Economic Survey according to which the economic development targets of 2012-13 could not be achieved. According to the survey, gross domestic product (GDP)growth rate fell short as earlier envisag...

ISPR denies reports of Pakistan purchasing defence equipment from Israel

RAWALPINDI: A spokesman from the media wing of the military, ISPR has denied news reports appearing in the section of the media stating that Pakistan had purchased defence equipment from Israel. According to the spokesman, the reports are misle...

PM forms Federal Cabinet Energy Committee

ISLAMABAD: In an effort to deal with the crippling power crisis in the country, Prime Minister Nawaz Sharif has formed the Federal Cabinet Energy Committee. The prime minister chaired a high level meeting in Islamabad on Tuesday to review the ...

Govt to overcome circular debt issue in 60 days: Dar

ISLAMABAD: Federal Minister for Finance, Senator Ishaq Dar has said that the budget deficit for the next fiscal will exceed 4.7 percent of Gross Domestic Product (GDP) and expressed the government’s resolve to end the circular debt issue in 60 day...

PM welcomes Bill Gates offer to assist Pakistan in health sector

ISLAMABAD: Prime Minister Nawaz Sharif on Tuesday welcomed Chief of Microsoft, Bill Gates’ offer to provide assistance to Pakistan in controlling diseases. The Prime Minister was talking to Special Representative of Bill Gates and Melinda Foun...

Oil prices up in Asia

SINGAPORE: Oil prices rose in Asian trade Monday as moderate growth in new jobs in the United States raised hopes about a pick-up in demand in the world's biggest crude consumer, analysts said. New York's main contract, West Texas Intermediate ...

Taxpayer money is sacred, must be used honestly: Nawaz Sharif

ISLAMABAD: National Economic Council (NEC) in a meeting held under the chair of Prime Minister of Pakistan, Mian Nawaz Sharif, has approved a development budget of worth Rs1155 billion, media reported. “Of this total the federation will be allo...

Karachi Stock Exchange sheds 208 points

KARACHI: The Karachi Stock Exchange ended lower on Monday, media reported. The benchmark 100-Index shed 0.93 percent, or 208.22 points, to close lower at 22,150.74. Pakistan Petroleum Ltd went down 1.51 percent to close at Rs215.60, while En...

Oil mixed in Asia

SINGAPORE: Oil prices were mixed in Asia on Tuesday after a batch of downbeat Chinese data highlighted concerns about slowing growth in the world's second largest economy. New York's main contract, West Texas Intermediate (WTI) light sweet cru...

Economic Survey of Pakistan to be launched Tuesday

ISLAMABAD: The Economic Survey of Pakistan for the outgoing fiscal year 2012-13 will be launched here on Tuesday (June 11). Federal Minister for Finance, Senator Muhammad Ishaq Dar would pull curtain on the pre-budget document, highlighting the ...

PTI recommends tax on goods under Af-Pak Transit Trade

PESHAWAR: Pakistan Tehreek-e-Insaf (PTI) has recommended special tax on foreign goods and Pakistani products, transported to Afghanistan under Pak-Afghan Transit Trade agreement, media reported. Talking to Geo News here Monday, PTI leader Shauk...

Sindh CNG outlets to remain shut for 24 hours

KARACHI: All CNG stations in Sindh would be closed for the next 24 hours as part of Gas Load Management Plan on Tuesday. According to Sui Southern Gas Company (SSGC), the CNG outlets would shut down for business from 8 AM Tuesday at till 8AM Wed...

Asian markets mixed

HONG KONG: Asian markets were mixed on Tuesday in quiet trade after the previous day's rally, with Wall Street providing a lacklustre lead while eyes were on a Bank of Japan policy meeting. The dollar held up against the yen after climbing in N...

National Budget of about Rs.3.4 trillion to be announced

ISLAMABAD: The newly elected democratic government is all set to present its very first Federal Budget of about Rs 3.4 trillion for the fiscal year 2013-14 before the National Assembly here on Wednesday (June 12) afternoon. Finance Minister, I...

GDP target couldn't be met, economic survey today

ISLAMABAD: The Economic Survey will be made public later today by the Finance Minister Ishaq Dar, media reported. The Economic Survey highlights failures in almost all sectors of the economy. According to the survey, gross domestic product (G...

CNG stations’ owners involved in gas theft: Khuwaja Asif

SILAKOT: Federal Minister for Water and Power Khuwaja Asif has said that all the CNG stations’ owners in the country were involved in gas theft. “All the owners of CNG stations are gas thieves, we will take action against them,” Khuwaja said a...

Saudi prince sues Forbes over wealth estimate: report

LONDON: Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion, Britain's Guardian newspaper reported on Friday. ...

KSE's stellar rally interrupted by profit-booking

KARACHI: The Karachi Stock Exchange (KSE) finished lower on Wednesday, as traders booked profits in an overbought market media reproted. The benchmark 100-Index closed 0.82 percent, or 182.09 points, lower at 22,092.42 as profit-taking was seen...