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Power tariff likely to increase after furnace oil price hike

KARACHI: Furnace oil price has risen by Rs 3,700 per tonne within a month and power companies are mulling to hike the tariff, reported Saturday. Sources privy to the industry stated that locally extracted furnace oil’s price has hit Rs 42,200 from Rs 38,500 while …

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Brexit causes dramatic drop in UK economy, data suggests

LONDON- Britain’s decision to leave the EU has led to a “dramatic deterioration” in economic activity, not seen since the aftermath of the financial crisis. Data from IHS Markit’s Purchasing Managers’ Index, or PMI, shows a fall to 47.7 in July, the lowest level since …

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Pakistani electrician turn millionaire overnight in Dubai

DUBAI -UNS : A Pakistani working as an electrician in the United Arab Emirates (UAE) had a change of fate when he became a millionaire overnight. Atif Nizam Chaudhary, who worked as an electrician in private company at the Dubai International Financial Centre, won one …

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CCP issues show cause notice to JCR-VIS for alleged predatory pricing

ISLAMABAD -UNS : The Competition Commission of Pakistan (CCP) has issued a show cause notice to JCR-VIS Credit Rating Company for prima facie predatory pricing in the bidding for rating assignment of Sukuk issue of rs 100 billion by Neelum Jhelum Hydropower Company (Private) Limited …

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CCP issues show cause notice to Green Field Developers

ISLAMABAD -UNS  : The Competition Commission of Pakistan (CCP) has issued a show cause notice to M/s Green Field Developers (Pvt.) Ltd for prima facie deceptive marketing practices in one of its residential housing schemes by the name of ‘Green City’. An enquiry conducted by …

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Sale of locally prepared vehicles rises by 19pc

KARACHI: Demand of indigenously manufactured vehicles has consistently skyrocketed during the last fiscal year in Pakistan. According to statistics issued by Pakistan Automotive Parts and Accessories Manufacturers Association (PAPAM), sale of the vehicles locally prepared rose up 19 percent to 180,078 units in 2015-16, in …

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State Bank to issue 50-rupee coin in memory of Edhi

KARACHI -UNS : State Bank of Pakistan has announced to issue a 50-rupee commemorative coin to pay tribute to humanitarian services of celebrated social worker late Abdul Sattar Edhi on Saturday. Governor State Bank Ashraf Mahmood Wathra addressing a memorial reference at the central bank …

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China,US clash over market economy status at WTO

GENEVA: The United States warned China on Thursday that it had not done enough to qualify for market economy status, especially in steel and aluminium, sowing the seeds for a trade battle between Washington and Beijing at the end of 2016. Upon China’s admission to …

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Pakistan will emerge as manufacturing hub in near future:BMI

ISLAMABAD-UNS-Business Monitoring International Research has included Pakistan in ten emerging markets of future. As per BMI Research, Pakistan will emerge as a manufacturing hub in near future. According to BMI, Pakistan’s construction, textile and automobile sectors will also make progress very fast and investment will …

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Oil falls further under $50 on Asia demand concern

LONDON: Oil fell on Monday over signs that US shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs. Brent crude was trading at $46.43 per barrel at 1205 GMT, down 33 …

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