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ISLAMABAD: Minister for Privatisation Muhammadmian Soomro on Wednesday said the government was moving towards revival of Pakistan Steel Mills (PSM) in a transparent manner. He was speaking at the weekly ministerial meeting chaired by Minister for Finance, Industries and Production Hammad Azhar. It was unanimously agreed that the work for the revival of PSM and resolution of related issues should be expedited. The current status and progress besides probable timeline for the completion of the PSM transaction were discussed during the meeting. A new subsidiary will be formed that will run the s...

ECC withdraws customs duty on cotton yarn imports Business April 15, 2021 ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday withdrew customs duty on import of cotton yarns and waived 66 percent take-or-pay commitment in power purchase and gas supply agreements for three public sector RLNG-based plants. The decisions were taken during a meeting presided over by the Minister for Finance, Revenue, Industries and Production Hammad Azhar. The committee approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added indu...

Govt approves hiring of private firms for SOEs’ forensic audit Business April 8, 2021 ISLAMABAD: The government on Wednesday approved hiring of private firms for forensic audit of Pakistan International Airlines (PIA) and other state-owned enterprises to find out causes of their losses and fix responsibilities. The decision was taken during a meeting of the cabinet committee on state-owned enterprises, presided over Minister for Finance, Revenue, Industries and Production Hammad Azhar. Minister for Privatisation Mian Soomro, Adviser to the Prime Minister for Commerce Razak Dawood, Adviser...

KSE-100: Stocks inch up as investors struggle for direction April 1, 2021 Investors continue to struggle for a direction at Pakistan Stock Exchange (PSX), as benchmark KSE-100 hardly changed after moving both ways with trade drying up on Covid-19 worries. On Wednesday, the benchmark KSE-100 gained 96.82 points by the closing bell to clock at 44,587.85 level. Following Monday’s blood bath market participants have been treading cautiously as pessimism over the economic situation and renewed lockdown restrictions continued selling pressure at the bourse. On Wednesday, the index opened on a pos...

Food inflation continues to persist Prices of wheat flour, cooking oil and sugar went sky-high KARACHI: Food inflation has continued to pose a challenge to the government as prices of major kitchen items including wheat flour, cooking oil and sugar have gone sky-high despite the constitution of a committee to curb prices in the country. Industry officials said that prices had been on the rise partly due to the return of middlemen to the supply chain of commodities. They have also continued to speculate a likely shortfall in supplies that has kept prices at high levels. Besides, a significant ...