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ECONOMY

Karachi industrialists announce factories shutdown for want of gas

KARACHI: Around half a million workers are likely to be unemployed as owners of over 3,000 units in Sindh Industrial Trading Estate (Site) have announced complete closure of their factories from Monday onwards in a protest against low gas pressure which has badly hampered production operations. The decision was taken in an emergent meeting on Friday in which all members ...

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Russia-EU trade turnover surges by almost 22%

The volume of trade between Russia and the European Union (EU) has been steadily growing since the beginning of 2017 despite mutual sanctions introduced almost five years ago, said Russian ambassador to the EU Vladimir Chizhov. “Since the beginning of 2017, mutual trade between Russia and the European Union’s countries showed a tendency towards dynamic growth, which consolidated this year,” the ...

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Wall Street sees oil price recovery in 2019

Investment banks have had to recalibrate their oil price forecasts for next year after prices plunged by more than a third from early-October highs. As 2019 is drawing nearer, Wall Street has staked up the latest price projections—and there’s good news and there’s bad news for everyone watching investment banks’ estimates. The good news for bulls is that the major ...

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China issued new regulations for domestic financial information

BEIJING: China’s cyber watchdog on Wednesday issued new regulations for domestic financial information providers, in an apparent crackdown on online content deemed detrimental to the country’s financial stability as the economy slows. Financial information providers are not allowed to distort Chinese fiscal and monetary policies, disturb economic order or to harm the nation’s interests, the Cyberspace Administration of China (CAC) ...

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Imran Khan ensure uninterrupted gas supply

ISLAMABAD: The government on Wednesday decided to ensure “uninterrupted” supply of gas to domestic consumers, commercial units and zero-rated industries this winter and impose a ban on import of furnace oil. The decisions were taken at a meeting of the Cabinet Committee on Energy (CCoE) presided over by Prime Minister Imran Khan at the Prime Minister Office. According to the ...

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CJP orders closure of Gourmet’s ice cream production units

The Supreme Court on Tuesday ordered that all ice cream production units of Gourmet Foods across Punjab be sealed and all other edible products of the company be assessed for quality checks. Hearing an application filed by the Punjab Food Authority (PFA) at the apex court’s Lahore registry, Chief Justice Mian Saqib Nisar issued the orders after he was informed ...

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Ship-breaking yard approved for Gwadar

QUETTA: Prime Minister Imran Khan has approved establishing ship-breaking yard in Gwadar and a policy board for the same is being formulated. This was announced during a high-level review meeting on the subject, chaired by Chief Minister Balochistan and attended by Federal Minister for Defence Production Zubaida Jalal and Finance Minister Asad Umar. The meeting was informed CM Balo­chistan would ...

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Dawood calls for ramped up import substitution

FAISALABAD: Adviser to Prime Minister on Commerce, Textile, Industry Production and Investment Abdul Razak Dawood said industrialisation through import substitution coupled with export growth through diversification was imperative to put the country on road to progress and prosperity here on Monday. Addressing the Faisalabad Cham­­ber of Commerce and Industry, he lamented that during the last decade, many industrial units had ...

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Sindh’s gas needs to be fulfilled soon, Senate body assured

ISLAMABAD: The Senate Standing Committee on Petroleum was informed on Monday that domestic gas needs in Sindh would be met in near future as the Petroleum Division was working in coordination with gas distribution companies. The committee, chaired by Senator Mohsin Aziz, was informed that the recent gas shortage in the province was due to short supply from some gas ...

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