Federal budget doesn’t bring smile on most faces; mini budget shortly

KARACHI: The budget comes sans any incentive to spur industrial growth, which is going south fast. Government should have restored the widely demanded ‘no tax no refund regime. Perhaps, IMF didn’t approve of it. A directionless budget, since it is not a revenue oriented budget, and yet there is no… Continue reading

Local auto assemblers Honda Atlas, Indus Motors resume operations

KARACHI: Honda Atlas Cars and Indus Motor Company have resumed operations after the government eased the nationwide lockdown imposed to check the spread of novel coronavirus COVID-19 in the country, both companies said in separate announcements on Tuesday. “In view of the relaxation allowed to automobile industry from the current… Continue reading

US housing starts fall sharply in April

WASHINGTON: U.S. homebuilding dropped to a five-year low in April, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression. Housing starts tumbled 30.2per cent to a seasonally adjusted annual rate of 891,000 units last month, the lowest… Continue reading

Walmart sales surge at stores and online

NEW YORK: Walmart Inc beat Wall Street expectations with its quarterly revenue and earnings on Tuesday and reported record U.S. online sales as stockpiling drove consumers to its stores and website during the coronavirus pandemic, sending its shares up 3%. The world’s largest brick-and-mortar retailer, like many other essential businesses,… Continue reading

Concerns expressed over transit trade halt

PESHAWAR: Khyber Pakhtunkhwa (KPK) business community has raised alarms over large number of Afghan transit trade goods containers being held at Karachi port under the pretext of scanning, which was slowing the trade down. A statement said Sarhad Chamber of Commerce and Industry, in a emergent meeting held under the… Continue reading

Government to facilitate remittances through tax exemptions, other incentives

ISLAMABAD: Estimating a shortfall of about 16 per cent against the target for the current financial year, the government has decided to facilitate remittances from overseas Pakistanis through tax exemptions and other incentives under a special loyalty programme with effect from the start of next fiscal year, Dawn reported. The… Continue reading

Questions raised on blanket immunity to construction sector

KARACHI: Tax experts on Monday raised questions over the blanket immunity granted to the construction sector from disclosing source of investment, hinting at its nonconformity to an action plan agreed with the global financial system’s watchdog to control money laundering. Chartered accountant firm KPMG Taseer Hadi & Co. said it… Continue reading

IMF warns Asia’s economy to see 0% growth in 2020

TOKYO: Asia’s economy is expected to stall at zero percent this year, the worst growth performance in almost 60 years, said the International Monetary Fund (IMF) on Wednesday. “This is a crisis like no other. It is worse than the global financial crisis, and Asia is not immune. The impact… Continue reading