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