KARACHI: The State Bank of Pakistan (SBP) has digitised the refinance process to facilitate banks for entertaining loan applications of exporters in more efficient and expeditious way resulting in quick disbursements. “In a major step towards ease of doing business, the process for obtaining refinance from the SBP by banks under the Export Finance Scheme (EFS) has been digitised for both conventional and Shariah-compliant versions,” said the SBP circular issued on Wednesday. The quick process for obtaining financing from SBP would also help the exporters to get the financing earlier. The exporters have been extended a number of facilities, as…
Author: Hasnain Abid Khanzada
LAHORE: The supply and pricing crisis of urea continues despite the window for its application to wheat closing fast. Farmers blame continued smuggling and hoarding and the industry holds panic buying mainly responsible. There are reports from various areas of the province of long queues to purchase rationed and squeezed urea supplies by the district administration. In the open market, farmers claim partial availability of the fertiliser anywhere between Rs2,500 to Rs2,700 per bag. “The only explanation here is hoarding and smuggling,” says Khalid Khokhar of Pakistan Kissan Ittehad (PKI). Though urea can still be applied to wheat during the…
KARACHI: The dollar price may cross Rs200 with the sudden imposition of a withholding tax on exchange companies, which are getting notices to the tune of hundreds of millions of rupees from the Federal Board of Revenue (FBR). Representatives of the exchange companies told on Wednesday they are getting notices from the FBR on non-payment of the withholding tax that was withdrawn in 2016. Tax notices have created panic among the exchange companies while their representatives insist the added cost will be passed on to customers, which may push the dollar rate beyond Rs200. “The exchange companies are getting notices…
ISLAMABAD: Extolling the importance of startups and export-oriented small businesses to the country’s economic growth, Prime Minister Imran Khan said on Wednesday he wanted to emulate the success of Silicon Valley and make Pakistan a hub for new businesses. Addressing the launch of the National Small and Medium Enterprises (SMEs) policy on Wednesday, Prime Minister Imran Khan vowed to take stern action against government departments and officials who created hurdles in the setting up of new startups and export-oriented businesses. Saying that fresh incentives would be extended to such businesses, which he claimed had been ignored in the past, the…
ISLAMABAD: Chinese Ambassador Nong Rong met Chief of the Army Staff General Qamar Javed Bajwa on Wednesday to discuss the China-Pakistan Economic Corridor (CPEC), regional security, measures to enhance bilateral cooperation and other matters of mutual interest, the Inter-Services Public Relations (ISPR) said in a statement. The meeting, held at Pakistan Army’s General Headquarters, came ahead of Prime Minister Imran Khan’s upcoming three-day visit to China from Feb 3 to Feb 5. During his visit, Mr Khan will attend the opening ceremony of the 2022 Winter Olympics in Beijing and hold talks with senior Chinese leaders on bilateral relations. China’s…
LONDON: Britain’s embattled prime minister on Wednesday vowed to fight on as leader to the next general election, despite moves by his own MPs to oust him due to public fury over lockdown-breaking parties in Downing Street. Boris Johnson insisted he would win any vote of no confidence called by Conservative MPs, many of whom are furious at revelations that his staff were partying while the rest of the country was in strict lockdowns against Covid. With the opposition Labour party riding high, and inflation reaching a near 30-year peak, Johnson is struggling to regain the initiative, starting with an announcement that…
GENEVA: The past seven years have been the hottest on record, the United Nations confirmed on Wednesday, adding that 2021 temperatures remained high despite the cooling effect of the La Nina weather phenomenon. “The warmest seven years have all been since 2015,” the UN’s World Meteorological Organisation said in a statement. And despite the fact that two consecutive La Nina events captured global attention for large portions of the year, 2021 still ranked among the seven warmest years on record, the WMO said. “Back-to-back La Nina events mean that 2021 warming was relatively less pronounced compared to recent years. Even…
WASHINGTON: US Deputy Secretary of State Wendy Sherman called Indian Foreign Secretary Harsh Shringla on Wednesday to discuss Russia’s ‘concerning’ military build-up on Ukraine’s borders. A brief readout, issued by the US State Department in Washington, said the conversation also involved other regional issues and the two officials agreed to “remain closely coordinated on shared goals and priorities.” They also reiterated the importance of a strong US-India partnership to mitigate the Covid-19 Omicron variant’s rapid advance. But Russia’s “concerning military build-up on Ukraine’s borders” was the only political issue mentioned in the statement, indicating that the conversation between the two…
MOSCOW: Russia maintained a tough posture amid the tensions over its troop buildup near Ukraine, with a top diplomat warning on Wednesday that Moscow will accept nothing less but watertight US guarantees precluding Nato’s expansion to Ukraine. Deputy Foreign Minister Sergei Ryabkov, who led the Russian delegation at the security talks with the US in Geneva last week, reaffirmed that Moscow has no intentions of invading Ukraine as the West fears, but said that receiving Western security guarantees is the categoric imperative for Moscow. The talks in Geneva and a related Nato-Russia meeting in Brussels last week were held as Russia has…
LONDON: The defendant in the murder plot trial under way at the Kingston-upon-Thames crown court took the stand on Wednesday, giving evidence about his relationship with the Pakistan-based middleman who allegedly hired him to kill the Netherlands-based blogger, Ahmad Waqass Goraya. On the fifth day of the trial, the prosecution closed its arguments, and the testimony of the intended target, Mr Goraya, was also read. The hearing adjourned shortly after Mohammad Gohir Khan, the 31-year-old defendant, was cross-examined by the defence counsel. Blogger’s testimony read out in court as prosecution closes arguments Khan said he knew the middleman, Muzamil, (also identified as…
