Pakistan News

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  • Distressed enterprises need a better support mechanism

    None of them cross the 10 per cent line except Pakistan...

    The State bank of Pakistan needs to collaborate with the SECP to devise prudential guidelines because each non-performing loan is viewed as a mirror of an ailing, unprofitable enterpriseSuch milestones would get us away from having just one cut-off or decision point...

  • Interest-free loans for small enterprises planned

    PESHAWAR: The business community and officials of Small and Medium Enterprise Development Authority (Smeda) have agreed on several points, including a proposal to establish a revolving fund for provision of interest-free loans to the small and medium enterprises in the provincial metropolis, in order to boost the local economy...

  • FBR issues notices to alleged owners of offshore enterprises

    ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday issued notices to persons, who have been alleged of possessing offshore enterprises by the International Consortium of Investigative Journalists (ICIJ), said a statement issued by FBR...

    The Panama Papers jolted Pakistan's political sphere in April when a massive leak of secret files from a Panamanian law firm, that specialises in offshore tax havens, revealed the often-murky...

  • SBP redefines small, medium enterprises

    KARACHI: In a major move, the State Bank on Friday changed the definition of small and medium enterprises, while general reserve requirement against non-fund based small enterprises portfolio has been abolished...

    The SBP issued a detailed circular to all banks and development financial Institutions (DFIs) with amendments in prudential regulations for small enterprises (SEs) and medium enterprises (MEs)...

  • Credit to loss-making state-run enterprises up 45pc

    KARACHI: The loss-making public sector enterprises (PSEs) borrowed Rs115 billion during the first seven months of this fiscal year, reflecting the government’s utter failure to make them profitable...

    A latest report by the State Bank of Pakistan showed that banks extended Rs115...

  • Public enterprises eat up 3.5pc of GDP in debts

    KARACHI: The public sector enterprises’ (PSEs) debt has almost soared to Rs1 trillion at the end of third quarter of FY18, State Bank of Pakistan (SBP) reported in its latest issue of Statistical Bulletin for June...

    The outgoing government could not resolve the growing problem of PSEs’ debts and it failed to address the issue of Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM) loaded with huge loans...

  • Loss-making state enterprises borrow record Rs330bn

    KARACHI: The loss-making public sector enterprises (PSEs) borrowed 36 per cent more from the banks in the outgoing fiscal year over the preceding year...

    The State Bank of Pakistan (SBP) latest report shows that the banks’ lending to the PSEs jumped to Rs329...

  • Small and medium enterprises are in trouble

    Small and medium enterprises (SMEs) are borrowing more from banks despite a big rise in interest rates...

    In the first 11 months of 2018-19, SMEs made net fresh borrowing of Rs111 billion and the bulk of it (Rs94bn) was working capital, according to the State Bank of Pakistan (SBP)...

  • SEZ enterprises seek an end to ‘backdoor’ taxes, equal treatment with Chinese investors

    5 per cent turnover tax on sales revenue of enterprises operating in the zones, whereas the owners of these enterprises say that they were promised their enterprises would be tax exempt when they made the decision to invest in these zones...

    In a third “reminder” letter sent on Aug 27, they told the FBR that “[o]ur decision to invest in an SEZ was based on the SEZ Act 2012 in which SEZ enterprises are ‘exempt from all taxes on income’...

  • Layoffs of state-owned enterprises employees to be resisted: Bilawal

    KARACHI: Pakistan Peoples Party chairman Bilawal Bhutto-Zardari has warned the Pakistan Tehreek-i-Insaf (PTI) government to stop conspiring against the workers and labourers employed by state-owned enterprises, adding that any layoff of government, semi-government or state corporation employees would be vehemently resisted...

    In a statement issued on Wednesday, the PPP chairman said Prime Minister Imran Khan and some of his cabinet...

  • Pakistan welcomes US offer to take on Tehreek-i-Taliban Pakistan

    WASHINGTON: Days before crucial talks with the US defence secretary, Pakistan has welcomed an American offer to take action against militants involved in cross-border raids from the Afghan soil, the Voice of America radio service reported on Wednesday...

    The official US news outlet also reported that Pakistan believed the US offer “augurs well” for regional counterterrorism cooperation...

  • Pakistan 2 rout Pakistan 1 to clinch World Snooker team gold

    KARACHI: Pakistan 2 overcome fighting Pakistan 1 by 5-4 frames in agonising all-Pakistan final played for the first time in any global event to win the IBSF Team Event Snooker Championship in the Egyptian city of Hurghadha on Thursday evening...

    Pakistan 2 was represented by the former world amateur snooker champion Mohammad Asif and Babar Masih while Pakistan 1 comprised national champion Mohammad Sajjad and runner-up Asjad Iqbal... ...

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