Category: Highlights

KARACHI: The Sindh High Court (SHC) has upheld the order of the Customs Appellate Tribunal that the Federal Board of Revenue (FBR) has no authority either to enhance or restrict exemption as it is the prerogative of the Parliament only. A division bench of the SHC comprising Justice Muhammad Junaid Ghaffar and Justice Agha Faisal gave this verdict in the appeals of director through additional director of PCA (Law) and collector of customs through additional collector of customs (law) against the decision of the Customs Appellate Tribunal, Karachi. According to…

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Engro Corporation’s profit soared 45.1% to Rs44.4 billion in the year ended December 31, 2020 compared to earnings of Rs30.6 billion in 2019, according to a notice sent by the company to the Pakistan Stock Exchange on Thursday. Earnings per share (EPS) of the company came in at Rs43.57 in 2020 compared to Rs28.69 a year ago. Alongside the result, the company announced a final cash dividend of Rs2 per share, taking the full-year dividend to Rs26 per share. Net sales of the company rose 10.21% from Rs225.8 billion in…

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Texas officials knew winter storms could leave the state’s power grid vulnerable, but they left the choice to prepare for harsh weather up to the power companies — many of which opted against the costly upgrades. That, plus a deregulated energy market largely isolated from the rest of the country’s power grid, left the state alone to deal with the crisis, experts said. As Texas faced record-low temperatures this February and snow and ice made roads impassable, the state’s electric grid operator lost control of the power supply, leaving millions…

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This refers to the letter ‘Electrical vehicles in Pakistan?’ (Feb 17) by Ammar ul Hassan Chishty. The writer has raised a valid point. Our planners are in the habit of putting the cart before the horse. The government must fix the power sector before it considers spending billions of dollars on the import of electrical vehicles. Even today, we have not moved beyond the assembling of fuel-based vehicles. On the other hand, our neighbouring countries have set up full-fledged manufacturing units. The import of foreign cars doesn’t only drain the…

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KARACHI: As cement demand has seen an upsurge amid government’s support to the construction industry, another main player planned a new plant to enhance its production capacity by up to 10,000 tons a day by investing an estimated Rs30 billion, it was learnt on Wednesday. The board of directors of Kohat Cement Company approved setting up of 7,800 – 10,000 tons/day cement manufacturing plant along with 8-10 megawatts of waste heat recovery and 25 megawatts of coal-fired power plant in Khushab, Punjab. “The estimated cost of the entire project is…

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