07272016Wed
Last update: Wed, 27 Jul 2016 02am

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The Supreme Court on Monday declared the Punjab government ban on setting up new sugar mills and extension to the existing ones in public and national interest. On June 23, a two-member bench led by Justice Ejaz Afzal Khan had reserved its judgement in response to pleas filed against a notification of Punjab government, issued on December 6, 2006, through which it has imposed a ban upon the establishment/enlargement of sugar industry in the province.

Pakistan Stock Exchange (PSX) Monday ended lower on institutional profit-taking. The benchmark KSE-100 index lost 134 points to close 39,017 points down from 39,151 points. Hammad Aman, Manager Equity Sales Topline Securities, said that declining international oil prices along with some profit-taking led the index to decline by 0.34 percent.
Pakistan Stock Exchange (PSX) Monday ended lower on institutional profit-taking. The benchmark KSE-100 index lost 134 points to close 39,017 points down from 39,151 points. Hammad Aman, Manager Equity Sales Topline Securities, said that declining international oil prices along with some profit-taking led the index to decline by 0.34 percent.
The federal government is all set to settle the dispute on longstanding electricity arrears amounting to Rs 70 billion with new Chief Minister Sindh. "We are ready to meet the new Chief Minister in Karachi so that the chronic issue of arrears can be settled as early as possible," said Khawaja Asif, Minister for Water and Power during proceedings of National Assembly's Standing Committee on Water and Power.
Yahoo sealed a deal Monday to sell its core business to telecom giant Verizon for $4.8 billion, ending a two-decade run as an independent company for the internet pioneer. The agreement announced by the two companies after months of negotiations comes following a years-long decline for the iconic firm that introduced many people around the world to the internet.
The four provincial governments, in principle, have agreed to unbundling of Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited and gas creation of regional gas distribution companies, it was learnt on Monday. The matter of unbundling the gas utilities was discussed at a high level meeting chaired by Minister for Petroleum, Shahid Khaqan Abbasi, Chief Minister Balochistan, Nawab Sanaullah Khan Zehri and three provincial energy secretaries.
The International Monetary Fund (IMF) has finally removed 2015-16 growth projections of 4.5 percent for Pakistan from its website, revised upward to 4.7 percent in the eleventh review uploaded on 5 July, after Business Recorder sent four questions to the Fund on Monday 18 July. The four questions raised by the newspaper were as follows. First, what factors led to up-gradation of growth projection from 4.5 percent to 4.7 percent during eleventh review of $6.4 billion EFF?