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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Thursday approved the proposal of Finance Division, authorizing the government to issue sovereign guarantee amounting to Rs20 billion for investment in National Investment Trust (NIT)-State Enterprise Fund.

The step has been taken to stabilize the stock market of the country, said a press statement issued by the Finance Minister after ECC meeting which was chaired by Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh.

The rupee gained some strength in the money market as the value of the US dollar on Thursday further decreased by Rs1.70 in the interbank market.

The greenback settled down at Rs 148.70 in the interbank market. The decline also dictated the open market, forcing the dollar to shed its value by Re0.50 to Rs149.50.

KARACHI: The second unit of the 660-megawatt China Power Hub Generation Company (CPHGC) coal-fired power plant was synchronised with the national grid on May 28, 2019 as per schedule.

Described as an important milestone in commercial operations, the development comes exactly five months after the day when the first unit of the project was synchronised.

KARACHI: The auto market will witness the launch of a new entrant in the under 1,000cc category –Prince Pearl 800cc – a Chinese-assembled car in September this year.

Regal Automobile Industries Limited (RAIL) will start local assembly of Prince Pearl 800cc from August at its Lahore plant under a technical collaboration agreement with a Chinese manufacturer.

The vehicle will make inroads following the launch of Suzuki Alto 660cc car in April and a month before KIA Picanto in October.

ISLAMABAD: The export of fruits from the country witnessed an increase of 6.37 percent during the first 10 months of current fiscal year against the exports of the corresponding period of last year.

The fruits'' export from the country were recorded at $ 380.869 million during July-April (2018-19) against the exports of $358.062 million during July-April (2017-18), showing a growth of 6.37 percent, according to Pakistan Bureau of Statistics.

PESHAWAR: The IM Sciences arranged a listing ceremony of Feiyun Culture and IMSciences Industry Talent Training Base under the China-Pakistan Economic Corridor Industry-Government-Academia Consortium.

Representatives from a range of universities and mega companies of China, including China Gezhouba Group Company Limited, China Road and Bridge Corporation Pakistan Co Ltd., China Energy Engineering Group Guang Dong Electric Power Design Institute Co Ltd, Beijing Jiaotong University and Chang’an University attended the ceremony.

ISLAMABAD: China’s Vice President Wang Qishan on Tuesday concluded his three-day "highly successful" visit to Pakistan, setting a tone for future trajectory of engagement between the two countries.

LAHORE: Punjab Board of Investment and Trade (PBIT) Chairman Sardar Tanveer Ilyas Khan Monday said the federal government should reconstruct and establish the Board of Investment (BOI) on the pattern of the Economic Coordination Committee (ECC) of the cabinet, in which it gives representation to the Provincial Board of Investment and Trade institutions in order to better coordination, and good investment friendly decisions.

ISLAMABAD: China is investing $62 billion in Pakistan through the China-Pakistan Economic Corridor (CPEC) as part of its Belt and Road initiative, which the government and public believe as a game-changer for the country’s destiny and senior government officials frequently speak highly of at local and international fora.

Pakistan, Uzbekistan agree to boost trade volume to $300mPakistan and Uzbekistan on Monday agreed to strengthen bilateral trade, setting the target of touching $300 million as trade volume.

The agreement was reached during the delegation-level talks as Foreign Minister Shah Mehmood Qureshi and Uzbekistan’s Deputy Prime Minister Elyor Ganiev led their respective sides here at the Ministry of Foreign Affairs. The two sides discussed implementation of the decisions taken by their leaderships in previous high-level meetings.