Business News

Senate body informed on privatisation proceeds to retire debt

Islamabad—Chairman Privatisation Commission (PC) Mohammad Zubair informed the Senate subcommittee on Finance that the government cannot use privatisation proceeds to finance its deficit as the law requires that 90 percent of the proceeds be used for debt retirement and 10 percent on poverty alleviation. Perhaps Muhammad Zubair needs reminding him that the Fiscal Responsibility and Debt Limitation Act 2005 also restricts the debt to Gross Domestic Product (GDP) ratio at 60 percent while in 2013, the first year of the PML-N government, debt-to-GDP ratio was 63.9 percent, which declined to 61.2 percent in 2014 as indicated in the Economic Survey 2013-14.

Telenor crosses 2.6m 3G subscribers in 73 cities

Staff Reporter

Karachi—Telenor Pakistan has announced today that it has crossed the 2.6 million 3G-subscriber mark in 73 cities - enabling the company to maintain its leadership as the largest and fastest growing 3G network in the country. During the current phase of commercial rollout, 3G services were launched in Pabbi, Karak, Sheikhupura, Toba Tek Singh, Lakki Marwat, Mianwali, Khyber Agency and Vihari.

Markets brace for ‘Big Oil’ profit plunge

New York—It’s just a forecast, and for only one of 10 industry groups in the stock market. Yet it has almost singlehandedly turned what had been a promising earnings season into a grim one. Profits for companies in the Standard & Poor’s 500 index are expected to grow at one of the lowest rates in years, just 1.4 percent. The culprit: Energy companies that suffered as oil prices plunged. Their profits are expected to drop 25 percent, a collapse of fortune nearly unheard of outside of a recession, and one that has weighed on the stock market.

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