Business

US plant-based meat producing company 'Beyond Meat' has started raising money by issuing shares that would value the company at $1.2 billion. The company has recently made its launch in the UK and is attempting to tap into the growing popularity of veganism. They intend to use the money to expand both production and research and development.

London's Mandarin Oriental Hyde Park hotel caught fire in 2018 almost immediately after its 130 million dollar renovations were completed, which caused the hotel to once again close its doors. Now after a year of work, it has once again been opened. Many say the refurbishments make the hotel one of the best in the UK.

To ease the mountain of debt, the PTI government has started renegotiating power purchase agreements with the IPPs. A Ministry of Energy official said the meeting will be convened on Tuesday to add the proposed amendments into the power purchase agreements. Power Division secretary Irfan Ali confirmed the renegotiation, saying, “This task is being done to minimise outstanding amount of power sector".

Pakistan is ready to make additional tax efforts equal to 1.7% of the total size of the national economy in the coming fiscal year. However, to meet the goal of tax efforts equal to 1.7% of the Gross Domestic Product (GDP), Pakistan would have to levy additional taxes amounting to PKR 600 billion.

Pakistan's 11 major industrial sectors, including textile, chemicals, pharmaceuticals and electrical machinery, have attracted considerable foreign direct investments (FDIs) during this financial year. The FDIs have grown their inflows and indicate an attraction for industrial growth in near future.

The Pakistani government has given assurances to the International Monetary Fund that they will be increasing their tax revenue via a single value-added tax regime and a reduction in exemptions and excessive tax credits. The government also intends to move to a single tax collection, auditing and return authority in order to reduce the compliance costs.

Amazon has decided to downsize in China and is thus closing down its online store that allowed customers to buy from local stores. It will instead continue to operate its global store in the country. The reason for this is said to be the stiff competition they are facing from local alternatives such as Alibaba.

The stock market rose by 900 points after clarity emerged in the government once the Cabinet had been reshuffled. Although overall trading volumes decreased from 216.2 million on Thursday to 177.4 million. The total value of the shares traded was Rs6.6 billion and they belonged to 334 different companies. Stock prices also dropped to the lowest they have been in three years.

Pakistan’s current account deficit (CAD) has fallen to $9.6 billion, which is a decrease of around 29.5% in the first nine months of the current fiscal year. The State Bank of Pakistan (SBP) has reported that the deficit stood at $13.6 billion this same time last year. The decrease has come mainly due to a much-needed drop in imports.

China has waived duty on more Pakistani products under the second phase of the Pakistan-China Free Trade Agreement (FTA) according to the Adviser to Prime Minister on Commerce and Textile Abdul Razak Dawood. Pakistan is now at a level playing field when it comes to duty waivers as the Association of Southeast Asian Nations (ASEAN).