KARACHI: Pakistan’s addiction towards imported fossil fuels, which now has shifted towards liquefied natural gas (LNG) as a replacement fuel, undermines the country’s energy security and financial stability, IEEFA’s latest report suggests. “LNG sourced from global markets now costs 5 to 10 times more expensive than domestically produced gas in Pakistan,” Haneea Isaad, the co-author … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged Finance Minister Miftah Ismail to restructure and reinforce the SME Bank for the benefit of the underprivileged sector, a statement said on Saturday. Unisame President Zulfikar Thaver said that it is in the best interest of the sector to restructure and reinforce the bank … Read more
KARACHI: The Pakistan stock market closed on a higher note on Friday as investors’ confidence improved on the news of expected removal of Pakistan from the Financial Action Task Force (FATF) grey list. An analyst at Arif Habib Limited said that bulls dominated the market throughout the day as Pakistan hopes to come off the … Read more
KARACHI: The prices of gold gained Rs1,500 in the local market to an all-time high of Rs145,500/tola on Friday as the downward spiral of the rupee continued against the dollar. Gold 24kt gained Rs1,500/tola and Rs1,285/10 grammes to hit Rs145,500/tola and Rs124,742/10 grammes, respectively. The latest record high was recorded in the prices of yellow … Read more
KARACHI: The Pakistani rupee slumped to the historic low of Rs208.74 against the dollar on Friday as uncertainty regarding the International Monetary Fund (IMF) programme dented the investors and traders’ confidence. The local unit fell Rs1.07 to close at Rs208.74 to the dollar from Thursday’s closing of Rs207.67 in the interbank foreign exchange market. The … Read more
KARACHI: E-Pay Punjab has collected over Rs90 billion tax revenue through 17 million transactions since its launch in October 2019, a statement said. E-Pay Punjab, an online payment solution is a joint initiative of Punjab Information Technology Board (PITB) and Punjab Finance Department. The online payment solution has collected total revenue of Rs57 billion in … Read more
KARACHI: The total e-banking transactions showed a growth of 2.6 per cent in volume and 6.5 per cent in value on a quarterly basis during the third quarter of fiscal year 2022, data by the State Bank of Pakistan (SBP) showed. The overall growth in the e-banking transactions was 32.7 per cent in volume and … Read more
KARACHI: The Federal Board of Revenue (FBR) employees would observe a pen down strike across the country on June 17, to highlight their demand for a pay raise and increase in the fuel allowance, a statement said. The aggrieved have also said that they will observe a pen down strike for even longer periods if … Read more
KARACHI: The latest hike in the prices of petrol and diesel will have a multiplier effect on goods transportation costs which will drive the commodities and food supplies prices even further, an official said. The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Acting President Shabbir Hassan Mansha expressed his shock and awe at … Read more
KARACHI: The Pakistan equity market closed higher on Thursday as the investors celebrated Pakistan’s measures to resume negotiation with the International Monetary Fund (IMF) besides increased activity in the cement sector. An analyst at Pearl Securities said that the benchmark KSE-100 Index witnessed a positive session as global oil prices fell on Thursday. “The cut-off … Read more
KARACHI: The prices of gold gained Rs1,000 in the local market to an all-time high of Rs144,000/tola on Thursday as the rupee depreciated to another fresh low. Gold 24kt gained Rs1,000/tola and Rs857/10 grammes to hit Rs144,000/tola and Rs123,475/10 grammes, respectively. The precious metal rose to another record high as the dollar jumped to record … Read more
KARACHI: The Pakistani rupee touched the historic low of Rs207.67 against the dollar on Thursday on the back of stalled International Monetary Fund (IMF) programme besides depleting foreign exchange reserves of the country. The local unit shed Rs1.21 to close at Rs207.67 to the dollar from Wednesday’s closing of Rs206.46 in the interbank foreign exchange … Read more
KARACHI: The Joint Venture of Guddu Block has discovered gas from exploratory well Umair South East-1, located in District Ghotki, Sindh, a bourse filing said. The joint venture includes the Oil and Gas Development Company Limited (OGDCL) as Operator with 70 per cent share, SPUD Energy PTY Limited (SEPL) 13.5 per cent, IPR Transoil Corporation … Read more
KARACHI: The Corporate Tax Office (CTO) Karachi of the Federal Board of Revenue (FBR) held the sixth computerised lucky draw of the Point of Sale (POS) scheme on Tuesday. A total of Rs54 million prizes were announced for 1,017 winners with first prize of Rs1 million, followed by two prizes of Rs500,000, four prizes of … Read more
KARACHI: The Pakistan equity market continued to remain in the green territory on Wednesday, as China agreed to roll over a $2.3 billion loan and extended the additional assistance of $2.5 to $2.8 billion, which triggered the sentiments at the bourse, analysts said. An analyst at Pearl Securities said the activities were also seen in … Read more
KARACHI: State Bank of Pakistan (SBP) Deputy Governor Sima Kamil has advised the banks to leverage the SBP’s initiatives to boost agriculture financing. According to a statement issued on Wednesday, the deputy governor chaired the Quarterly follow-up meeting of the Agricultural Credit Advisory Committee (ACAC) in Karachi. The meeting reviewed progress on key decisions taken … Read more
KARACHI: The rupee continued free-fall on Wednesday, as the dollar jumped to another record high of Rs206.46 in the interbank foreign exchange market, dealers said. The rupee fell Rs1.30 to end at Rs206.46 against the dollar from the previous day’s closing of Rs205.86 in the interbank foreign exchange market. Experts said the local currency is … Read more
KARACHI: The car sales in Pakistan remained flat in May clocking-in at 27,000 units due to higher car prices, economic slowdown and increase in the interest rates. During May, the car sales showed a meager growth of 2 per cent on a month-on-month basis while the same were up 46 per cent on a year-on-year … Read more
KARACHI: The Pakistan stocks closed in the green territory on Tuesday, where stability was seen on the reports of likely exclusion of Pakistan from the grey list of the Financial Action Task Force (FATF), boosting the investors’ confidence. An analyst at Pearl Securities said that the investors’ confidence got a support on news inflow of … Read more
KARACHI: Audi in collaboration with Siemens unveiled Pakistan’s first and only Ultra-Rapid DC charging station equipped with Siemens Sicharge D series chargers with power up to 160kW in Karachi, a statement said. German Ambassador to Pakistan Hon Bernhard Schlagheck said that he was pleased to be present at the inauguration of this example of brand … Read more
KARACHI: VEON Ventures has completed a $ 15 million Series A investment in Dastgyr, a Pakistan-based business-to-business (B2B) e-commerce marketplace platform, a statement said on Tuesday. The deal is VEON Ventures’ largest investment in a Pakistani startup and reflects the group’s continued commitment to the region and growth of the digital economy of Pakistan. The … Read more
KARACHI: The Pakistani rupee plunged to the historic low of Rs205.16 against the dollar on Tuesday amid uncertainty regarding the International Monetary Fund (IMF) programme besides depleting foreign exchange reserves of the country. The local unit shed Rs1.31 to close at Rs205.16 to the dollar from Monday’s closing of Rs203.85 in the interbank foreign exchange … Read more
KARACHI: The Islamabad Policy Research Institute (IPRI) held a roundtable conference on Pakistan-Bangladesh relations to discuss the wavelength of bilateral intensity and analyse recent history from individual context, a statement said. The guests from Bangladesh included Brigadier General Sakhawat Hussain (Retd), Dr Tanvir Ahmad Khab and Farooq Ahmad. IPRI’s President Ambassador Dr Raza Muhammad (Retd) … Read more
ISLAMABAD: The compressed natural gas (CNG) industry can reduce the rising circular debt by Rs1,500 billion/annum only if it is supplied the required gas and provided a level-playing field to run the businesses, said Ghiyas Abdullah Paracha, a senior leader of the All Pakistan CNG Association. Currently, the CNG sector is getting the gas from … Read more
KARACHI: The Pakistan equity market closed sharply lower amid post budget consolidation after higher taxes slapped on high earning blue chip corporates, and windfall taxes on banking sector. Ahsan Mehanti at Arif Habib Corp said that the removal of tax credits on insurance, mutual and pension funds kept the bourse under pressure. “Institutional selling on … Read more
KARACHI: The Pakistani rupee hit the historic low of Rs203.85 against the dollar on Monday due to extreme pressure of foreign payments besides declining foreign exchange reserves and uncertainty regarding the International Monetary Fund (IMF) programme. The local unit fell Rs1.50 to close at Rs203.85 to the dollar from Friday’s closing of Rs202.35 in the … Read more
ISLAMABAD: Ethnicity does not get politicised in a vacuum but through elites pursuing political and economic goals at the expense of the wider population, speakers at a dialogue said. The Islamabad Policy Research Institute (IPRI) held a dialogue on Balochistan participated by luminaries from the province, politicians, civil servants and people from the academia. The … Read more
KARACHI: The Pakistan stocks closed higher on Friday amid thin trade on strong data of large scale manufacturing (LSM) showing a growth of 10.4 per cent for July-March of fiscal year 2022 and reports of record federal budget outlay of Rs9.5 trillion, dealers said. The Pakistan Stock Exchange KSE-100 shares Index gained 0.67 per cent, … Read more
