ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has decided to continue the ban on export of sugar after prices reached record-high across the country to bring stability to the local market. Caretaker Finance Minister Dr Shamshad Akhtar chaired a meeting of the committee when the ban was approved after reviewing the ongoing … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged Federal Commerce Minister Naveed Qamar to allow the export of sugar and other sweeteners including brown sugar and jiggery, a statement said. Unisame President Zulfikar Thaver said that there is a surplus of sugar in the country and the government must allow its exports … Read more
The World Food Programme (WFP) is optimistic about an agreement to reopen Ukrainian ports for grain exports. Russia, Ukraine, the United Nations, and Turkey signed an agreement on Friday to allow ships to enter and exit three Ukrainian Black Sea ports that have been closed by Russia. LONDON, 25 JULY (Reuters) – The World Food … Read more
Britain could offer insurance to ships to move millions of tonnes of grain stuck in Ukraine. Russia’s invasion of Ukraine and blockade of its Black Sea ports have led to the food crisis. Boris Johnson says Britain is willing to assist with demining operations off Ukraine’s southern coast. Britain pledges $456 million in aid to … Read more
Oil-for-debt swaps halted two years ago when Washington stepped-up sanctions. The volume of oil Eni and Repsol are expected to receive is not large. Washington’s green light to resume Venezuela’s long-frozen oil flows to Europe could provide a symbolic boost for Venezuela. The U.S. State Department gave the sign of approval for the two organizations … Read more
Dmytro Kuleba, Ukraine’s foreign minister, called on the West on Wednesday to “kill Russian exports” as retaliation for Moscow’s invasion of his country, urging the international community not to fund the Kremlin’s “war machine.” “My message is very simple. Kill Russian exports,” Kuleba said at the World Economic Forum in Davos. “Stop buying from Russia. Stop allowing … Read more
Iran is considering selling gas to Europe, an oil ministry official said on Sunday, amid rising energy prices caused by Russia’s conflict in Ukraine. “Iran is studying this subject but we have not reached a conclusion yet,” deputy oil minister Majid Chegeni was quoted as saying by the ministry’s official news agency, Shana. “Iran is … Read more
KYIV: Ukraine, one of the world’s top wheat producers, has set export restrictions on the crop and other agricultural products amid Russia’s military invasion, the Interfax Ukraine news agency reported. According to a government decree published on Sunday evening, a license issued by the authorities is now required in order to export wheat, poultry meat, … Read more
KARACHI: Pakistan needs viable and inexpensive electricity for socioeconomic development, but the situation is contrary, as the power regulatory authority on the dictation of the International Monetary Fund (IMF) has increased the tariff several times in the last few months, creating financial problems for the residential and industrial units alike. Pakistan Apparel Forum Chairman Javed … Read more
KUNMING/VIENTIANE – The China-Laos Railway has transported over one million passengers and 500,000 tonnes of cargo since it was launched in December 2021, while business operators from Thailand, Vietnam, Cambodia and Myanmar are now using the same facility to import and export goods to and from China and beyond, according to a Lao official. The … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the Ministry of Commerce to assist in adopting khashkhash as food and food ingredient, a statement said on Monday. The Unisame asked the Ministry of Commerce to urge the United Nations (UN) to revisit the Single Convention on Narcotic Drugs 1961, and remove the … Read more
KARACHI: The exchange rate ended unchanged on Thursday, as the dollar was being traded at Rs176.98, which was the previous day’s closing at the interbank foreign exchange market, dealers said. The market witnessed high dollar demand for import and corporate payments; however, the banks provided sufficient dollars against the demand to keep the rupee value … Read more
KARACHI: The Pakistani rupee continued its fall for the third straight day against the dollar as the global crude oil prices rose. The rupee declined 26 paisas to end at Rs176.98 against the dollar on Wednesday, against the closing of Rs176.72 on Tuesday in the interbank foreign exchange market. The dealers said that the dollar … Read more
KARACHI: The board of directors of The Organic Meat Company Limited (TOMCL) has reappointed Nihal Cassim as chairman of the company, a bourse filing said on Tuesday. The meeting also reappointed Faisal Hussain as the chief executive officer of the company subsequent to the election of the directors, it added. The company is a meat … Read more
KARACHI: The rupee is expected to remain stable next week on the back of the measures introduced by the central bank to ensure realisation of export receipts within 120 days. The State Bank of Pakistan on January 5, 2022 directed the exporters to realise their export receipts within 120 days from the date of shipment … Read more
KARACHI: The State Bank of Pakistan (SBP) has digitalised the process for obtaining refinance by banks under the Export Finance Scheme (EFS), a statement said. The SBP on Wednesday said it had digitalised the process of obtaining refinance by the banks under the Export Finance Scheme (EFS) for both conventional and Shariah-compliant versions. Digitalisation of … Read more
KARACHI: The rupee gained 15 paisas against the dollar on Monday, as holiday in the US markets lowered the foreign currency demand in the domestic market, dealers said. The interbank foreign exchange market ended at Rs175.92 against the dollar from last Friday’s closing of Rs176.07. The dealers said the US markets were observing the holiday … Read more
KARACHI: Import restrictions introduced through the Finance Supplementary Bill is expected to help the rupee remain stable next week. However, a surge in the international oil prices may prove otherwise. The National Assembly on January 13, 2022 approved the Finance (Supplementary) Bill, 2021. Through the legislation, the government withdrew exemptions and concessions worth Rs343 billion. … Read more
