Category : Business

KARACHI: Current account deficit declined by 68 per cent to $3.8 billion during the first eight months of the current fiscal year (FY23) from $12bn during the same period last year. February showed a healthy sign as the CAD fell to just $74 million against $519m last year, the lowest monthly deficit recorded since February […]readmore

Finance Minister Ishaq Dar said on Monday that his comments in the Senate on Pakistan’s nuclear programme were being “quoted out of context”, adding that the delay in the International Monetary Fund (IMF) programme was due to “technical reasons”. Last week, Dar told the upper house of Parliament that there would be “no compromise” on […]readmore

Oil prices fell on Monday to their lowest in 15 months on concerns risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential hike in United States interest rates this week. Brent crude futures for May settlement fell $2.32, or 3.2 per cent, […]readmore

The rupee remained under pressure on Monday, with analysts citing the uncertainty surrounding the revival of an International Monetary Fund (IMF) programme and a lack of confidence in the government. The local currency closed at Rs284.03 per dollar, according to data shared by the State Bank of Pakistan (SBP). This equates to a depreciation of […]readmore

Minister of State for Petroleum Musadik Masood Malik said on Monday that the government will charge Rs100 more for petrol from the affluent so that relief could be provided to the low-income segments in fuel tariff. “We will make petrol expensive for the rich and cheaper for the poor … the higher prices being paid […]readmore

ISLAMABAD: The Pakis­tan Steel Mills (PSM) has opposed a bid by the Sui Southern Gas Company Ltd to take over its 1,400 acres for Rs43 billion, a valuation the mill’s management has described as “one-sided”. The takeover bid has been made against the mill’s outstanding liabilities that the gas company’s management has worked out at […]readmore

KARACHI: After manipulating prices to a record peak in recent weeks, Sindh flour millers have brought down rates of various varieties by Rs10 per kg to show some mercy to consumers ahead of Ramazan. The price of 50kg bag of flour no.2.5 has been reduced to Rs6,400 (Rs128 per kg) from Rs6,900. The rate of […]readmore

ISLAMABAD: Short-term inflation, based on the Sensitive Price Index (SPI), saw a record increase to 45.64 per cent for the combined income group on a year-on-year basis for the week ending March 16 fuelled by consistent increase the price of essential commodities, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. […]readmore

ISLAMABAD: The federal cabinet on Friday approved wrapping up of the SME Bank on the recommendations of the State Bank of Pakistan (SBP), but issued directives to ensure the protection of consumers’ deposits. The cabinet presided over by Prime Minister Shehbaz Sharif fixed the support price of 40 kilograms of cotton crop. In another decision, […]readmore

ISLAMABAD: The national grid operator — National Transmission & Despatch Company (NTDC) — issued notice of default to a Chinese firm for inordinate delays in the completion of a 45-km transmission line near Lahore. In a notice of default, the NTDC has conveyed to Sin­o­hydro Corp Ltd that the scheduled completion for the 220kV transmission […]readmore

Oil prices rebounded by about one per cent on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, after a banking crisis sparked a sell-off in global financial and oil markets this week. Brent crude futures rose by 81 cents to $75.51 a barrel by 0400 GMT, having […]readmore

Finance Minister Ishaq Dar announced on Friday that cash-strapped Pakistan had another received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC). Taking to Twitter, Dar said the State Bank of Pakistan (SBP) had received the money in its account, saying that it would help to shore up foreign exchange reserves. On […]readmore

Pakistan’s foreign exchange reserves held by the central bank rose by $18 million in the week ending on March 10, the State Bank of Pakistan (SBP) said on Thursday. A handout issued by the SBP said its reserves stood at $4.319 billion while net foreign reserves held by commercial banks were $5.527bn. The central bank […]readmore

RAWALPINDI: The global air transport body has warned of an ‘aviation crisis’ in Pakistan as airlines are struggling to recover $290 million due to a severe financial crisis, the Financial Times reported on Thursday. Pakistan Civil Aviation Authority (PCAA) has said it was trying to pay the airlines on time and has been in contact […]readmore

Maqsad, an edtech platform for academic content, has raised a seed round of $2.8 million at an undisclosed valuation, co-founder Rooshan Aziz told Dawn in an interview on Wednesday. The latest funding takes the startup’s all-time capital raised to $4.9m as it conducted a pre-seed round of $2.1m a year-and-a-half ago. A company statement said […]readmore

ISLAMABAD: The government on Wednesday increased the prices of all petroleum products, except the insignificant light diesel oil (LDO), by up to Rs13 per litre for the next fortnight. With the latest review, the most inflationary high-speed diesel (HSD) prices made a new record, reaching Rs293 per litre. The HSD price adjustment directly impacts consumer […]readmore

Prime Minister Shehbaz Sharif said on Wednesday that the threat of Pakistan defaulting on its debts was “now over” and that a staff-level agreement with the International Monetary Fund (IMF) would happen “soon”. Addressing a delegation of Council of Pakistan Newspapers Editors (CPNE) in Islamabad, the premier said his government had successfully managed to save […]readmore

LONDON: Top cryptocurrency bitcoin hit a nine-month high of $26,533 on Tuesday, in its fourth consecutive day of gains, as it appeared to benefit from chaos in global markets following last week’s collapse of Silicon Valley Bank. Bitcoin rose to $26,533, up around 10 per cent on the day at its highest since June 2022. […]readmore