BEIJING: China’s steel industry maintained steady operations in the first three quarters of 2023, marked by an increasing output and improved structure, the China Iron and Steel Association (CISA) said on Tuesday. “Rising steel demand from domestic manufacturers and expanding steel exports were the main factors underpinning the output growth during the first three quarters of the year,” said Jiang …

Pakistan State Oil (PSO) on Sunday suspended fuel supply to Pakistan International Airlines (PIA) amid non-transfer of daily payment to ensure fuel supply. PIA agreed with PSO for a daily payment to continue fuel supply for essential routes earlier this month after the state-owned oil company suspended the supply over piling dues. Pakistan State Oil excused PIA from supplying fuel …

Amid a slump in the economy and hyperinflation, a large number of Pakistanis, particularly the younger population, are trying to move abroad in search of employment and scholarship opportunities. According to a media report, more than 450,000 Pakistanis have left for various countries during the first quarter of 2023. The outflow of Pakistanis can be witnessed by visiting passport offices and …

Ministries of IT & Telecom and Railways have reached an agreement on the laying of optic fiber cable over railway land and payment of fee on the use of the right of way (RoW), well-informed sources told local media. Sources stated that on the instructions of SIFC, the Ministry of IT and the Ministry of Railways held talks on the …

Pakistan’s three major auto manufacturers in the country have announced a temporary shutdown of production plants due to an ongoing shortage of essential raw materials. According to details, Honda Atlas Cars, Toyota Indus and Pak Suzuki Motor Company (PSMC) have announced shutting down their production activities for a limited period. “Due to the shortage of inventory levels, the management of …

Famous Pakistani TikTok star Nausheen Saeed aka Dolly has landed into legal trouble after Punjab Revenue Authority (PRA) froze her bank account due to her ‘unresolved tax obligations’. According to details, the authorities have frozen an account with a staggering default amount of Rs10.6 million Officials have also attached Rs.44 lakhs from her bank account to partially offset the outstanding …

Two major gas companies in Pakistan are gearing up to collect a staggering Rs. 697 billion from consumers during the current fiscal year 2023-24, with fixed gas meter rent likely to surge to Rs. 2,000 per month (previously Rs. 460/month) for non-protected customers as both entities aim to avoid last year’s staggering losses, well-informed sources told to media. Sources said …

The flight operations of Pakistan International Airlines (PIA) are likely to be suspended amid the financial crisis, citing well-placed sources. According to sources, the Pakistan State Oil (PSO) has halted the supply of fuel to the PIA again over non-payment of dues. The flight operations which are badly affected due to non-provision of fuel at Multan, Sukkur and Gilgit airports, …

A high-level meeting was held between caretaker Finance Minister Shamshad Akhtar and the International Monitory Fund (IMF) in Morocco. Both discussed global economic affairs and financial stability. Shamshad Akhter expressed Pakistan’s determination to implement the promises (with the IMF) for the economic prosperity of Pakistan. The parties also discussed financial cooperation at the global level. The Governor of the State …

KARACHI: The State Bank of Pakistan has not only surpassed its forward book target of $4.2 billion for end-September, as agreed upon with the IMF, but is also “very comfortably placed” to meet the other end-quarter targets, including net international reserves and net domestic assets, SBP Governor Jameel Ahmad has said. Mr Ahmad’s remarks came during a series of meetings …

MOSCOW: Mohammad Ali, Pakistan’s caretaker energy minister, said on Thursday that Islamabad was considering signing a long-term deal to buy between 0.7 million and 1 million tons (up to 20,000 bpd) of Russian oil per year, the TASS news agency reported. The South Asian nation has started snapping up crude oil that Moscow discounted after its exports were banned from …

The federal government has appointed Muhammad Ismail Qureshi as chairperson of the board of Sui Northern Gas Pipeline Limited (SNGPL). The development was shared by SNGPL in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “This is to inform that the Federal Government in exercise of its powers as envisaged in Section 15(2) of the State-Owned Enterprises (Governance …

NEW DELHI: India wants Saudi Arabia’s Aramco to participate in its planned 6.5 million metric tons (MMT) strategic petroleum reserve (SPR) programme as the South Asian nation wants to strengthen ties with its key oil supplier, according to a document. The two nations have been talking about Aramco’s participation in the SPR programme for years. The talks, however, gained traction …

After massive hikes in electricity tariffs, the government is now all set to raise gas rates for all categories excluding protected consumers, succumbing to pressure from the International Monetary Fund (IMF). The government is on the verge of announcing a massive increase in rates for non-protected domestic consumers by up to 173 percent, commercial 136 percent, export industry 86 percent, …

Inflow of overseas workers’ remittances clocked in at $2.2 billion in September 2023, 5.3% higher on a month-on-month basis when compared to $2.1 billion in August 2023, showed data released on Tuesday by the State Bank of Pakistan (SBP). On a yearly basis, however, the monthly inflow of remittances registered a decline of 11% as it stood at $2.5 billion …

The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the general public against investing in fraudulent investment schemes of Meilleuretech Services, a sole proprietorship concern. The SECP has noticed that the entity, owned by Zeeshan Munir, is prima facie accepting deposits from the public illegally by offering various illegal “advertisement watching packages” and promising unrealistic daily …

After a noticeable decline in global petroleum prices, there is a possibility of a significant reduction in petroleum product prices in Pakistan as well. On the global stage, the price of petrol has fallen by $12 per barrel, resulting in a current price of $102 per barrel, while diesel prices have dipped by $9 to settle at $117 per barrel. …

The State Bank of Pakistan in clarification over its warning that depositors could lose their deposits in banks, said that the banking system in Pakistan is stable the deposit system is safe and there is sufficient capital in the system. The statement issued said Pakistan has improved its ability to withstand severe shocks in the banking sector under a strong …

The World Bank (WB) has strongly recommended higher rates of the federal excise duty (FED) on cigarettes. The World Bank’s latest report ‘Pakistan Development Update’ said that a substantial revenue gain of 0.4 percent of GDP could be achieved if the current rate on premium cigarettes (Rs. 16.50 per cigarette) was also applied to standard cigarettes. The report said that …

The Pakistan State Oil (PSO) has once again suspended fuel supply to Pakistan International Airlines (PIA) over unpaid dues. Multiple PIA flights faced delays due to the suspension of fuel supply at Lahore airport. PK-747 from Lahore to Madina and PK 305 from Lahore to Karachi were delayed for hours. The PIA spokesperson assured that the delayed flights will take …

Exports of Pakistan’s textile sector continued to maintain a downward trajectory, clocking in at $1.35 billion in September compared to $1.53 billion recorded in the same month of the previous year for a year-on-year decline of 12%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Wednesday. Data showed the country’s textile exports in the first …

Swiss Port Company has issued a letter to stop providing ground-handling services as national airline facing serious financial challenges. “Due to non-payment of dues, PIA flight operation to Canada services are being stopped from 3rd October at 5 pm,” the statement reads. The Swiss Port Company demanded $248,000 dollars should be paid immediately along with an advance of $100,000 dollars …

In a distressing development, the poverty headcount in Pakistan is estimated to have reached 39.4% in FY23 more than 5 percentage points higher than in FY22, amid slowing growth and high inflation, revealed World Bank in its report titled ‘Pakistan Development Update: Restoring Fiscal Sustainability’ released on Tuesday. The significant increase in poverty is due to reduced economic activity and …

Cotton arrival in Pakistan witnessed a significant increase of 27.7% as of September 30 compared to September 15, showed the latest fortnightly data released by the Pakistan Cotton Ginner’s Association (PCGA) on Tuesday. As per the report, total cotton arrival in Pakistan rose to 5.025 million bales compared to 3.934 million bales recorded on September 15, 2023, an increase of …

Corn prices have fallen by up to Rs. 250 per 40kg across Punjab in a week amid new crop arrivals and the trend is expected till next year. According to a well-informed source, corn prices are reported at as low as Rs. 2,000 per 40kg in Faisalabad, Sheikhupura, Gujranwala and Kasur, from the average price of Rs. 2,270-2,280 a week …

Pakistan’s trade deficit narrowed by 42.25% to $5.29 billion in 3MFY24 mainly due to a massive reduction in imports, a direct result of administratively-controlled measures. The country’s trade balance, gap between exports and imports, was recorded at a deficit of $5.29 billion in July to September period of the year 2023-24 as compared to $9.16 billion in the same period …

Pakistan refiner Cnergyico has imported the country’s first private-sector shipment of Russian crude oil, it said on Monday, as the cash-strapped nation takes advantage of Moscow’s discounts on its oil exports. The South Asian nation has started snapping up crude oil that Russia has discounted after its exports were banned from European markets over Russia’s invasion of Ukraine. Pakistan’s first …

Bank of the Future Forum 2023, one of the key banking and financial conferences in Pakistan, co-hosted by Systems Limited and Temenos, is set to take place on 5th October 2023 at PC Hotel Karachi. The 12th edition of BOFF will welcome over 500 C-Level executives from banks and financial institutions, regulators, fintechs, investors, analysts and media, promising an unparalleled …

The Federal Board of Revenue (FBR) has exceeded the tax collection target for the month of Sept 2023 by Rs35 billion. The FBR maintained that the tax collection target in Sept was set at Rs799 billion, but on the contrary, it collected Rs834 billion. Similarly, the revenue collection authority said that tax collection for the first quarter of fiscal year …

Citizens reject meager decrease in POL prices Since caretaker assume into power, the price of petrol has been increased by Rs58 per liter and educed only by Rs8. People, who are suffering from record inflation, termed the relief as very ‘inadequate’ and urged government to fairly decrease the price of POL products. Also, the caretaker government increased the dealer margin …

On the back of a crackdown on smuggling and illegal exchanges, the Pakistani rupee emerged as the best-performing currency in the world in September. The currency appreciated from Rs305.54 against the US dollar on August 31 to Rs287.74 on September 28 against the greenback, an increase of Rs17.8 or 6.2%. The rupee is currently also on a winning run of …

RIYADH: Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil. The company seen as the jewel of the Saudi economy said it would acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG. “We …

Pakistan witnessed a positive development in the financial system as e-banking transactions contributed to 85% of total payments processed by banks and Microfinance banks (MFBs). The remaining 15% were paper-based transactions, according to the latest number released by the State Bank of Pakistan (SBP). This percentage stood at 80% for e-banking and 20% for paper-based transactions in FY22, indicating customers …

Pakistan: In a small workshop in the bustling northwestern Pakistani city of Peshawar, a dozen Afghan women sit watching a teacher show them how to make clothes on a sewing machine. The skills center was set up last year by Peshawar resident Mahra Basheer, 37, after seeing the steady influx of people from neighboring Afghanistan where they face an economic …

Pakistan has received its first shipment of liquified petroleum gas (LPG) from Russia, Moscow’s embassy in Islamabad said on Tuesday, marking the South Asian country’s second major Russian energy purchase. The shipment, which the embassy said was delivered with Iranian help, comes after Pakistan received its first-ever delivery of Russian crude under a deal struck between the two countries earlier …

Since the government has initiated a crackdown against black markets of essential commodities, the ex-mill prices of sugar have fallen by nearly Rs. 3,000, bringing a significant problem for those involved in speculation and gambling over sugar prices. For those who never heard of satta and speculation of commodities like gold and sugar, there are two types of buying that …

Despite facing global sanctions, Afghanistan’s currency the afghani has emerged as the best-performing one this quarter as billions of dollars in humanitarian aid and rising trade with Asian neighbours propelled it to climb around 9% in the said period, reported Bloomberg on Tuesday. “The ruling Taliban, which seized power two years ago, has also unleashed a series of measures to …

The State Bank of Pakistan (SBP) is taking groundbreaking steps to bolster economic stability for unemployed women by offering them interest-free loans to kickstart large-scale businesses. This initiative was announced by Fazal Muqeem, Deputy Chief Manager of SBP in Dera Ismail Khan, during a one-day seminar titled ‘Women Bankability and Banking on Equality,’ hosted by SBP at the Government Polytechnic …

ISLAMABAD: Former Governor State Bank of Pakistan (SBP), Dr Ishrat Hussain, on Saturday, said predictability and consistency of policies are critical for a viable political economy and to attract investment in the country, deploring that around 60 percent of the national economy is outside the tax net. He was speaking at the Achieving Fiscal Sustainability session on the second day …

UK’s visiting professor of Economic Policy at Oxford University, Stefan Dercon, has called upon Pakistan’s elite to shun dependence on foreign loans to revive the ailing economy, saying that the privileged class of the country is losing ground and legitimacy, The News reported. “The elite will have to change to build up common grounds because there is no quick fix. …