Pakistan’s automotive industry has laid off thousands of workers due to a government ban on raw material imports, a massive rupee depreciation, and rising inflation. According to a report from Arab News, Pakistan is facing its worst economic crisis yet, with the central bank’s foreign exchange reserves falling to $4 billion. It’s barely enough to cover three weeks of imports, …

Pak Suzuki Motor Company (PSMC) has once again announced that it will shut its motorcycle plant until June 10, 2023. The automaker shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. It said the decision was made due to the ongoing government import restrictions that have affected the auto sector, causing a shortage of inventory. …

KARACHI: In the absence of fresh triggers and expected higher dollar demand from importers towards the end of the month, the rupee is expected to remain limited against the US dollar next weeks. The local currency, in the outgoing week, fell 0.29% against the dollar in the interbank market. On Monday, the rupee closed at 284.97 against the dollar against …

ISLAMABAD: The new budget has proposed to retain the super tax on high-income individuals and companies. The income of Rs150 million to Rs300 million will be taxed from 1% to 10%. Preparations for tax proposals for the budget 2023-24 are under way. Super tax on high income individuals and companies is being proposed to be retained. A super tax of …

YouTube would remain focused on the advertising opportunities across its fastest-growing products, including Shorts Google’s YouTube has generated nearly $40 billion in revenue over the past 12 months, according to YouTube Chief Executive Officer Neal Mohan. “Monetization for us, first and foremost, is driven by advertising,” said Mohan, who gave an overview of the video platform’s business at the MoffettNathanson …

A delay in the IMF program and the political uncertainty in the country have affected the schedule for budget 2023-24 also, as a meeting of the National Accounts Committee has been rescheduled for the second time. The meeting has now been re-convened on Monday. Estimates of the GDP growth for the current financial year will be released in the meeting. …

Heightened political uncertainty in Pakistan is “probably one of the reasons” the International Monetary Fund (IMF) is hesitant to revive the stalled bailout package, stated Bloomberg in a note on Friday. Ankur Shukla and Abhishek Gupta, at Bloomberg Economics, said “capital is fleeing Pakistan because there is a growing risk that the IMF will not deliver a bailout, which is …

KARACHI: The State Bank of Pakistan (SBP) said Pakistan’s macroeconomic conditions deteriorated during the first half of fiscal year 2022-23 (H1-FY23) despite policy-induced improvement in external current account and primary fiscal balance. In its Half Year Report for FY23 on the ‘State of Pakistan’s Economy’ released on Friday, the SBP noted that adverse global economic conditions, uncertainty surrounding the completion …

KARACHI: Mango crop in Pakistan faces the challenge of climate change this year and a reduction of 20 per cent is being estimated in its production. The production capacity of mangoes in Pakistan is around 1.8 million metric tons, however, due to the effects of climate change, it is feared that the production is expected to decrease by 20 per …

ISLAMABAD: Musadik Malik, the Minister of State for Petroleum, on Wednesday stated that the implementation of the cost-effective petrol scheme has been delayed until concerns raised by the International Monetary Fund (IMF) are “adequately addressed and resolved”. The Minister, while talking with media expressed that there might have been a lack of effective communication in conveying government’s stance on the …

ISLAMABAD: The Senate’s Standing Committee on Finance has decided to ban cryptocurrency services in Pakistan from the country’s Internet. Minister of State for Finance Aisha Ghaus Pasha said that the government will never legalize cryptocurrency in Pakistan. She said that the State Bank of Pakistan (SBP) and the IT Ministry have started working on banning cryptocurrencies. She added that FATF …

ISLAMABAD: Pakistan government has signed a Debt Service Suspension Agreement with the Republic of Korea to defer loans worth $19.911 million, under the G-20 Debt Service Suspension Initiative (DSSI) framework.   As per a statement released by the Ministry of Economic Affairs on Monday, the amount, which initially had to be repaid between July and December 2021, would now be …

The output of Large Scale Manufacturing Industries (LSMI) witnessed a decline of 24.99 per cent year-on-year in March 2023, the largest drop since May 2020 (during the pandemic), data released by the Pakistan Bureau of Statistics (PBS) showed on Monday.   According to the provisional Quantum Index numbers (QIM), the LSMI output declined by 9.09 per cent in March 2023 …

Pakistan made roaring business of Rs1,000 billion through various transactions in a year through Google, said the search giant’s Country Director Farhan Qureshi. In an exclusive conversation, the Google official said the customers reaped a benefit of Rs210 billion in a year. Google is creating 410,000 employment opportunities annually, Qureshi said, adding there are 350 content creators in Pakistan with …

ISLAMABAD: The Ministry of Planning, Development and Special Initiatives on Friday announced the completion of the China Exhibition and Trading Center in a record time of six months at the Gwadar deep-sea port with the cost of $12 million. The project was launched in November 2022 on the direction of Minister for Planning Development and Special Initiatives Professor Ahsan Iqbal …

KARACHI: After Thursday’s historic decline in the Pakistani rupee’s value, the local unit gained Rs12.43 against the US dollar in a “dramatic twist” in early trading session on Friday. The dollar was being traded at Rs286.50 during the inter-bank trade around 10:15am. On Thursday, the dollar reached all-time high of Rs298.93 after gaining Rs8.71 in the interbank market, and Rs305 …

LAHORE: The Pakistani rupee on Thursday continued setting new records in its value against the US dollar as the local unit lost Rs1.78 during the intra-day trading. The local currency was being traded in Rs293 at 10:20am with Rs1.78 decrease. The dollar has appreciated Rs9.41 against the Pakistani rupee in the last four days. The weakening of the local unit …

Pakistan is not on the agenda of International Monetary Fund’s (IMF) meetings as a result of which the ninth review under the Extended Fund Facility (EFF) will be delayed. The IMF executive board issued schedule of its meetings to be held till May 17 on its website. The next meetings are scheduled for May 11, 15, and then again on …

ISLAMABAD: The government succeeded in raising Rs705 billion through an auction of market treasury bills despite Rs1.195 trillion bids offered mostly by banks on Wednesday. The banks having surplus liquid cash took part in bidding that showed their willingness to invest in the government bills. The government was close to its target of Rs750 billion but the accepted amount was …

ISLAMABAD: Tax experts have urged the Federal Board of Revenue (FBR) for an early initiation of investigation into allegations surrounding potential smuggling of cigarettes by multinational companies, in addition to their legally imported consignments. According to data from the Pakistan Bureau of Statistics, approximately 15,907 metric tonnes of tobacco and tobacco products, including a small quantity of cigarettes, were imported …

ISLAMABAD: As the PTI and the PDM-led government concluded the third and final round of negotiations on Tuesday, the government was set to present the annual budget for the fiscal year (2023-24) on June 9, sources said on Wednesday. The final round ended with both sides agreeing on holding elections on same day with no consensus on the date. Sources …

ISLAMABAD: The Board of Directors (BoD) at Silkbank Limited has given its go-ahead to the management to formally pursue the ‘potential merger’ with United Bank Limited (UBL).   Silkbank shared the development in a filing to the Pakistan Stock Exchange (PSX) on Tuesday.   “We would like to inform you that United Bank Limited (UBL) has expressed an interest in …

KARACHI: Zubair Tufail, President of United Business Group (UBG) and Hanif Gohar Secretary General of UBG Sindh Zone have said that the continuous increase in inflation has crippled the industry. Due to the end of subsidies and the lack of new investment in the country, many factories have come to a halt. They said that the rate of inflation increased …

ISLAMABAD: In a good news for already inflation-hit people, the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the government for lowering prices of petroleum products for the next fortnight. According to sources, the price of petrol can be reduced by five to seven rupees and the price of diesel has been proposed to be reduced by …

ISLAMABAD: The Economic Advisory Wing of the Ministry of Finance in its ‘Debt Sustainability Analysis (DSA) Report has conceded that inflation, measured as CPI, was expected to rise in FY23 to 28.5pc on average due to uncertain political and economic environment, pass-through of currency depreciation, and the rise in energy prices and stay at 21pc even in the next fiscal …

ISLAMABAD: The International Monetary Fund (IMF) is awaiting clarity on petrol subsidy scheme as Pakistani authorities have not yet withdrawn the proposed cross-fuel subsidy scheme in writing to the Fund, reports a media outlet. The scheme is being regarded as one of the reasons for delay in the agreement. The lender had raised objections to the proposal, asking Islamabad to …

ISLAMABAD: Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, has reported a profit-after-tax (PAT) of Rs3.216 billion for the third quarter of financial year 2022-23, a decrease of 37 per cent as compared with earnings of Rs5.118 billion in the same period of the previous year.   Earnings per share (EPS) stood at Rs40.92 compared with Rs65.11. …

KARACHI: The retail prices of veal beef, both boneless and with bones, have witnessed an increase in the last one and half months to Rs900-950 and Rs1,100-1,200 per kg respectively, citing an increase in wholesale prices. Despite the Commissioner Karachi fixing the prices at Rs750 and Rs900 per kg, retailers didn’t follow the official price list during Ramazan. Similarly, mutton …

LAHORE: Business and industry in the country are facing severe setbacks, and the business community has declared the current economic situation in the country dangerous for trade and investment. The interest rate in Pakistan has reached the highest level of 21%, and the trader community is extremely unhappy with the government’s economic policies. President of the Federation of Pakistan Chambers …

LAHORE: The business community sought immediate government intervention for resolving the issues faced by small and medium enterprises and the cottage industry. Chairing a meeting, Khadim Hussain, a member board of directors of the Pakistan Stone Development Company, Punjab said that running a business in the prevailing circumstances became an uphill task for cash-strapped companies. “Instead of taking measures to …

ISLAMABAD: Pakistan and Portugal have agreed to increase bilateral trade and investment, and collaboration in agriculture, water management, blue economy, green technologies, and employment opportunities for Pakistani workforce. The resolve came at the Third Round of Bilateral Political Consultations between Pakistan and Portugal held in Lisbon, the Foreign Office said on Saturday. Additional Foreign Secretary (Europe) Ambassador Muhammad Saleem led …

KABUL: The Afghan central bank sold 15 million U.S. dollars via auction on Saturday to keep the national currency stable against foreign currencies, especially the U.S. dollar, said a statement. Da Afghanistan Bank (DAB) said that the national currency afghani was tumbling against foreign currencies especially the U.S. dollar over the past couple of months. The exchange rate for 1 …

KARACHI: An increase of Rs10-14 per litre is likely to be announced by the government in the price of petrol from April 16. The government could increase the price of petroleum products while attributing it to rising oil prices in global markets. The increase can jump to Rs14 per litre if the government also adjusts the exchange rate losses, unlike …

SINGAPORE: Tesla Inc has cut prices of its Model 3 and Model Y vehicles in Singapore between 4.3% and 5%, its website showed on Friday. Tesla cut prices on Real-Wheel Drive version of both Model 3 and Model Y by S$4,000 ($3,020), and Dual Motor All-Wheel Drive version of the two models by S$5,000, the website showed. The US electric …

KARACHI: The Pakistani rupee continued upward momentum as the local currency gained 66 paisa against the US dollar in the interbank market on Friday. The dollar was being traded at Rs284.25 at 11:05am. The dollar has lost Rs4.18 against the local unit in the last three trading days. On Thursday, the rupee gained Rs1.71 or 0.60 per cent against the …

KARACHI: The Pakistani rupee witnessed a historic low in value against the US dollar on Tuesday, losing another Rs1.34 to reach Rs288.43 in the interbank market. This comes a day after the local unit had registered a significant decline against the greenback, settling at 287.09 in the inter-bank market after a loss of Rs2.44 or 0.85 per cent. The dollar …

KARACHI: The Pakistan Stock Exchange Limited (PSX) will remain closed on April 14, on account of Juma Tul Wida the last Friday of the holy month of Ramadan. In a statement, the PSX said: “All TRE (Trading Rights Entitlement) Certificate holders [of the exchange], staff and concerned are hereby informed that Pakistan Stock Exchange Limited will remain closed on Friday, …

ISLAMABAD: Pakistani rupee on Thursday gained some ground against the US dollar in the interbank market as Saudi Arabia signals funding of $2 billion to the South Asian nation on IMF demand. Data shared by forex dealers shows that the rupee recovered by Rs1.35, and was currently hovering at Rs286.50. Earlier this week, the rupee tumbled to record low against …

LAHORE: Chinese tech giant Huawei is likely to re-enter the Pakistani smartphones market at the year’s end; company officials reveal recently. In an interaction with local media at an event, Huawei’s executives in Pakistan that the re-launch was expected by the end of this year or by early 2024. The ceremony, organised to launch the company’s annual report for 2022, …

LAHORE: Pakistan’s textile sector exports plunged by 21 per cent to $1.29 billion in March 2023 as compared to $1.63bn recorded in the corresponding month of 2022. Provisional data released by the All Pakistan Textile Mills Association (APTMA) on Tuesday showed that the country’s textile exports in the first nine months of FY23 fell by 12pc to $12.5bn, coming down …