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International Monetary Fund (IMF) is awaiting clarity on petrol subsidy scheme as Pakistani authorities have not yet withdrawn the proposed cross-fuel subsidy scheme in writing to the Fund, reports a media outlet.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 …

KARACHI: Financial markets are gearing up for an interest rate hike announcement as the State Bank of Pakistan (SBP) is highly expected to jack up its key policy rate by 100-200 basis points (bps) to 21-22% at the monetary policy review today (April 4) to rein in historic high inflation. On March 2, the central bank raised its key rate …

KARACHI: The 100-index of the Pakistan Stock Exchange (PSX) fell by 110.93 points, or 0.28 per cent, on Monday and closed at 39,889.90 points against 40,000.83 points the previous day. A total of 74,430,002 shares were traded during the day as compared to 112,200,436 shares the previous day, whereas the price of shares stood at Rs1.750 billion against Rs3.933 billion …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Monday approved an increase of Rs6 per unit in the power tariff for Karachi Electric (K-Electric) consumers. It comes in response to the federal government’s recommendation to increase fuel cost adjustments. The hike will take effect from April until June 2023. Earlier, despite a downfall in crude oil prices in the …

LAHORE, April 01 (Internews): Federal Board of Revenue remain Rs.64bn short in terms of revenue generation. Although, the monthly inflation report published by Finance Ministry notes 18.2% increase in tax collection by FBR, but revenue gathering by the department could not achieve targets in the month of March. According to the sources, FBR generated Rs.663bn in revenue, whereas the set …

ISLAMABAD , March 31, 2023: Pakistan and United Arab Emirates (UAE) on Friday expressed the resolve to strengthen bilateral cooperation in diverse fields. The development came during a meeting of a UAE delegation with Prime Minister Shehbaz Sharif in Islamabad. The delegation was led by the Chairman of Hayat Bio-Tech and a member of the ruling family of the UAE, …

ISLAMABAD , March 31, 2023: The Pakistan Bureau of Statistics (PBS) announced on Friday weekly inflation dropped by 0.36 per cent to 45.36% on an annual basis during the ongoing week, bringing a sigh of relief for low- and middle-income consumers across the country. The downward trend comes after the unprecedented price hike was witnessed by people in recent weeks …

ISLAMABAD , March 31, 2023: The Oil and Gas Regulatory Authority (Ogra) has proposed decrease in petroleum prices in line with the downward trend in the international market. Sources said the authority had sent a summary to the government, recommending a decrease of up to Rs15 in prices of the petroleum products. Ogra has recommended a reduction in the price …

ISLAMABAD , March 30, 2023: Finance and Revenue Minister Ishaq Dar on Thursday avoided giving any timeline for striking deal with the International Moneatry Fund (IMF) during his speech in the Senate (Upper House), saying “all technical-level discussions are over. Responding to a Question/Answer session at the Senate, he said the global lender wanted commitments made by friendly countries to …

ISLAMABAD, March 30, 2023: The International Monetary Fund (IMF) has asked the Pakistani authorities to provide more details about the petrol relief package causing more delay in the signing of the staff-level agreement, The News reported Thursday. The half-baked cross-fuel subsidy proposal by the petroleum ministry has failed to convince the Fund, which has rejected the initial plan arguing that …

KARACHI , March 30, 2023: China is working on a request from cash-strapped Pakistan to roll over a $2-billion loan that matured last week, a top finance ministry official told Reuters, amid a stalemate in bailout talks with the International Monetary Fund (IMF). Such a rollover is critical for Pakistan, where foreign exchange reserves have dipped to just four weeks’ …

LAHORE, March 30, 2023: A Japan’s leading trading company has reportedly offered Pakistan to sell Russian oil and Nigerian Liquified Natural Gas (LNG) to Pakistan at 35 per cent less than the global market’s prices. The Japanese company partners with an Irish company for the purpose. It is learnt that the representative of the Japanese company made this offer to …

KARACHI, March 29, 2023: The European Union (EU) has removed Pakistan from the “List of High-Risk Third Countries” after which Pakistani businesses and individuals will no longer be subjected to “Enhanced Customer Due Diligence” by the regionals body’s legal and economic operators. A statement issued by the Ministry of Commerce today said the EU authorities have removed Pakistan from the …

LAHORE , March 28, 2023: The confirmation of financial support from Saudi Arabia and the United Arab Emirates (UAE) will lead to the signing of the staff level agreement (SLA) between Pakistan and the International Monetary Fund (IMF), sources said. Sources told Dunya News that the IMF was awaiting the support confirmation from two countries. Finance and Revenue Minister Ishaq …

ISLAMABAD , March 28, 2023: The Economic Coordination Committee (ECC) has deferred a proposal put forward by the Ministry of National Health Services, Regulations and Coordination that sought an increase in the price of more than 100 medicines. Chaired by Finance Minister Ishaq Dar, the Committee considered a summary of the health ministry for the maximum retail price of Remdesivir …

SINGAPORE , March 27, 2023:Saudi Aramco (2222.SE) signed an agreement with Chinese partners on Sunday for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals. The project in Liaoning province’s city of Panjin will be Aramco’s second major refining-petrochemical investment in China and …

ISLAMABAD , March 25, 2023: The Peshawar Electric Supply Company (Pesco) has submitted a tariff petition in the National Electric Power Regulatory Authority, seeking an increase in electricity prices. The power supply company has sought Rs1 per unit increase in the electricity rate for consumers in Khyber Pakhtunkhwa in order to recover Rs62.88 billion. It would recover Rs16 billion in …

LAHORE , March 24, 2023: China has approved a rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for one year for cash-strapped Pakistan racing to secure assurance of external financing from friendly countries to revive the IMF deal. Finance Minister Ishaq Dar confirmed the development to local media on Friday as the rollover of Chinese SAFE deposits …

ISLAMABAD, March 24, 2023: China has approved the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for a year, reported The News on Friday. “Yes,” Finance Minister Ishaq Dar replied to the publication when asked about getting the rollover of $2 billion SAFE deposits. It was one of the requirements of the IMF for getting the rollover …

Web Desk, 23, 2023: The Sui Southern Gas Company (SSGC) announced on Wednesday that the gas will be provided to consumers during Iftar and Sehr timings during the holy month of Ramadan. The utility provider said that the gas pressure would be low from 8am till 2:30pm as it faces a shortfall of 250 million mmbtu. “This is insanity to …

Web Desk, March 23, 2023: The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. Fed Chair Jerome Powell sought to reassure investors about the soundness of the banking system, saying that the …

ISLAMABAD , March 22, 2023: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved technical supplementary grant of Rs27 billion for Kuwait Petroleum Company. An emergent meeting of ECC approved a special grant of Rs27 billion (about $100 million) for payments to KPC to avoid a formal default of the national fuel supplier — Pakistan State Oil (PSO). …

Web Desk , March 21, 2023: The International Monetary Fund (IMF) could release funding to Pakistan by June under a bailout package, Bloomberg Economics reported on Tuesday. “Our base case is that the IMF will deliver the remaining $2.6 billion in aid under the current bailout program by June – helping Pakistan wiggle through the immediate crisis – as the …

BLOOMBERG , March 21, 2023: The International Monetary Fund (IMF) said that the Pakistani government did not consult the global lender on its petrol subsidy for low-income groups, reported Bloomberg on Tuesday. Esther Perez, the IMF’s resident representative for Pakistan, told the publication that the lender was not consulted on the government’s plan to raise fuel prices for wealthier motorists …

KARACHI , March 21, 2023: A Russian technical delegation is holding talks today with Pakistan State Oil (PSO) officials in Karachi to finalise a crude oil import deal at a government-to-government level, it is learnt. Successful talks will lead to the signing of a commercial agreement the next day (March 22). PSO has been nominated as the state-owned company on …

KARACHI, March 21, 2023: The Foreign Direct Investment (FDI) in the country plunged by 40 per cent in the first eight months of current fiscal year (FY23), data released by the State Bank of Pakistan (SBP) shows. The country fetched $784.4 million FDI during July-Feb of FY23 compared to $1.315 billion in corresponding period of last fiscal year (FY22), showing …