ISLAMABAD, May 27(ABC): Government will be increasing electricity prices by Rs. 7 to meet the demands on International Monetary Fund (IMF). According to sources privy to the matter, the hike of Rs. 7 in electricity prices would include an increase in basic tariff and fuel adjustment charges. The hike in power tariff will be applicable from July 1. Moreover, the …

ISLAMABAD, May 27(ABC): The Federal Board of Revenue (FBR) has been asked to fetch Rs7.2 trillion in taxes for the upcoming budget by the International Monetary Fund (IMF), with a target on personal income tax (PIT) and harmonisation of general sales tax (GST), reported Friday. A top official source confirmed the reports by saying that discussions are underway, with the …

ISLAMABAD, May 27(ABC): Finance Minister Miftah Ismail announced Thursday a massive hike in the price of petroleum products after the International Monetary Fund (IMF) emphasised abolishing the subsidies on commodities. In a press conference, the finance minister said the government has decided to hike the price of petrol, diesel, kerosene oil, and light diesel by Rs30, effectively from May 27. …

KARACHI, May 27(ABC): The US dollar on Friday plummeted by Rs3 against the Pakistani currency, sliding down to Rs199 in the interbank market. The downslide in the dollar’s value occurred after the government decided to remove petroleum subsidies in line with the conditions of the International Monetary Fund (IMF). The subsidy removal meant the government imposed a major hike in …

ISLAMABAD, May 26(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Thursday, gaining 529.05 points, with a positive change of 1.26 percent, closing at 42,541.71 points against 42,012.66 points on the last working day. A total of 347,068,781 shares were traded during the day compared to the trade of 240,046,117 shares the previous day, …

KARACHI, May 26(ABC): Pakistan’s rupee hit a record low on Thursday of 202.50 in intraday trading against the US dollar, below the previous close of 201.92, after the failure of talks with the International Monetary Fund (IMF). Pakistan and the IMF have failed to reach a staff-level agreement for the revival of the $6 billion programme as the Fund emphasised …

HONG KONG, May 26 (ABC): Asian markets were mixed Thursday as minutes indicating a less hawkish Fed were offset by China’s premier warning that the world’s number two economy was in some ways worse off now than during the early days of the pandemic. The wind was immediately taken out of traders’ sails as they digested Li Keqiang’s warning, which …

DOHA, May 26(ABC): The International Monetary Fund (IMF) late Wednesday delayed the revival of the stalled $6-billion programme under the External Financing Facility (EFF) for Pakistan. The revival was expected to bring stability to the financial markets, the fast-weakening Pakistani rupee, and the depleting foreign exchange reserves, as the government had pinned hopes on the programme’s resumption. Pakistan failed to …

KARACHI, May 25(ABC): The Pakistani rupee dropped to a historic low of Rs202 against the US dollar on Wednesday as an ongoing political crisis rocked confidence in the currency. The rupee has been declining for months, but the fall became precipitous in March when the then opposition parties tabled a no-confidence motion against Imran Khan that led to his ouster. …

TOKYO, May 25 (ABC): Tokyo stocks closed lower on Wednesday after US shares mostly retreated following a profit warning from the owner of Snapchat that shocked the tech sector. The benchmark Nikkei 225 index ended down 0.26 percent, or 70.34 points, at 26,677.80, while the broader Topix index slipped 0.09 percent, or 1.68 points, to 1,876.58. The tech sector was …

BEIJING, May 25 (ABC): “As for the automotive industry, Pakistan is about to usher in a golden age of development. Chinese brands including BAIC Motor, Changan Auto and SAIC Motor, have set up their own assembly plants in Pakistan. Other brands like GWM, BYD and Geely are likely to open plants in Pakistan too,” Philip Jian, Pakistan’s Honorary Investment Counsellor …