Business

FATF announcement pulls stocks down as index loses 1,105 points

KARACHI: Stocks began the new week on a free fall, with the benchmark KSE-100 index loosing over 1,105 points – down 2.82 per cent – to close at 39, 143, well below the 40,000 barrier. Today’s losses followed a lacklustre last week during which the market remained largely flat as bulls and bears managed to secure an upper hand in turns. The...

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FATF announcement pulls stocks down as index loses 1,105 points

KARACHI: Stocks began the new week on a free fall, with the benchmark KSE-100 index loosing over 1,105 points – down 2.82 per cent – to close at 39, 143, well below the 40,000 barrier. Today’s losses followed a lacklustre last week during which the market remained largely flat as bulls and bears managed to secure an upper hand in turns. The...

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Credit Suisse report says Pakistan’s economy is on the path of recovery

KARACHI: Swiss financial services firm Credit Suisse in its latest report has concluded that Pakistan’s fundamentals have “improved significantly” but warned of “challenges” that lie ahead. Titled "Pakistan: On the path to recovery”, the firm credited “assistance from the International Monetary Fund (IMF)”, “fiscal consolidation”, and “much needed reforms” for the improvement in country’s economic condition. “Near term, we expect equities...

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FATF decided to give Pakistan more time to implement action plan, Chinese official confirms

A Chinese official on Monday revealed that the Financial Action Task Force (FATF) had, after its latest plenary meeting, decided to allow Pakistan more time to continue implementing the action plan prescribed by the watchdog. Chinese Foreign Ministry spokesperson Geng Shuang made the revelation at a press briefing on Friday after he was asked whether China’s position on Pakistan in the matter...

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FATF likely to give Pakistan time till October to exit the grey list

Pakistan is likely to be given further time to October to exit from the Financial Action Task Force (FATF) grey list, it was learnt here on Thursday. The decision regarding Pakistan's stay or exit from the grey list is expected today (Thursday) at the ongoing FATF plenary in Paris. As per reports, Indian attempts to blacklist India foiled after no...

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Hafeez Sheikh Highlights the Need to adopt technological change in business sector

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh said that increasing exports remain the top priority of the incumbent government and business graduates should play their role in increasing the capacity of the government. Addressing the Deans and Directors Conference 2020, Hafeez Shaikh said that the economy is coming out of the crisis situation and it’s...

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FATF to evaluate Pakistan’s performance from today

A five-day session of the Financial Action Task Force (FATF) set to commence in Paris in which Pakistan’s performance on the implementation of the global illicit financing watchdog’s 27 action points to curb terror financing and money laundering will be reviewed. Experts are of the view that Pakistan is expected to exit the grey list soon after winning a “largely-compliant”...

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Turkey willing to enhance trade with Pakistan: President Erdogan

ISLAMABAD: President of the Republic of Turkey Recep Tayyip Erdoğan on Friday said Turkey wants to enhance trade with Pakistan and increase the trade volume between the two countries to $5 billion. Addressing the Pakistan-Turkey Business and Investment Forum, the Turkish president said the trade volume between the two countries is below its true potential. "We will quickly increase our...

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Pakistan, IMF mutually decided against introducing mini budget

ISLAMABAD: A delegation of the International Monetary Fund (IMF) held a meeting on Wednesday and mutually decided not to introduce a mini-budget. According to sources, the talks agreed that there will be no increase or reduction in tax target until June this year. Finance Ministry sources said that Pakistan will make every effort to achieve the tax target. It also...

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Shares drop below 40,000 mark as inflation, coronavirus influence investor outlook

KARACHI: The Pakistan Stock Exchange began another week on a bearish note on Monday, with the KSE-100 index plunging 846.93 points (2.16 per cent) as analysts pointed to a need for fiscal adjustment and the market reacting to the impact of the coronavirus outbreak hurting imports. The index, which had settled for the weekend at 40,143.63, fell to 39,296.70 points...

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Govt-IMF meet on Rs200bn new taxes, hike in power, gas tariffs

ISLAMABAD: Talks between Pakistani officials and an International Monetary Fund (IMF) delegation are underway with the meeting expected to focus on the imposition of new taxes worth Rs200 billion, among other issues. An IMF mission is currently on a visit to Pakistan to review the economy’s performance in line with the conditions related to the Fund’s loan programme. The successful...

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PM Imran approves ban on export of sugar

Prime Minister Imran Khan has approved the proposal to ban sugar export on Friday, the summary has been sent to the Economic Coordination Committee (ECC) after PM's approval. As per details, after the PM nod, the export of some 350,000 tons of sugar will be halted. Furthermore, the government will also import sugar to meet the demand and supply gap,...

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Moody’s gives Pakistan banking system ‘stable outlook’ for next 12-18 months

Moody's Investors Service, one of the leading credit rating agencies in the world, has given the Pakistani banking system a stable outlook for the next 12 to 18 months in a new report released on Thursday. "The sovereign credit profile has improved in recent months, benefiting the banks through their high exposure to government securities, which account for around 40%...

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Pakistan’s deficit under microscope as IMF review commences

Pakistan will come under pressure to convince the International Monetary Fund (IMF) it can bring down a ballooning fiscal deficit, as a review on the future course of its $6 billion financial aid programme gets under way. An IMF team sent to review benchmarks set as part of the deal began formal meetings in Islamabad on Tuesday that will continue...

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Inflation rate in Pakistan will start receding soon to a comfortable level, says Hafeez Sheikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Monday said the federal government has taken several initiatives to bring down the prices of various commodities. “The inflation rate in the country would start receding soon which would gradually come down to comfortable level,” the finance adviser said. “The nation will see that soon the...

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China stocks crash on virus fears after long market break

Chinese stocks crashed on Monday with some major shares quickly falling by the maximum daily limit as the country's investors got their first chance in more than a week to react to the spiralling coronavirus outbreak. The benchmark Shanghai Composite Index dived 8.73 per cent, or 259.83 points, to open at 2,716.70. The Shenzhen Composite Index, which tracks stocks on...

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Petrol prices to remain unchanged for February

The government has decided to keep the prices of petroleum products unchanged for the month of February, media reported on Friday. According to a notification issued by the Ministry of Finance, the existing prices of January 2020 will remain unchanged for the next month. The petroleum prices for February will be: Petrol: Rs116.60, Diesel: Rs127.26, Kerosene oil: Rs99.45, Light diesel...

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