Business

Pakistan’s forex reserves slump 12% in just weeks amid coronavirus pandemic

ISLAMABAD: Pakistan's foreign exchanges reserves plunged more than 12% or $1.6 billion over just three weeks in March as the coronavirus outbreak roiled global financial markets, the latest data from the central bank showed. As on March 27, forex reserves totalled $11.2 billion, down from $12.8 billion as on March 6. Pakistan last year had entered into a programme with...

130 Views 0

Pakistan’s forex reserves slump 12% in just weeks amid coronavirus pandemic

ISLAMABAD: Pakistan's foreign exchanges reserves plunged more than 12% or $1.6 billion over just three weeks in March as the coronavirus outbreak roiled global financial markets, the latest data from the central bank showed. As on March 27, forex reserves totalled $11.2 billion, down from $12.8 billion as on March 6. Pakistan last year had entered into a programme with...

130 Views 0

Nausheen Javed Amjad appointed FBR head

Nausheen Javed Amjad was on Monday appointed as the chairperson of the Federal Board of Revenue. In the absence of the former FBR chief Shabbar Zaidi, the officer had taken charge as acting chair of the revenue body back in February. According to sources, Zaidi had gone on an indefinite leave due to health issues. Zaidi in February rejected speculation...

101 Views 0

Economic fallout from coronavirus epidemic ‘much worse than the global financial crisis,’ says IMF chief

International Monetary Fund's (IMF) managing director has said the coronavirus pandemic which has brought the global economy to a standstill and plunged the world into a recession as “way worse” than the global financial crisis a decade ago. The IMF’s managing director, Kristalina Georgieva, speaking at a rare joint news conference with the leader of the World Health Organisation (WHO),...

155 Views 0

Coronavirus lockdown: PM Khan announces grand incentives for construction sector

ISLAMABAD: Prime Minister Imran Khan said that the government has decided to give the status of industry to construction sector. Announcing special package for construction industry on Friday, he said that the sector plays an important part in development of a country. The prime minister said that those investing in the construction sector will not be asked about their source...

152 Views 0

Oil, shares slip on doubts over Saudi-Russia deal

TOKYO/NEW YORK: Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that US President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the US dollar...

119 Views 0

Asian markets sink as Trump warns of ‘horrific’ days ahead

Asian equities fell for a second session on Thursday, after a dire warning about the US coronavirus death toll had investors looking to the safety of dollars and bonds and bracing for more bad news from US jobless figures. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2%. Japan's Nikkei extended Wednesday's heavy drop with a 1.5% fall, and...

133 Views 0

Coronavirus lockdown: HRW urges Pakistan to take special measures to protect workers’ welfare

The Human Rights Watch (HRW) has urged the Pakistani government to take urgent steps to mitigate the economic impact of coronavirus on the most vulnerable workers in the country. In a statement released by HRW on Wednesday, the group urged the government to adopt measures to protect workers from suffering a loss of income which they believe can push them...

131 Views 0

PM Imran announces refunds of Rs100bn to businesses

Prime Minister Imran Khan on Thursday said the government will announce a Rs100 billion package for the construction industry as the government tries to keep the country afloat amid the coronavirus pandemic. “We have decided we will give necessary incentives to the construction industry in order to provide job opportunities to people during this time of crisis,” PM Imran said...

121 Views 0

Govt maintains petrol prices starting April 1

ISLAMABAD: Prices of petroleum products will be maintained effective April 1, a spokesperson for the Petrol Division said Tuesday. According to the spokesperson, the per litre prices of petrol, diesel, kerosene oil, and light diesel will be maintained at Rs96.58, Rs107.25, Rs77.45, and Rs62.51, respectively. On the other hand, the Oil and Gas Regulatory Authority (OGRA) issued a notification on the...

157 Views 0

Govt to limit import of petrol, crude from April as demand drops amid virus lockdown

ISLAMABAD: The government on Thursday imposed restrictions on the import of petrol and crude oil starting April and directed all oil marketing companies (OMCs) to lift petroleum products from local refineries as demand goes down in the wake of a countrywide lockdown to limit the spread of the coronavirus. The directions in this regard were issued by the Petroleum Division...

143 Views 0

Dollar surges to Rs166 in interbank market amid coronavirus outbreak

The value of the United States dollar against the rupee rose Rs4.4 to Rs166 in the interbank market on Thursday at 1:31pm. A day earlier, the dollar touched Rs161.6 agai­nst the rupee from Rs159 on close of business on Tuesday, according to the ready rates provided by the State Bank of Pakistan. The SBP’s latest data had revealed that outflow of investment...

145 Views 0

Pakistan in talks with IMF for additional Rs1.4bn amid coronavirus outbreak: Hafeez Shaikh

ISLAMABAD: Pakistan is in talks with the International Monetary Fund (IMF) for an additional sum of Rs1.4 billion owing to the ongoing coronavirus crisis, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh announced on Wednesday. "This sum [of additional money] is separate from the current programme", Dr Shaikh said, referring to the ongoing three-year IMF Extended Fund...

172 Views 0

Fuel prices reduced, stipend approved for daily earners as PM Khan unveils Rs1.2tr virus relief package

ISLAMABAD: Prime Minister Imran Khan on Tuesday unveiled a financial relief package worth around Rs1.2 trillion to ward off the negative impact of the coronavirus on the country and the economy. The package included a reduction in the prices of petrol, diesel and kerosene by Rs15 per litre, the approval of a Rs3,000 monthly stipend for daily wage earners, and...

171 Views 0

SBP scuts interest rate to 11% over ‘considerable uncertainty’ amid coronavirus epidemic

KARACHI/ISLAMABAD: The State Bank of Pakistan on Wednesday announced yet another cut in the interest rate, this time slashing it by 1.5% to 11%, saying there was "considerable uncertainty" over the impact of the coronavirus pandemic. In a press release, it said the move aimed "to facilitate businesses and exporters who seek loans frequently from commercial banks to run their...

127 Views 0

Trading paused at PSX for 2 hours as index caves amidst almost lockdown nationwide

The Pakistan Stock Exchange saw yet another enforced halt in activity as trading resumed after a long weekend, with the sheer volume of sell orders placed before the market opened cratering the benchmark indexes and triggering a cool-down period. The index plunged 5.96% as soon as trading resumed for the day, wiping 1,827 points off the benchmark 100 Index as...

139 Views 0

ADB, World Bank approves $538 million for Pakistan to combat coronavirus

ISLAMABAD: Special Assistant to the Prime Minister on Health, Firdous Ashiq Awan on Saturday implored the nation to strictly follow precautionary measures against the fast-spreading coronavirus. Taking to Twitter, SAPM Awan said that the nation must show exemplary resolve and tolerance to fend off the global coronavirus pandemic. She said that Pakistanis needed to unite against the deadly virus and...

132 Views 0
Junior - Taleem Aam Karaingay - Juniors ko Parhaingay