Business

Federal govt announces Rs1.95 per unit hike in power tariff

The government has announced Rs 1.95 per unit increase in the power tariff, placing another burden on the already inflation stricken public. Federal Minister for Energy Omar Ayub announced the price hike in a press conference on Thursday, saying that the PML-N government had left landmines for the coming government. He said that PTI government will have to recover the...

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Remittances in August continue uptrend from July’s record figure, says PM Khan

ISLAMABAD: Remittances sent back home by overseas Pakistanis in August 2020 continued on an uptrend from July's record figure of $2.77 billion, Prime Minister Imran Khan said Monday. The remittances for August 2020 were $2.10 billion, translating into a 24.4% rise as compared to the same period, last year. This was "in addition to the record $2,768 million in July...

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Development work in Karachi needed to uplift Pakistan’s economy: Hafeez Shaikh

Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh emphasised on the importance of carrying out development work in Karachi to uplift Pakistan's economy. Speaking to media at the Pakistan Stock Exchange (PSX) on Monday, Shaikh said that the economic situation of the country was improving after the provincial and federal governments had started working together. Referring to...

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PSX named Asia’s best market

KARACHI: The Pakistan Stock Exchange (PSX) has once again won the title of being the best Asian stock market and has become the fourth best-performing market across the world in 2020 as the government has successfully dealt with Covid-19 challenges and put the economy back on track. “Pakistan’s stock market (has become) the best performer in Asia and the fourth...

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Inflation eases to 8.2pc in August as prices of food products decline

ISLAMABAD: Inflation eased to 8.2 per cent in August, from 9.3pc in July on the back of a slight decline in prices of essential food products, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday. Inflation during the month fell despite a significant rise in the petroleum prices. The data showed chicken prices dipped by 36.45pc in...

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PM Imran rejects OGRA’s proposal to increase petroleum prices

Prime Minister Imran Khan on Monday has rejected the proposal to increase the prices of petroleum products. According to the details, the Prime Minister directed to maintain the prices of petroleum products. Imran Khan said the many people are already suffering due to floods after heavy rains in the country, in these time of crisis, increasing prices of petroleum products...

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Dollar inflow increases for the first time since Covid-19 crisis

KARACHI: For the first time since the Covid-19 pandemic hit the country, currency dealers in the open market deposited the highest amount of $290 million in banks in July. “The inflow of dollars was very high in July reflecting the growth in the remittances while domestic holders of the greenback were selling their savings in the open market,” said Forex...

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Strategic Partnerships in Demanding Times

Living life in the fast lane, the economy patterns shift to a convenient and a more flexible one that delivers on time rather than mere perfection. Ride hailing started because it was need of the day. It may also be referred as ride sharing but that differs slightly from the former. Although it may be noted that the first ride...

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Moody’s elevates Pakistan’s outlook to ‘stable’ from ‘under review for downgrade’

Credit rating agency Moody's has upgraded Pakistan’s outlook from ‘under review for downgrade’ to ‘stable’, while maintaining a B3 rating, the agency said on Saturday. The agency in its latest report also confirmed the B3 foreign currency senior unsecured ratings for The Third Pakistan International Sukuk Co Ltd. The associated payment obligations are, in Moody's view, direct obligations of the Government of...

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Pakistan petrol price hikes up by Rs3.86 before Eid-ul-Adha

The federal government has increased the petrol price by Rs3.86 per liter, according to a notification issued by the finance division. A liter of petrol will now sell for Rs103.97. The price of high speed diesel has been increased by Rs5.00. The prices of kerosene and light diesel oil have gone up by Rs5.97 and Rs6.62, respectively. The prices of...

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Petroleum Ministry suggests Rs7/litre hike in petrol prices

ISLAMABAD: Petrol prices in the country are expected to increase again next month after the Petroleum Ministry recommended another increase in prices by up to Rs9.5/litre for August. In a summary sent to the Finance Ministry, the Petroleum Ministry has proposed an increase of Rs7/litre in petrol price, Rs9.5 in diesel price, Rs6.21 in light diesel oil (LDO) prices and...

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Gold rate in Pakistan arrives at Rs122,750 per tola

KARACHI: Gold rates in Pakistan continued their rally for the 12th day straight on Friday, crossing the Rs122,000-a-tola mark to reach Rs122,750. Investors have continuously poured money into gold for days in a row now, boosting its demand, as confidence in other commodities, currencies, and stocks faltered due to the coronavirus pandemic. According to the All Sindh Sarafa and Jewellers...

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Gold prices in Pakistan continue flying, reach all-time high of Rs117,300 a tola

KARACHI: Gold rates in Pakistan have continued rallying to reach yet another all-time high of Rs117,300 a tola on Thursday, as the global economy headed on a path of recession due to the ongoing coronavirus pandemic, even though vaccine trials around the world have been churning out successful results. Gold rates issued Thursday by the All Sindh Sarafa and Jewellers...

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Coronavirus economic fallout: AIIB approves $250mn loan to Pakistan

The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors have approved a loan of $250 million to help Pakistan strengthen its response to the social and economic fallout from the COVID-19 pandemic, said the financial institution in a press release on Wednesday. The AIIB said that the loan is co-financed by the World Bank, adding that this development policy financing...

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IMF lowers Pakistan’s growth projection for FY2021 due to coronavirus outbreak

ISLAMABAD: The International Monetary Fund (IMF) has lowered Pakistan’s growth projection by about one percentage point for the current fiscal year driven by weaknesses in the second half of 2020 due to the coronavirus pandemic. The global monetary watchdog’s Regional Economic Outlook Update: Middle East and Central Asia released on Monday said the markdowns in growth during the second half...

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Remittances surges up almost 8 per cent during four months of coronavirus pandemic: SBP

KARACHI: Foreign remittances shot up almost 8% during the four months of the coronavirus pandemic, the State Bank of Pakistan (SBP) said in a statement issued Monday, as compared to 2019's comparable period. Overseas Pakistanis sent record remittances in the fiscal year 2020 (FY20), totalling at $23.12 billion and reflecting a surge of 6.4%. Moreover, in the months of the...

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Pakistan to ensure earliest completion of FATF action plan: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh has said that Pakistan is working to ensure full compliance with the Financial Action Task Force (FATF) Action Plan at the earliest by increasing the effectiveness of its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime. “Out of 27 FATF Action Plan items, Pakistan had already addressed 14...

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