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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Inflation edges up slightly to 8.6pc in June, says PBS

Consumer Price Index (CPI) inflation rate edged up slightly to 8.6 per cent year-on-year in June, the Pakistan Bureau of Statistics said in its monthly report published on Wednesday. The rate was 8.22pc year-on-year in May. Prices of eggs, tomatoes, wheat, flour, fresh vegetables and chicken increased in June, the bureau said. Petroleum prices that had fallen sharply in previous weeks shot up...

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Sindh govt refuses to collect advance tax on centre’s behalf

KARACHI: Sindh Chief Minister Murad Ali Shah has said the provincial government would not collect advance income tax on behalf of the federal government, saying he had already asked the provincial excise minister to convey the decision to the Centre. The chief minister’s remarks in the Sindh Assembly came as he briefed the House about his government’s preparations for dealing...

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Govt increases petrol price by Rs25 per litre, says ministry of finance

The federal government has increased the price of petrol by Rs25.58 per litre, according to the Ministry of Finance. The decision was made on the recommendation of the Petroleum Division. The price of high speed diesel has been increased by Rs21.31. The prices of kerosene and light diesel oil have gone up by Rs23.50 and Rs17.84, respectively. The new prices...

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Unilever Pakistan to rebrand flagship product Fair & Lovely

KARACHI: In a bid to become more inclusive, Unilever Pakistan announced on Thursday that it will be rebranding its flagship brand Fair & Lovely. To make the brand more inclusive, the company would stop using the word ‘fair’. The new name of the product would be announced after the necessary regulatory approval, a statement said. “The brand is committed to...

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SBP slashes policy rate by 100 basis points to bring interest rate to 7 per cent

KARACHI: The State Bank of Pakistan announced it had slashed the policy rate by 100 basis points to bring the interest rate to 7%. According to a tweet by the SBP's official Twitter account, the decision had been taken by the Monetary Policy Committee that met today under the chairmanship of Governor, Dr Reza Baqir on Thursday. https://twitter.com/StateBank_Pak/status/1276102984896831488 “This decision...

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Gold price surges to Rs2,000 per tola in Pakistan, global rates rose to eight-year high

KARACHI: Gold rates shot up Rs2,000 per tola, the All Sindh Sarafa and Jewellers Association (ASSJA) said Wednesday, with prices around the world surging to their highest in nearly eight years as signs of an acceleration in the coronavirus cases kept investors on edge. With the increase of Rs2,000, gold is now priced at Rs105,100 per tola, whereas the price...

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SBP receives $1 billion from World Bank, ADB in battle against coronavirus

The State Bank of Pakistan (SBP) has received $1billion — $500 million each from World Bank (WB) and Asian Development Bank (ADB) on Wednesday to facilitate the country during its fight against coronavirus. Earlier this month, the ADB had approved a loan worth $500 million to Pakistan to help the country's coronavirus health and economic response and "protect poor" citizens....

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Pakistan’s current account turns surplus of $13mn today: SBP

ISLAMABAD: Pakistan's current account has turned into a surplus of $13 million on May 20 against a deficit of $530 million in April 20 and $1,004 million in May 19, stated the State Bank of Pakistan on Wednesday. "Pakistan’s Current Account turned into a surplus of $13 million May 20 against a deficit of $530 million in April 20 and $1004...

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FBR initiates audit of 72 sugar mills on inquiry commission’s report

KARACHI: The Federal Board of Revenue (FBR) has started an audit of 72 sugar mills on the recommendations of the sugar inquiry commission which help sugar mill owners in the country responsible for the artificial hike in price that occurred earlier this year. Sources at the Large Taxpayer Unit (LTU) Karachi said audit proceedings have been started against 27 sugar...

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Govt presented budget keeping in mind current coronavirus ridden situation: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Saturday said the budget presented by the federal government was made keeping in mind the coronavirus situation in the country and to help the people during the crisis. “The first nine months, we had a lot of success. In 2018, the national debt was Rs30,000 billion...

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Pakistan’s economy contracted 0.38 per cent in FY2020 as COVID-19 wreaked havoc, reveals Economic Survey

ISLAMABAD: Advisor to the Prime Minister on Finance Abdul Hafeez Shaikh presented the Pakistan Economic Survey 2019-20 on Thursday, highlighting the state of the Pakistani economy in the outgoing fiscal year. Shaikh highlighted the fragile condition of the economy, which was ravaged considerably by the COVID-19 pandemic in the last quarter of the year. He revealed that the GDP is...

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ADB approves $500m loan to help Pakistan’s COVID-19 response

MANILA/KARACHI: The Asian Development Bank (ADB) has approved a loan worth $500 million to Pakistan to help the country's coronavirus health and economic response and "protect poor" citizens, it said in a statement issued Wednesday. The development — part of the COVID-19 Active Response and Expenditure Support (CARES) Programme — comes following a meeting of the ADB's Board of Directors...

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Budget 2020-21: Govt to set eyes on economic recovery, target revival of growth on Friday

ISLAMABAD: The country's upcoming budget is expected to include a 12% rise in defence spending and will target growth of 2.3% in the fiscal year 2020-21 as Pakistan battles the coronavirus pandemic. The government is set to present its 2020-21 budget on Friday, in a parliamentary session that only 25% of lawmakers will attend due to teh COVID-19 safety precautions....

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World Bank projects negative 1 per cent GDP growth for Pakistan in 2020-21

ISLAMABAD: The World Bank has projected a negative -1% GDP growth for Pakistan in the upcoming fiscal year 2020-21 despite a positive projection of GDP growth rate of 2.3% by the country’s economic managers. According to the Global Economic Prospects Report released by the World Bank, Pakistan’s growth rate would remain negative 1% in the next fiscal year 2020-21. The...

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Budget 2020-21: Govt to provide incentives to hotel, airlines and other coronavirus hit sectors

ISLAMABAD: With just a few days left in the government unveiling the budget 2020-21, authorities are weighing various options to give incentives to industries severely impacted by COVID-19 such as the hotel industry, airlines and the poultry sector. The government is all set to reduce turnover tax for different sectors of the economy. The government has slashed all heads of...

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Government to finalise budget 2020-21 on Monday

ISLAMABAD: The government is expected to finalise budget 2020-21 tomorrow (Monday) as experts predicted more focus and allocation for the health sector and the decision to ban indirect subsidies, in accordance with the IMF's demands. “The estimated loss to GDP growth has been worked out at Rs2.6 trillion which will also be finalised in the June 8 meeting,” officials at...

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