ISLAMABAD: Adviser to Prime Minister (PM) on Commerce Abdul Razak Dawood says a new chapter has begun in bilateral relations of Pakistan and Saudi Arabia. "The Saudi announcement of huge investment in various sectors of Pakistan will improve our economy" he said while addressing Pak-Saudi business conference in Islamabad. Saudi Minster for Commerce Majid Al-Qassabi said his delegation comprising representatives...
MOSCOW: Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US unit´s dominance on the world´s stage but the country´s previous efforts to de-dollarise its economy have so far...
ISLAMABAD: A delegation of the International Monetary Fund (IMF) arrived in Islamabad today (Wednesday) for talks on a bailout package. According to details, the talks with IMF delegation will continue for two weeks. In first phase the IMF’s technical team will hold talks with Pakistani officials and Pakistan will inform the money watchdog about the country's economic needs. According to...
ISLAMABAD: Finance Minister Asad Umar Tuesday said there was a vacuum of $12 billion in Pakistan's balance of payments, for which $6 billion were provided by Saudi Arabia and the rest came from China. Umar said so while addressing a joint press conference with Foreign Minister Shah Mehmood Qureshi. He said that now there was no balance-of-payment crisis in the...
KARACHI: On Saturday, six Pakistani banks have suspended international transactions though debit cards. In a text message sent to customers on Friday, the banks informed, “As a security precaution your debit card has been temporarily disabled only for international ATM cash withdrawal.” Customers can use their debit cards for local transactions. According to SBP, the use of the bank's cards...
ISLAMABAD: Annual inflation rate jumped to 7 percent in the month of October, the highest in four years, from 5.12 percent a month earlier, due to a steep rise in gas prices and multiple devaluations of the rupee. On a month-on-month basis, prices spiked 2.56 percent in October, according to data released by the Bureau of Statistics on Friday. Prices...
ISLAMABAD: A delegation of the International Monetary Fund (IMF) will arrive in Pakistan on November 7 for talks on a bailout package. According to details, IMF has also prepared conditions that include control on privatization, tax reforms, circular debts and inflations for Pakistan to avail the package. On Saturday, Pakistan’s Finance Minister of Pakistan, Asad Umar claimed that this would...
ISLAMABAD: The Federal government on Wednesday has increased fuel prices on the recommendations of OGRA for the month of November. The new price for petrol has increased by Rs5 rupees. The revised price of petrol would be Rs97.83 per litre. The price of diesel has been increased by Rs6.37 rupees, while the price of light diesel has also been increased...
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday recommended the federal government to raise the price of petrol by Rs9 per litre, diesel by Rs13 per litre and kerosene oil by Rs6 per litre for the month of November 2018. The finance ministry will make the final decision with the consultation of Prime Minister. The new prices would...
Asian markets mostly fell Tuesday with Hong Kong and Shanghai stocks sinking following a report that the White House is preparing to impose tariffs on all its Chinese imports, throwing the trade war back into the spotlight. The story added to skittishness across trading floors, where investors are already fretting over a number of issues including geopolitical tensions, rising US...
KARACHI: On Monday, the State Bank of Pakistan (SBP) issued instructions regarding bank cards after a cyber-attack on private Bank. the use of the bank's cards has been temporarily suspended for overseas transactions after the attack, said the SBP. "As a result of security breach of payment cards of one of the banks in Pakistan yesterday and their unauthorized use...
SAN FRANCISCO: Microsoft regained its spot as the second most valuable US company on Friday after a disappointing quarterly report from Amazon.com wiped $65 billion off the online retailer’s market capitalization. Apple tops the list at over $1 trillion after crossing that threshold in September. Microsoft’s market capitalization was Wall Street’s highest in late 1998 through early 2000 before the...
Karachi: The Pakistan Stock Exchange was remained bullish on Friday as KSE-100 Index closed today at 40556.45 points as compared to 39631.91 points on the last working day with a positive change of 924.54 points. The total turnover was 368,349,510 as compared to 343,852,370 on the last working day with Bank of Punjab having the highest turnover of 53,514,000. Total...
Islamabad: Deli-JW Glassware Co Limited has been established with the collaboration of Deli China and JW-SEZ Group and other shareholders. Pak-China Investment Co Limited is facilitating the Chinese investment in Pakistan, and is also assisting in financing of the project. This project will inject approx., US$ 200 million into the economy, and is expected to create manufacturing and construction jobs,...
ISLAMABAD: Prime Minister Imran Khan on Thursday stressed that ease of doing business in Pakistan was essential to eliminating unemployment and poverty from the country. Addressing a ceremony to mark the first joint venture between China and the private sector, Prime Minister Khan said Pakistan has a young population who are in search for jobs. “With investment, unemployment will come...
KARACHI: On Thursday, the Pakistan Stock Exchange continued its optimistic trajectory, propelled by renewed investor confidence after Saudi Arabia pledged to provide Pakistan with $6 billion in financial assistance. The benchmark KSE-100 index gained another 763 points to push the index above 40,000 points. It was trading at around 40,040 points as of 11am. The last instance when the PSX...
ISLAMABAD: The Economic Coordination Committee, on Wednesday approved a hike in power tariff for domestic consumers households consuming over 300 units per month,. However, the ECC but has decided to give massive relief in electricity prices for the country's agricultural sector. The decision was taken by the committee headed by Finance Minister Asad Umar today. The rise in power tariff...
