Business

KSA to activate $3.2bn deferred payment facility for oil from July

ISLAMABAD: The Kingdom of Saudi Arabia (KSA) will activate a $3.2 billion deferred payment facility with Pakistan for petroleum products from the start of July, the Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Shaikh said on Wednesday. According to Shaikh, the facility will be worth $275 million per month and will amount to $3.2...

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Trump plans to end India’s preferential trade treatment

WASHINGTON: US President Donald Trump said on Monday he intends to end India’s preferential trade treatment under a program that allows $5.6 billion worth of Indian exports to enter the United States duty-free. “I am providing notice of my intent to terminate the designation of India as a beneficiary developing country under the Generalized System of Preferences (GSP) program,” Trump...

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Daimler, BMW to invest 1 billion euros in venture to rival Uber

BERLIN: German carmakers Daimler and BMW unveiled a joint ride-hailing, parking and electric car charging business on Friday to compete with mobility services provided by Uber and other tech firms. The luxury car firms said they would invest more than 1 billion euros ($1.13 billion) to expand the joint venture, shifting beyond manufacturing and car sales toward pay-per-minute or pay-per-mile...

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Honda to shut UK car plant in 2022 with the loss of 3,500 jobs

LONDON: Japanese car maker Honda is set to announce it’s closing its only British car plant in 2022 with the loss of 3,500 jobs, a lawmaker told Reuters, in the latest blow to the UK car industry as Brexit approaches. A closure of Honda’s Swindon factory in southern England would be its second plant shuttering in 2022. The automaker said...

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Pak-Saudi relationship starts new chapter of mutual ties: Razak Dawood

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...

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PSX remains bearish, sheds 37 points

KARACHI: The KSE-100 Index closed today (Thursday) at 40506.98 points as compared to 40544.11 points on the last working day with a negative change of 37.13 points. The total turnover was 123,619,400 as compared to 160,241,810 on the last working day with Lotte Chemical having the highest turnover of 25,633,000. Total 339 companies’ transacted shares in the Stock Market today...

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OPEC cuts oil supply steeply but sees growing 2019 headwinds

LONDON: OPEC said on Tuesday it had cut oil production steeply under a global supply deal, although it flagged headwinds confronting its efforts to prevent a glut this year including weaker demand and higher rival output. In a monthly report, OPEC said its oil output fell almost 800,000 barrels per day in January to 30.81 million bpd. That is still...

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Sindh CNG stations reopen after two days

KARACHI: Compressed natural gas (CNG) stations across the Sindh reopened on Sunday after being closed for two days in the province. The Sui Southern Gas Company (SSGC) on Thursday had suspended gas supply to all CNG stations due to a shortage of 100 million square feet of gas. The company’s spokesman said the decision had been taken to fulfill the...

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Deepening Crisis: CNG stations in Sindh shut down for third consecutive day

KARACHI: The gas supply to compressed natural gas (CNG) filling stations across Sindh will remain suspended in Sindh due to low gas pressure. The SSGC spokesman said the decision had been taken to fulfill the demand of domestic and commercial customers. Earlier, Sindh Chief Minister Murad Ali Shah has written a letter to Prime Minister Imran Khan as the gas...

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NFC meeting chaired by Finance Minister Asad Umar held

ISLAMABAD: Finance Minister, Asad Umar on Wednesday chaired the first meeting of the reconstituted National Finance Commission (NFC) in Islamabad today with Finance Minister Asad Umar in the chair. The meeting discussed the financial position of the provinces and the centre with various recommendations put forward for better distribution of national resources under the new NFC award. The meeting formed...

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CNG stations shut down for next 36 hours in Sindh

KARACHI: Amid gas crisis the compressed natural gas (CNG) fuel stations across Sindh will be shut down for next 36 hours. According to details, the SSGC will stop gas supply to all the CNG stations at 8pm tonight due to low gas pressure. The CNG stations will resume operations on Thursday at 8am after 36 hours of closure. There are...

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S&P lowers Pakistan’s credit rating to ‘B-‘ from ‘B’; maintains stable outlook due to sufficient funding

Standard & Poor (S&P) Global Ratings said on Monday it lowered Pakistan’s sovereign credit rating to ‘B-‘ from ‘B’, citing diminished growth prospects, as well as elevated external and fiscal stresses. S&P maintained Pakistan’s rating outlook at ‘stable’. The credit rating agency stated that its stable outlook for Pakistan reflected its expectation that Pakistan will secure sufficient funding to meet its...

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Inflation rate accelerates to 7.19% in Jan 2019

The Consumer Price Index (CPI) based inflation increased by 7.19 percent on a year-on-year basis in January 2019 as compared to the same period last year, Pakistan Bureau of Statistics said on Saturday. On a month-on-month basis, the CPI increased by 1 percent in January 2019 against December 2018. The average inflation rate during July-January (2018-19) stood at 6.21 percent...

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US, China hail major ‘progress’ in trade talks

The United States and China said their trade war negotiations resulted in major progress as the clock ticks on a March deadline to avert a massive escalation of tariffs that could bruise the global economy. US President Donald Trump hailed "tremendous progress" and welcomed a "beautiful" letter from his Chinese counterpart Xi Jinping, who said he hoped for further cooperation....

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Government slashes fuel prices; petrol goes down by Rs0.59 paisa

ISLAMABAD: The federal government on Thursday announced to reduce prices of petroleum products for the month of February. The new price for petrol would now be Rs90.38 per litre. The price of diesel has maintained with Rs106.68 per litre. Similarly, the new rate for light diesel oil would be Rs75.03 per litre after its price was reduced by Rs0.25 paisas,...

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SBP announces monetary policy, increases interest rates to 10.25 %

ISLAMABAD: On Thursday, the State Bank of Pakistan (SBP)  announced the monetary policy----- increasing the interest rate by 25 basis points to 10.25 per cent. Governor Tariq Bajwa of SBP,  following a meeting of the Monetary Policy Committee announced the policy. Bajwa, in a news conference  hoped Pakistani exports would grow, adding that there was a high current account deficit...

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PM directs to create business friendly conditions in Pakistan: Adviser

ISLAMABAD: Adviser to PM on Commerce, Textile, Industry and Investment Abdul Razak Dawood on Wednesday said Prime Minister Imran Khan has ordered improvement in Pakistan's ease of doing business ranking. Addressing a news conference in Islamabad alongside Board of Investment (BOI) Chairman Haroon Sharif, Dawood said, "Pakistan is currently ranked 136 among 190 economies in the ease of doing business...

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