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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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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U.S. crude posts steepest weekly fall since 2008

NEW YORK: US crude fell on Friday and was on track for its biggest weekly decline since 2008 as global demand dried up due to the coronavirus and as Washington scrambled to respond, with officials saying an envoy would head to Saudi Arabia to deal with fallout of a Saudi-Russia oil price war. Oil futures pared losses after a report...

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Government to give relief through Tax exemptions and Subsidies

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Friday said that Pakistan’s economy was on the stability path but the ongoing coronavirus has affected it likewise it caused losses to the global economy. “Global losses due to the spread of the virus have reached upto US$300 billion,” he said. The adviser said that they have...

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SBP urges citizens to avoid using cash for daily transactions

In the wake of a coronavirus outbreak in the country, State Bank of Pakistan (SBP) has shared precautionary tips for the public, advising minimum or no use of currency notes in their routine transactions. The central bank has urged commercial banks to encourage the public to use ATMs, online and mobile banking and phone banking on a daily basis. The...

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Monetary policy: SBP cuts interest rate by 75bps to 12.5%

KARACHI: Akin to the move adopted by world economies to slash interest rates to shore up the economy, the State Bank of Pakistan (SBP) cut the interest rate by 75 basis points to 12.5% for the next two months. The announcement was largely in line with market expectations as analyst had expected a rate cut due to low inflation outlook in...

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The global coronavirus recession has already begun

LONDON: As restaurants, shops, airlines and factories shut down around the world, from New York to Paris and Madrid, economists are warning that a global recession is no longer a looming threat. It's here. Dire economic data released by China on Monday showed that the country was pummeled by the coronavirus outbreak in January and February. The world's second biggest economy looks unlikely to recover any time soon. Now, with...

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IMF provides Pakistan key relief on coronavirus crisis

ISLAMABAD: Pakistan was provided a key relief by the International Monetary Fund (IMF) on Monday according to which expenses undertaken by the government to counter the coronavirus will not be included in the fiscal deficit. Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh confirmed the development, revealing that the international money lender had agreed to not include...

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Shares fell down at PSX as KSE-100 sinks 2,200 points on coronavirus fright

KARACHI: The Pakistan Stock Exchange was reeling again on Monday with the benchmark KSE-100 index down over 2,200 points, or 6.14 per cent, at 1:39pm. Trading was halted around 10:13am today – marking the the fourth time such a measure was enforced in two weeks – when the large cap KSE-30 index crashed 5.53 per cent. According to bourse rules,...

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Trading stopped at Pakistan Stock Exchange for second time this week

KARACHI: Trading at Pakistan Stock Exchange (PSX) was suspended for the second time this week amid a global meltdown in the international financial markets. The benchmark KSE-100 index was at 36,348 when the trading was suspended at 02:17pm today for 45 minutes. On Monday, the PSX’s benchmark KSE-100 index plunged 2,106 points after the starting bell on the first day...

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