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...

70 Views 0

Dollar continues to rise against rupee, escalates to Rs158.6 in interbank

The rupee fell for a third straight day on Wednesday to settle at Rs158.42 against the dollar in the interbank market. The US dollar crossed the Rs158 barrier in the interbank market after nearly six months of maintaining its position below that mark. During today’s trading, the greenback gained 98 paisas against the rupee and closed at Rs158.42. In the...

282 Views 0

Stocks in Asian markets plunges as coronavirus scare prevails causing drop in oil prices

HONG KONG: Coronavirus fears and a crash in oil prices triggered a panic as stocks around the world plunged with energy firms taking the brunt of the hammering across Asia. As the deadly disease claims more lives around the world, dealers are fleeing out of riskier assets and into safe havens, sending gold and the yen surging and pushing US...

934 Views 0

Stocks register largest intra-day crash in history before recovery

KARACHI: Trading at the Pakistan Stock Exchange was paused for 45 minutes on Monday after the benchmark index fell 2,106 points soon after opening. According to reports from the market, trading was halted at around 9:37am after a rapid 5.83 per cent decline (2,106 points) in share prices. After trading resumed at 10:24am, stocks continued their slide to reach the...

402 Views 0

Oil crashes post Saudi Arabia price war with Russia amid coronavirus fright

TOKYO: Oil fell by almost 30% on Monday, the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel....

323 Views 0

Pak-Iran trade resumes after 13 days

ISLAMABAD: A day after the Sindh government announced the “complete recovery” of Pakistan’s first coronavirus patient in Karachi, the federal government on Saturday reopened the country’s border with Iran for trade activities, 14 days after it was closed down following an increase in cases of the novel coronavirus in the country. The government had shut the Taftan border on February 23,...

218 Views 0

Oil prices fall over 10% to end at $41.28 as OPEC deal falls apart

NEW YORK: OPEC and its allies failed to reach a deal on oil production cuts Friday, after Moscow refused to tighten supply to counter the effects of the coronavirus outbreak, sending oil prices tumbling. The day before, OPEC ministers, led by Saudi Arabia, had recommended reducing output by 1.5 million barrels per day in the face of the global slowdown...

175 Views 0

Annual inflation lowered to 12.4pc in year on year comparison from last February: PSB

Pakistan's consumer price inflation (CPI) slowed to 12.4 per cent in February from the same month a year earlier, Pakistan Statistics Bureau said on Monday. The bureau had recorded the CPI inflation at 14.56pc in January, the highest in a decade. Prices of food items such as pulses, fresh vegetables and wheat, which have been the main top drivers of...

293 Views 0

Govt slashes price of petrol by Rs5

Islamabad: The government on Saturday reduced the price of petrol by Rs5 per litre to provide relief to the consumers. According to a press release issued by the Ministry of Finance, petrol would now be sold at Rs111.6 per litre with effect from March 1 against Rs116.6 per liter during February. “The government is committed to extending relief to the...

284 Views 0

Income Tax Return Filing Deadline Is Not Going to be Extended : FBR

KARACHI: The Federal Board of Revenue (FBR) said on Friday there will be no further extension in the deadline for filing of income tax returns for the tax year 2019. It said the Active Taxpayer list of 2018 would be replaced by the list of 2019 at midnight on Feb 29. Those who failed to file returns in the tax...

207 Views 0

FATF announcement pulls stocks down as index loses 1,105 points

KARACHI: Stocks began the new week on a free fall, with the benchmark KSE-100 index loosing over 1,105 points – down 2.82 per cent – to close at 39, 143, well below the 40,000 barrier. Today’s losses followed a lacklustre last week during which the market remained largely flat as bulls and bears managed to secure an upper hand in turns. The...

279 Views 0

Credit Suisse report says Pakistan’s economy is on the path of recovery

KARACHI: Swiss financial services firm Credit Suisse in its latest report has concluded that Pakistan’s fundamentals have “improved significantly” but warned of “challenges” that lie ahead. Titled "Pakistan: On the path to recovery”, the firm credited “assistance from the International Monetary Fund (IMF)”, “fiscal consolidation”, and “much needed reforms” for the improvement in country’s economic condition. “Near term, we expect equities...

306 Views 0

FATF decided to give Pakistan more time to implement action plan, Chinese official confirms

A Chinese official on Monday revealed that the Financial Action Task Force (FATF) had, after its latest plenary meeting, decided to allow Pakistan more time to continue implementing the action plan prescribed by the watchdog. Chinese Foreign Ministry spokesperson Geng Shuang made the revelation at a press briefing on Friday after he was asked whether China’s position on Pakistan in the matter...

328 Views 0

FATF likely to give Pakistan time till October to exit the grey list

Pakistan is likely to be given further time to October to exit from the Financial Action Task Force (FATF) grey list, it was learnt here on Thursday. The decision regarding Pakistan's stay or exit from the grey list is expected today (Thursday) at the ongoing FATF plenary in Paris. As per reports, Indian attempts to blacklist India foiled after no...

285 Views 0

Hafeez Sheikh Highlights the Need to adopt technological change in business sector

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh said that increasing exports remain the top priority of the incumbent government and business graduates should play their role in increasing the capacity of the government. Addressing the Deans and Directors Conference 2020, Hafeez Shaikh said that the economy is coming out of the crisis situation and it’s...

352 Views 0

FATF to evaluate Pakistan’s performance from today

A five-day session of the Financial Action Task Force (FATF) set to commence in Paris in which Pakistan’s performance on the implementation of the global illicit financing watchdog’s 27 action points to curb terror financing and money laundering will be reviewed. Experts are of the view that Pakistan is expected to exit the grey list soon after winning a “largely-compliant”...

412 Views 0

Turkey willing to enhance trade with Pakistan: President Erdogan

ISLAMABAD: President of the Republic of Turkey Recep Tayyip Erdoğan on Friday said Turkey wants to enhance trade with Pakistan and increase the trade volume between the two countries to $5 billion. Addressing the Pakistan-Turkey Business and Investment Forum, the Turkish president said the trade volume between the two countries is below its true potential. "We will quickly increase our...

308 Views 0
Junior - Taleem Aam Karaingay - Juniors ko Parhaingay