Business

IMF to begin search for new leader as Christine Lagarde resigns as of Sept 12

WASHINGTON: Christine Lagarde will resign from the International Monetary Fund on September 12 as she awaits final word on her nomination to the presidency of the European Central Bank, she announced Tuesday. Her departure allows the IMF board to begin the search for her replacement. "With greater clarity now on the process for my nomination as ECB President and the...

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PSX remains bearish on Monday as KSE-100 Index losses 276 points

KARACHI: The KSE-100 Index closed at 38309.17 points as compared to 38585.66 points on the last working day with a negative change of 276.49 points. The total turnover was 66,826,640 as compared to 98,522,230 on the last working day with Bank of Punjab having the highest turnover of 10,039,500. Total 311 companies’ transacted shares in the Stock Market, out of...

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Iran engineers rial recovery as it defies US sanctions

LONDON: Iran is intervening in the foreign exchange market and threatening speculators to engineer a dramatic recovery of its rial currency, easing pressure on the oil-exporting economy as Tehran defies renewed US sanctions. The rial jumped to 105,500 against the US dollar on Wednesday from 117,000 at the end of last week - and 152,500 at the end of October,...

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ADB to provide $284 million to Pakistan for improving power transmission network

ISLAMABAD: The Asian Development Bank (ADB) and the Government of Pakistan on Thursday signed loan and grant agreements worth $284 million to improve Pakistan’s power transmission network. A loan and grant agreements was signed between the Government of Pakistan and ADB at a ceremony in Islamabad by the ADB Country Director for Pakistan Xiaohong Yang and Secretary of the Economic...

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Global economy in 2019: Growth beginning to fray

WASHINGTON: American farmers have been forced to warehouse a bumper crop of soybeans, or sell at a loss, while a Midwest medical supply company is considering shipping production overseas amid growing uncertainty. Surveys of US business and consumer sentiment continued to show economic optimism going into next year but cracks are beginning to form -- in the United States and...

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Dollar gains 20 paisa in open market

KARACHI: The US Dollar on Monday had registered an increase of 20 paisa in open market after which green side is trading at Rs 139.80. On the other hand, the dollar value remains intact at interbank sans fluctuation to trade at previous Rs. 138.9. Following a 20 paisa increase in the open market, dollar is trading between Rs 138.90 to...

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PSX falls, dollar rises

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange fell by over 800 points on Wednesday, while the dollar saw an increase in the interbank. At the time this report was filed, the benchmark index fell by 883.25 to 38,719.62 points. On Monday, the stock exchange fell by over 3 per cent following the central bank’s announcement hiking its...

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PSX falls 3% after rate hike, growth forecast lowered

KARACHI: Pakistan Stock Exchange fell 3.1 percent on Monday after the central bank hiked its policy interest rate by 150 basis points to 10 percent on Friday and sharply cut its economic growth forecast. The benchmark 100-share index of the Pakistan Stock Exchange was down 1,274.50 points by 11.53 am (0653 GMT), trading at 39,221.53 points. The stock market’s decline...

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China agrees to ‘reduce and remove’ tariffs on US cars: Trump

China has agreed to scale back tariffs on imported US cars, President Donald Trump said Sunday, one day after agreeing with Xi Jinping to a ceasefire in the trade war between the world´s top two economies. Asia stocks had rallied on the news that Washington and Beijing would not impose any new tariffs during a three-month grace period, during which...

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Finance Minister Asad Umar announces to cut diesel, petrol prices by Rs2 per litre

ISLAMABAD: On Friday, overnment has decided to reduce prices of diesel and petrol by Rs2 per litre, said Finance Minister Asad Umar. He further said, while addressing the press conference that the government wants to pass on less burden to the people and as much relief as possible. He said the prices of diesel and petrol are determined after keeping...

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Last day to file tax returns before FBR

ISLAMABAD: On Friday, the Federal Board of Revenues (FBR) deadline for citizens to file their income tax returns and wealth statements will ends today. In September, the FBR had extended the deadline to file annual income tax returns and wealth statements till November 30. According to sources, a further extension in deadline will not be granted. The names of those...

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Dollar rises to RS 142 in Inter-Bank Market

KARACHI: On Friday, the US dollar hit an all-time high of Rs142 in the interbank market. The greenback gained by Rs8 (a five percent increase) to touch the new high in the interbank market. It is pertinent to mention that the dollar stood at Rs 134 when the market closed on Thursday. The rise in dollar comes owing to the...

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Pakistan not in hurry for a package from IMF: Asad Umar

ISLAMABAD: On Wednesday, Finance Minister Asad Umar said that Pakistan wasn’t in a hurry for a package from the International Monetary Fund (IMF). “We still want to have the program,” Umar told Bloomberg. “But we’re not in hurry to have it. It’ll ease and open up funding avenues.” The Pakistan Tehreek-e-Insaf (PTI) government has decided to approach the IMF to...

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Government to waive penalty on late filing of tax returns: State Minister

ISLAMABAD: On Tuesday, the government has decided to waive penalty for late filing of tax returns, State Minister for Revenue Hammad Azhar informed. He tweeted on Tuesday that the mandatory audit of the salaried group of late filers has also been withdrawn. The government has decided to waive the penalty for late filing along with audit for Salaried Group of...

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ECC decides no gas loadshedding during winter season

ISLAMABAD: On Tuesday, the Economic Coordination Committee (ECC) has decided against gas loadseddhing for domestic consumers during the three months of winter. During the ECC meeting chaired by Finance Minister Asad Umar, it was decided that Re-Gasified Liquefied Natural Gas (RLNG) would be included in the system to overcome the shortage. The ECC also allowed the Power Division to avail...

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PSX remains bearish on Monday

KARACHI: The KSE-100 Index closed today at 40771.55 points as compared to 40869.28 points on the last working day with a negative change of 97.73 points. The total turnover was 135,319,740 as compared to 123,569,390 on the last working day with Power Cement having the highest turnover of 14,473,000. Total 356 companies’ transacted shares in the Stock Market today, out...

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PM Imran chairs economic advisory council meeting

ISLAMABAD: Prime Minister Imran Khan chaired  a meeting of the economic advisory council at his Bani Gala residence. Federal ministers, members of the economic advisory council and senior officials attended the meeting during which the country’s current economic situation and the government’s 100-day plan was discussed. “Reports on sub-groups formed by the advisory council were b presented and senior officials...

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