Business

Pakistan refuses to accept IMF’s demand of increase tax rate

ISLAMABAD: According to sources, Pakistan refused to accept demands of an increase in tax rate and electricity prices by the International Monetary Fund (IMF) in the first round of talks for a financial bailout that ended today, Finance Minister Asad Umar said. Umar said that disagreements with the IMF continue on certain issues, which include an increase in electricity prices...

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Asian markets mostly down, trade war fears back in headlines

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...

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SBP issues directions following cyber attack on a private bank

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...

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Microsoft overtakes Amazon as second most valuable company

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...

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PSX remains bullish on Friday as benchmark index gains 924 points

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...

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Following PM Imran’s agenda Deli China & JW Sez Group to built Glass Manufacturing Complex for creation of jobs in Pakistan

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,...

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Opportunities and viable platforms essential and Pakistan headed in right direction: PMIK

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...

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KSE back to October 4th position, trading at 40,040 points

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...

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ECC raises power tariffs for domestic consumers, gives relief to agriculture sector

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...

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Pakistan Bailed out: Karachi Stock Exchange gains over 12,00 points

KARACHI: On Wednesday, the Pakistan Stock Exchange registered gains, as its benchmark KSE-100 index sparked by 1,227 points to reach 38942.53 points. As the market opened today, the index gained by 3.26 per cent a day after Saudi Arabia agreed to provide $3 billion to Pakistan as balance of payment support during Prime Minister Imran Khan's visit to the kingdom....

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BMW recalls over 1 mn cars over exhaust system fire risk

FRANKFURT: German high-end carmaker BMW said Tuesday it would recall more than one million additional diesel cars, citing a problem with the exhaust system that "in extreme cases can cause a fire". "In some diesel vehicles, glycol cooling fluid can leak" from a faulty component called the exhaust gas recirculation cooler, which can combine with other substances in the system...

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NBP joins hand with Microsoft

Karachi: National Bank of Pakistan (NBP) partnered with Microsoft to continue and enrich its relationship in order to embrace technological. The signing ceremony was held at the NBP head office, Karachi. Shahid Saeed, SEVP/CIO, who was present at the ceremony, said the digital transformation of IT is a long-term commitment and a journey, presenting multiple and complex challenges, for which...

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Last time approaching IMF: claims Asad Umar

KARACHI: On Saturday, Pakistan's Finance Minister of Pakistan, Asad Umar claimed that this would be last time the government is approaching International  Monetary Fund (IMF) for the bail out package to address economic woes. "This will be the last IMF programme," the finance minister assured while addressing an event at Pakistan Stock Exchange, here at metropolis. Furthermore Asad Umar clarified...

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Inflation to rise further, predicts SBP in economic review report

KARACHI: On Thursday, Pakistan's central bank has forecast economic growth to remain below the target and an increase in the inflation rate.  The State Bank of Pakistan (SBP) in its economic review report noted that Pakistan would be unable to achieve its gross domestic product (GDP) target of 6.2 percent in the ongoing fiscal year. It further added that the...

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Rupee to depreciate further, USD-PKR upcoming projections spell doom

PKR has depreciated another 7% over the past week amid a rising import bill led by higher oil prices. PKR REER has now corrected by c.20% since early 2017, and is approaching its long-term average. We expect further PKR depreciation following the government decision to approach the IMF for a bailout, the report states. The report goes on to forecast USD-PKR...

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PM Imran discusses economic issues with business leaders

ISLAMABAD: Prime Minister Imran Khan Wednesday met his council of business leaders and discussed with them proposals for strengthening the country's economy, development of industrial, agriculture and IT sectors and ways to boost exports. Apart from Finance Minister Asad Umar, Advisor to the prime minister on Commerce Abdul Razzak Dawood, Chairman BOI, Governor SBP senior officials the council members included...

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Punjab Govt unveils remaining 8 months Budget of FY2018-19

LAHORE: Punjab budget for the remaining eight months of fiscal year 2018-19 with a total outlay of 2026.51 billion rupees was presented in the Punjab Assembly amid protest by opposition on the arrest of Shehbaz Sharif. The budget was presented by Finance Minister Hashim Jawan Bakht. In his speech, the Finance Minister said that PTI’s first hundred days agenda will...

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