Business

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...

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Current account turned into surplus for first time in four years: PM Khan

ISLAMABAD: Prime Minister Imran Khan said on Wednesday that for the first time in four years, the current account deficit turned into a surplus. Addressing a ceremony in the federal capital, the premier said that a depreciating economy and no foreign exchange reserves become a bane for economic growth. The confidence of investors in the stock market is heartening, adding...

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Foreign investment in govt securities exceeds $711 million

KARACHI: Foreign investment in government securities has exceeded $711 million since the beginning of the current fiscal year as the country saw an inflow of an unprecedented level on high interest rates and exchange rate stability. However, analysts say this reserve build-up process is choking growth. Foreign investment in treasury bills reached a new high of $267 million between November...

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PSE sees gains 422 points highest in six months

KARACHI: The Pakistan Stock Exchange Exchange (PSX) on Wednesday gained momentum in the early trade hours as investor participation has been comparatively high amid presence of market moving triggers. The benchmark KSE-100 index gained 422 points and hit 37,188 points – the highest in the last six months. As the JUI-F led anti-government sit-in in Islamabad with politicians agitating the...

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Exports of pharmaceutical products rises to 12.35 percent

ISLAMABAD: The exports of pharmaceutical products during the first quarter of current financial year grew by 12.35 percent as compared to the exports of corresponding period of last year. According to the Pakistan Bureau of Statistics, the pharmaceutical exports were recorded at 55.481 million dollars during July-September 2019-20 as against the exports of 49.383 million dollars during July-September 2018-19 showing...

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Govt to import tomatoes from Iran to curtail skyrocket price

ISLAMABAD: After a delay of more than a month, the government has finally reached a decision to explore avenues including import of tomatoes from Iran to arrest the skyrocketing prices of the vegetable in the domestic market. The combination of ill-timed government policies and bad weather caused disruption in supply of tomatoes — a kitchen staple — across the country...

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Govt’s effective efforts supporting Pakistan economy: Hafeez Sheikh

ISLAMABAD: Prime Minister Imran Khan's Adviser on Finance, Dr Abdul Hafeez Sheikh said on Monday Pakistan Tehreek-e-Insaf (PTI) government's effective measures have started supporting Pakistan economy. Addressing a press conference here at the federal capital, PM's adviser said there has been a gradual reduction in Pakistan's trade deficit and that the country's exports have experienced a noticeable improvement. The government's...

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IMF praises Pakistan’s effort of maintaining budget deficit to 0.9 percent of GDP

ISLAMABAD: Pakistani authorities managed to keep budget deficit at 0.9 percent of GDP, or around Rs400 billion, during the first quarter of the current fiscal – an achievement that was hailed by the IMF, but the country was advised to ensure full use of the budget to achieve the development goals, sources said on Friday. Sources said the International Monetary...

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Price of petroleum products hiked as proposed by OGRA

ISLAMABAD: The government on Thursday has approved the hike in petroleum products’ prices as recommended by Oil and Gas Regulatory Authority (OGRA) for the month of November. According to the notification issued by the Finance Ministry the price of petrol is increased by Rs. 1 per liter and the price of light speed diesel is decreased by Rs. 6.56 per...

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OGRA proposes Rs6.56 per litre increase in petroleum price

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Tuesday proposed the Petroleum Division to increase petrol price by Rs6.56 per litre, hiking the petrol rate by Rs1.00 per litre. According to sources, Ogra has also purposed to increase prices of high-speed diesel price by Rs0.27 per litre while a decrease of Rs2.39 per litre was recommended in price of...

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Nationwide traders’ two-day strike begins today

Trader associations is observing a two-day strike across the country on October 29 and 30 to protest ‘huge taxes’ imposed by the federal government. All Pakistan Anjuman-e-Tajran (APAT) Central General Secretary Naeem Mir announced the decision during a press conference in Lahore. The imposition of unjustified 17% sales tax, turn over tax and CNIC-based invoicing system had made it impossible...

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IMF, World Bank assured to continue supporting Pakistan’s economy: govt

WASHINGTON: The International Monetary Fund (IMF) and the World Bank provided assurances of their continued support to Pakistan's economy in meetings with Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh, a press statement issued by the government on Monday said. According to the press release, issued by the Finance Division, Sheikh, along with a delegation — including...

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Foreign Private investment rises 51 percent

KARACHI: Foreign private investment increased by 51 per cent to $564.8 million in the first quarter of this fiscal year, up from $374m in same period of 2018. Meanwhile, foreign direct investment (FDI) edged lower by 3.1pc to $542.1m during July-Sept, as compared to $559.4m in same quarter last year. However, FDI in September clocked in at $385.3m, surging by...

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IMF report predicts shrinking Pakistan’s economy for 2020

ISLAMABAD: The International Monetary Fund (IMF) has forecasted bleak economic indicators for Pakistan for fiscal year 2020, according to a new report issued by the global monetary body on Wednesday. According to the report, the unemployment rate in Pakistan is expected to rise from 6.1 percent to 6.2 percent in 2020, whereas the gross domestic product (GDP) growth is forecasted...

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Sales of passanger cars fall by 36 percent in September: Manufacturing Association

KARACHI: Sales of passenger cars plunged by 36 per cent in September, the sixth consecutive month of decline as the escalating interest rate and import tariff hit the slumping industry, according to data by manufacturers association. Sales fell to 10,923 vehicles in September 2019 from 16,957 units sold during the same period last year, data by Pakistan Automotive Manufacturers Association...

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FBR chairman says Dubai to share details of Pakistani property owners

ISLAMABAD: In a major development, Dubai Land Department will provide information of the properties owned by Pakistanis in Dubai, Chairman Federal Board of Revenue (FBR) Shabbar Zaidi announced on Friday. “We are pleased to inform that a very productive meeting has been held in Dubai on October 9 and 10 on the matter of exchange of information. Dubai Land Department...

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Stabilisation efforts bearing fruit: SBP Governor

KARACHI: The State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday said that reforms introduced to address macro-economic challenges have started to bear fruit and an improvement in external sector has become visible. He made these remarks during an interactive session with the members of Overseas Investors Chamber of Commerce and Industry (OICCI). Baqir added that macroeconomic stability...

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