Business

Government presents Mini-Budget amid opposition ruckus in NA

ISLAMABAD: On Wednesday, Finance Minister Asad Umar is currently presenting the 'mini-budget' in the National Assembly. The mini budget by the Pakistan Tehreek-e-Insaf (PTI) federal government comes amid protest staged by opposition parties in the NA. Umar began by stating that this was not a mini-budget being presented but rather a set of economic reforms. Before the mini-budget presentation by...

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Tesla names board director to replace Musk

WASHINGTON: Tesla said it has appointed Robyn Denholm of the Australian telecoms company Telstra as board director after Elon Musk resigned from the post. The appointment of Denholm, who is Telstra's chief financial officer, is effective immediately but she will serve out her six-month notice period with her current employer, Tesla said in a statement late Wednesday. Denholm had already...

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Russia seeks to de-dollarise as new US sanctions loom

MOSCOW: Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US unit´s dominance on the world´s stage but the country´s previous efforts to de-dollarise its economy have so far...

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IMF delegation arrives in Pakistan for bailout talks

ISLAMABAD: A delegation of the International Monetary Fund (IMF) arrived in Islamabad today (Wednesday) for talks on a bailout package. According to details, the talks with IMF delegation will continue for two weeks. In first phase the IMF’s technical team will hold talks with Pakistani officials and Pakistan will inform the money watchdog about the country's economic needs. According to...

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Saudi Arabia, China helped in ending balance-of-payment crisis in Pakistan: Asad Umar

ISLAMABAD: Finance Minister Asad Umar Tuesday said there was a vacuum of $12 billion in Pakistan's balance of payments, for which $6 billion were provided by Saudi Arabia and the rest came from China. Umar said so while addressing a joint press conference with Foreign Minister Shah Mehmood Qureshi. He said that now there was no balance-of-payment crisis in the...

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Six Pakistani banks suspend International transaction through debit card

KARACHI: On Saturday, six Pakistani banks have suspended international transactions though debit cards. In a text message sent to customers on Friday, the banks informed, “As a security precaution your debit card has been temporarily disabled only for international ATM cash withdrawal.” Customers can use their debit cards for local transactions. According to SBP, the use of the bank's cards...

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October inflation at four-year high on gas price hike, rupee fall

ISLAMABAD: Annual inflation rate jumped to 7 percent in the month of October, the highest in four years, from 5.12 percent a month earlier, due to a steep rise in gas prices and multiple devaluations of the rupee. On a month-on-month basis, prices spiked 2.56 percent in October, according to data released by the Bureau of Statistics on Friday. Prices...

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Pakistan, IMF bailout talks to commence from Nov 7

ISLAMABAD: A delegation of the International Monetary Fund (IMF) will arrive in Pakistan on November 7 for talks on a bailout package. According to details, IMF has also prepared conditions that include control on privatization, tax reforms, circular debts and inflations for Pakistan to avail the package. On Saturday, Pakistan’s Finance Minister of Pakistan, Asad Umar claimed that this would...

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Govt hikes fuel prices; petrol price goes up by Rs5 per litre

ISLAMABAD: The Federal government on Wednesday has increased fuel prices on the recommendations of OGRA for the month of November. The new price for petrol has increased by Rs5 rupees. The revised price of petrol would be Rs97.83 per litre. The price of diesel has been increased by Rs6.37 rupees, while the price of light diesel has also been increased...

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OGRA proposes Rs13 hike in fuel prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday recommended the federal government to raise the price of petrol by Rs9 per litre, diesel by Rs13 per litre and kerosene oil by Rs6 per litre for the month of November 2018. The finance ministry will make the final decision with the consultation of Prime Minister. The new prices would...

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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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