SBP to credit duty drawbacks into exporters’ accounts from Sep 1
ISLAMABAD: Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood has announced State Bank of Pakistan (SBP) will credit the Duty Drawbacks directly into the accounts of the exporters from September 1, 2020. On a social media
Will decide to reopen businesses, schools after Sep 15: CM Sindh
KARACHI: Chief Minister Sindh Syed Murad Ali Shah on Saturday said that the Provincial Task Force on COVID-19 has decided to resume educational and business activities all over the province from September 15, if the COVID-19 pandemic situation remains under
Moody’s retains Pakistan’s rating with stable outlook
NEW YORK: Moody’s Investors Service has confirmed Pakistan’s B3 local and foreign currency issuer and unsecured debt ratings with a stable outlook. On 14th May 2020, Moodys had decided to review Pakistan for downgrade but had retained the ratings. This
‘Pakistan’s export shown impressive trend in July 2020’: Razak Dawood
ISLAMABAD: Advisor to Prime Minister on Trade, Abdul Razak Dawood has said Pakistan’s export product diversification strategy showed an impressive trend in July 2020. In a series of tweets today Dawood said, “In line with our export product diversification strategy,
CDWP approves four projects worth over Rs16 billion
ISLAMABAD: Central Development Working Party (CDWP) approved four projects worth Rs. 16.112 billion and recommended two projects worth Rs. 44.172 billion to Executive Committee of the National Economic Council (ECNEC) for consideration. The meeting was chaired by Deputy Chairman Planning
Gold rates reach all-time high over economic woes
KARACHI: Gold rates shot up to Rs132, 000 per tola, the All Sindh Sarafa and Jewellers Association (ASSJA) said Friday, with prices around the world surging to their historic high as economic woes and resurgence in COVID-19 cases kept investors
Govt committed to facilitating business community: President Alvi
ISLAMABAD: President Dr. Arif Alvi has said the federal government had the responsibility to facilitate traders and businessmen and reduce their problems, mostly relating to administrative hurdles. Addressing at the International Rawal Expo Virtual Conference organized by Rawalpindi Chamber of
Pakistan pays back $1 billion loan to Saudi Arabia
ISLAMABAD: Pakistan has paid back a $1 billion loan to Saudi Arabia. The country paid back $1 billion out of a $3 billion loan that it secured one and a half years ago to avoid default on international debt obligations.
Punjab allows industries, establishments to operate 24/7 with SOPs
LAHORE: The Punjab government has allowed industries, establishments, and factories to operate 24 hours a day, every day of the week while practicing the standard operating procedures (SOPs) in the wake of coronavirus pandemic. According to a notification, the move
Cement sales increase by 37.75% in July
ISLAMABAD: The sales of the cement increased by 37.75 percent from 3.512 million tonnes in July 2019 to 4.838 million tons in July this year. According to data released by the All Pakistan Cement Manufacturer Association (APCMA), a 1.98 percent
Gold rates in Pakistan reach all-time high
KARACHI: Gold rates shot up Rs4, 800 per tola, the All Sindh Sarafa and Jewellers Association (ASSJA) said Wednesday, with prices around the world surging to their historic high as economic woes and resurgence in COVID-19 cases kept investors on
Coronavirus may narrow current global imbalances: IMF
WASHINGTON: The International Monetary Fund (IMF) has stated that global current account imbalances narrowed in 2019 as trade slowed. According to the IMF, coronavirus could further narrow the current account in 2020 but some commodity exporters and tourism-dependent countries will
Pakistan’s inflation rate soars to 9.3 percent in July
ISLAMABAD: Inflation based on Consumer Price Index (CPI), rose sharply to 9.3 percent in July from 8.6 percent June due to a surge in food and petroleum product prices, according to the Pakistan Bureau of Statistics (PBS). The inflation rose
305 locals to get jobs in Thar Block-2 power project: Asim Bajwa
ISLAMABAD: Special Assistant to the Prime Minister on Information and Broadcasting Lt. Gen (Retd) Asim Saleem Bajwa has said that the financial closes of 330 Megawatts (MW) Thar Block-2 power plant was expected in September end. On a social media
Export increased by 5.8% in July 2020 despite lockdown: Adviser
ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that Pakistan witnessed an increase in exports despite the coronavirus lockdown. The adviser said that according to the trade summary report, exports for the month of
World Bank announces new Country Director for Pakistan
ISLAMABAD: The World Bank has announced the appointment of Mr Najy Benhassine as new Country Director for Pakistan. “Mr. Najy Benhassine is the World Bank’s new Country Director for Pakistan effective August 1,” said WB press statement issued here. He
Gold prices jump to new peak, reach Rs 123,900 per tola
ISLAMABAD: The price of 24 karat gold increased by Rs. 400 on Tuesday and was traded at Rs. 123,900 as against its trading at Rs. 123,500 the previous day. According to the Karachi Sarafa Association, the price of 10-gram gold
Pakistan stock exchange becomes 2nd best performer globally
KARACHI: Pakistan’s stocks have recovered all the losses caused by the COVID-19 pandemic, as Pakistan’s benchmark index, KSE-100, was the second-best performance globally in the past month, according to Bloomberg’s data. According to the data, Pakistan’s benchmark index has gained
Traders demand opening business in Punjab
LAHORE: All Pakistan Anjuman-e-Tajran has demanded permission from the federal government to open a business in Punjab from today. Secretary All Pakistan Anjuman-e-Tajran Naeem Mir said that the final date for reopening of hotels, restaurants, schools, and all closed businesses
Federal govt hikes petrol prices on Eid eve
ISLAMABAD: On the eve of Eidul Azha, the federal government has increased the prices of petrol and high-speed diesel (HSD) by up to Rs 5 per litre for the month of August due to a “rising oil prices trend in
FY20-21: Pakistan to witness no change in inflation
ISLAMABAD: The inflation is expected to remain between 7.6 percent to 9.3 percent during the current fiscal year. As per details, inflation is expected to remain between 7.6 to 9.3 percent during the current fiscal year. One percent increase in
SBP issues instruction for promotion of Islamic Banking
KARACHI: Keeping in view the significant potential of Islamic Banking, the State Bank of Pakistan (SBP) has given the green signal for Islamic Banking Windows (IBWs) to offer all types of financing products to their customers. According to a statement
Petroleum prices to be revised on fortnightly basis
ISLAMABAD: Economic Coordination Committee (ECC) of the federal cabinet has approved a proposal by the Ministry of Energy for revision of prices of petroleum products on a fortnightly instead of the existing monthly basis. The ECC chaired by Adviser to
Pakistan receives $505.5 million from World Bank: SBP
KARACHI: The State Bank of Pakistan (SBP) has received $505.5 million financial assistance from the World Bank, the central bank announced on Tuesday. Last month, the SBP had received one billion dollars – $500 million each from the World Bank
Gold prices witness decline in local market
KARACHI: The price of 24 karat gold decreased by Rs. 1300 on Tuesday and was traded at Rs. 122,500 as against its trading at Rs. 123,800 the previous day. According to the Karachi Sarafa Association, the price of 10-gram gold
Govt adopt all steps to ensure wheat supply at affordable prices: Ministry
ISLAMABAD: Federal Secretary Ministry of National Food Security and Research Omer Hamid Khan has said the private wheat importers would be given priority in order to keep local demand and supply smooth and providing it at affordable prices. While chairing
PC-I approved for construction of Rawalpindi Ring Road project
RAWALPINDI: The Punjab government has approved the Project Concept (PC-I) for the construction of the 51-kilometer-long Rawalpindi Ring Road Project. According to details, the provincial executive approved the PC-1 for the route connecting Radio Pakistan Building on GT Road with
Gold rates in Pakistan reach all-time high, crossing Rs123,800 a tola
KARACHI: The gold rates in Pakistan have reached an all-time high, crossing the Rs123,800-a-tola mark today (Monday) after an increase of Rs 1,300, according to the All Sindh Sarafa and Jewellers Association (ASSJA). Gold rates indicate that the yellow metal
Sales of personal hygiene products fell in last three months: Unilever
LONDON: A consumer goods giant Unilever has reported the sales of shampoo and deodorant fell in the last three months. It said it had seen strong “growth in-home consumption of foods, ice cream, and tea” during the lockdown. However, there
Rupee strengthens by Rs 0.21 against dollar
KARACHI: The exchange rate of Pakistani rupees on Monday strengthened by Rs0.21 against the United States dollar. The greenback is currently trading at 166.05 against the domestic currency at the interbank foreign exchange market. The dollar had finished at Rs166.26