Economic situation of the country is alarming: Tanzeem-ul-Ikhwan President

KARACHI: President of Tanzeem-ul-Ikhwan Amin Awan, has said that the economic situation of the country is alarming, while resourceful leadership has become the need of the hour. According to the details, Amin Awan hosted a dinner in which leaders belonging

Cooking oil and ghee prices drop at Utility Stores

ISLAMABAD: The prices of all brands of ghee and cooking oil at utility stores have been reduced by Rs5 to Rs76 per kg/litre. According to the notification issued, the federal government has reduced the prices of ghee and cooking oil

NEPRA rejects govt’s request to increase price of electricity

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has rejected the federal government’s request to increase the price of electricity. The request for an increase in electricity prices was made by the government in the context of adjustment, and NEPRA issued a

Govt expected to collect $200 billion from increase in cigarette tax

ISLAMABAD: The government expects to receive around Rs 200 billion in taxes this year from the recent tax hike on the cigarette industry. In the last financial year, a record tax of Rs 148 billion was collected from the tobacco

IMF may demand of not removing super tax in upcoming budget

ISLAMABAD: The International Monetary Fund (IMF) has requested the Federal Board of Revenue (FBR) not to abolish the super tax. According to the sources, after this demand of the IMF, it has been decided not to remove the super tax

Saudi Arabia Deputy Interior Minister arrives in Pakistan for ‘Road to Makkah’ project

ISLAMABAD: Deputy Interior Minister of Saudi Arabia H.E. Dr. Nasser bin Abdulaziz has reached Pakistan for the agreement regarding the road to Makkah project. According to the details, Dr. Nasser bin Abdulaziz arrived in Pakistan for a two-day visit where Federal Interior Minister Rana Sanaullah

Internet shutdown causes massive revenue loss for Telecom operators, Govt

ISLAMABAD: Telecom operators in Pakistan are facing massive revenue losses as the government shut down mobile broadband services after the arrest of PTI Chairman Imran Khan on May 9, resulting in a deteriorating law and order situation. According to data

Pakistan not to make more tough decisions on IMF demands: Ishaq Dar

ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar has made it clear that Pakistan will no longer make tough decisions on the demand of the International Monetary Fund (IMF). Talking to newsmen the other day, Dar stated that the government has already

Rupee continues to decline against Dollar amid debt repayment arrangements

KARACHI: The Pakistani rupee continued its downward trajectory against the US dollar on Wednesday, depreciating 0.41% in the inter-bank market during early trading hours. At approximately 11 am, the currency was being quoted at 286, representing a decrease of Rs1.16.

IMF deadlock: Pakistan arranges repayment of $3.7bn external debt by June

ISLAMABAD: The Federal Government is reported to have made arrangements to meet external obligations worth $3.7 billion by the end of June. In a statement released by the Ministry of Finance the other day, it was revealed that this amount

Pakistan could default without IMF bailout loans: Bloomberg

Pakistan could default without an International Monetary Fund bailout as its financing options beyond June are uncertain, Moody’s Investor Service said. “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,”

Pakistan buys Russian oil but sees diversified future

Washington: Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy. Minister Musadik Malik was visiting the United States for talks with corporations as

Ethopian Airlines inaugurates Addis Ababa-Karachi route as first flights lands

KARACHI: Ethiopian Airlines has inaugurated its new route between Addis Ababa and Karachi, with the airline’s first Boeing 737 MAX 8 arriving in the Metropolis Tuesday morning on May 9. برٹش ائیر ویز اور ورجن اٹلانٹک کی پاکستان میں بندش

Pakistan to buy discounted Russian oil with yuan in shift away from dollar: Report

Pakistan is reported to have decided to purchase discounted Russian oil using the Chinese yuan, reflecting a global shift towards de-dollarization. According to multiple reports, the move comes as part of the BRICS economic bloc’s efforts to conduct international trade

PSX falls over 450 points on delayed IMF program

KARACHI: The benchmark KSE-100 Index in the Pakistan Stock Exchange (PSX) witnessed a significant decline of over 450 points, indicating a strong comeback of bears in the market on Monday. The negative sentiment was triggered by a persistent delay in

ADB to help Pakistan build climate–resilient infrastructure

INCHEON, South Korea: The Asian Development Bank (ADB) has demonstrated a strong commitment to coming up with a comprehensive approach to help build the much-needed climate-resilient infrastructure for Pakistan which faced over $30 billion in losses after the devastating floods

Loan agreement delayed as IMF asks Pakistan to ‘Do More’

ISLAMABAD: Pakistan has been asked to present a repayment plan for a $3.7 billion loan to the International Monetary Fund (IMF) in June, according to media reports, thus delaying prospects of loan agreement, yet again. The IMF has reportedly asked

Pakistani Rupee slightly depreciates against US dollar in Inter-Bank market

KARACHI: The Pakistani rupee depreciated nearly 0.05% against the US dollar in the inter-bank market during the early hours of trading on Monday. At around 10:30am, the currency was being quoted at 283.72, a decrease of Re0.13. During the previous

Pakistan, Scotland to hold investment conference: PM

LONDON: Prime Minister Shehbaz Sharif Sunday said Pakistan and Scotland will hold a conference to attract investment in the fields of trade, education, technical training and renewable sources of energy. After meeting with First Minister of Scotland Hamza Yousaf here,

KP flour millers threaten strike over Punjab wheat transportation ban

PESHAWAR: Flour millers in Khyber Pakhtunkhwa (KP) have threatened to go on strike starting from tomorrow (Monday) if the restriction on transportation of wheat from Punjab is not lifted immediately. The flour millers are demanding that the government and relevant

Rate of inflation reaches 48 percent

ISLAMABAD: Prices of flour, chicken, and milk increased on a weekly basis, and the overall rate of inflation reached 48.35 percent. The Bureau of Statistics has released a report on the weekly inflation in the country, according to which the

Pakistan Stock Exchange ends flat after volatile session

KARACHI: The Pakistan Stock Exchange (PSX) experienced a volatile trading session on Thursday as the KSE-100 Index closed flat after fluctuating throughout the day. Mixed trading was witnessed due to a combination of upward and downward pressures. Despite the market

IMF to discuss Pakistan’s budget plans in fresh hurdle to funding

KARACHI: The International Monetary Fund (IMF) is preparing to discuss Pakistan’s budget plans for the coming financial year as part of a process to unlock a crucial financing injection for the cash-strapped nation, the IMF’s country mission chief said. An

PIA reduces Islamabad-Beijing fare by 30% to facilitate travel

BEIJING: To further facilitate passengers travelling between Pakistan and China, Pakistan International Airlines (PIA) has reduced fare for Islamabad-Beijing flights with immediate effect. The national flag carrier has announced around 30 percent reduction in the fare for Islamabad-Beijing route which

Nepra approves Rs3.70/unit FCA hike for K-Electric users

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has announced an additional March fuel cost adjustment (FCA) of Rs3.70 per unit to K-Electric users. The decision means that Karachi-based private utility will receive an extra amount of Rs5.14 billion from

Pakistan surpasses Sri Lanka to become Asia’s top inflation performer

Pakistan took the crown for Asia’s fastest inflation from Sri Lanka as a weaker currency and rising food and energy costs drove price gains to a record in April. According to a report by  Bloomberg, consumer prices rose 36.4% in

PKR sees marginal decline against USD in early Tuesday trading

KARACHI: The Pakistani Rupee faced a slight setback in the inter-bank market on Tuesday as it fell by almost 0.06% against the US Dollar. At around 10:30 am, the currency was being traded at 284, a decrease of Re0.16. The

Pakistan’s job market faces disruption from emerging technology, says WEF

KARACHI: The World Economic Forum (WEF) has released a report on global trends and technologies that may affect Pakistan’s job market, noting that some jobs, such as bank tellers, data entry clerks, and accountants, may go out of demand, and

PHHSA warns of climate change threatening agriculture

LAHORE: The Chairman of Pakistan Hi-tech Hybrid Seed Association (PHHSA), Shahzad Ali Malik, has raised concerns over the impact of climate change on agricultural production in food insecure regions, especially in Asian countries. Talking to a delegation of progressive farmers

DHA-UAE group sign MoU for golf view villas in DHA City Karachi

ISLAMABAD: Dubai Royal Family member Sheikh Ahmed Dalmook Al Maktoum’s office has signed a Memorandum of Understanding (MOU) with the Defence Housing Association (DHA) Karachi to develop ultra-high-end golf view villas overlooking the newly built golf course in DHA City