Mill flour significantly reduced by Rs 20 per kg in Lahore

LAHORE: The price of mill flour in Lahore has been reduced by Rs 20 per kg, after the reduction in the prices of petroleum products The price of mill flour has been fixed at Rs 150 per kg, and the

Ishaq Dar to share details of budget for IMF program’s revival

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that Pakistan will share the details of the upcoming budget with the International Monetary Fund to restore the IMF program. According to the details, speaking during a private TV program, Ishaq Dar

China agrees to give Pakistan more time for debt repayments

ISLAMABAD: China has agreed to give Pakistan more time to repay the debt. According to Finance Ministry sources, Pakistan has completed all payment arrangements till June due to which the country is not at risk of default. Sources in the

North Korea stole $721m worth of cryptocurrency from Japan: Report

TOKYO: A North Korean group has been involved in the hacking of millions of cryptocurrencies in Japan. A Japanese newspaper ‘Nikkei’ stated in a report that since 2017, hackers affiliated with North Korea have stolen 721 million worth of crypto

Textile industry forced to reduce production due to gas crisis

Karachi: The textile industry of Sindh and Balochistan has been forced to stop their production or continue their activities at 50 percent capacity due to the gas crisis and low pressure. According to Zahid Mazhar, chairman of All Pakistan Textile

EU adopts world’s first comprehensive crypto law

LONDON: EU member states have adopted the world’s first comprehensive crypto law. The draft was sent to the EU Parliament after the EU finance ministers meeting in Brussels approved the rules, which are expected to come into force in 2024.

Price of 23 essentials items in country increased

ISLAMABAD: The prices of 23 essential items have increased and the prices of 13 have decreased in the country during a week. The Federal Bureau of Statistics has released data regarding inflation in the country, according to which the inflation

Islamic Coin launches as first halal cryptocurrency ecosystem for Muslims

Haqq, a blockchain ecosystem that strictly follows Islamic traditions and principles, has launched Islamic Coin ($ISLM), the first cryptocurrency ecosystem for the global Muslim population. The new token will offer a 100% halal cryptocurrency platform, which has already received accreditation

Rupee bounces back with a 5.22% gain against USD after record low

KARACHI: Pakistan’s rupee experienced a remarkable rebound against the US dollar, gaining nearly Rs15 during early trading in the inter-bank market on Friday. After hitting a record low of 298.93 against the US dollar on Thursday, the currency was being

Pakistan to address, satisfy IMF over concerns regarding petrol subsidies: Minister

Pakistan aims to address concerns from the International Monetary Fund before implementing its new fuel subsidy plan. The IMF had some reservations about the government’s plan to raise fuel prices for wealthier motorists to finance a subsidy for lower-income people,

Govt fixes sugar price at Rs 98.82 per kg across country

LAHORE: The Ministry of Food and Agriculture has issued a notification by fixing the price of sugar on the recommendation of the Advisory Board. According to the notification issued by the Ministry of Food and Agriculture, the retail price of

Pakistan place first order for discounted Russian crude oil under a new deal

ISLAMABAD: Pakistan has placed its first order for discounted Russian crude oil under a new deal struck between Islamabad and Moscow, the country’s petroleum minister said, with one cargo to dock at Karachi port in May. Pakistan’s purchase gives Russia

Rupee records marginal losses against USD amid IMF agreement uncertainty

KARACHI: The Pakistani rupee has experienced marginal losses against the US dollar, as it depreciated 0.14% in the inter-bank market during early trading on Monday. At around 10:45am, the currency was being quoted at 284.8, indicating a decline of Re0.4.

Ishaq Dar holds virtual meeting with WB South Asia Vice President

ISLAMABAD: Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Friday held a virtual meeting with Martin Raiser, South Asia Vice President of the World Bank. The meeting was part of the World Bank-IMF (International Monetary Fund) Spring Meetings

Pakistan Furniture Council to take part in Rwanda International Trade Fair

ISLAMABAD: Pakistan Furniture Council (PFC ) will take part in Rwanda International Trade Fair starting from July 26 to discover business opportunities and explore new markets access for Pakistani products . Chief Executive Officer PFC Mian Kashif Ashfaq talking, while

Pakistani Rupee finds respite against US Dollar after back-to-back losses

KARACHI: The Pakistani rupee gained against the US dollar in the interbank trading, appreciating by 1.21 percent, marking a welcome respite for the currency after consecutive losses. This came on Thursday when multiple media reports quoted the State Bank of

Govt releases Rs 46.326 bln for various water schemes this year

ISLAMABAD: The government has released an amount of Rs 46.326 billion for various water resources schemes under the annual Public Sector Development Programme (PSDP) so far in the current fiscal year 2022-23, said an official data issued by the Planning

Oil plunges as dollar firms; market looks at Iraq exports

SINGAPORE: Oil prices fell on Thursday as the dollar strengthened, with investors keeping close tabs on developments related to the reduction of Iraqi Kurdistan oil exports. Brent crude futures dipped 37 cents, or 0.5%, to $77.91 a barrel at 0300

Pak business delegation made week-long visit to Ethiopia

ISLAMABAD: A 70-member delegation of businessmen and investors from Pakistan made a week-long visit to Ethiopia to review the business and investment opportunities in the Ethiopian markets. The business delegation, led by Ibrahim Khalid Tawab, Honorary Counsel General of Ethiopia

IESCO installs 8,702 net metering connections with 106.43 MW capacity

ISLAMABAD: The Islamabad Electric Supply Company (IESCO) has installed 8,702 net metering connections having a total generation capacity of 106.43 megawatts (MW) in various circles of the company from January 2016 to February 2023. Manager Public Relations Asim Nazir Raja

Customs determines 86 inch touch LCD as automatic data processing machine,

KARACHI: Pakistan Customs has settled dispute for clearance of all-in-One Interactive Computer System, Core i7 with 86 inch touch LCD, determining it as an automatic data processing machine, consisting of a flat panel LCD touch screen which performs as an

Pakistan’s foreign reserves rise above $10bn

KARACHI: The total liquid foreign reserves of Pakistan crossed US$ 10 billion mark, whereas, the reserves held by the central bank reached near US$ 4.6 billion. The State Bank of Pakistan, in a statement issued on Friday, informed that the

FTX reaches deal to recover over $400mn from hedge fund Modulo

Bankrupt crypto exchange FTX has reached a deal to recover more than $400 million in cash from hedge fund Modulo Capital, pulling back 97% of the money that FTX companies sent to the hedge fund in 2022, according to court

Mobile phone imports decreases over 68% to $447 mln in 8 months

ISLAMABAD: The import of mobile phones into the country has witnessed a decrease of 68.29 percent during the eight months of the current fiscal year (2022-23) as compared to the corresponding period of last year. Also read: ‘Pakistan has manufactured

IMF sees hurdles, new fuel subsidy can further delay program: Bloomberg

KARACHI: The International Monetary Fund said Pakistan has a few more tasks before it can unlock a $6.5 billion loan to avoid a default, putting pressure on the government to secure assurances from countries that have promised financing support. Also

SBP likely to hike interest rates by 100bps

KARACHI: The State Bank of Pakistan (SBP) is expected to jack up the interest rates further in the upcoming policy review next month to combat the rising inflation, a brokerage firm said Sunday.  “The monetary policy committee is set to commence

Rupee sheds Rs 1.26 against dollar

ISLAMABAD: The Pakistan rupee weakened by Rs 1.26 against the dollar in the interbank trading on Wednesday and closed at Rs 279.12 against the previous day’s closing of Rs 277.86. According to the Forex Association of Pakistan (FAP), the buying

PIA announces fares for Hajj 2023

KARACHI: Pakistan International Airlines (PIA) has announced fares for the 2023 Hajj pilgrimage and the national flag carrier is scheduled to start pre-Hajj operations from June 6 till May 21. According to multiple media reports, the national flag carrier for

Chinese Bank approves rollover of $1.3bln loan for Pakistan, claims Dar

ISLAMABAD: Finance Minister Ishaq Dar has claimed that the Chinese Bank ICBC has approved rollover of 1.3 billion US dollar loan after completing the necessary formalities. His statement came just a day after Bloomberg reported that bondholders were bracing for

PKR appreciates by Rs.8.34 against US dollar

KARACHI: After falling to all time low on Thursday, Rupee appreciated by 8.34 against the US dollar in the interbank market in early trading session on Friday. The greenback is being traded at Rs.276.75 during the intra-day trade. However, the