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Bangladesh gets $4.7 billion IMF Loan as Pakistan continues to wait

DHAKA: The International Monetary Fund (IMF) has approved a $4.7 billion support loan package for Bangladesh to help it cope with soaring energy and food costs that have sparked huge protests, making it the first to secure such funds out

NEPRA reduces K-Electric power tariff by Rs.10.80 per unit

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved to reduce power tariff of K-Electric by Rs.10.80 per unit, and for the rest of the country by Rs 2.31 per unit. Chairman NEPRA Tauseef Hasan Farooqui presided over the

CWDP approves seven development projects worth Rs 22.16 bn

ISLAMABAD: The Central Development Working Party (CDWP) approved seven development projects worth Rs 22.16 billion during its meeting held on Friday under the chairmanship of Federal Minister for Planning Development and Special Initiatives Professor Ahsan Iqbal. The Central Development Working

Joint Statement: 8th Session of Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation

ISLAMABAD: The Eighth Session of the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation (IGC) was held on January 18-20, 2023 in Islamabad. It was led by Mr. Ayaz Sadiq, Federal Minister for Economic Affairs of Pakistan and

World’s highest Pak-China border crossing temporarily reopened for trade

GILGIT: World’s highest border crossing between Pakistan and China has been temporarily reopened amid winter season to facilitate local trade and key hydropower projects. Also read: Russia keen to help Pakistan in energy, IT sectors: Minister Nikolai  This was announced

NEPRA reduces KE tariff by Rs.7.43 per unit on account of Nov 2022 FCA

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved to reduce K-Electric’s power tariff PKR 7.43 per unit on account of Fuel Charges Adjustments (FCA) for November 2022. Power Utility KE’s had requested for a reduction of PKR 7.04

OGRA for ensuring ‘conical baffles’ in gas geysers

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has underlined the need for installation of ‘conical baffles’ in geysers to ensure efficient and sensible use of scarce gas in the peak winter season. A spokesperson for OGRA said here on

2022: Global stocks down almost 20pc in worst year since financial crisis

Trillions of dollars wiped off world stocks, bond market tantrums, whip-sawing currency and commodities and the collapse of a few crypto empires – 2022 has been perhaps the most turbulent year investors have ever seen, and for good reason. Tallying

Naan, roti prices go up in Islamabad

ISLAMABAD: Nanbais of the federal capital have increased the prices of roti and naan, blaming the rise in flour prices. The price of naan has been raised to Rs25 from Rs20 and the roti rate reached Rs20, while tandoori kulcha

Gold shines among key investment assets in 2022

KARACHI: Gold outperformed all major invest­ment avenues by a significant margin in 2022, according to a research note issued by Topline Securities. The yellow metal was followed by one-year (dollar-based) Naya Pakistan Certificates and the US currency as the best-performing

PIA introduces discount to passengers on Beijing-Islamabad flights

BEIJING: Pakistan International Airlines (PIA) has offered a big discount to passengers travelling on Beijing-Islamabad route with immediate effect. The new fare from Beijing to Islamabad is now RMB 4,681 including all taxes (Rs.152400 aprox), which will greatly facilitate those

Israel exports to reach record of more than $160 billion in 2022

JERUSALEM: Israel s exports are expected to have risen more than 10% to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said on Sunday. Exports, some 30% of Israel s economic

OECD moves to assess impact of crypto on financial system

The Organization for Economic Co-Operation (OECD) is active in the global financial system to review and take action on the use of cryptocurrencies. According to the details, the OECD, consisting of officials from 38 countries, is trying to standardize economic

Oil falls close to 2022 lows on economic worries, easing supply fears

LONDON: Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks

Pakistan cement dispatches contract by 16.82% in November

KARACHI: Pakistan’s cement industry has recorded a YoY contraction of 16.82 per cent during November and 21.78 per cent in five months (July – November 2022) of the current FY2022-23. Cement dispatches/sales were disrupted due to a host of factors, including

Pakistan repays $1bn sukuk, ends immediate default risk challenge: Bloomberg

KARACHI: The State Bank of Pakistan (SBP) said it made the payment for a $1 billion bond as per claims by the central bank chief Jameel Ahmad of paying early, Bloomberg said. Abid Qamar, a spokesperson at the SBP, told

Saudi Arabia extends term for $3 billion deposit in State Bank

KARACHI: Saudi Arabia has extended term for a $3 billion deposit in the State Bank of Pakistan through SFD in continued support for Pakistan’s economy. Also read: Pakistan foreign reserves fall 4.17% to $7.5bn In a statement released here on

Development spending falls 45pc in July-October

ISLAMABAD: Amid rising interest payments and disruptions caused by super floods, Pakistan’s development expenditure has contracted almost 45 per cent to less than Rs99 billion in the first four months (July-October) of the current fiscal year as the government’s overall

35 Pakistani students become owners on BRI e-commerce platform

KARACHI: A total of 35 students from Pakistan have become e-commerce owners as a result of supportive role played by Beijing and Islamabad. Also read: PTI leader Mahmood Moulvi discusses trade ties with US Consul General According to details made

Pakistan POL import bill falls by 2.3% to $6.054 billion in 4 months

ISLAMABAD: The imports of overall petroleum group declined by 2.31 percent during the first four months of the current fiscal year (2022-23) as compared to the corresponding period of the last year, Pakistan Bureau of Statistics (PBS) reported. The total

K-Electric requests NEPRA to reduce power tariff for Karachiites

KARACHI: The power utility responsible for supply electricity to Karachi and suburbs has submitted a petition to National Electric Power Regulatory Authority (NEPRA), seeking to reduce power tariff on account of Fuel Charges Adjustment (FCA). The K-Electric is reported to

UK inflation hits 41-year high as Hunt readies tough budget

LONDON: Surging household energy bills and food prices pushed British inflation to a 41-year high, data showed a day before finance minister Jeremy Hunt announces “tough but necessary” tax hikes and spending cuts to control price growth. Consumer prices rose

Dar says will bring dollar under Rs200

Finance Minister Ishaq Dar said on Sunday that he will bring the dollar under Rs200 and the United States can not stop Pakistan from purchasing Russian oil and it will be possible to do so soon. While addressing Pakistan Muslim

FBR urges LCCI members to file tax returns on time

LAHORE: The Federal board of Revenue (FBR) on Friday urged the Lahore Chamber of Commerce and Industry to ask its members to submit their tax returns on time as filing of tax returns this year is far lower as compared

Crypto exchange FTX files for bankruptcy as wunderkind CEO exits

LONDON: Crypto exchange FTX filed for U.S. bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive, after the biggest blowup in the crypto industry drew calls for tighter regulation. The distressed crypto trading platform had struggled to raise

State Bank introduces whistle blowing forum to discourage unauthorized Forex activities

KARACHI: State Bank of Pakistan (SBP) introduced, on Friday, a ‘Whistle Blowing Forum’ for identification of unauthorised foreign exchange activities for promoting an environment of accountability and integrity. In a statement issued here, the SBP said public, at large, may

PSX maintains bullish trend as KSE-100 gains 191 points

The Pakistan Stock Exchange (PSX) extended its rally for a fourth consecutive session on Friday and the KSE-100 index surpassed the 43,000-point barrier to close at the highest level since August 2022. Investor sentiment revived over expectations of foreign aid

NEPRA raises electricity tariff for Karachi consumers

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved raising electricity tariff by Re0.51 per unit for Karachi consumers on account of uniform tariff across the country. The move came after the federal government asked NEPRA to notify 51

USD to PKR: US dollar continues to soar against Pakistani rupee

KARACHI: The US dollar on Thursday continued to soar against the Pakistani rupee. According to the Forex Dealers Association, the dollar became expensive in the interbank market at the start of business this morning. After an increase in the value

Bears rule PSX as KSE-100 slumps 650 points

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday witnessed bearish trend as investors stampeded towards the exits ahead of a probable showdown between the government forces and the PTI’s long-marchers on Friday. The KSE-100 Shares Index, the benchmark of Pakistan’s capital