Business

KARACHI: The exchange rate difference between open and interbank markets on Wednesday swelled to Rs22 per US dollar, strengthening speculations about another big devaluation of the local currency. On Jan 26, the exchange rate was uncapped and the rupee witnessed the largest single-day fall in over two decades. It lost 9.6 per cent, or Rs25 per dollar, to close at …

KARACHI: Stock prices oscillated in a short range on Tuesday before settling on the lower side. Topline Securities said investors opted to remain on the sidelines in the absence of any positive trigger. Energy stocks continued to see profit-taking while selected stocks in food, fertiliser, banking, technology and communication and textile sectors witnessed fresh buying. The buying could be attributed …

KARACHI: Pak Suzuki Motor Company Ltd (PSMCL) on Tuesday announced suspension of motorcycle production till June 10 due to shortage of inventory. In a stock filing, the company said the automobile plant would remain operative.

KARACHI: Pakistan Stock Exchange (PSX) chief executive Farrukh H. Khan said on Tuesday the government should do away with the distortion in its tax policy that currently favours certain asset classes against others. Speaking at a press conference, Mr Khan called for aligning the tax rates for the equity market with those on real estate and agriculture, sectors that’ve traditionally …

LONDON: The IMF on Tuesday delivered a major U-turn on its forecast for the UK economy, saying it expected growth this year, just one month after predicting a contraction. Britain’s economy is now expected to expand by 0.4 per cent in 2023, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices. The institution …

LAHORE: Welcoming the inauguration of the Pak-Iran border market, Pakistan Business Forum (PBF) leader Ejaz Tanveer has suggested re-launching a cargo train between Pakistan, Iran and Turkiye to reap the maximum benefit of formal trade between the three countries. “A successful experience has already been done in the near past and should be initiated on a permanent basis which can …

KARACHI: Banks’ net lending to the private sector plunged 90 per cent during the first 10 months of the current fiscal year suggesting a sharp economic slowdown. In the backdrop of unprecedented inflation and record-high interest rates, banks are not ready to take risks by extending loans to the private sector struggling to run businesses in highly unfavourable situations plagued …

ISLAMABAD: In a significant economic setback, Pakistan’s textile and clothing industry experienced a substantial decline of 14.22 per cent year-on-year to $13.7 billion during the first 10 months of the current fiscal year. This downturn can primarily be attributed to a notable reduction in production, which was largely driven by the surging cost of production, data released by the Pakistan …

ISLAMABAD: The imports of the petroleum group witnessed a significant decline of 17.96 per cent during the July-April period of FY23 compared to the previous year, Pakistan Bureau of Statistics data showed on Monday. This drop can be attributed to a sharp reduction in consumption, which was a direct result of a slowing economy amidst unprecedented inflationary pressures. The country …

KARACHI: Multinationals operating in Pakistan have asked the government to increase the minimum taxable limit from Rs600,000 a year to Rs1.2 million to offset the impact of unprecedented inflation on individuals. The representative body of 200-plus multinational investors from 14 sectors called the existing salary tax structure “inconsistent with the basic principle of non-discrimination” as part of its taxation proposals …