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Petrol prices unchanged, diesel slashed for next fortnight


March 16, 2024

In its first fuel price revision announcement, the newly elected government on Friday maintained the price of petrol but slashed diesel for the next fortnight. In an an­­nouncement before midnight, the Ministry of Finance said the new price of diesel would go into effect on March 16, as recommended by the Oil and Gas Regulatory Authority (Ogra). The price of …

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Textile exports rise to $1.4bn


March 16, 2024

ISLAMABAD: Pakis­tan’s textile and clothing exports increased by double digits for the third consecutive month in February, indicating a recovery in orders from international buyers, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. The sector’s exports rose 19.20 per cent to $1.407 billion in February from $1.18bn during the same month last year. However, in …

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Stocks finish weekend session on bearish note


March 16, 2024

KARACHI: After a robust overnight rally, the stock market came under renewed profit-selling by nervous investors amid growing economic uncertainty as a result the benchmark KSE 100-share index settled below the 65,000 level on Friday. Ahsan Mehanti of Arif Habib Corporation said challenges over external financing, uncertainty about the outcome of the ongoing IMF review and status quo expectations in …

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FBR partners with Karandaaz for digitalisation


March 16, 2024

ISLAMABAD: The Federal Board of Revenue (FBR) has entered into an agreement with Karandaaz Pakistan for the digitalisation of the tax system in line with the reforms of tax administration. The memorandum of understanding (MoU) was signed soon after Finance Minister Muhammad Aurangzeb met the FBR and Karandaaz officials on Friday. The meeting reviewed various options and emphasised the importance …

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LSM expands for third month in a row


March 16, 2024

ISLAMABAD: Large-scale manufacturing (LSM) continued to rise modestly in January for the third consecutive month, showing a partial recovery in industrial production, showed data released by the Pakistan Bureau of Statistics on Friday. LSM posted a growth of 1.84 per cent in January on a year-on-year basis. On a month-on-month basis, it grew 0.03pc. In December 2023, the growth in …

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Curtain rises on five-year plan for economic revival


March 15, 2024

ISLAMABAD: In an attempt to stabilise the nation’s faltering economy, the newly elected government has embarked on crafting a detailed five-year strategy aimed at rejuvenating key economic sectors. In this regard, Prime Minister Shehbaz Sharif chaired a high-level meeting on Thursday, laying down a comprehensive roadmap for the country’s economic resurgence over the next half-decade. This strategic blueprint will focus on critical …

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Dollar falls to five-month low against rupee


March 15, 2024

KARACHI: The formation of a new government and positive signals from the International Monetary Fund have brought down the dollar to a five-month low against the rupee, reflecting a growing confidence in the stability of the exchange rate. For the last three months the exchange rate remained stable at close to Rs 280 in the interbank market. In fact, the …

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SSGCL accuses ‘front men’ of creating LPG shortages


March 15, 2024

ISLAMABAD: The Sui Southern Gas Company Ltd (SSGCL) on Thursday accused ‘front men’ of Liquefied Petroleum Gas (LPG) market operators of making complaints before the government institutions to block state-owned entities’ retail business for creating shortages and black marketing the product for personal gains. “Most of the complainants are self-proclaimed stakeholders and they themselves do not have any stakes in …

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Free Trade Agreement likely in Iran president’s visit to Pakistan: envoy


March 15, 2024

ISLAMABAD: Iranian Ambassador Dr Reza Amiri Moghadam said on Thursday that a Free Trade Agreement (FTA) is likely to be finalised in the upcoming visit of Iranian President Ebrahim Raisi to Pakistan. Addressing the business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI), the Iranian envoy said the FTA would increase mutual trade and several …

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SECP simplifies right shares issuance process


March 15, 2024

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has introduced amendments to the Com­panies (Further Issue of Shares) Regula­tions 2020, simplifying the right issuance process with single, standardised disclosure and reporting requirements applicable for all right issues regardless of the issue size. Under the new amendments, the issuers will have to solicit comments from both the Pakistan Stock Exchange …

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