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Business

Rupee stays resilient despite challenges


February 9, 2024

JOIN OUR WHATSAPP CHANNEL KARACHI: Despite being surrounded by political and economic uncertainties, the local currency remained stronger against the US dollar in the interbank market. The exchange rate, which has been a serious cause of concern for the government as well as stakeholders in the economy, remained stable for over two months. The State Bank of Pakistan reported the …

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Businesses look forward to stability


February 9, 2024

KARACHI: Post-election scenario is more important for the economy as the ‘stalemate’ prevailing for the last 15 days will see a vital change with the formation of the new government, said market sources. Since the general elections were announced the stakeholders of the economy have been keenly watching the developments particularly the economic performance and the caretaker government’s relations with …

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Textile industry seeks cheaper money, energy to boost exports


February 9, 2024

KARACHI: From April onwards, the country has a substantial opportunity to increase textile exports and capture a larger chunk of the world market, says Pakistan Textile Exporters Association Patron-in-Chief Khurram Mukhtar. He said there were two main areas that the incoming government should focus on to boost textile exports: electricity-related reforms and the availability of capital. Electricity prices for the …

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Election merchandise sales plunge 60pc over 2018


February 9, 2024

KARACHI: Despite an improvement in flag and panaflex displays in the city just one week before the elections, manufacturers noted a 40-60 per cent decline in sales compared to the 2018 elections, attributing this drop to looming uncertainty over the holding of the general polls and a lack of orders from small political parties. Both political parties and their candidates …

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US, UK shipping companies hit by soaring Red Sea insurance


February 8, 2024

LONDON: War underwriters have raised the premiums they charge to US, British and Israeli firms by as high as 50 per cent for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen’s Houthis, sources said. Attacks by the Houthis since November have slowed trade between Asia and Europe and …

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Germany provides €45m


February 8, 2024

ISLAMABAD: Germany will provide €45 million to Pakistan to start new bilateral cooperation projects focusing on climate and energy, economic development, social protection and population policy issues. The agreements on technical development cooperation emerged as the result of a long-standing and trustful partnership between the two countries, the Economic Affairs Division said in a press release on Wednesday. The newly …

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Power firms’ performance below par despite high tariffs: Nepra


February 8, 2024

ISLAMABAD: True to general perception, the country’s power generation plants and transmission systems in the public and private sectors are below par in terms of their respective performance standards affecting the quality of service despite higher consumer tariffs, according to National Electric Power Regulatory Authority (Nepra). According to the regulator’s Performance Evaluation Reports (PERs) of power plants for 2022-23, the …

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Ecnec approves seven projects worth Rs253bn


February 8, 2024

ISLAMABAD: The Executive Committee of the National Economic Council (Ecnec) on Wednesday approved seven development projects costing over Rs253 billion including a water sector project strongly opposed by the Sindh government. Caretaker Finance Minister Dr Shamshad Akhtar who presided over the meeting asked the Sindh government to agitate its reservations before the Council of Common Interests (CCI) over the issue …

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ECC okays Rs10bn more for cybersecurity


February 8, 2024

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved Rs10 billion additional funds for cybersecurity and an increase in gas price for two Punjab-based fertiliser plants. A meeting of the ECC, presided over by caretaker Finance Minister Dr Shamshad Akhtar, also asked the defaulting Cnergyico Petroleum Limited (CPL) to clear around Rs50bn unpaid petroleum levy in three …

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Caretakers defy ECP directive, okay PIA restructuring


February 7, 2024

ISLAMABAD: A day after the Election Commission of Pakistan (ECP) barred the caretakers from taking any step vis-à-vis Pakistan International Airlines (PIA), including its privatisation, the federal cabinet on Tuesday approved a plan for restructuring of the national flag carrier. The decision was taken at a meeting presided over by caretaker Prime Minister Anwaarul Haq Kakar.     The ECP …

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