Business

ISLAMABAD: Pakistan’s oil and eatables imports grew 9.06 per cent to $7.58 billion in the first quarter of the current fiscal year from $6.95bn a year ago, the Pakistan Bureau of Statistics (PBS) said on Tuesday. In contrast, textile and clothing exports could only rise by 3.68pc year-on-year to $4.58bn due to slow demand and the high cost of local …

ISLAMABAD: In a bid to stem the line losses and put an end to corruption in the power sector, the federal cabinet on Tuesday approved drastic measures, including installation of advanced metering infrastructure and low-cost solar energy projects, to overhaul the existing electricity generation and distribution system. A meeting of the cabinet, presided over by Prime Minister Shehbaz Sharif, also …

KARACHI: The dollar has disappeared from the open market run by the exchange companies and there are reports that the US currency is trading at a much higher price in a parallel grey market. “This is true. The dollar is not available in the open market, but the grey market is offering it for as high as Rs232, making the …

The Pakistani rupee continued to extend its losses on Wednesday, falling by Rs1.17 against the dollar during interbank trade. The PKR closed at Rs220.88 as compared to yesterday’s close of Rs219.71, according to the State Bank of Pakistan (SBP). The dollar had managed to make a slight gain against the rupee on Oct 12, breaking its 13-day rally triggered after …

Pakistan will ask international lenders for billions of dollars in loans after devastating floods exacerbated the country’s economic crisis, the Financial Times reported on Wednesday. “We are not asking for any kind of measure [such as] a rescheduling or a moratorium,” Prime Minister Shehbaz Sharif told the Financial Times. “We are asking for additional funds.” The country needs “huge sums of money” for “mega …

ISLAMABAD: A day after opposition Pakistan Tehreek-i-Insaf won six out of eight seats it had vacated, an urgently called virtual meeting of the Economic Coordination Commi­ttee (ECC) of the federal cabinet approved a supplementary grant of Rs17 billion to increase discretionary spending on development schemes of parliamentarian to a record Rs87bn. The meeting, which was presided over by Finance Minister Ishaq Dar …

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Monday notified a 13 per cent reduction in the price of re-gasified liquefied natural gas (RLNG) for October as the international spot market remained out of reach of Pakistan and average cost of cargos under a long-term contract slightly came down with oil price cut. The basket RLNG price was also …

KARACHI: The rupee suffered losses for the fourth day as it depreciated by 46 paise against the US dollar in the interbank market on Monday making it difficult for the government and the State Bank of Pakistan to stabilise the exchange rate. According to the SBP, the dollar traded at Rs218.89 compared to Rs218.43 the previous day. However, the Exchange …

KARACHI: Former finance minister Miftah Ismail said on Monday Pakistan is “intolerant as hell” and “belligerently uneducated” as the elite capture of resources has left no space for reforms. Speaking at Habib University, the businessman-turned-politician wore the hat of an economics professor to talk to students in the uneasy presence of the educational institute’s rich benefactors who have “invented their …

Oil prices climbed on Tuesday, bolstered by a weaker US dollar and supply woes, although gains were capped by the spectre of lower fuel demand from China as it persists with its stringent zero-Covid policy. Brent crude futures rose 82 cents, or 0.9 per cent, to $92.44 per barrel by 0643 GMT, while US West Texas Intermediate (WTI) crude futures …