Business

KARACHI: Amid ongoing economic optimism, the stock market maintained a robust outlook, extending a surprise record-breaking spree in the last days of Ram­azan by scaling a new peak in the outgoing short week. Arif Habib Ltd (AHL) said the market continued its positive momentum throughout the four-day trading week, hitting an all-time high above the 68,000 level. The market sentiment …

LAHORE: Farmers across Punjab have voiced their disappointment following Chief Minister Maryam Nawaz Sharif’s decision to retain the previous year’s wheat support price and threatened legal action and protests if the government failed to address the issue. The chief minister “has failed her first trial on the agriculture front in the province”, Kisan Board Pakistan President Sardar Zafar Hussain said …

KARACHI: The government’s borrowing from banks reached Rs4.7 trillion, with an addition of Rs700 billion within the last two months. The State Bank of Pakistan’s (SBP) latest data showed that the government borrowed Rs4.69tr during July-March, marking record borrowings during the current financial year. The huge borrowing has already sidelined the private sector, as the sector’s borrowing fell by 70 …

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has failed to approve a clear-cut cash credit limit to the provinces and other stakeholders for wheat procurement despite two days of lengthy meetings. Informed sources claimed that a lack of experience in handling public interest matters appeared to be the key factor, as the ECC, led by Finance Minister Muhammad …

KARACHI: Engro Energy Ltd (EEL), a wholly owned subsidiary of Engro Corporation Ltd, has entered into a share purchase agreement (SPA) with Liberty Power Holding (Pvt) Ltd and a consortium to sell its thermal energy assets portfolio. The consortium consists of Liberty Mills Ltd, Soorty Enterprises, and Procon Engineering through Master Group of Industries. Selling thermal assets is part of …

ISLAMABAD: Federal Minister for Privatisation Abdul Aleem Khan has called PIA “an attractive opportunity” for local and international investors, especially after restructuring its liabilities. Chairing a meeting of the Privatisation Commission Board on Thursday, the minister hoped that Pakistani businesses would show their interest in acquiring the national airline. The Privatisation Commission Board, in the two sessions held on April …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday imposed a fine of Rs50 million each on five power distribution companies including K-Electric for carrying out commercial-based excessive loadshedding in violation of laws penalising honest consumers. It is for the first time the regulator has moved from issuing warnings against collective punishments in the power sector which started more …

ISLAMABAD: In a rare development, the Federal Board of Revenue (FBR) has notified an incentives-laden scheme offering privileges and facilities to top exporters and taxpayers. The Pakistan Honour Card Scheme was notified through SRO469 on Thursday. The benefits include expedited clearance at immigration offices, issuance of diplomatic passports and access to VIP lounges at airports. The cards will be issued …

KARACHI: Banks are experiencing a surplus of dollars, driven by exporters swiftly selling their earnings in anticipation of further depreciation of the US currency. In the currency market, some banks are considered export banks due to their large network of exporters, who sell their proceeds to these banks. According to currency dealers, there’s been a remarkable increase in the inflow …

KARACHI: Huge wheat imports by the private sector have continued to bring down the prices of various flour varieties, but many retailers are not passing on the relief to consumers. Millers have lowered the rate of flour no. 2.5 to Rs106 per kg from Rs124 in February. The price of 10kg wheat flour bag has been slashed to Rs1,070 from …