Business

KARACHI: Minister for Energy Muha­m­mad Ali on Monday said the caretaker federal government was not decreasing the rates of solar net metering — a process that allows those installing solar panels to sell any excess electricity generated during the daytime back to the National Grid, ultimately reducing their electricity bills. Talking to the media along with Sindh Gove­rnor Kamran Tess­ori …

The rupee continued its upward trajectory on Tuesday against the dollar during morning trade in the interbank market, with analysts attributing the gains to an ongoing crackdown seeking to check illegal outflows of the greenback. The local currency closed at Rs299.89 in the interbank market after gaining Rs1.27 against the previous close of 301.16, according to the State Bank of Pakistan.   …

LAHORE: The Pakistan Kissan Ittehad (PKI) has expressed its utter shock at procurement of sugar at a price of Rs140 per kg from mill owners by the Punjab government. PKI President Khalid Mahmood Khokhar said on Monday that the minimum purchase price of sugarcane was fixed at Rs300 per 40kg for the previous crop and the federal government had estimated …

The rupee continued its upward trajectory against the dollar in the interbank market on Monday, with the local currency’s rise being attributed to a crackdown launched against hoarders and outflows of the greenback through illegal means. The local currency closed at Rs301.09 in the interbank market after gaining Rs1.79 against the previous close of Rs302.95, according to the State Bank of …

ISLAMABAD: The Privatisation Commission has started work to appoint a financial adviser to undertake the process for leasing of Roosevelt Hotel in New York for setting up a joint venture project for prospective mixed-use development. Following a decision taken by the Cabinet Committee on Privatisation last month, the commission has invited proposals for appointing the financial adviser. The financial adviser …

KARACHI: Old-timers in the stock market remember the days when owning a brokerage meant owning a part of the stock exchange. A couple of hundred brokers “owned” the stock exchange in literal terms, besides reserving the right to trade securities on the platform, until 2016 when a consortium led by Chinese investors acquired a 40 per cent shareholding and management …

SAHIWAL: Cotton production has witnessed a 23 percent increase compared to the previous year in Sahiwal division. Last year, 137,000 bales were produced, but this year’s harvest has surged to an impressive 179,000 bales, and of them 116,734 bales have hit ginning factories. The Agriculture Department says that cotton was cultivated across 106,000 acres. Cotton farmers received a commendable rate …

ISLAMABAD: Pakistan International Airlines (PIA) has resorted to ground several aircraft as it struggles to secure funds to maintain its operations for the next few months, during which time its core functions and non-core assets are expected to be put up for sale. The Ministry of Aviation issued a stern warning last week, telling the federal government that PIA currently …

KARACHI: Rumours circulating on various mainstream and social media outlets this past week suggested that the interim government had plans to launch a massive crackdown on bank lockers nationwide in a bid to collect much-needed foreign exchange. Reports claiming that authorities were gearing up for a significant operation against the illegal hoarding of dollars and would be deploying special scanners …

LAHORE: The caretaker government of Punjab has filed an application before the Lahore High Court (LHC), requesting the withdrawal of a stay order granted in favour of the sugar mills, restraining the authorities from finalising the price of the commodity. The government stated that the sugar mills had challenged a notification, the Punjab Foodstuffs (Sugar) Order 2023, issued by the …