Business

In the face of rapidly changing climatic conditions, the agricultural sector in Pakistan, particularly in Sindh, finds itself grappling with a myriad of challenges. With rising temperatures, erratic rainfall patterns, and prolonged droughts wreaking havoc, crop yields have been severely impacted, and water availability has become increasingly scarce. The current scenario presents a substantial threat to the sustenance of food …

Pakistan’s sugar export during FY23 stood at 215,751 tonnes fetching $104m against nil exports in FY22. Exports during July 2023 were 5,542 tonnes that earned $3.4m as compared to zero exports during July 2022. Flour Flour millers in Sindh had reduced the prices last Monday by up to Rs9 per kg in various varieties of flour as a result of …

KARACHI: As caretaker Prime Minister Anwaarul Haq Kakar meets power sector stakeholders in Quetta today (Sunday), businessmen have asked the PM to announce the withdrawal of what they term an unbearable rise in power tariff, to provide relief to the public at large, as well as the business community. In a joint statement, Businessmen Group (BMG) Chairman Zubair Motiwala, Karachi …

KARACHI: As the rupee’s alarming descent against the US dollar continues unabated, experts and stakeholders point fingers at the powerful grip of the grey market and the International Monetary Fund’s (IMF) “significant interference” in the country’s banking and currency sectors. Some said it was unprecedented that the IMF had allegedly got deeply involved in the country’s financial framework, interacting at …

LAHORE: Caretaker federal minister for Commerce and Industries Dr Gohar Ejaz has urged textile exporters to shift their focus to value-added products, including garments and made-up to achieve the $80 billion export target. “I pledge to address concerns and challenges faced by entrepreneurs. I assure providing comprehensive assistance through the ministry’s trade and investment officers stationed in various international missions,” …

KARACHI: The local bourse experienced a mixed trend during the outgoing week owing to various developments on the political and economic fronts, said Arif Habib Ltd. Pakistan’s current account deficit for July amounted to $809 million, marking a significant drop of 36 per cent on a year-on-year basis. In July 2022, the current account deficit reached $1.26 billion. Furthermore, the …

ISLAMABAD: Caretaker Finance Minister Shamshad Akhtar had an introductory virtual engagement with the staff mission of the International Momentary Fund (IMF) and is reported to have promised steadfast implementation of the policy actions committed under the $3bn Standby Arrangement during the tenure of the caretaker government to ensure economic stability. Informed sources said the two sides had an informal update …

KARACHI: The shareholding structure of the offshore entity that indirectly owns K-Electric Ltd remained shrouded in secrecy for years on end. But the infighting among its “ultimate owners” solved this mystery last month when one group of investors sought the winding up of the Cayman Islands–based holding company of K-Electric in order to establish a direct shareholding in Karachi’s only …

KARACHI: The rupee remained under pressure and lost 78 paise more to the US dollar in the interbank market while the open market remained steady on Friday. Currency dealers in the interbank market said the demand was higher than in previous days due to the weekend session. The State Bank reported the closing price at Rs301 against Rs300.22 a day …

ISLAMABAD: The short-term inflation saw a 25.34 per cent increase on a year-on-year basis for the week ending on Aug 25 due to a surge in the prices of kitchen items, showed the official data released on Friday. It, however, decelerated from the preceding week’s 27.57pc. On a week-on-week basis, the weekly inflation, measured by the Sensitive Price Index (SPI), …