Business

KARACHI: Researchers and analysts say the State Bank of Pakistan (SBP) could reduce its policy rate by 100 to 150 basis points at Monday’s Monetary Policy Committee meeting. The upcoming monetary policy review is of high importance, particularly given the declining trend of inflation and a stalemate-like situation for economic growth. Despite some firm arguments in favour of maintaining the …

KARACHI: Amid unprecedented 22 per cent interest rate and restrictions imposed by the State Bank of Pakistan (SBP) to curb vehicle demand, consumers have increasingly been seeking used vehicles for auto financing over the past two to three years. A number of banks have ventured into the leasing and financing of used vehicles, including models up to nine years old. …

As Prime Minister Shehbaz Sharif is set to attend a special meeting of the World Economic Forum (WEF) on Sunday, the Islamic Development Bank (IDB) vowed to complete its projects in Pakistan at the earliest, Radio Pakistan reported. PM Shehbaz will participate in the special meeting on Global Collaboration, Growth and Energy being held on April 28 (today) and Monday. The …

ISLAMABAD: Renowned airport operators from around the world have expressed their interest in bidding for the management of the Islamabad International Airport. The development came to light during an online meeting chaired by Foreign Minister Ishaq Dar on Saturday. The meeting, which was attended by Pakistani envoys, reviewed market-sounding efforts for outsourcing airports through Pakistan’s diplomatic missions.     According to a …

India and Oman will sign a trade deal in the coming months, two Indian government officials said, as New Delhi seeks to expand its ties in the Middle East, where rising tensions are putting major shipping routes at risk. “It will help India with a strategic partner and access to key trade routes in a volatile region,” one official told …

KARACHI: Pakistan Business Council (PBC) has urged the government to adopt an aligned and consistent series of policies and actions to boost exports and encourage import substitution to address the silo working and fragmentation between ministries. In a letter to Commerce Minister Jam Kamal Khan on Friday, PBC chief executive Ehsan Malik sought the prime minister’s ownership and quarterly progress …

ISLAMABAD: The unprecedented gas price shock and some essential eatables led to an increase in short-term inflation, measured by the Sensitive Price Index (SPI), of almost 27 per cent on an annual basis in the week ending April 25, according to the Pakistan Bureau of Statistics on Friday. “The SPI for the current week ended on April 25, eased 1.1pc,” …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday criticised the power companies for inefficiencies and the use of expensive power plants despite the availability of cheaper sources but hinted at allowing them to charge another Rs22.8 billion to consumers in the billing month of May. At a public hearing presided over by Nepra Chairman Waseem Mukhtar, it was …

KARACHI: Nestlé Pakistan Ltd on Friday reported that its profit-after-tax (PAT) fell 10.49 per cent to Rs50.67 billion, translating into earnings per share (EPS) of Rs111.75, in the first quarter of 2024 compared to Rs56.61bn (EPS: Rs124) in 1QCY23. However, sales revenue rose 9.7pc to Rs54.4bn for the first quarter due to broad-based growth across products and demand-generating activities. In …

Bulls returned to the trading floor at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index climbed more than 400 points during intraday trade on Friday, continuing to stay above the record-high of 72,000 points. The benchmark KSE-100 index gained 474.42 points, or 0.66 per cent, to stand at 72,445.82 points at 12:29pm from the previous close of 71,971.40. …