Business

KARACHI: Exporters fear more declines as the textile sector, which accounts for over 60 per cent of the country’s overall export earnings, is not getting fresh orders while India is aggressively lobbying for GSP+ status which could replace Pakistan in the European market. “We are not getting new orders for exports. We are working on orders in the pipeline which …

KARACHI: Sugar prices rose to record levels in various parts of the country on Monday, as members of the former ruling coalition continued to trade blame over who was ultimately responsible for the country’s dwindling stocks of the commodity. The growers, on the other hand, hold the recently dissolved PDM government responsible for its failure to stop the menace of …

Exhausted by the relentless economic pressures, as public frustration seeps onto the streets, the depreciating rupee grapples to salvage its value, markets descend into chaos, and political turmoil persists amidst legal entanglements, it’s astonishing to find investors placing their bets on the untapped potential of Pakistan. The US-based Ciena Group, which acquired Tuwairqi Steel Mills Limited (TSML) in April 2022, …

ISLAMABAD: Despite surplus power generation capacity, most of the country’s engineering firms have held electricity scarcity and its poor supply responsible for their inability to meet production goals and achieve operational efficiency, thus losing competitiveness, whereas 95 per cent firms reported no access to finance. This has been disclosed by the state-run Pakistan Institute of Development Economics (PIDE) in a study spearheaded …

LAHORE: The total cost of free electricity units being used by the state-owned entities in the country’s power sector alone ranges between Rs22 billion and Rs25bn per annum whereas the allowances being given to other government departments’ employees from grade 1 to 22 are also worth billions, leaving the government with no option but to pass on such a huge …

A competitive cost of energy, particularly electricity tariffs, and its uninterrupted supply are essential for oiling the industry’s wheels. Rejecting the recent hike in electricity bills, the Federation of Pakistan Chambers of Commerce and Industries said it was “debilitating both for residential and commercial consumers, with inflation already killing businesses and rendering them unprofitable and bankrupt”. The various issues related …

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index gained 390 points on Monday on the back of assurances by the army chief regarding ensuring transparency in the foreign exchange rate. According to the PSX website, the index gained 394.77 points to close at 45,707.42 points from the previous close of 45,312.65 points. Arif Habib Corporation Ltd analyst Ahsan Mehanti attributed the gain …

Pace spearhead Shaheen Shah Afridi said bowling in partnerships was the key to rattling India’s batting in the blockbuster Asia Cup clash abandoned because of rain. The left-arm fast bowler took four wickets, including the prize top-order dismissals of India captain Rohit Sharma and Virat Kohli, as Pakistan gained a psychological edge over their great rivals, who had elected to bat …

ISLAMABAD: The overall export earnings showed a modest month-on-month recovery in August as the commerce ministry is set to announce a plan for reopening the operations of more than 1,600 textile industries that were shut down in the past 16 months, a high-ranking government official told Dawn. A strategic framework is being finalised to provide regional competitive energy pricing, working capital …

KARACHI: As the industries had not given any green signal to join the countrywide strike call given by the Jamaat-i-Islami, the overall industrial activities showed a mixed trend due to the low turnout of workers. Industries had already remained shut on Friday on account of Shah Abdul Latif Urs while traders had kept their shops closed on the same day …