Business

ISLAMABAD: In line with falling international energy prices, the Oil and Gas Regulatory Authority (Ogra) on Thursday slashed the price of indigenous liquefied petroleum gas (LPG) by about Rs37 per kg, reducing the cost of 11.8kg domestic cylinder by almost Rs437 or 16pc for June. In a notification, Ogra set the price of LPG at Rs197 per kg for June …

KARACHI: The US dollar lost up to Rs15 in the open market on Thursday in response to the State Bank of Pakistan’s (SBP) decision to allow banks to purchase greenbacks from the interbank market for the settlement of card-based cross-border transactions. The open market started with low dollar prices and traded as low as Rs298 compared to Rs311-318 a day …

ISLAMABAD: The Federal Board of Revenue (FBR) missed its collection target by almost 9.82 per cent, or Rs61 billion, for May owing to a steep decline in imports as well as poor sales tax performance, showed provisional data. The revenue collection stood at Rs560bn in May against the target of Rs621bn. This reversal of trend will make it a daunting …

KARACHI: Share prices moved within a small range on Thursday before closing on the lower side owing to mixed signals on the economic front. Topline Securities said investors opted to remain on the sidelines in the absence of any positive trigger and continuous uncertainty over the International Monetary Fund (IMF) loan programme. Media reports suggested that the government has decided …

KARACHI: Pakistan is on its way to introducing a digital currency like cryptos and bitcoins in the future, said a senior official of the central bank on Thursday. A press release issued by Total Communication quoted Shoukat Bizinjo, Additional Director, Digital Financial Services Group, SBP, as saying that central banks around the world, including SBP, were studying CBBCs (callable bull/bear …

OkayKer, a startup with an end-to-end platform connecting car owners and maintenance workshops, has raised $700,000 in seed funding, the company said in a statement. With this funding, the company said it plans to expand its operations in Pakistan as it looks to create the first automotive emergency service in the country. Founded by Nashit Iqbal, Hasnain Akber, Asjad Amin …

ISLAMABAD: The government on Wednesday reduced fuel prices by Rs5 to 8 per litre for the next fortnight in line with the global market trend. In a video address, Finance Minister Ishaq Dar said the price of petrol had been reduced by Rs8 per litre, whereas the price of high-speed diesel — the most inflationary item — and that of …

The rupee rose sharply against the US dollar in the open market on Thursday, gaining Rs11.5 to reach Rs299.5. Analysts said the rise in the value of the rupee came after the State Bank of Pakistan (SBP) allowed banks to acquire US dollars from the interbank market for the settlement of card-based cross-border transactions with the International Payment System. The SBP issued …

Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, the statistics bureau said on Thursday, showing a continued uptick in the highest ever inflation in the country. The reading is also higher than the finance ministry’s projection of 34-36pc for May, as stated in its monthly economic update and outlook, which said after hitting a peak this month, inflation would …

The Federal Board of Revenue (FBR) missed its collection target by Rs430 billion or 6.47pc to Rs6.21 trillion for the first 11 months of the fiscal year 2023 (11MFY23) against the target of Rs6.64tr, leaving behind a huge shortfall to plug in the month of June to achieve the annual target. The tax authorities, however, recorded a 16pc growth of …