Business

WASHINGTON: Two prominent Pakistani American scholars — an economist and a political scientist — have warned that the national economy is near collapse and needs immediate course correction. “To thump your chest and say, ‘see we have not defaulted’ means nothing if you continue to ignore the underlying crisis,” warned Atif Mian, a professor of economics, public policy and finance …

ISLAMABAD: With all the financial crunch and cuts in development expenditure, there appears to be no dearth of discretionary funds for political plans weeks before the conclusion of the current fiscal year as the government on Wednesday approved Rs20 billion more for parliamentarians’ schemes, taking it to a record Rs111bn. Presiding over a meeting of the Economic Coordination Committee (ECC) …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday firmed up an increase in electricity rates by Rs1.25 per unit to provide about Rs46 billion additional revenue to ex-Wapda Distribution Companies (Discos) on account of quarterly tariff adjustments (QTAs) for January- March. The increase was sought by the Discos on account of capacity charges, transmission charges, market operator fees, …

KARACHI: The exchange rate difference between open and interbank markets on Wednesday swelled to Rs22 per US dollar, strengthening speculations about another big devaluation of the local currency. On Jan 26, the exchange rate was uncapped and the rupee witnessed the largest single-day fall in over two decades. It lost 9.6 per cent, or Rs25 per dollar, to close at …

KARACHI: Stock prices oscillated in a short range on Tuesday before settling on the lower side. Topline Securities said investors opted to remain on the sidelines in the absence of any positive trigger. Energy stocks continued to see profit-taking while selected stocks in food, fertiliser, banking, technology and communication and textile sectors witnessed fresh buying. The buying could be attributed …

KARACHI: Pak Suzuki Motor Company Ltd (PSMCL) on Tuesday announced suspension of motorcycle production till June 10 due to shortage of inventory. In a stock filing, the company said the automobile plant would remain operative.

KARACHI: Pakistan Stock Exchange (PSX) chief executive Farrukh H. Khan said on Tuesday the government should do away with the distortion in its tax policy that currently favours certain asset classes against others. Speaking at a press conference, Mr Khan called for aligning the tax rates for the equity market with those on real estate and agriculture, sectors that’ve traditionally …

LONDON: The IMF on Tuesday delivered a major U-turn on its forecast for the UK economy, saying it expected growth this year, just one month after predicting a contraction. Britain’s economy is now expected to expand by 0.4 per cent in 2023, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices. The institution …

LAHORE: Welcoming the inauguration of the Pak-Iran border market, Pakistan Business Forum (PBF) leader Ejaz Tanveer has suggested re-launching a cargo train between Pakistan, Iran and Turkiye to reap the maximum benefit of formal trade between the three countries. “A successful experience has already been done in the near past and should be initiated on a permanent basis which can …

KARACHI: Banks’ net lending to the private sector plunged 90 per cent during the first 10 months of the current fiscal year suggesting a sharp economic slowdown. In the backdrop of unprecedented inflation and record-high interest rates, banks are not ready to take risks by extending loans to the private sector struggling to run businesses in highly unfavourable situations plagued …