Business

ISLAMABAD: The export of raw food products recorded a growth of 35.38 per cent in February to $702.46 million, up from $518.87m over the corresponding month last year, forcing the local consumers to pay higher prices. With this growth, raw food exports increased for the seventh consecutive month during the current fiscal year despite the highest food inflation in the …

RAWALPINDI: The government has decided to extend by two months the deadline for submission of bids for the outsourcing of management and operations of the country’s three major airports following the requests of foreign investors and recommendations of the Internat­ional Finance Corporation (IFC). The decision was taken at a meeting of the steering committee on outsourcing of Islamabad, Karachi and Lahore airports …

COLOMBO: Sri Lanka’s economy rebounded stro­ngly in the fourth quarter of 2023 from the island nation’s unprecedented financial crisis as tourism arrivals rose, the government said on Saturday. Agriculture, industries and services boosted the expansion to 4.5 per cent in the December quarter compared to a 12.4pc contraction a year earlier, the census and statistics department said. It added however …

In its first fuel price revision announcement, the newly elected government on Friday maintained the price of petrol but slashed diesel for the next fortnight. In an an­­nouncement before midnight, the Ministry of Finance said the new price of diesel would go into effect on March 16, as recommended by the Oil and Gas Regulatory Authority (Ogra). The price of …

ISLAMABAD: Pakis­tan’s textile and clothing exports increased by double digits for the third consecutive month in February, indicating a recovery in orders from international buyers, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. The sector’s exports rose 19.20 per cent to $1.407 billion in February from $1.18bn during the same month last year. However, in …

KARACHI: After a robust overnight rally, the stock market came under renewed profit-selling by nervous investors amid growing economic uncertainty as a result the benchmark KSE 100-share index settled below the 65,000 level on Friday. Ahsan Mehanti of Arif Habib Corporation said challenges over external financing, uncertainty about the outcome of the ongoing IMF review and status quo expectations in …

ISLAMABAD: The Federal Board of Revenue (FBR) has entered into an agreement with Karandaaz Pakistan for the digitalisation of the tax system in line with the reforms of tax administration. The memorandum of understanding (MoU) was signed soon after Finance Minister Muhammad Aurangzeb met the FBR and Karandaaz officials on Friday. The meeting reviewed various options and emphasised the importance …

ISLAMABAD: Large-scale manufacturing (LSM) continued to rise modestly in January for the third consecutive month, showing a partial recovery in industrial production, showed data released by the Pakistan Bureau of Statistics on Friday. LSM posted a growth of 1.84 per cent in January on a year-on-year basis. On a month-on-month basis, it grew 0.03pc. In December 2023, the growth in …

ISLAMABAD: In an attempt to stabilise the nation’s faltering economy, the newly elected government has embarked on crafting a detailed five-year strategy aimed at rejuvenating key economic sectors. In this regard, Prime Minister Shehbaz Sharif chaired a high-level meeting on Thursday, laying down a comprehensive roadmap for the country’s economic resurgence over the next half-decade. This strategic blueprint will focus on critical …

KARACHI: The formation of a new government and positive signals from the International Monetary Fund have brought down the dollar to a five-month low against the rupee, reflecting a growing confidence in the stability of the exchange rate. For the last three months the exchange rate remained stable at close to Rs 280 in the interbank market. In fact, the …