Business

ISLAMABAD/KARACHI: As part of continuous relief assistance on government directions to quake-affected people of Turkiye and Syria, the National Disaster Management Authority (NDMA) on Saturday sailed off another ship PNS Moawin with 550 tonnes of relief goods from Karachi. NDMA Chairman Lt Gen Inam Haider Malik, Turkish Consul Ge­­neral Jamal Sangu and Pakistan Fleet Commander Rear Admiral Faisal Abbasi witnessed …

KARACHI: Remitt­ances sent by overseas Pakistanis fell by almost 11 per cent during the first eight months of the current fiscal year. However, the inflow depicted a month-on-month increase of 5pc in February after the government and the State Bank of Pakistan (SBP) uncapped the dollar exchange rate to its real market price to the current Rs280 from Rs230 in …

KARACHI: Auto assemblers have started passing on the impact of a seven per cent jump in general sales tax (GST) to 25pc. As per a notification of Lucky Motor Corporation Limited (LMCL), the new price of Stonic EX and EX plus has been revised upward to Rs5.200 million and Rs5.730m from Rs4.900m and Rs5.400m. Sportage Alpha, FWD and AWD prices …

ISLAMABAD: Weekly inflation clocked in at 42.27 per cent year-on-year owing to the rising prices of edible oil, pulses and vegetables, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. Short-term inflation, measured by the Sensitive Price Index (SPI), is expected to intensify further as the full impact of depreciation, hike in general sales tax rate …

LOS ANGELES: California’s banking regulators on Friday closed SVB Financial Group, the largest bank failure since the 2008 financial crisis, moving quickly to protect depositors as a crisis at the startup-focused lender rippled through global markets and hit banking stocks. The regulator appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver, putting the tech-heavy lender into receivership and will …

The Pakistani rupee appreciated by Rs1.53 against the US dollar as interbank markets closed on Friday with analysts attributing the recovery to a rise in the central bank forex reserves and expectations that the government and the International Monetary Fund (IMF) would reach an agreement soon. After sliding by 1.13 per cent a day earlier, the dollar closed at Rs280.77, …

QUETTA/KARACHI: Afghan businessmen are importing Pakistan-assembled motorcycles in large numbers daily through the Chaman border amid booming demand for the two-wheelers in Afghanistan. Meanwhile, Honda CG-125 bikes are unavailable at showrooms in Karachi as the market is facing price his and a shortage of motorcycles across the country, including Quetta and other cities of Balochistan. “Customs department is allowing the …

ISLAMABAD: Comm­erce Minister Syed Naveed Qamar on Thursday stressed the need to exploit the potential for boosting trade volume between Pakistan and the United Arab Emirates (UAE). In a meeting with UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi, the commerce minister highlighted the huge potential for cooperation between the two countries in the field of renewable energy, agriculture, …

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have increased to $4.3 billion after the inflows of $500 million from China, but the currency market reacted negatively as the dollar appreciated by more than Rs3 in the interbank on Thursday. The SBP reported that its reserves increased by $487m during the week ended on March 3 to …

ISLAMABAD: Finance Minis­ter Ishaq Dar on Thursday blamed a delay in the International Monetary Fund (IMF) programme on the previous government, whose “failure to meet commitments” created a trust deficit that has continued to bite. However, he said the current government was trying its best to put the economy back on track and complete the IMF programme at any cost. …