Business

ISLAMABAD: Last month, prices rose at the fastest pace ever in the country’s history, according to available data, with food, beverage and transport costs driving inflation to a point where analysts fear “families will have to make choices and sacrifices”. Monthly inflation, measured by a basket of products called the Consumer Price Index (CPI), jumped to 31.6 per cent in …

The Pakistani rupee sank sharply by Rs18.74 against the dollar in the interbank market on Thursday, with the local currency trading at a historic high of Rs284.85 in morning trade, according to data shared by the Exchange Companies Association of Pakistan (Ecap). Analysts attributed the record drop — which is 7.04pc — to the government’s impasse with the International Monetary …

ISLAMABAD: The government has been trying to put on a brave face in its struggle to unlock critical funding from the IMF, but background discussions with officials reveal the administration is quite nervous beneath its confident exterior, as it finds it increasingly difficult to convince the Fund to release a loan instalment. The International Monetary Fund (IMF) has changed interpretations …

Oil prices extended gains for a second session on Wednesday after a strong jump in manufacturing in China, the world’s top crude importer, boosted the outlook for global fuel demand. Brent crude futures for May rose 46 cents, 0.6 per cent, to $83.91 a barrel at 0445 GMT. US West Texas Intermediate (WTI) crude for April gained 42 cents, or …

Shares at the Pakistan Stock Exchange (PSX) fell on Wednesday, with analysts attributing the downtrend to a delay in signing the staff-level agreement (SLA) with the International Monetary Fund (IMF) for a desperately needed economic bailout, as well as, the impending rate hike. The benchmark KSE-100 index reached an intraday low of 480.65 points, or 1.19 per cent, around 11am. …

The Pakistani rupee’s value declined sharply in the interbank market on Wednesday, with the local currency closing at Rs266.11 per dollar, according to the State Bank of Pakistan (SBP). This equates to a depreciation of 1.76 per cent from yesterday’s close of Rs261.5 a dollar. Exchange Companies Association of Pakistan (Ecap) Secretary General Zafar Paracha attributed the rupee’s depreciation to …

Annual inflation, measured by the Consumer Price Index (CPI), soared to a record high of 31.55 per cent in February, compared to 27.6pc in the previous month, driven by massive increases in food and transport prices. According to Arif Habib Corporation, this is the highest-ever CPI increase based on data available from July 1965. In February 2022, inflation clocked in …

ISLAMABAD: Federal and provincial law enforcement agencies and district administrations will have “a free hand” in dealing with profiteers and hoarders during the month of Ramazan. The directive was issued by Prime Minister Shehbaz Sharif who chaired a meeting on Monday to review the availability and prices of essential food items during Ramazan. Removing all reins, the prime minister ordered …

KARACHI: The pending tax refunds of multinational companies operating in Pakistan have grown to Rs93 billion, up 15 per cent from October 31, 2022, when the representative body of foreign investors last took up this matter with the revenue collection authority. A tax refund is a payment to the taxpayer after it has paid to the government more tax than …

KARACHI: DHL, a global logistics company, announced on Monday to suspend some of its operations partially in Pakistan due to restrictions on outbound remittances by the government. DHL Pakistan has informed its customers that it is suspending ‘Import Express Product’ and restricting outbound shipments to a maximum weight of 70kg per shipment for all customers billed in Pakistan from March …