Business

KARACHI: Natural gas disappeared from people’s stoves as soon as the Ramazan moon was sight­ed, leaving people in Karachi, Quetta and Rawalpindi high and dry on the first day of the holy month. Although the government had announced that gas would be available to consumers for sehr and iftar, citizens from areas across the country complained of low and no …

WASHINGTON: The International Monetary Fund (IMF) on Thursday sent a strong signal to Pakistan to keep the Fund away from its domestic politics and reminded the government that the decision to hold or not hold elections “rests solely with Pakistan’s institutions”. Earlier this week, the IMF also dismissed claims that the global lender wanted Pakistan to review its nuclear program to …

ISLAMABAD: In what appears to be a steady decline, Pakistan’s exports to nine regional countries shrank 18.28 per cent in the first eight months of FY23 mainly driven by a drop in shipments to China, data compiled by the State Bank of Pakistan (SBP) showed on Thursday. The decline is not confined to exports but imports especially from China also …

ISLAMABAD: Global trade was worth a record $32 trillion in 2022, but amid deteriorating economic conditions and rising uncertainties, growth turned negative in the second half of the year and is set to stagnate in the first half of 2023. The silver lining was the strong performance of trade in “green goods”, whose growth held strong throughout the year, says …

KARACHI: This year, much like in the past, the non-availability of items as per various price lists issued by the Karachi commissioner has come as an added shock for consumers already reeling from the burden of sky-high inflation. As a result, many people were unable to procure essential items on the government-notified controlled rates on the first day of Ramazan. …

KARACHI: The Pakistan Stock Exchange (PSX) is introducing an appellant forum to hear the appeals filed by listed companies. Inviting public comments on the proposed amendments to the PSX Regulations, the national bourse said on Wednesday it wants to set up a platform for review applications or appeals that listed firms file in case they’re dissatisfied with penal actions against …

ISLAMABAD: The Customs Department has issued rules to effectively tackle cases of money laundering involving a revenue evasion of over Rs50 million. A Customs General Order no.1 of 2023 issued on Wednesday listed details that will qualify for lodging cases against persons on account of predicate offences. According to rules, all cases of seizure of currency, bearer negotiable instruments, gold …

ISLAMABAD: Minister of State for Petroleum Dr Musadik Malik on Wednesday conceded some shortcomings in the government’s proposed fuel subsidy scheme in the first phase but said the International Monetary Fund (IMF) should not have objections as the initiative “has no budgetary impact”. Speaking at a presser, the minister also denied that the finance ministry had raised concerns over the …

KARACHI: Amid unprecedented inflation and stagnating incomes, Pakistanis are all set to experience the toughest Ramazan ever as families will have to limit their purchases, especially food items, due to affordability issues. Households with static incomes or enduring a drastic cut in salaries for the last four years by employers will be in hot waters as meeting kitchen expenses in …

Amid unprecedented inflation and trickling incomes, residents of Karachi facing yet another challenge this Ramazan: gas supply cuts. Major complaints regarding gas load-shedding and shortages have been reported from across the metropolis, with citizens expecting a major cooking crisis during the holy month. Saba Naveed, a resident of Lyari, told Dawn.com there has been no gas at her house for nearly four …