Business

Indus Motor Company (IMC) has raised the prices of Toyota vehicles by Rs280,000-1.2 million citing economic uncertainty, inflationary impact on raw material, and the increasing cost of production, it emerged on Friday. The company also attributed the hike to the exchange rate volatility, increase in utility costs and overhead charges. The situation had made it “extremely difficult” for the company …

Shares at the Pakistan Stock Exchange (PSX) fell on Friday on political uncertainty created by Punjab Chief Minister Chaudhry Parvez Elahi’s advice to the governor to dissolve the assembly even as the country secured a $4 billion economic lifeline from the United Arab Emirates and Saudi Arabia. The benchmark KSE-100 index lost 480.44 points, or 1.18 per cent, to close at 40,323.45 …

ISLAMABAD: The government has no plans to sell Roosevelt Hotel in New York and is instead seeking a joint venture for a mixed-use development. This was revealed by the Privatisation Commission in a briefing to the Senate Standing Committee on Privatisation on Thursday. The commission said the terms of reference for the process have been sent to the aviation division …

KARACHI: Despite promises of massive financial help for Pakistan, the rupee failed to put up any resistance and lost another 5 paise against the US dollar in the interbank market on Wednesday. The international community committed to giving Pakistan about $10bn to help it recover from devastating floods. However, Finance Minister Ishaq Dar said that almost 90 per cent of …

ISLAMABAD: The World Economic Forum in its global crisis risk report has identified debt crisis, sustained and/or rapid inflation, state collapse, failure of cyber security measures, and concentration of digital power as top five risks faced by Pakistan. In its ‘Global Risks 2023’ report, the global forum said that Pakis­tan was also among larger emerging markets exhibiting a heightened risk of …

KARACHI: Auto sector, barring the bus segment, recorded a steep decline in sales ranging from 28.4-56.5 per cent during the first half of 2022-23. With a 40pc drop, total car sales stood at 68,900 units in July-December compared to 114,774 units in the same period last year. Buyers’ reluctance stemmed from rising prices coupled with high-interest rates making leasing more …

Trading at the Pakistan Stock Exchange (PSX) was volatile on Thursday with the benchmark index initially rising over 400 points but then erasing most of the gains by the day’s end. The benchmark KSE-100 index dipped immediately after trading began, falling to an intraday low of 40,668.95 points, down 89.25 points or 0.22 per cent around 9:30am. However, it started …

The United Arab Emirates (UAE) agreed to roll over an existing loan of $2 billion and give an additional loan of $1bn to Pakistan, a statement from the Prime Minister’s Office said on Thursday. The statement was issued after a meeting between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Shehbaz Sharif in Abu Dhabi. The premier …

The Oil and Gas Regulatory Authority (Ogra) on Wednesday allowed two gas companies — Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) — to hike their prices by 74.42pc and 75.35pc, respectively. In its decision on the two companies’ petitions, Ogra allowed SNGPL to raise its average prescribed gas prices for the current fiscal year …

KARACHI: Saudi Arabia said it could increase its investments in Pakistan’s economy to $10 billion, the Saudi state news agency reported on Tuesday, as well as increase the ceiling on deposits into the State Bank of Pakistan (SBP) by $2bn, to $5bn. Crown Prince Mohammed bin Salman has directed a study to increase Saudi Arabian investments to $10bn from the previous $1bn …