Business

ISLAMABAD: The federal government plans to unveil a digital initiative to help overseas Pakistanis with property-related transactions in an attempt to attract investments and encourage remittances from the diaspora. The initiative will provide digitised land records, mutation certificates, and electronic registration for property sales, purchases, and transfers, all accessible through video facilities at Pakistani diplomatic missions worldwide. The service would …

LONDON: Bitcoin briefly rallied to a record high on Friday in volatile trading, as crypto mania continued to sweep through the investment community. The leading crypto currency topped the $70,000 mark for the first time, boosted by investor dem­and for new US spot exchange-traded crypto products and expectations for global interest rates to fall. It rose to as high as …

ISLAMABAD: The short-term inflation remained almost unchanged at 32.39 per cent year-on-year in the week ending March 7 amid increase in petroleum prices. On a week-on-week basis, the SPI witnessed a 1.11pc increase. The weekly inflation measured by the Sensitive Price Index (SPI) hit a record 48.35pc year-on-year in early May 2023 but then decelerated as low as 24.4pc in …

KARACHI: Amid falling foreign exchange reserves of the State Bank of Pakistan and uncertainty about the interest rate outlook, the stock market extended its losing streak for the third straight day on Thursday as some investors resorted to profit-taking as a result the benchmark KSE 100-share index saw another day of losses in a volatile session. Ahsan Mehanti of Arif …

ISLAMABAD: Pakistan’s trade deficit with the Middle East narrowed 41.31 per cent to $5.674 billion in the first seven months of the current fiscal year mainly due to low imports of petroleum products from the region. In absolute terms, the value of Pakistan’s exports to the Middle East rose 36.18pc to $1.769bn between July and January 2023-24 while imports dipped …

KARACHI: A consortium of Engro Fertilisers Ltd (EFL), Fatima Fertilisers and Fauji Fertilisers will invest over $300 million in the Gas Pressure Enhancement Facilities (GPEF) project at the Mari network to ensure the availability of gas for domestic urea production and safeguard the food security. “Our expected share in capital expenditure in this project is over $100m, Engro Fertilisers Chief …

WASHINGTON: The US State Department has conveyed a clear message to Pakistan’s new rulers, emphasising the importance of collaboration with the Interna­tional Monetary Fund (IMF) and economic reforms for stability. In response to a set of questions from Dawn, a State Department spokesperson underscored the enduring partnership between the two nations, stating, “We value our long-standing partnership with Pakistan and have …

The International Monetary Fund (IMF) will support formulating a new economic programme for Pakistan if the new government seeks one, a spokesperson for the lender said on Friday, encouraging fair resolution of all electoral disputes. The cash-strapped nation grappled with an uncertain Feb 8 election that delayed formation of a coalition government until new Prime Minister Shehbaz Sharif was sworn …

KARACHI: State Bank of Pakistan Governor Jameel Ahmed has said that the unprecedented volume of data generated by digital devices underscores the potential of effective data utilisation in contributing to sustained economic growth. He stated this while delivering an inaugural speech at the SaarcFinance Seminar on the ‘Potential Role of Big Data in Economic Policy’ on Wednesday. The event, held …

ISLAMABAD: Former prime minister Shahid Khaqan Abbasi on Wednesday urged the Shehbaz Sharif government to implement the agenda of privatisation, particularly in the energy sector, as the greater involvement of the private sector is the key to addressing economic crisis. He was addressing as the chief guest at the inaugural session of the 16th CSR Summit and Awards-2024 organised by …