Business

Pakistan’s trade deficit stood at $2.857 billion in December, shrinking 40.68 per cent year-on-year, data released by the Pakistan Bureau of Statistics (PBS) showed. In December 2021, the deficit had clocked in at $4.816bn. The lower figure was mainly on account of a decrease in imports, which amounted to $5.161bn — declining 31.91pc from last December’s $7.58bn. Imports have plunged …

KARACHI: The cash-starved PMLN-led coalition government on Tuesday borrowed Rs655 billion exceeding the Rs300bn auction target for the treasury bills by 118 per cent without making any upward revision in the cut-off yields. The State Bank of Pakistan (SBP) reported that the entire amount was raised for a three-month tenor at 16.99 per cent while the bids for six- and …

LAHORE: A white paper issued by the Pakistan Tehreek-i-Insaf (PTI) comp­aring the economic performance of the Pakistan Demo­cratic Movement (PDM) and PTI governments painted a bleak picture of affairs and warned that hyperinflation, coupled with unemployment, could push the country towards “complete anarchy”. Speaking at a ceremony held at Chief Minister’s Secretariat at The Mall via video link, PTI Chairman …

Microsoft Corp is in the works to launch a version of its search engine Bing using the artificial intelligence behind OpenAI-launched chatbot ChatGPT, The Information reported on Tuesday, citing two people with direct knowledge of the plans. Microsoft could launch the new feature before the end of March, and hopes to challenge Alphabet-owned search engine Google, the San Francisco-based technology news website said …

Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy. Brent futures for March delivery fell 13 cents to $81.97 a barrel, a 0.1 per cent loss, by 0511 GMT. US crude dropped 28 cents, or 0.3pc, to $76.65 per barrel. Both benchmarks plunged …

KARACHI: As all official imports of raw materials and finished goods are made on prevailing interbank dollar rates, consumers are forced to pay higher prices for gold and its related products as daily bullion rates are calculated on higher open market exchange rates. More surprisingly, official gold imports have been suspended for the last many years as claimed by bullion …

ISLAMABAD: The Senate Standing Committee on Power on Monday unanimously decided to summon through police the chief executive officer (CEO) of K-Electric and to move a privilege motion against him for continuous abstention from meetings of the panel. At the outset of the meeting presided over by Senator Saifullah Abro, the committee expressed its displeasure over the non-participation of K-Electric …

Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity. Brent crude futures dropped 98 cents, or 1.1 per cent, to $84.93 a barrel by 0148 GMT while US West Texas Intermediate crude was …

ISLAMABAD: The rate of consumer inflation shot back up to 24.5pc in Dec — after a temporary decline to 23.8pc in Nov — affecting the country’s rural population the most, as prices escalated by almost 29pc. The average six-month (July-December 2022) inflation increased to 25.02pc when compared to the same period in the previous year. It was more pronounced at …

Defence Minister Khawaja Asif announced on Tuesday that the federal cabinet has approved the National Energy Efficiency and Conservation Plan — a policy aimed at saving energy — under which the timings of markets and wedding halls have been curtailed. The development comes as the government resolves to reduce circular debt in the energy sector. Media reports quoting the power division have …