Business

KARACHI: The countries that prioritise growth at the expense of price and financial stability are not able to sustain growth and face repeated boom-bust cycles, says the annual report issued by the central bank recently. The present government avoided focusing on growth for the fiscal year FY23 with the result that a steep fall in the growth is expected. But, …

Flour prices in Karachi have scaled a new peak of Rs2500 per 20-kilogramme bag against last week’s Rs2,400, data from the Pakistan Bureau of Statistics (PBS) showed on Saturday. This is the first time in the history of Pakistan that flour prices have surged to Rs2500. According to the Sensitive Price Index for the week ended Dec 22, 1kg of …

ISLAMABAD: Amid external account challenges, Pakistan borrowed about $5.115 billion in foreign loans in the first five months (July-November) of the current fiscal year, almost 14pc higher than the foreign loans it received in the comparable period last year. In its monthly report on Foreign Economic Assistance (FEA), the Ministry of Economic Affairs (MEA) said it received about $5.115bn foreign …

Facebook owner Meta Platforms Inc has agreed to pay $725 million to resolve a class-action lawsuit accusing the social media giant of allowing third parties, including Cambridge Analytica, to access users’ personal information. The proposed settlement, which was disclosed in a court filing late on Thursday, would resolve a long-running lawsuit prompted by revelations in 2018 that Facebook had allowed the British political consulting …

ISLAMABAD: The Competition Commission of Pakistan (CCP) has found that several mobile apps offering nano loans don’t fulfil legal requirements, indulge in deceptive marketing and collect users’ personal data. In a statement issued on Thursday, the commission said it had taken notice of the “various emerging concerns regarding mobile applications on Google Play Store offering nano/micro personal loans to vulnerable …

KARACHI: The State Bank of Pakistan (SBP) has asked banks to implement the Kissan Package in ‘letter and spirit’ to achieve the agriculture credit target of Rs1.8 trillion set for the current fiscal year. The banks disbursed Rs664 billion agri loans in the first five months of 2022-23, which accounted for 36 per cent of the target. Chairing the annual …

Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season. Brent crude rose 88 cents, or 1.1 per cent, to $81.86 a barrel by 0148 GMT, while US West Texas Intermediate …

KARACHI: The Sindh High Court (SHC) on Thursday invalidated a super tax that was applied retrospectively for the previous fiscal year, but said that the special levy would come into force from the next tax year. However, the court suspended its judgement for 60 days. A two-judge bench, headed by Justice Mohammad Junaid Ghaffar, announced the verdict on petitions that challenged the …

ISLAMABAD: China assured Pakistan on Wednesday that it is ready to help Islamabad in every possible way following its request for about $8.75 billion in an additional financial package, including the rollover of debt, bank deposits and currency swaps. Chinese Ambassador in Islamabad Nong Rong called on Finance Minister Ishaq Dar on Wednesday and “assured continuous support of the Chinese …

KARACHI: The amount of fresh capital raised on the Pakistan Stock Exchange (PSX) in 2022 dropped to a nine-year low, a research report compiled by brokerage house Topline Securities Ltd showed on Thursday. The lack of interest among companies in raising funds through the stock market was because of “political and economic instability,” it said. Companies raised Rs1.3 billion in …