Business

Oil prices edged lower on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply. Brent crude futures dropped 24 cents, or 0.2 per cent, to $99.82 a barrel by 0634 GMT, while WTI crude futures eased 10 …

The rupee extended its gains in the interbank market for the third consecutive day on Tuesday, rising to 238 against the dollar. The local currency, which closed at 238.84 yesterday, gained 84 paise by 10:33am, according to the Forex Association of Pakistan (FAP). According to the State Bank of Pakistan (SBP), the rupee closed at 238.38, up 46 paise, or …

The International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz, said on Tuesday that Pakistan has completed the last prior action required for the Fund’s combined seventh and eighth review by raising the petroleum development levy (PDL). In a statement issued, she said, “With the increase in PDL on July 31, the last prior action for the combined seventh and …

ISLAMABAD: Finance Minister Miftah Ismail on Sunday announced the withdrawal of a fixed tax on small traders with electricity consumption of less than 150 units per month in a bid to calm angry traders who have been protesting after receiving additional charges of Rs3,000 in their electricity bills for the month of July. In the federal budget 2022-23, the government, …

ISLAMABAD: The government has decided to impose additional taxes to the tune of Rs30 billion as it struggles to arrange Rs100bn emergency funding to avoid international default on oil and gas payments and keep the staff-level agreement with the International Monetary Fund (IMF) intact. The decision was taken at a special meeting of the Economic Coordination Committee (ECC) of the cabinet presided …

Pakistan’s gross financing needs in the current fiscal year would be more than fully met under the ongoing International Monetary Fund (IMF) programme while an extra cushion of $4 billion would be arranged, the State Bank of Pakistan (SBP) and the Ministry of Finance have said. A joint statement issued on Sunday noted that the country’s financing needs stemmed from a $10bn …

The rupee continued to recover in the interbank market on Monday, gaining 87 paise against the dollar in early trade. The rupee, which had closed at 239.37 last week, was being traded at 238.50 around 10am, according to Mettis Global, a web-based financial data and analytics portal. According to the State Bank of Pakistan (SBP), the local currency eventually closed at …

Inflation for the month of July, as measured by the Consumer Price Index (CPI), has clocked in at 24.93 per cent, the highest year-on-year rise since November 2008. According to data shared by the Pakistan Bureau of Statistics (PBS) on Monday, CPI inflation increased by 4.35pc compared to June. Last month, the YoY inflation was measured at 21.3pc, which was the highest figure …

LAHORE: Power regulator Nepra has assured the textile industry of reviewing wheeling charges against cheaper power generation facilities to be set up by the industry under the Comp­etitive Trading Bilateral Contr­act Market (CTBCM) scheme. “Both the industry and Nepra representatives should sit together and calculate judicious wheeling charges to make them acceptable for both sides,” Nepra chief Tauseef H. Farooqi …

KARACHI: Pakistan holds an estimated $652 million in annual revenue potential in the women’s financial services market, according to data shared at a roundtable held recently. However, this remains untapped due to poor policies and a culture of gender inequality towards women’s financial empowerment. At a virtual media roundtable held on Thursday, findings from a diagnostic report from six countries …