Business

ABU DHABI: A high-level WTO conference ended on Saturday with a temporary extension of an e-commerce moratorium but no deals on agriculture and fisheries, throwing into doubt the effectiveness of the multilateral trade body. The outcomes of the World Trade Organisation’s 13th ministerial conference in Abu Dhabi highlighted the sharp divisions between the body’s 164 members amid geopolitical tensions and …

KARACHI: As the upcoming government will be seeking a fresh bailout amid growing economic challenges, the Pakistan Business Council (PBC) has called upon the International Monetary Fund (IMF) to allow a five-year funding programme instead of three years. A longer, five-year programme will allow the IMF to make tranche releases conditional on progress on fundamental reforms of the energy sector …

KARACHI: Fear is high for the appreciation of the dollar as the premium for two months of forward selling has reached Rs8 per dollar, and exchange companies in the open market have halted dollar sales, except for travel purposes. “This is strange; the exchange rate has been stable for more than a couple of months, but forward selling by exporters …

ISLAMABAD: Punjab and Balochistan are the two most expensive provinces in terms of the gap between actual and prices fixed by district administration of essential food items, according to the Pakistan Bureau of Statistics (PBS). PBS has ranked the provinces in terms of the gap between the market prices and those set by district administrations. The exercise is aimed at …

KARACHI: Despite a stronger rupee in the last five months, Pak Suzuki Motor Company Ltd (PSMCL) on Friday shocked buyers with a massive price hike of Rs65,000-180,000 for various models. In the first week of September 2023, one dollar was trading at Rs307.10 in the interbank market as compared to the current rate of Rs279.19, thus bringing down the landed …

ISLAMABAD: Merchandise exports maintained a bullish trend for the sixth consecutive month as shipments grew year-on-year by 17.54 per cent to $2.57 billion in February, indicating a recovery of export-led industrial growth. According to data released by the Pakistan Bureau of Statistics on Friday, the exports increased by 9pc to $20.35bn in the first eight months of FY24 from $18.67bn …

KARACHI: The latest trade and inflation data has fostered a renewed sense of optimism among financial markets, researchers and bankers, sparking expectations of potential monetary easing and economic growth acceleration. The trade deficit shrank by 30 per cent during the first eight months (July to February) of the current fiscal year, while inflation unexpectedly fell by a significant margin from …

ISLAMABAD: The automobile vendor industry is facing tough challenges due to low production and a surge in the import of used cars, but the potential growth in the auto sector, driven by new entrants, is expected to provide a boost in the near future. Auto sector vendors urged the government to ensure policy consistency, stating that the supply and demand …

ISLAMABAD: Inflation, measured by the Consumer Price Index (CPI), decelerated to 23.06 per cent year-on-year in February from 28.34pc in the preceding month due to a slight decrease in the prices of food products. It is the lowest reading in 20 months, down from a peak of 37.97pc in May 2023. Until December 2023, the headline inflation had consistently hovered …

ISLAMABAD: Because of exchange rate gains over the past month, the Oil and Gas Regulatory Authority (Ogra) on Friday slightly reduced the price of liquefied petroleum gas (LPG). Both local and imported LPG rate was reduced by 81 paise per kg, bringing the cost of 11.8kg domestic cylinder down by Rs9.51 or 0.31pc for March. In a notification, Ogra set …