Business

KARACHI: Despite the unbearable longer duration of electricity load-shedding across the country, the sales of household power machines remained depressed mainly due to high prices and low gas pressure in addition to shrinking purchasing power amid skyrocketing food and utility prices. In contrast, the imports of power generating machines rose to $113 million in May against $79.5m in April. However, …

KARACHI: Trading on the stock market in the outgoing week commenced on a negative note amid concerns over the resumption of the International Monetary Fund (IMF) loan programme, according to Arif Habib Ltd. Moreover, the exchange rate in the local currency gained Rs3.06 against the dollar to close the week at Rs207.91. Other market-moving news stories included the cement off-take …

ISLAMABAD: Taking note of the large number of complaints against the digital lending platforms, the Securities and Exchange Commission of Pakistan (SECP) has decided to take strict actions against fintechs in case of leakage of their clients’ data and the complaints will be inquired into on a regular basis. The SECP has directed digital lending non-banking finance companies (NBFC) to …

ISLAMABAD: More than half of the surveyed households reported a reduction in income, high food and fuel prices, sickness or death in their households in 28 districts in Sindh, Balochistan and Khyber Pakhtunkhwa (KP), according to results of a household survey carried out by the Food and Agriculture Organisation (FAO) of the United Nations. The survey results, released on Friday, …

KARACHI: The massive hikes in the interest rate in recent months have had no impact on the exchange rate as the demand for dollars by the importers remained robust which kept the local currency under constant pressure. The State Bank of Pakistan has been delivering policy rate increases since September 2021 with a key objective to check the surging inflation …

KARACHI: Former finance minister Shaukat Tarin said on Thursday the country is heading towards default, which may compromise its strategic interests. Speaking to reporters at the Karachi Press Club, the PTI senator said the Sensitive Price Index — which measures the average change in the prices of most essential goods — is likely to hit 35-40 per cent “within the …

ISLAMABAD: Inflation measured by the Sensitive Price Index (SPI) increased by 1.32 per cent in the week ended July 6 from the previous week amid an increase in petrol and diesel prices to revive the International Monetary Fund’s extended fund facility programme. The week-on-week increasing trend gradually slowed down owing to a slight decrease in prices of vegetables, according to …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday notified Rs7.90 per unit additional fuel cost adjustment (FCA) across the country (for all distribution companies including K-Electric) with a cumulative financial burden of about Rs132 billion for recovery from consumers in July bills. In doing so, the regulator departed from its routine practice by partially advancing KE’s monthly FCA …

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved up to 335 per cent increase in consumer-end gas prices on Thursday with effect from July 1 to generate about Rs666 billion in revenue for two gas utilities during the current fiscal year. The increase would allow Rs120bn surplus revenue to the two gas utilities — Sui Northern Gas Pipelines …

India’s financial crime agency said on Thursday it has blocked 119 bank accounts linked to Vivo’s India business that were holding 4.65 billion rupees ($58.76 million), as part of a probe into alleged money laundering by the Chinese smartphone maker. The Enforcement Directorate said it raided 48 locations of Vivo and its 23 related entities this week, alleging that sale proceeds of …