Business

ISLAMABAD: The Ministry of Economic Affairs said on Thursday that 43 per cent of about $35 billion worth of foreign-funded projects were problematic — either not progressing well or unable to deliver the desired outcomes. At a review meeting of the National Coordination Committee on foreign-funded projects, the ministry reported that it was managing an ongoing portfolio of $34.8bn such …

ISLAMABAD: A group of leading Saudi and Kuwaiti investors of K-Electric Ltd had a busy day on Thursday lobbying with top government functionaries to end the impasse over hundreds of billions of rupees worth of unsettled claims and counter claims as the Karachi-based power utility sought an unprecedented Rs11.34 per unit increase in its monthly fuel cost adjustment. The non-settlement …

ISLAMABAD: Amid widespread electricity shortages, Pakistan failed to find a bidder for three LNG slots and received the highest-ever rate for another slot for the last week of July as European customers lap up spot market quantities to compensate for Russian supply disruption. State-run Pakistan LNG Ltd (PLL) floated a tender on June 16 for four cargos — one each …

The Pakistan Stock Exchange (PSX) crashed on Friday minutes after Prime Minister Shehbaz Sharif announced a 10 per cent tax on large-scale industries. The bourse stayed flat until two hours after the opening bell. However, at 11:40am, the market witnessed a steep dip with the KSE-100 losing 1,598 points and sinking to 41,100. At 12pm, the benchmark KSE-100 index was down 2,053 …

The rupee was recovering against the dollar on Thursday, gaining Rs4 in the interbank market, with analysts attributing the development to the announcement of a $2.3 billion loan from Chinese banks. According to the Forex Association of Pakistan, the rupee appreciated by Rs4 to reach Rs206.50 at 12:37pm from the previous day’s close of Rs210.50. Mettis Global Director Saad Bin Naseer stated …

KARACHI: The number of Roshan Digital Account (RDA) holders has reached 400,000, a survey conducted by the State Bank showed on Wednesday. Of the 10,000 account holders contacted, 9,777 responded to the survey. When asked about the major reasons for not being satisfied with the facility, 76 per cent of respondents said it was an ineffective mode of communication for …

KARACHI: The State Bank of Pakistan (SBP) announced on Wednesday a number of measures aimed at conserving energy. It asked banks through a circular to formulate a work-from-home policy for their staffers and use air-conditioners economically. In its directive to the CEOs of banks and microfinance banks, including development finance institutions, the SBP said they should save fuel in view …

ISLAMABAD: Undecided whether to pass on to consumers or absorb the Rs90 billion outstanding cost of electricity consumed by Karachi residents five years ago, the Economic Coordination Committee (ECC) of the cabinet on Wednesday approved charging 57 paise per unit recent quarterly adjustments in July, August and September. Presided over by Finance Minister Miftah Ismail, the ECC also approved a …

NEW DELHI: India is providing safety certification for dozens of ships managed by a subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil exports to India and elsewhere after Western certifiers withdrew their services due to global sanctions against Moscow. Certification by the Indian Register of Shipping (IRClass), one of the world’s top classification companies, provides a …

The rupee finally snapped its losing streak against the dollar on Wednesday, gaining 80 paisa in the interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF). According to the Forex Association of Pakistan (FAP), the rupee appreciated Rs3.80 to Rs208 against the dollar today at 2:50pm from Tuesday’s close of Rs211.80. By …