Business

Moody’s Investor Service on Thursday downgraded Pakistan’s outlook from stable to negative, citing “heightened external vulnerability” and uncertainty around securing external financing to meet the country’s needs. “The decision to change the outlook to negative is driven by Pakistan’s heightened external vulnerability risk and uncertainty around the sovereign’s ability to secure additional external financing to meet its needs. Moody’s assesses …

LAHORE: After snapping supplies to the market for almost a week, the industry on Tuesday increased urea prices by Rs80 per 50kg bag — from the current Rs1,768 per bag to Rs1,850 — citing inflationary pressure and high gas costs. The industry was seeking an increase of Rs150 per 50kg bag while one of the manufacturers was insisting on a …

KARACHI: The private sector borrowing from banks has gone up by over 200 per cent from July to May 20 of the current fiscal year, reflecting that the higher economic activities remained intact despite the change of government in Islamabad. During the last one month, from April 20 to May 20, the private sector borrowed Rs179 billion, more than the …

ISLAMABAD: While grilling the power companies for extensive loadshedding and non-utilisation of efficient plants, the National Electric Power Regulatory Authority (Nepra) on Tuesday finalised Rs3.99 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) with a financial burden of Rs51 billion during the current billing month. Separately, the Oil & Gas Regulatory Authority (Ogra) on Tuesday reduced …

KARACHI: The government on Tuesday shocked consumers by pushing up ghee and cooking oil rates by an unprecedented Rs208 and Rs213 to an all-time high of Rs555 per kg and Rs605 per litre, respectively, even though “these rates still do not exist in the retail markets.” An official in the Utility Stores Corporation (USC) in Karachi confirmed to Dawn that …

Inflation, as measured by the Consumer Price Index (CPI), rose to a nearly two-and-a-half-year-high at 13.76 per cent in May, on the back of increasing transport and food prices, according to data shared by the Pakistan Bureau of Statistics (PBS) on Wednesday. Inflation accelerated from 13.37pc year-on-year (YoY) in April, marking a 0.44pc month-on-month (MoM) rise in May. This is the highest …

ISLAMABAD: The first meeting of the steering committee on the Pak-China Business and Investment Forum will be held in Islamabad next month, the Board of Investment (BoI) announced on Monday. Leading companies from the two countries will participate in the event and sign several memoranda of understanding and joint ventures, bringing in substantial foreign direct investment. In this regard, the …

ISLAMABAD: The government has lifted a ban on the import of raw materials, intermediate goods and machinery for the industrial sector. A senior official in the commerce ministry told Dawn that a broader decision was taken and the ministry will soon work out the list of items that inadvertently fall in customs codes attracting ban under SRO598 issued on May 19. “We …

KARACHI: Assemblers have started pushing up the motorbike prices anticipating a surge in demand for two-wheelers following a massive hike in petrol prices. Surprisingly, the Chinese bike assem­blers, facing a dwindling sales trend for the last few months, have also jacked up the prices citing the rising cost of production on account of rupee devaluation turning auto parts costlier coupled …

ISLAMABAD: With the gas sector’s circular debt at Rs1.5 trillion, the Petroleum Division on Monday said the gas companies would go bankrupt without a hike in gas tariff that was now inevitable in view of the amended Oil and Gas Regulatory Act. Minister of State for Petroleum Musadik Malik and Secretary Ali Reza Bhutta while testifying before the Senate Standing …