Business

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 …

DOHA: Business magnate Elon Musk said on Tuesday that his $44 billion move to take over Twitter remained held up by “very significant” questions about the number of fake users on the social network. Musk was reluctant to talk about the deal when asked at the Qatar Economic Forum, saying it was a “sensitive” matter. “There are still a few …

KARACHI: Manu­facturers further pushed up steel bar prices to Rs236,000 per tonne following an increase of Rs5,000. In the second week of June, steel bar makers increased prices by Rs7,000 per tonne. According to the rates shared by various manufacturers, Amreli Steel Limited (ASL) increased the prices to Rs236,000 per tonne for sizes 9.5-10mm and 12mm and Rs234,000 per tonne …

KARACHI: As consumers struggle to cope with high food prices and utility bills, flour millers on Tuesday further increased prices of various varieties of flour by Rs6 per kg. The new rate of flour no. 2.5 has been fixed at Rs88 per kg which was Rs82 per kg last week and Rs78 per kg in the last week of May. …

ISLAMABAD: Federal Minister for Information Technology and Telecommunications Syed Aminul Haque said on Monday that the Federal Board of Revenue’s (FBR) policies and some rules of the State Bank of Pakistan (SBP) have been hindering the growth of IT exports. He demanded relaxation in these conditions, including tax enforcement. The minister while presiding over a meeting of the Policy Committee …

ISLAMABAD: Pakistan’s non-textile exports grew 27.40 per cent year-on-year to $11.25 billion in the first 11 months of the outgoing fiscal year owing to a partial revival of international orders and the government’s support schemes. Overall growth in the non-textile sector is mainly led by the value-added sectors. The non-textile sector has yet to receive full orders to pre-Covid levels, …

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index staged a rally of 748.97 points, up 1.79 per cent, on Tuesday as investor sentiment was buoyed by the possibility of an announcement revealing Pakistan’s deal with the International Monetary Fund (IMF) for the release of $1 billion loan tranche. Raza Jaffrey, head of research at Intermarket Securities, said that there was …

BEIJING: China ram­ped up crude oil imports from Russia in May, customs data showed on Monday, helping to offset losses from Western nations scaling back Russ­ian energy purchases over the invasion of Ukraine. The spike means Russia has overtaken Saudi Arabia to become China’s top oil provider as the West sanctions Moscow’s energy exports. The world’s second-biggest economy imported around …