Business

KARACHI: For the first time, remittances crossed the figure of $3 billion in a month, which gave hope that the country would achieve its annual remittance target of $30bn. The State Bank of Pakistan reported on Friday that the country received $3.1bn remittances for April, registering an increase of 12pc compared to the $2.79bn received in the same month of …

HONG KONG: The meltdown in TerraUSD, one of the world’s largest stablecoins, sent shockwaves through cryptocurrency markets on Thursday, pushing ano­ther major stablecoin Tether below its dollar peg and sending bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off across higher risk assets, which has picked up steam this week as data showed US inflation running hot, …

ISLAMABAD: The remittance outlook for South Asia in 2023 is highly uncertain, warns a new World Bank report, which says it is unlikely that the strong growth in remittances in the region in 2020 and 2021 can be sustained through 2023. In Pakistan, remittances are projected to grow by eight per cent in 2023, while in India, it is expected …

ISLAMABAD: The government has increased gas value of supply to the CNG consumers for the purpose of sales tax in the range of 5pc to 6pc across the country. A sales tax notification SRO587 of 2022 was released on Thursday by amending SRO39 of 2022 to increase the value of supply to the CNG consumers for the purpose of charging …

ISLAMABAD: Amid the government efforts to secure external flows to support balance of payments amid falling foreign exchange reserves and currency depreciation, the Asian Development Bank (ADB) on Thursday hinted at releasing additional funds of up to $2 billion to Pakistan before December this year. The assurance came at a meeting of Minister of State for Finance Dr Aisha Ghous …

The US dollar climbed above Rs193 in the interbank market on Friday morning, reaching a new all-time high and breaking its previous day’s record which breached the Rs192 mark. It closed at Rs193, rising by a rupee from the previous day’s close of Rs192. According to the Forex Association of Pakistan (FAP), the day’s start saw the greenback appreciating by …

ISLAMABAD: Amid growing electricity shortage, Pakistan on Wednesday received lowest bids from PetroChina International Singapore for spot Liquefied Natural Gas (LNG) cargoes for deliveries in the first and last week of June. Against its spot tender issued on April 30 for two cargoes in June, the state-run Pakistan LNG Ltd (PLL) received a total of five bids from three qualified …

KARACHI: Prices of two staple food items — flour and milk — have set out on an upward trajectory, with flour rates rising by Rs2 per kilogram and leading packaged milk producers issuing new prices lists showing a hike of Rs10 on a litre pack. A flour miller, who asked not to be named, said millers in Sindh had raised …

SAN FRANCISCO: Apple on Tuesday put out word it is no longer making iPods, the trend-setting MP3 players that transformed how people get music and gave rise to the iPhone. Late Apple co-founder Steve Jobs introduced the devices nearly 21 years ago with his legendary showmanship flare, and the small, easy to operate players helped the company revolutionise how music …

The rupee continued to lose ground against the US dollar on Thursday, as the greenback reached an all-time high of Rs192 in the interbank market. According to the Forex Association of Pakistan, the dollar breached the 191-mark at the day’s start and soared to Rs192.20 around 11:45am, appreciating by Rs2 from the previous day’s close of 190.20 — the record high value …