Business

ISLAMABAD: The electricity distribution companies have demanded an increase of more than Rs7.96 per unit, to be reflected in the bills of July, due to the high cost of power produced from diesel and furnace oil for May. The Central Power Purchasing Agency (CPPA) has filed an application to the power sector regulator that the total cost of electricity production …

ISLAMABAD: Inflation measured by the Sensitive Price Index (SPI) increased by 3.38 per cent from the previous week mainly due to highest ever increase in petroleum products prices, according to the Pakistan Bureau of Statistics (PBS) data released on Friday. The increase in the weekly inflation is the highest since the change of the base year for measuring the SPI. …

KARACHI: The current fiscal year is coming to an end this month but the Foreign Direct Investment (FDI) is still behind the last year’s poor inflows and fell by 5 per cent during the first 11 months of the outgoing 2021-22. According to the State Bank of Pakistan data relesed on Friday, the country received a total of $1,596.8 million …

PayFast by APPS (“PayFast”) is proud to become the first fintech in Pakistan to partner with international payments leader Visa through Cybersource. The nature of the partnership sees Cybersource offering its robust and dynamic digital payment solution suite to PayFast. It includes E-commerce checkout, digital merchant platform, Fraud Management, and SoftPOS. This initiative paves the path for PayFast to offer …

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates. The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020. It is down about 59pc this year, while rival cryptocurrency Ethereum-backed …

KARACHI: Foodpanda Pakistan is shifting away from its grow-at-all-costs business model amid a worldwide slowdown in venture-capitalist (VC) funding for ecommerce startups. Speaking to Dawn in a recent interview, Foodpanda Pakistan CEO Muntaqa Peracha said the company with a dominant market share in the last-mile delivery segment is now actively seeking the “high-quality consumer” who isn’t “focused on arbitrage”. “We …

ISLAMABAD: Pakistan’s oil and eatable import bill surged by 61.44 per cent to $28.14 billion in the July-April period compared to $17.43bn in the corresponding period last year owing to higher international prices and massive depreciation of the rupee. The country’s overall import bill increased by 44.51pc to $72.29bn in 10MFY22 against $50.02bn in the corresponding period last year. The …

ISLAMABAD: Minister for Finance Miftah Ismail on Thursday declined to clear pending dues of Rs80 billion of the fertiliser sector but assured that their issues would be resolved as the government has almost streamlined the petroleum industry. In a meeting with Fer­tiliser Manufacturers of Pakistan Advisory Council (FMPAC) along with Federal Minister of Industries Makh­doom Syed Murtaza Mehmood, the finance …

KARACHI: The business community on Thursday feared very tough days ahead for consumers, warning of a sharp increase in the prices of food items due to the unprecedented increase in diesel rates in the last 20 days. They said the real impact of the diesel price hike, which went from Rs144.15 per litre on May 16 to the current Rs263.31, …

The US dollar continued to extend gains on Friday as it crossed Rs208 during early morning trade in the interbank market — a trend analysts attribute to a delay in the deal with International Monetary Fund (IMF) and rapidly depleting foreign exchange reserves. According to the Forex Association of Pakistan (FAP), the greenback appreciated by 80 paisa from yesterday’s close …