Business

KARACHI: March proved to be the worst month for Foreign Direct Investment (FDI) amid a deepening political crisis as the country witnessed a net outflow of $30.4 million against an inflow of $173.4m in the same period last year. The latest data issued by the State Bank on Tuesday is shocking for the country as the new government appeared as …

KARACHI: The US dollar on Tuesday gained another Rs1.90 against the local currency in the interbank market on strong demand for greenbacks amid tight supplies. Currency dealers were not sure for any immediate support to help out the local currency from frequent depreciation against the US dollar but waiting for good outcome from fresh talks with the IMF and foreign …

ISLAMABAD: The single-point maiden meeting of the Economic Coordination Committee (ECC) of the newly formed federal cabinet on Tuesday approved Rs69 billion for immediate reimbursement of price differential claims (PDCs) to the oil industry on account of cheaper sales of petroleum products than the cost of purchase. The meeting of the ECC was presided over by Federal Minister for Finance …

NEW YORK: Oil rose on Monday in choppy trade, with Brent crude topping $113 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis, offsetting worries over slowing Chinese demand. Adding to supply pressures from sanctions on Russia, Libya’s National Oil Corp on Monday warned “a painful wave of closures” had begun hitting its …

ISLAMABAD: Pakistan’s non-textile exports grew 24.28 per cent year-on-year to $9.11 billion in the first nine months of the current fiscal year (9MFY22) 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 …

Bank Alfalah, one of the largest private banks in Pakistan, has partnered with Paymob, MENA’s market-leading digital payments provider. The two organisations have collaborated to activate and support merchant acquisition and integration services across Pakistan. The partnership aims to empower over 100,000 merchants across Pakistan and launch new innovative services in e-commerce acceptance for online merchants. This partnership records Paymob’s …

ISLAMABAD: Highlighting the repeated ‘scarcity and glut’ cycles of petroleum products, the oil refining sector has asked the government to immediately announce petroleum refining policy and keep at least 1,500 MW of power plants running on furnace oil (FO) to ensure existing refineries operate optimally for minimal product imports. “The unfortunate delay in final approval of the refining policy may …

KARACHI: Lucky Motor Corporation Ltd (LMCL) on Monday raised the prices of its vehicles by Rs200,000-Rs300,000 for the second time in less than two months. The new price of Picanto MT and AT has been increased to Rs2.6 million and Rs2.7m, respectively, from Rs2.4m and Rs2.5m. Sportage Alpha, FWD and AWD models now carry new prices of Rs5.3m, Rs5.8m and …

Underplaying the significance of former premier Imran Khan’s political and politicised narrative of being a victim of ‘foreign conspiracy’ and the power of that stance to galvanise his support base, Prime Minister Shehbaz Sharif’s government is working to justify the change, counting on the ‘economic team’ and the ‘goodwill in the East and the West’ to pull the country out …

ISLAMABAD: With record Rs520 billion receivables on its books, the state-run Pakistan State Oil (PSO) is struggling with oil supply management as private firms and banks try to limit their exposure and volatile international oil market players prefer cash and higher premium. In a report sent to the federal government, the cash-starved leading fuel supplier has said its total receivables …