Business

Bitcoin fell to its lowest level since January on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks. Bitcoin dropped to as low as $33,266 in morning trade, testing the January low of $32,951. A fall below that level would be it lowest since July last year. …

PM Shehbaz Sharif directed to formulate a comprehensive strategy to effectively resolve the economic problems of the people. He also ordered special arrangements to ensure the supply of food items to the general public at cheaper rates.

As urban traffic gets more miserable, entrepreneurs are looking to a future in which commuters hop into “air taxis” that whisk them over clogged roads.   Companies such as Archer, Joby and Wisk are working on electric-powered aircraft that take off and land vertically like helicopters then propel forward like planes. “‘The Jetsons’ is definitely a reference that people make …

ISLAMABAD: Despite surging oil and gas prices on the global market and the resultant rise in the import bill of two essential commodities in recent months, the two gas utilities are struggling to control their heavy losses against regulatory targets approved by the government. In the first two quarters of the current fiscal year (i.e. July-September and October-December), both gas …

LAHORE: The Utility Stores Corporation (USC) on Saturday raised the prices of various items after Ramazan relief package 2022 came to an end. The prices of daily-use items went up after subsidies on different eatables at utility stores, including pulses, gram flour and dates, were abolished. As per the notification, rates of various lentils have gone up by Rs10 per …

KARACHI: The post-Eidul Fitr situation appears more challenging for the consumers following record-high prices of chicken, onion and lemon. With no check from the government functionaries, the retail price of chicken meat (clean) has hit a new peak of Rs620-670 per kg from 600-640 in the last week of Ramazan. Similarly, the live bird rate is now tagged at Rs400-430 …

ISLAMABAD: Pakistan stands second in terms of operating public railway network in South Asia which now totals nearly 80,000kms in the region, a new World Bank report says. By the end of 2019, Pakistan has 7,700kms of operating network followed by Bangladesh with nearly 3,000kms and 1,500kms in Sri Lanka. The Indian network is by far the largest with 67,000kms, …

The State Bank of Pakistan (SBP) Act 2021 leaves room for the government to manipulate the exchange rate by exerting undue influence on top SBP officials. According to Riaz Riazuddin, a lifelong central banker who served as deputy governor as well as acting governor until five years ago, the recent legislation doesn’t fully address the issue of the exchange rate …

KARACHI: Banks extended record loans to the private sector in the first 10 months of the current fiscal year as the figure is significantly higher than the combined disbursements in the last two fiscal years. The latest data issued by the State Bank of Pakistan (SBP) showed that the private sector borrowed Rs1,235.5 billion till April 22 in the current …

KARACHI: The US dollar appreciated by 94 paise on Friday against the rupee in the first session after Eidul Fitr holidays in the interbank market amid strong demand for the greenbacks. However, currency dealers said the dollar inflows increased by 15 to 20pc during Ramazan, a normal phenomenon in the holy month. The State Bank of Pakistan (SBP) reported that …