Business

ISLAMABAD: The large-scale manufacturing (LSM) grew 8.6 per cent year-on-year in February, the Pakistan Bureau of Statistics (PBS) reported on Friday. The industrial output rebounded in January and posted a growth of 8.2pc, which slightly further went up in the following month. The trends show that LSM will keep the growth momentum in March as well when figures are finalised. …

KARACHI: A Finnish fund is going to buy a 14.97 per cent stake in TPL Insurance Ltd, a subsidiary of TPL Corporation Ltd, for $3 million. Speaking to Dawn on Friday, TPL Insurance Ltd CEO Muhammad Aminuddin said Finnish Fund for Industrial Cooperation Ltd (Finnfund), a private firm incorporated in Finland, will invest roughly Rs540m in the Pakistani insurer in a special …

Prime Minister Shehbaz Sharif on Friday rejected the Oil and Gas Regulatory Authority’s (Ogra) proposal for an unprecedented hike in the prices of petroleum products. Speaking at an Iftar dinner for the new government’s coalition partners, Shehbaz said: “As you know, the prices of petroleum products are revised every 15 days. They had [proposed] an increase of Rs21 and Rs50 …

KARACHI: The Pakistan Stock Exchange observed a positive session on Thur­sday, thanks to the newfound stability in the value of the rupee against the dollar. The rupee appreciated 0.07 per cent to 181.69 in the interbank market. In addition, monthly remittances rose to their highest level of $2.8bn in March. According to Arif Habib Ltd, a rally took place in …

HOUSTON: Oil prices rose on Thursday, reversing course after an early decline as investors bought futures ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports. Brent futures were up $1.35, or 1.30 per cent, at $110.19 a barrel. US West Texas Intermediate futures were $1.24 or 1.18pc higher at …

KARACHI: Banks approved Rs180 billion in low-cost housing loans in the calendar 2022 so far, which is 11 times higher when compared with the same period last year, said the State Bank of Pakistan (SBP) on Thursday. Till April 11, banks received applications for Rs409bn compared to just Rs57bn in the same period a year ago, recording an increase of …

KARACHI: Overseas Pakistanis sent a record $23 billion in remittances in the first nine months of the current fiscal year, while the inflows of $2.8bn in March alone were also historic. The State Bank of Pakistan (SBP) reported on Thursday this ($2.8bn) is the highest-ever monthly level for workers’ remittances. In terms of growth, remittances increased 28.3 per cent month-on-month …

ISLAMABAD: Days after the exit of the PTI government, the Oil and Gas Regulatory Authority (Ogra) on Thursday suggested an unprecedented increase of up to Rs120 per litre (over 83 per cent) in the prices of petroleum products with effect from April 16 to recover full imported cost, exchange rate loss and maximum tax rates. Highly placed sources in Ogra …

The country received record-high remittances of $2.8 billion in the month of March, 28.3 per cent higher over last month and 3.2pc more than the same month last year, the State Bank of Pakistan (SBP) said on Thursday. “Workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion …

ISLAMABAD: The oil industry on Wednesday complained to the new coalition government that despite public announcements, there was no formal approval on ground for payment of price differential claims (PDCs) to oil companies for selling cheaper than the cost of petroleum products beyond March 31. “PDC of Rs34.19 billion is expected for the period April 1-15, 2022. However, till date …