Business

ISLAMABAD: A committee of experts has recommended to the Securities and Exchange Commission of Pakistan (SECP) to improve transparency and efficiency in the manner of conducting shareholder meetings, election of directors, proxies, voting process and monitoring mechanism. The committee was constituted by the SECP for a comprehensive review of the manner of conduct of shareholder meetings by listed companies and …

ISLAMABAD: With inflation at about 29 per cent, Caretaker Finance Minister Dr Shamshad Akhtar, in her departure note, is leaving behind a piece of advice to the incoming government to stay the course, be prudent and reach immediately an agreement with the International Monetary Fund (IMF) for a new medium-term programme to anchor difficult reforms. Claiming a series of gains over the …

KARACHI: Extending a yet another major relief to cash-strapped Islamabad, the Chinese government has rolled over its $2 billion loan, which was due in March, for one year. The finance ministry on Thursday confirmed that China has accepted Pakistan’s request for the rollover, considering the country’s current inability to repay the loan. Most of the foreign exchange reserves of the State Bank …

The Pakistan Stock Exchange (PSX) continued its upward journey on Friday as shares gained over 700 points, with analysts attributing the positive momentum to an anticipated decline in inflation and clarity on the political front. The KSE-100 index made decent gains throughout the day and closed at 65,325.68 points, up by 747.16 or 1.16 per cent from the previous close …

ISLAMABAD: A four-member independent inquiry committee on ‘Abject Failure — Illegal Overbilling’ confirmed the power regulator’s overcharging allegations against all the distribution companies (Discos) across the country but absolved them of ‘deliberate and mala fide’ fleecing while shifting some blame on to the then PDM-led coalition government’s decision-making. All the members of the inquiry committee who have either worked with …

KARACHI: After posting losses overnight, the stock market on Wedne­sday resumed its upward drive due to political clarity and strong corporate results as investors opted to do some cherry-picking at attractive levels. Topline Securities Ltd said the equities remained bullish almost throughout the session thanks to further clarity with regards to formation of new government in the centre. The market …

ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are estimated to increase by Rs1-4 per litre on Thursday (February 29) for the next fortnight due to minor adjustments in international prices, import premiums, and the exchange rate. Informed sources said that the prices of both major petroleum products — petrol and HSD — moved slightly in both directions (10 …

The United States has urged Pakistan to “continue working with the International Monetary Fund (IMF) and other international financial institutions towards macroeconomic reforms” for economic stability in the country. The development comes after the PTI wrote a letter to the Fund urging the lender to endorse an audit of the 2024 elections for the sake of political stability in the country, before …

Bulls dominated the trading floor on Thursday as shares gained over 800 points, which analysts attributed to “clarity on the formation of the new government” and the swearing-in of MNAs. According to the PSX website, the KSE-100 index gained 873.38, or 1.37 per cent, to stand at 64,576.82 at 11:43am from the previous close of 63,703.44 points. The benchmark index sustained …

ISLAMABAD: Pakis­tan’s exports to European countries dipped year-on-year by 7.54 per cent in the first seven months of the current fiscal year, mainly due to reduced demand for Pakistani goods in western, southern and northern Europe. The export proceeds from these countries fell to $4.866 billion in July-January FY24, a drop from the $5.263bn recorded in the corresponding months of …