Business

SEOUL: Samsung Electronics’ flagship Galaxy S22 smartphone has taken a battering from reports of hobbled performance and has seen carriers half its price at home in South Korea just weeks since its launch, hurting its image as an iPhone rival. Consumers have complained — and even filed a class-action lawsuit — about the handset maker advertising what it called its …

COLOMBO: Sri Lanka’s president has appointed a panel of experts to organise a restructuring of foreign debt as he seeks a way out of a worsening economic crisis, with protests demanding his resignation escalating. Shortages of food and fuel, along with record inflation and regular blackouts, have inflicted unprecedented misery on Sri Lankans in the most painful downturn since independence …

RAWALPINDI: Pakistan Inter­national Airlines (PIA) will operate direct non-stop flights to Sydney from April 22 with an interline arrangement made with Virgin Australia (VA) for eight more connecting destinations within Australia. A spokesman for the national flag carrier said on Thursday that the PIA flights would initially be operated from Lahore to Sydney on Fridays and from Sydney to Lahore …

LAHORE: In the wake of reports of poor crop this year, the government has decided to ban inter-district wheat movement so that the official target of procuring 3.5 million tonnes of grain in the province may be achieved. Punjab has cultivated wheat at 16.67m acres this year, a drop of 2.8 per cent in the acreage against its assigned target …

KARACHI: Gold prices in Pakistan on Thursday reached an all-time high of Rs134,300 per tola and Rs115,141 per 10 grams, up by Rs1,500 and Rs1,286 compared to Wednesday. However, the international gold rate inched up by only $1 to $1,927 per ounce. However, the persistent rupee devaluation against the dollar had kept the domestic gold rates under pressure, All Pakistan …

KARACHI: Volatility rei­gned over the equities market on Thursday as unending political uncertainty coupled with a barrage of negative triggers on the economic front dampened the investors’ sentiments. Rising yields in the latest auction of treasury bills along with continuing devaluation of the rupee against the dollar wreaked havoc on the mood of investors. The cement sector stayed under pressure …

KARACHI: Traders and industry on Thursday categorically rejected the State Bank of Pakistan’s (SBP) policy rate hike by 250 basis points to 12.25 per cent, stressing the cost of doing business, which is already up due to the volatile exchange rate, will further come under pressure. The representatives of trade and industry also criticised the SBP’s role in not taking …

Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index registered a relief rally on Friday, gaining more than 700 points in intraday trading as days-long political uncertainty began showing signs of abatement after a Supreme Court ruling led to the restoration of the National Assembly. The market opened on a positive note, with the index rising to 44,2361.81, a rise of nearly …

After a bleak month, the rupee finally made a comeback against the dollar on Friday, closing at Rs185.9 in the interbank market, a development that is largely attributed to the Supreme Court’s decision to restore the National Assembly as well as the central bank’s decision to increase the policy rate by 2.5 per cent. According to the Forex Association of Pakistan (FAP), …

KARACHI: An overwhelming interest by local and international players in the State Bank of Pakistan’s (SBP) digital bank initiative reflects their confidence in the country’s financial sector which has been making huge profits despite the Covid-19 pandemic and other economic problems. The SBP on Wednesday said it had concluded the process of receiving applications for issuance of licences for digital …