Business

LAHORE: The country’s cotton production stood at 6.85 million bales as of Nov 15, a year-on-year growth of 70 per cent, according to the latest data issued by Pakistan Cotton Ginners Association (PCGA) on Thursday. During the same period a year ago, cotton ginning factories across the country received four million bales. PCGA stats show Punjab has so far produced …

Indian Prime Minister Narendra Modi on Thursday warned that bitcoin presents a risk to younger generations, sounding a hawkish tone as his government prepares to introduce legislation to regulate cryptocurrencies. Speaking at an online cybersecurity forum, Modi framed virtual money — which is highly popular in India and exists beyond state and central bank control — as a domain that …

KARACHI: The government rejected almost all competitive bids in the auction of treasury bills held on Wednesday while it accepted only Rs0.5 billion for three-month tenor. However, the government raised Rs55.258bn through non-competitive bids for three-month making the total as Rs55.8bn. The cut-off yield remained unchanged at 8.5 per cent. The early monetary policy call by the State Bank has …

KARACHI: Adviser to the Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood has said he’s “worried” the ongoing gas shortage may slow down the pace of exports’ growth in December and beyond. Speaking to journalists at the Karachi Press Club on Wednesday, Mr Dawood said industrial units, particularly in the textile industry, that have combined-cycle captive power …

KARACHI: Foreign direct investment (FDI) fell by 12 per cent in the first four months (July to October) of the current fiscal year, according to data issued by the State Bank on Wednesday. In real terms, FDI inflows stood at $662 million during the four-month period compared to $750.6m a year ago. In October, the inflows plunged by 24pc to …

ISLAMABAD: Postal Life Insurance Company Limited (PLICL) has been granted permission by the Securities and Exchange Commission of Pakistan (SECP) to manage private pension funds under the Voluntary Pension System (VPS). PLICL is the first life insurance company to be granted the permission by the SECP. Private pension funds under the VPS are regulated by the SECP according to the …

ISLAMABAD: Insisting that the rupee was currently undervalued, the State Bank of Pakistan (SBP) on Tuesday hinted at taking additional measures to curb demand in the market and inflation. Testifying before the National Assembly’s Standing Committee on Finance and Revenue, SBP’s Deputy Governor Dr Inayat Hussain said the rupee exchange rate had depreciated by 10.3 per cent between July 1 …

KARACHI: Share prices of the independent power producers (IPPs) soared on Tuesday after the government approved the disbursement of Rs135 billion as part of the tariff renegotiation process aimed at reducing the circular debt. The approval for the final tranche of payments consisting of 60 per cent of the total outstanding dues follows the disbursement of the first instalment amounting to Rs90bn …

ISLAMABAD: Prime Minister Imran Khan will inaugurate the Track and Trace System (TTS) of the Federal Board of Revenue (FBR) on Nov 23 under which movement of sugar bags will be monitored in order to check tax evasion in the sugar industry. Last month, FBR extended the TTS to the cigarette sector to check tax evasion there. So, sugar industry …

KARACHI: The State Bank of Pakistan (SBP) has called an early meeting of its Monetary Policy Committee (MPC) to address the “recent unforeseen developments” that have changed the outlook for inflation and balance of payments. In a brief press release issued on Tuesday, the central bank said the MPC meeting would now be held on Friday (Nov 19) instead of …