Business

As over 87,000 people watched in person, Pakistan won its first, and only (as yet), ICC Cricket World Cup in 1992, a win so cherished that the captain of the team eventually was elected to lead the nation. The country is cricket crazed, no one doubts that. So why then have the stands been so empty during the Pakistan vs West …

ISLAMABAD: Despite 67 per cent power supplies from cheap domestic resources with static prices, ex-Wapda distribution companies (Discos) have sought almost 116pc increase — Rs4.33 per unit (kWh) — in fuel price adjustment for electricity they sold in November to grab around Rs36 billion additional funds. The National Electric Power Regulatory Authority (Nepra) has accepted their petition for public hearing …

Turkey’s troubled lira shed a further five per cent against the dollar on Monday after President Recep Tayyip Erdogan cited Muslim teachings to justify not raising interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs despite the annual rate of inflation soaring to more than 20pc. Economists believe the policy could see consumer price …

LAHORE: The Sui Northern Gas Pipelines Limited (SNGPL) has asked the Oil & Gas Regulatory Authority (Ogra) to allow it to spend Rs46.525 billion for execution of several development schemes, including 300,000 new gas connections to domestic consumers during the ongoing fiscal year (FY22) ending on June 30, 2022. The SNGPL has also sought permission for executing two mega projects …

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to strike off more than 3,000 non-performing companies from its books in a bid to streamline the working of registered companies. The SECP has served final notices to 2,094 companies registered in Peshawar, 462 in Quetta, 844 in Multan, 26 in Faisalabad and six in Gilgit. The names of …

ISLAMABAD: Pakistan’s non-textile exports grew 24.59 per cent year-on-year to $4.61 billion in the first five months of the current fiscal year owing to the partial revival of international orders and the government support schemes. Overall growth in the non-textile sector is mainly led by the value-added sectors. The non-textile sectors have yet to receive full orders to pre-Covid levels, …

KARACHI: In a surprising development, sales of low-priced motorcycles has been declining in recent months but that of locally assembled foreign bikes rising, despite soaring food inflation and utility bills. Prices of locally assembled Japanese and Chinese bikes have been raised multiple times this year, but it is the low-priced bikes that have taken a hit as sales of costly …

KARACHI: The Pakistan Mercantile Exchange (PMEX) is eager to introduce cash-settled contracts of cryptocurrencies to help local investors take exposure to the increasingly popular peer-to-peer global digital payment system. Speaking to Dawn in a recent interview, PMEX Managing Director Ejaz Ali Shah said the central monetary authority should revisit its 2018 decision against cryptocurrencies because they’re getting worldwide recognition as a medium of exchange. …

ISLAMABAD: The government is considering complete deregulation of profit margins of petroleum dealers and oil marketing companies (OMCs) with upper caps and initial increase of 15-20 per cent. This is based on the advice of state-owned Pakistan Institute of Development Economics (Pide) but a final decision is expected to be taken by the Cabinet Committee on Energy (CCOE) or the …

KARACHI: The benchmark index of the Pakistan Stock Exchange remained mostly in the green zone on Friday as investors hailed growth in the large-scale manufacturing sector, which expanded 5.15 per cent in July-September on an annual basis. According to Arif Habib Ltd, the second half saw profit-booking following the announcement of a current account deficit of $1.7 billion in October …