Business

KARACHI: The benchmark index of the Pakistan Stock Exchange took a beating on Friday on account of a falling rupee as well as the announcement of a lower-than-expected weight for Pakistan in the MSCI Fron­tier Market Large Cap Index. According to Topline Securities, Pakistan’s weight in the MSCI Frontier Market Index will be 1.25 per cent as opposed to the …

ISLAMABAD: The Nati­onal Electric Power Regul­atory Authority (Nepra) is likely to absorb about 20 paisa per unit reduction in quarterly tariff adjustment in various tariff increases. The regulator on Thursday conducted a public hearing on a petition of the Central Power Purchasing Agency (CPPA) for refund of paisa 20 per unit to consumers of power Distribution Comp­anies (Discos) under the …

ISLAMABAD: Influential foreign investors have asked Pakistan to deregulate every segment of the energy chain as early as possible and ensure sanctity of contracts currently being tampered with in the upstream petroleum sector to protect business confidence in the country. Speaking at a news conference, Overseas Investors Chamber of Commerce and Industry (OICCI) representatives — Abdul Aleem, Ghias Khan and …

ISLAMABAD: Pakistan’s exports of eight sectors including value-added textiles posted a double-digit growth in the four months of 2021-22 compared to the same period a year ago, data compiled by the Ministry of Commerce showed on Thursday. Growth in value-added sectors contributed to an increase in overall exports from the sectors. One of the reasons for growth in these sectors …

ISLAMABAD: The government is going to provide gas to the residential sector only three times a day with the ‘bare minimum supply of liquefied natural gas (LNG)’ during December through March of upcoming winter to minimise gas shortages in the country. This is part of the Gas Load Management Plan for winter 2021-22 presented to the Cabinet Committee on Energy …

The US dollar on Friday reached an all-time high against the rupee, soaring to Rs176 in the interbank market in intraday trading. In the open market, meanwhile, the dollar rose by Rs1.70 and was being traded at Rs178. Zafar Paracha, chairman of the Exchange Companies Association of Pakistan, told Dawn.com that the dollar had depreciated to Rs169.50 after Saudi Arabia revived financial support and …

KARACHI: State Bank of Pakistan Governor Dr Reza Baqir has said that the Islamic finance industry needs to speed up digitisation of its services and transform processes to improve efficiency, reduce intermediation cost and increase outreach to a wider segment of society. Speaking at the 15th Islamic Finance Services Board (IFSB) Summit hosted by the Saudi Central Bank in Jeddah, …

ISLAMABAD: The National Accountability Bureau (NAB) on Wednesday issued details of Rs821 billion recoveries it made in cases of white collar crime since the bureau’s inception in 1999. The details were officially shared with the media in view of a controversy generated after the finance ministry announced on Nov 4 that it had only received Rs6.458bn out of the total …

ISLAMABAD: The Oil & Gas Regulatory Authority (Ogra) on Wednesday notified average sale price for Regasified-Liquefied Natural Gas (RLNG) for November at about $15.68 per million British thermal unit (mmBtu) which is almost 105 per cent higher than the same month last year and a fraction lower than October this year. The notification showed that major increase was due to …

KARACHI: The decrease in auto prices announced with much fanfare in the second week of July following a cut in duties and taxes in the federal budget barely lasted four months, with assemblers hiking up prices sharply in recent days. Back in July, auto assemblers had slashed prices by Rs62,000-400,000 on various locally-assembled cars and SUVs. However, since the beginning …