Business

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) are still trying ‘give and take’ on raising taxes and electricity tariff at the last leg of technical-level discussions to put $6bn Extended Fund Facility (EFF) back on track. Informed sources said the virtual talks between the two sides on Friday were extended at the last moment for 8-10 hours as they …

KARACHI: Overseas Pakistanis sent the highest-ever $8 billion remittances during the first quarter of the current fiscal year, registering a growth of 12.5 per cent over the same period last year. The State Bank of Pakistan (SBP) on Friday reported that with inflows of $2.7bn in September, workers’ remittances continued their strong momentum and remaining above $2bn since June 2020. …

ts KARACHI: While Toyota India has recently announced the move to discontinue Toyota Yaris, the same car in Pakistan has been shining since its launch in May 2020. In India, Yaris was launched in 2018 to compete with Honda City, Maruti Suzuki Ciaz and Hyundai Verna. In Pakistan, the launch of Toyota Yaris initially hit the sales of in-house product …

ISLAMABAD: Highlighting certain downside risks, the World Bank on Thursday said Pakistan’s economic growth rate slightly came down to 3.4 per cent during the current fiscal year against 3.9pc of last fiscal year. However, it pointed out, the growth rate can hit the 4pc mark in the next fiscal year (2023) if the government implemented key structural reforms. “In Pakistan, …

ISLAMABAD: The Federal Committee on Agriculture (FCA) on Thursday fixed wheat target at 28.9 million tonnes from a sowing area of 9.2 million hectares for the rabi season 2021-22, an increase of 1.4 million tonnes over last year’s production. Punjab will be producing 21.94 million tonnes, almost 75 per cent of the total wheat target, followed by 4,200,000 tonnes by …

KARACHI: The Pakistan Stock Exchange (PSX) welcomed the diminishing trend in global energy prices on Thursday as its benchmark index closed at 44,586 points, up 212.81 points or 0.48 per cent, from a day ago. According to Topline Securities, the stock market opened on a positive note as Russia announced its willingness to stabilise the global energy market by exporting …

ISLAMABAD: The per-day clearance of trade cargoes at the Pakistan International Container Terminal (PICT) reached 51 per cent in August from less than 40pc last year, a development that will help reduce the cost of doing business. The information was shared during a meeting of the National Assembly Standing Committee on Maritime Affairs presided over by Amer Ali Khan Magsi …

ISLAMABAD: Finance Minister Shaukat Tarin on Wednesday took strict notice of high prices of wheat flour prevailing in Sindh and Balochistan and urged the chief secretaries to start daily release of wheat for stabilising its prices. The federal government is constantly criticising the provincial governments, especially Sindh, for not matching the price fixed by Punjab, which is releasing wheat to …

KARACHI: Bulk consumers of electricity will have the option to buy electricity on a competitive basis from any power producer of their choice from July 2022 onwards, said Tabish Gauhar, who recently stepped down as Special Assistant to the Prime Minister (SAPM) on Power and Petroleum. Addressing the members of CFA Society Pakistan on Wednesday, Mr Gauhar said the first …

LAHORE: An all-time high rate of white lint in the Karachi cotton market traumatised the buyers, particularly textile spinners, on Wednesday when prices of the commodity crossed the Rs15,000 per maund mark. The price hike was forced by reports that cotton futures were traded at US 113.92 cents per pound in the New York market, which was perhaps the highest …