Business

ISLAMABAD: Merchandise exports grew for the fifth consecutive month in January, reaching a 17-month high, indicating a recovery of export-led industrial growth. In absolute terms, export proceeds in January totalled $2.78 billion, up 27 per cent from $2.19bn the previous year, according to data from the Ministry of Commerce released on Thursday. Commerce Minister Gohar Ejaz noted that these positive …

The caretaker government is making binding plans for the new set-up to sell loss-making Pakistan International Airlines (PIA), according to the privatisation minister and other officials. In the past, elected governments have shied away from undertaking unpopular reforms, including the sale of the flag carrier. But Pakistan, in deep economic crisis, agreed in June to overhaul loss-making state-owned enterprises under …

ISLAMABAD: Pakis­tan Railways on Wednesday introduced a fuel monitoring system based on internet of things (IoT) for digital enhancing safety and efficiency. The IoT is a network of inter-related devices that connect and exchange data with other IoT devices. Caretaker Minister for Railways, Commun­icat­ions and Maritime Affa­irs Shahid Ashraf Tarar inaugurated the new digital system of PR at the Margalla …

ISLAMABAD: Tax collection by the Federal Board of Revenue (FBR) fell short of the target by almost Rs9 billion in January mainly due to lower collection in domestic taxes and customs duty, provisional figures showed on Wednesday. The revenue collection in January stood at Rs681bn against a projected target of Rs689.6bn. It increased by 24.95pc when compared with Rs545bn in …

ISLAMABAD: While painting an otherwise rosy economic picture at the fag-end of its rule, the caretaker government on Wednesday conceded the persisting inflationary trends and rising pressures on current expenditure mainly due to the policies of the government and the State Bank of Pakistan, respectively, continue to remain critical challenges, needing prudent policies of the next government to strengthen economic …

KARACHI: The State Bank of Pakistan (SBP) has relaxed the trade regime by allowing advance payments or remittances for import of goods, which may increase outflow of dollars from the country. The State Bank issued a circular on this subject and invited all banks to circulate this new development regarding the advance payments without prior approval of SBP. “Authorised dealers …

ISLAMABAD: The caretaker government on Wednesday increased the per-litre price of petrol by Rs13.55 and that of high-speed diesel (HSD) by Rs2.75 for the next fortnight ending Feb 15, citing higher international market and import premiums. The government has also raised the price of liquefied petroleum gas (LPG) by Rs1.16 per kilogram for February. In a late-night an­­nouncement, the Ministry …

KARACHI: The business community has expressed deep concern over the State Bank’s decision to maintain its policy rate at a steep 22 per cent. This rate, according to industry representatives, is unsustainable for businesses and could lead to widespread closures and a freeze on new investments.     Representatives of the United Business Group (UBG) said they had expected some cuts in …

The Pakistan Stock Exchange (PSX) on Wednesday managed modest gains, a day after losing 900 points as foreign selling eased. On Tuesday, the stock market had posted another major dec­line of 1.5 per cent due to investor concerns over political noise and security unrest in the country. It was the fourth consecutive drop on the market, with the KSE-100 index having lost …

KARACHI: The State Bank of Pakistan (SBP) has invited the general public to submit designs for new currency notes as it initiates the process of replacing the existing banknotes. The announcement came a day after the SBP governor told a meeting of analysts about the decision to introduce new currency notes with advanced security features and to address the issue …