Business

KARACHI: Despite higher sugar production and heavy imports, consumers paid Rs20-25 more to buy a kilo of the sweetener in 2020-21. In another development, the wholesale price in Karachi’s Jodia Bazaar rose to Rs100 per kg from Rs92 in the first week of the latest fiscal year, which starts on July 1, forcing the retailers to charge Rs105-110 per kg …

LAHORE: Pakistan Post is set to inaugurate south Punjab’s first Amazon Fulfilment and Facilitation Centre (AFFC) in Multan after Eidul Azha. The facility will provide local handmade and cultural products access to the international market. One-and-a-half months ago, Commerce Adviser Abdul Razak Dawood had announced that e-commerce giant Amazon had added Pakistan to its sellers’ list. Following the development, Pakistani …

KARACHI: Classified assets of non-bank microfinance companies (NBMFCs) surged almost 347 per cent in 2020, according to the latest Financial Stability Review of the State Bank of Pakistan (SBP). The central bank has dubbed the steep rise in the NBMFCs’ classified assets, which are loans with a high probability of default, a “real cause of concern”. NBMFCs form the largest …

KARACHI: The stock market remained under the control of the bears during the outgoing week. And despite a surprise 805-point rally on Thursday spurred by the unexpected mutual funds’ buying of stocks worth $12.3m, the index closed in the negative trajectory for the remaining four sessions to close the week below the barrier of 48,000 points at 47,563, down by …

LAHORE: Federal Minister for Planning, Development & Special Initiatives Asad Umar on Saturday reposed confidence in the private sector for Pakistan attaining economic viability in future. “In the 21st century, I personally believe that only private sector-led development and growth can take Pakistan forward as the state-owned entities (SOEs) have failed to deliver except the period of 60s,” he said. …

KARACHI: As expected the surprise rally on Thursday that saw the KSE-100 index storm past the 48,000 points to record gains of massive 805 points was merely a one-off event, triggered by a ‘state-owned pension fund’ that poured $12.8m in the market through the mutual funds. On Friday the market returned to the bearish trajectory with selling pressure seen throughout …

LAHORE: The Pakistan State Oil (PSO) on Friday announced that it will conduct a critical review with regard to its multiple agreements with Pakistan Railways (PR). Reacting to Railways plan to terminate fuel oil supply agreement with the country’s largest oil marketing company (OMC), a PSO spokesman said that all commercial organisations try to ensure that they are as cost …

KARACHI: The circular debt in the gas sector has grown to more than Rs532 billion as the twin Sui companies fail to make payments to their suppliers on account of poor cash flows. Owing to the inordinate delay in the publication of financial accounts by the two gas companies, the exact figure for the sector’s circular debt is unavailable. But …

KARACHI: Pakistan’s oil production swelled by 24 per cent in FY21 while the gas output shrank by 2pc during the year. Despite drop in production from Makhori Deep by 37pc and 14pc in Mardankhel, the total oil production during FY21 soared to 75,575 barrels per day (bpd) from 60,993bpd in FY20 while gas production slightly fell to 3,511mmcfd from 3,589mmcfd …

WASHINGTON: President Joe Biden signed a sweeping executive order on Friday to promote more competition in the US economy, urging agencies to crack down on anti-competitive practices in sectors from agriculture to drugs and labour. If fully implemented, the effort will help lower Americans’ internet costs, allow for airline baggage fee refunds for delayed luggage and cut some prescription drug …