Business

WASHINGTON: The US Federal Reserve posted its biggest ever operating loss last year, it announced Friday, as the impact of higher interest rates caused its interest expense to surge. The Fed began rapidly raising the benchmark lending rate in March 2022 as policymakers looked to puncture a surge in prices that pushed inflation well above its long-term target of two …

KARACHI: The interim government of Anwaarul Haq Kakar has raised industrial gas tariff by an unprecedented 118 per cent since August 2023 from Rs1,100 to Rs2,400 per mmBtu. An additional rise of 40pc in RLNG cost has taken the gas tariff to a whopping and historically highest level of Rs3,200 per mmBtu, indicating an overall hike of 191pc. Karachi Chamber …

ISLAMABAD: The petrol price is estimated to decline by about Rs9-10 per litre on Jan 15 for the next fortnight due to a combination of lower international prices, exchange rate gains and a decline in premium. High-speed diesel (HSD) is also expected to be cheaper by around Rs2 per litre. Informed sources said the prices of all petroleum products had …

ISLAMABAD: The short-term inflation surged 44.16 per cent year-on-year in the week ending on Jan 11, the steepest increase observed since May 2023, official data showed on Friday. The persistent rise in inflation, observed in the first week of the new year, indicates no signs of deceleration in the near term. This spike is primarily fuelled by a surge in …

KARACHI: Amid thriving exports and rising domestic prices, the Ministry of Commerce has fixed the minimum export price (MEP) of onion at $1,200 per tonne (FOB). All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA) Patron-in-Chief Abdul Waheed Ahmed said that the Trade Development Authority of Pakistan has issued a notification on Jan 12 quoting the commerce ministry, …

WASHINGTON: The IMF Executive Board’s decision to disburse around $700 million to Pakistan reflects a positive review of the country’s economic reform programme. While economic activity has stabilised, challenges persist, contingent on the effective implementation of sound policies. Macroeconomic conditions have shown improvement, with a projected two per cent growth in FY24. The fiscal position strengthened in 1QFY24, achieving a …

Shares at the Pakistan Stock Exchange traded in the green for a second consecutive session on Friday after the International Monetary Fund’s (IMF) Executive Board successfully concluded the first review of Pakistan’s economic reform programme. According to the PSX website, the KSE-100 index gained 565.79, or 0.88 per cent, at 10:56am to stand at 65,183.35 from the previous close of 64,617.56. Mohammed …

WASHINGTON: In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative total under the arrangement to …

ISLAMABAD: The proposed restructuring of the Federal Board of Revenue (FBR) has heightened uncertainty within the field formation due to escalating tensions among tax groups concerning the nature and extent of the reforms, Dawn has learned from knowledgeable sources. This uncertainty could potentially affect revenue collection, a concern that is particularly significant given the current political instability that has already …

ISLAMABAD: In a major setback, no bid was received for setting up a 600-megawatt solar power project at Muzaffargarh despite multiple revisions in incentives and extensions in deadlines given by the Private Power & Infrastructure Board (PPIB) — a one-window power sector entity of the federal government. This was the first pilot project for the acquisition of renewable energy through …