Business

KARACHI: The Sindh Industrial Liaison Committee (SILC) meeting on Saturday noted that the suspension of gas supply by the Sui Southern Gas Company (SSGC) to the industries has resulted in a gas crisis which was intensifying and affecting production activities. The SILC meeting, chaired by Sindh Governor Imran Ismail, discussed in detail issues faced by the industry including gas supply …

KARACHI: The stock market remained under pressure for all of the outgoing week particularly the negative developments in the last two trading days that exacerbated the fall. The KSE-100 index dropped by 635 points, or 1.32 per cent, and closed at 47,603. Too many concerns came to occupy investors’ mind, beginning with the roll-over week and ending with the FATF …

ISLAMABAD: Paki­stan’s exports to nine regional countries witnessed a growth of 6.23 per cent in 11 months of the outgoing fiscal year, data released by the State Bank of Pakistan on Saturday. The country’s exports to Afgha­nistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives account for a small amount of $3.528 billion — just 15.62pc of …

KARACHI: The country witnessed the sixth consecutive current account deficit (CAD) of $632 million in May, leaving a meagre $153m surplus in the first 11 months of the outgoing fiscal year (11MFY21), the State Bank of Pakistan (SBP) data showed on Friday. The continuous deficits — which began in December 2020 — consumed the benefit of surplus generated in the …

KARACHI: The country’s fertiliser sector relating to urea and DAP sales posted impressive growth in May, but urea inventory levels of these products remained in negative territory during January-May 2021. Urea offtake grew 109 per cent to 501,000 tonnes in May compared to 240,000 tonnes in May 2020. While month-on-month urea sales were 62 per cent higher than 309,900 tonnes …

KARACHI: The country’s exports are facing a daily loss of $44 million due to the suspension of gas supply to export-oriented units by the Sui Southern Gas Company Ltd (SSGCL) since June 11, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Friday. In a letter addressed to Federal Minister of Energy Hammad Azhar, FPCCI President Mian …

KARACHI: Exports of telecommunications, computer and information services increased by almost 48 per cent to $1.908 billion during first 11 months of this fiscal year compared to $1.29bn in 11MFY20, State Bank’s latest data showed on Friday. In May alone, export earnings from this relatively new sector stood at $200 million compared to $196m in April. It recorded a 66pc …

LAHORE: The Lahore High Court (LHC) on Friday directed the federal government to take steps for the recovery of illegal profits the oil marketing companies (OMCs) made by creating an artificial shortage of petroleum products in the country during the first half of 2020. Announcing the judgement on several public interest petitions, Chief Justice Muhammad Qasim Khan ordered the government to form …

ISLAMABAD: Pakistan has secured a $4.5 billion worth of three-year trade financing facility from Jeddah-based Islamic Trade Finance Corporation (ITFC) to cover import cost of crude, petroleum products and liquefied natural gas (LNG). A formal financing framework agreement on the arrangement would be signed early next week here, informed sources told Dawn. The funds would be utilised under Annual Financing Plan …

ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Thursday did not take a decision on allowing dry-docking of Engro’s LNG terminal, but asked the Petroleum Division to follow priority order of gas curtailment under the load management plan already in vogue during the supply disruption. The meeting of the CCoE presided over by Planning Minister Asad Umar was presented a …