Business

KARACHI: Stock market on Friday showed some bullish signs as the KSE-100 index added 75.45 points, or 0.17 per cent, to close at 45,305.63 amid expectations of better corporate earning reports next week. However, the volume plunged due to short trading hours in the weekend session, but index managed to close in the green despite profit-selling as investor sentiments remained …

ISLAMABAD: Pakistan’s food import bill widened by 54.45 per cent to $6.12 billion year-on-year during the nine months of the current fiscal year (9MFY21) mainly due to sugar and wheat imports to bridge the shortfall in domestic production of agriculture produce. The rising food import bill also triggered trade deficit which would cause some uneasiness on the external side for …

ISLAMABAD: Pakistan has started the renegotiation process with foreign lenders to defer steep increases in electricity tariff it had committed for reviving the International Monetary Fund (IMF) programme along with $500 million disbursement and $2.5 billion international bond. As an alternative plan, the government is now working to “rationalise general sales tax on electricity, purchase some old oil-fired independent power …

ISLAMABAD: Pakistan’s exports of textile and clothing rebounded in March mainly due to value-added sectors and posted a growth of 30.4 per cent from a year ago, showed data released by the Pakistan Bureau of Statistics (PBS) on Friday. The export value of these sectors edged up to $1.355 billion in March from $1.039bn over the corresponding month of last …

KARACHI: Jodia Bazaar, the country’s oldest and biggest wholesale market of essential goods, remained shut on Thursday as traders protested against the decision of Additional Commissioner (AC) Karachi to sell commodities at three-year old rates. The AC further imposed heavy fines on traders for selling goods at higher rates which led to a strong protest by wholesalers. Talking to Dawn, Chairman …

ISLAMABAD: While increasing the tax rates on certain products, the government on Thursday reduced the prices of all the petroleum products by 1.6 to 2.5pc for the next 15 days to pass on the partial impact of decline in the international prices. According to a notification issued by the ministry of finance, the ex-depot price of petrol was reduced by …

ISLAMABAD: Showing concerns over the fall in cotton production and low wheat yield, the National Standing Committee on Commerce on Thursday asked the relevant ministry to bridge shortfall with timely imports to contain price hike in domestic market. The meeting, chaired by committee chairman MNA Naveed Qamar, suggested to the Ministry of National Food Security & Research to fix minimum …

ISLAMABAD: The petroleum exploration and development companies on Thursday asked the government to improve the working environment for oil and gas exploration activities by addressing issues relating to security, revocation of their existing blocks and procurement rules. At a round-table meeting with chief executives of the local and foreign exploration companies, a government team led by Minister for Energy Omar …

ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Thursday extended the flat electricity tariff to industrial consumers without the application of expensive peak-charges despite concerns of the Power Division. Also it could not resolve a dispute between the power regulator and the Power Division over the future of about 100 Alternative and Renewable Energy (ARE) projects. The meeting of CCoE …

ISLAMABAD: Parliamentary Leader of the Pakistan Peoples Party (PPP) in the Senate Sherry Rehman has said that the country’s economy is witnessing an unprecedented damage under the government’s “controversial and non-transparent” agreement with the International Monetary Fund (IMF), which has wreaked havoc on the Pakistani street by unleashing a slew tsunami of unbearable hike in prices of utility and food …