Business

KARACHI: Tensions with Iran and Afghanistan could lead to uncertainty in the country and destabilise the exchange rate, as the demand for dollars will rise, said currency dealers in Karachi. A currency dealer mentioned that the grey market, which had disappeared after the crackdown, started showing activity on Thursday. “I am not sure about the grey market activity. If the situation leads to more uncertainty, …

ISLAMABAD: A new World Economic Forum report showed that closing the women’s health gap would allow more women to live healthier, higher-quality lives, and provide an unprecedented boost to the global economy. The report titled, “Closing the Women’s Health Gap: A $1 trillion Opportunity to Improve Lives and Economies”, released on Wednesday, says women on an average spend 25 per cent more …

Shares at the Pakistan Stock Exchange (PSX) lost more than 350 points on Thursday due to escalating tensions between Iran and Pakistan. According to the PSX website, the KSE-100 index lost around 1,038 points at 10:08 am. At 10:31am, the index climbed to 62,797.21. By 3:34pm, it recovered to 63,202.40, or 364.93 points below the previous close of 63,567.33. Mohammed Sohail, chief executive …

KARACHI: Pakistan’s current account posted a significant surplus of $397 million in December 2023, bringing the entire second quarter of the current fiscal year FY24 into positive territory with a surplus of $198m. The December surplus was primarily attributed to higher exports, increased remittances, and a significant decline in imports, helping the country gain control over the most pressing economic …

KARACHI: Share prices remained on the downward trajectory for the third consecutive session amid continued selling pressure emanating from pre-poll uncertainty and escalation of border tensions with Iran as a result the benchmark 100-share index closed in the red after moving in both directions. Equities began trading on a positive note on the back of a significant current account surplus, …

ISLAMABAD: With the involvement of top-level leadership, Pakistan and Azerbaijan have shielded a G2G framework agreement they signed in July last year for the supply of Liquefied Natural Gas (LNG) without competitive bidding after a brief hiccup. The state-run Pakistan LNG Ltd (PLL) on Wednesday announced that it had secured LNG cargo from the State Oil Company of the Azerbaijan …

KARACHI: Karachi Port Trust (KPT) Chairman Syed Syedain Raza Zaidi has said the authority will go very tough against the highhandedness of shipping companies for terribly looting the business community by overcharging under various headers without any justification. The shipping companies need to submit details of their registration, licence, relevant laws or any agreements within 10 days which authorised them …

ISLAMABAD: Ahead of the final review next month with the International Monetary Fund (IMF) of the ongoing $3 billion Stand-By Arrangement, the Power Division on Tuesday confirmed to have finalised a plan to reduce power tariffs for the industrial sector to revive economic activities, create job opportunities and address circular debt challenge. Testifying before the Senate Standing Committee on Power, …

ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar is retaining the position of chairperson and independent director on the board of directors of the state-run Sui Southern Gas Company Ltd (SSGCL) apparently against the letter and spirit of the State Owned Enterprises (Governance and Operations) Act 2023. Dr Akhtar who also continues to be the chairperson and independent director of the …

KARACHI: An increase last week in the minimum export price (MEP) of onion from $750 per tonne to $1,200 per tonne has failed to bring down prices in the local market as consumers continue to pay Rs 220-240 per kg for the commodity. Exporters reported to have forced the Ministry of Commerce (MoC) to fix a higher MEP to control …