Business

KARACHI: Pakistan’s total oil sales rose by 11 per cent to 11.258 million tonnes during the first seven months of FY21 owing to a massive jump in demand for furnace oil (FO), high-speed diesel (HSD) and petrol. A jump of 37pc was recorded in FO sales to 1.916m tonnes during July-January period of 2020-21 followed by 12pc and 6pc in …

ISLAMABAD: A parliamentary committee on Monday asked the government to commit a major part of savings from its drive against smuggling of petroleum products through the Iranian border worth over Rs200 billion annually to livelihood projects to avoid any unrest arising out of closure of illegal business of the people involved. A meeting of the Senate Standing Committee on Petroleum …

ISLAMABAD: Pakistan’s exports grew for the fifth consecutive month in January to $2.14 billion, up to eight per cent from $1.98bn in the corresponding month last year, data released by the Ministry of Commerce (MoC) on Monday showed. Commerce Adviser Razak Dawood in a statement said that Pakistan’s exports had maintained growth and for the first time in eight years …

Alibaba Group founder Jack Ma has been left off a list of Chinese entrepreneurial leaders published by state media — the snub underscoring just how far he has fallen out of favour with Beijing. China’s best known businessman was not mentioned in an front-page article published by the Shanghai Securities News. Instead Huawei Technologies’ Ren Zhengfei, Xiaomi Corp’s Lei Jun and …

Identifying a host of risks, the Asian Development Bank (ADB) expects Pakistan to work on a series of areas for reform and institutional strengthening for sustainable economic growth, poverty reduction and job creation and to end its repeated boom and bust cycles. In its latest synopsis as part of its 5-year Country Partnership Strategy, the Manila-based lending agency has concluded …

Thanks to the Chinese donation, Pakistan will hopefully kick-start a Covid-19 vaccination drive this week, administering half a million doses to public healthcare workers, signalling the beginning of the end of the deadly virus a year after the first case was reported in the country. A deal to source 10m more doses from China has also been reported. Citing dangers …

ISLAMABAD: Prime Minister Imran Khan claimed on Sunday that inflation had currently declined from the level of 2018 when the Pakistan Tehreek-i-Insaf (PTI) came to power. “The government’s efforts are coming to fruition as both the consumer price index and core inflation had touched lower than the time of government’s formation,” the prime minister said in his tweet. “More good …

The inflation rate eased to 5.65 per cent in January, the Pakistan Bureau of Statistics (PBS) said on Monday, from 8pc the previous month. A decrease in the prices of vegetables, pulses, eggs, spices and chicken helped bring down the consumer price index (CPI), the bureau said. It said the Urban CPI recorded a decrease of 0.16pc while Rural CPI …

ISLAMABAD: For the fifth fortnight in a row, the government on Sunday increased the prices of all petroleum products by 2.5 per cent to 4.6pc for the next 15 days. According to an announcement by the Prime Minister Office, the ex-depot prices of high speed diesel (HSD) and petrol were increased by Rs2.88 and Rs2.70 per litre, respectively. The prices …

KARACHI: Bulls managed to drive away the bears in the outgoing week to reconnect with the earlier three-week winning spree. The KSE-100 index stormed past the 46,000 points resistance and settled at 46,386 points to record gains of 518 points, or 1.1 per cent, in the outgoing week. The index closed positive in four out of five sessions in the …