Business

ISLAMABAD: The Covid-19 pandemic has severely affected businesses across the globe, but Pakistan has witnessed 24 per cent corporate growth in 2020. In the outgoing year, the SECP registered 20,324 new companies, compared to 16,456 in 2019. The data compiled by the SECP showed that the simplification of the registration process was one of the key factors that stimulated growth …

KARACHI: In Pakistan around 82 per cent of bank consumers visit their branches once every few months after opening accounts while 73 per cent customers are inclined towards using digital banking channels to meet their financial needs and obligations, a survey released recently said. PwC, in partnership with A.F. Furguson & Co, in its survey tilted ‘Banking in the digital …

KARACHI: Banking sector deposits during 2020 increased by 22 per cent or Rs3.204 trillion to hit an 18-year high at Rs17.876tr, latest data released by the State Bank of Pakistan (SBP) showed. On the other hand, despite a significant increase in deposits, the banks failed to energise the economy as advances remained at just 10pc of the deposits added during …

KARACHI: The stock market on Friday remained choppy where the KSE-100 index moved between the intra-day high and low of 188 points (positive) and 114 points (negative). The index settled at 45,931 points to represent loss for the day at 58.35 points or 0.13 per cent. The second session in the red after Friday’s fall was thought to suggest consolidation …

ISLAMABAD: With sufficient oil-related revenue in the kitty, the government on Friday increased the prices of all petroleum products by three per cent to 6pc for the next 16 days. According to an announcement by the finance ministry, the ex-depot prices of petrol and high speed diesel (HSD) were increased by Rs3.20 and Rs2.95 per litre, respectively. The prices of …

ISLAMABAD: Contribution of the telecom sector to the national exchequer increased by 129 per cent in the fiscal year ending in June 2020 compared to a year ago owing to Covid-19 lockdown, the Pakistan Telecom Authority (PTA) said on Friday. Sharing its Annual Report 2020, PTA highlighted that the surge in demand for telecom services due to lockdown resulted in …

ISLAMABAD: Textile exports during December 2020 increased by 22.72 per cent to a historic high of $1.401 billion compared to $1.14bn in the corresponding month of last year, latest data released by the Pakistan Bureau of Statistics on Friday showed. On a month-on-month basis, the country’s exports during the month increased by 9.20pc. On a cumulative basis, the textile exports …

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Thursday granted provisional licences of virtual liquefied natural gas (LNG) pipelines to two private companies — Daewoo Gas and LNG Easy — for supply of the fuel through bowsers to consumers outside the gas network. The licences would be valid for one year. These would be first of its kind projects …

KARACHI: The State Bank of Pakistan (SBP) has asked financial institutions to place dedicated desks to boost women customers and entrepreneurs’ trust in the banking system. Unveiling a policy proposal titled ‘Equality policy: reducing the gender gap in financial inclusion draft’, the SBP noted that banks are unable to facilitate women customers and recommended gender diversity training for staff at …

ISLAMABAD: Finance Minister on Thursday said the sale of maximum possible Next Generation Mobile Services (NGMS) spectrum will contribute towards overall economic growth through digitalisation and improve the quality of broadband services in Pakistan. Chairing a meeting of the the Advisory Committee, the minister asked the consultants to follow a proactive approach and meet the given deadlines for the release …