Business

ISLAMABAD: In a move towards reviving the International Monetary Fund (IMF) programme, the government has decided in principle to increase the electricity rates by about Rs1.90 per unit in the current billing month. A formal announcement to this effect is expected to be made over the next couple of days. A federal minister told Dawn that a news conference had been called …

ISLAMABAD: Prime Minister Imran Khan on Thursday proposed greater cooperation with Azerbai­jan in trade and energy sectors. He was talking to Azerbai­jan’s Foreign Minister Jeyhun Bayramov, who called on him. Mr Bayramov was on a two-day visit to Pakistan during which he also attended a trilateral meeting with his Pakistani and Turkish counterparts. “The prime minister exp­r­essed satisfaction at the …

ISLAMABAD: As vegetable oil and ghee rates remain volatile, mainly moving upwards, the stakeholders in the sector have demanded that the government revise duty structures to help maintain prices in the local market. The Pakistan Vanaspati Manufacturers Association (PVMA) in a presentation sent to the ministry of industries on Wednesday informed the government that the price of processed ‘refined, bleached …

KARACHI: The State Bank of Pakistan (SBP) has been voted as the best central bank in promoting Islamic finance for the fourth time by a poll conducted by Islamic Finance News (IFN) of REDmoney Group Malaysia on Thursday. This is the second international award bestowed upon the SBP for Islamic Banking during FY21. Earlier, the Global Islamic Finance Awards (GIFA) …

ISLAMABAD: The government on Wednesday decided to announce soon a major economic package for Gilgit-Baltistan as promised before regional elections in November last year. In a meeting with the newly-elected leadership of Gilgit-Baltistan, the ministry of planning and development constituted two technical groups to finalise the integrated development plan on the pattern of the recently announced Karachi Transformation Plan. GB …

yy ISLAMABAD: Moody’s Investor Service on Wednesday forecast Pakistan economy will grow by 1.5pc during the current fiscal year and found Pakistani banks to be stable owing to government support but banking sector risks were growing. “Economic activity will remain below pre-outbreak levels, although the economy should return to modest 1.5pc growth in fiscal year 2021,” Moody’s said in its …

KARACHI: Stocks extended the ongoing rally on Wednesday when after opening in the green, the index continued to climb until it reached intra-day high by 392 points. Mid-day profit taking pulled the index down which managed to retain the day’s gains of 169.92 points or 0.37 per cent and crossed over the 46,000 level after 32 months at 46,091.96 points. …

SYDNEY: Australia captain Tim Paine has apologised for his conduct during the final day of the third Test against India, saying his sledging of Ravichandran Ashwin fell short of the standards he has set for the team. Wicket-keeper Paine at one stage called Ashwin a ‘dickhead’ as the spinner and Hanuma Vihari batted through the last three hours of the …

pcl KARACHI: Shares rebounded on Tuesday after a slight drop a day earlier. The KSE-100 index climbed to new highs with gains of 316.62 points or 0.69 per cent to settle at 45,922.04. Intra-day, the index jumped over the 46,000 huddle when it rose 408 points on the back of splendid performance by the second- and third-tier stocks. Shares that …

ISLAMABAD: The Eco­nomic Coordination Commi­ttee (ECC) of the Cabinet will take five crucial decisions on Wednesday linked with the implementation of an ambitious Textile and Apparel Policy 2020-25, Dawn has learned from knowledgeable sources on Tuesday. The decisions, which are mostly political in nature, are expected to generate heated debate in the ECC meeting to be chaired by Finance Minister …