Business

KARACHI: December marked a significant milestone for the equity market, as it received a record inflow of $65 million through the Special Convertible Rupee Account (SCRA), propelling the market to an all-time high. The SCRA, a financial mechanism, allows foreign investors to convert funds into Pakistani rupees for investment in the country’s equity and debt markets and later reconvert these …

UNITED NATIONS: Global food prices experienced a notable decline in 2023, further easing concerns over food inflation worldwide. The UN Food and Agriculture Organisation (FAO) reported on Friday that its Food Price Index (FFPI) concluded the year over 10 per cent below its December 2022 level. The index fell to 118.5, the lowest since February 2021, down 1.5pc from November …

UNITED NATIONS: The UN’s World Economic Situation and Prospects report for 2024 outlines a nuanced economic outlook for Pakistan, projecting a modest GDP growth of two per cent in 2024 and a slightly improved 2.4pc in 2025. However, this trend is overshadowed by concerning indicators. Last year’s robust global economic recovery post-Covid, which contributed to GDP growth across the world, conceals latent …

KARACHI: The stock market came under renewed selling pressure on Friday after the lawmakers at the upper house adopted a resolution seeking the postponement of the Feb 8 general elections, which dampened the investor sentiment fearing further deterioration of the political environment. Resultantly, the benchmark KSE 100-share index reversed its positive start and closed the weekend session in the red. …

KARACHI: The federal government’s domestic debt increased by 24 per cent year-on-year at the end of November 2023, reflecting the increasing load of debt servicing. The latest data issued by the State Bank of Pakistan (SBP) on Friday showed that the federal government’s domestic debt rose to Rs40.955 trillion at the end of November 2023 compared to Rs32.985tr in November …

LAHORE: The 969MW Neelum-Jhelum Hydel Power Station will stop electricity generation from Jan 10 for inspection of its 3.5-km-long tailrace tunnel during the current low-flow season. The low water flows in the rivers, according to the Water and Power Development Authority (Wapda), are considered to be ideal for the inspection of hydel power stations. The Neelum-Jhelum power station generates 90MW …

ISLAMABAD: Caretaker Minister for Information Technology and Telecom Dr Umar Saif has said steps have been taken to liberalise the financial regime that will help double IT exports and facilitate freelancers to receive their remittances legally with minimum charges. “The IT exporters park a major part of their earnings outside the country, as they need to give payments to their …

ISLAMABAD: The power regulator Nepra has announced a significant fuel cost adjustment (FCA) of Rs4.13 per unit for users of government-owned distribution companies (Discos), marking a substantial financial impact of about Rs35 billion. This adjustment relates to electricity consumed in November and will be reflected in the January bills of consumers, except those in the lifeline category and K-Electric users. …

KARACHI: While continuously facing a gas shortage in the system, Sui Southern Gas Company Ltd (SSGCL) on Friday announced a supply suspension for 48 hours for industries starting from Jan 6 (8:00 am) to Jan 8. SSGCL said the availability of gas has decreased, resulting in the depletion of line packs, causing low pressures in the system. All industries including …

improvement in the economic activities. The State Bank of Pakistan (SBP) on Thursday reported that the private sector borrowed Rs98.73 billion during the week ending Dec 22, 2023. This has pushed the total bank lending to the private sector to Rs9.22 trillion, taking the net borrowing into the positive territory. The total borrowing figure stood at Rs9.17tr by the end …