Business

ISLAMABAD: The caretaker government machinery scrambled on Tuesday to assure the nation that the country has sufficient fertiliser stocks and that all fertiliser plants will be provided with an uninterrupted gas supply throughout the ongoing winter season to maximise production. “All plants will be running at full capacity throughout the current winter season… to ensure a consistent and sufficient local …

KARACHI: In an already struggling environment, the surging prices of wheat flour, onion and sugar have added salt to the wounds of low- and middle-income households. The price of onion, a high-running staple food of almost every household, has jumped to Rs200-220 per kg from Rs150-180 per kg last week, while it was tagged at Rs120-150 per kg two weeks …

ISLAMABAD: The electricity distribution companies (Discos) operating under the Power Division on Tuesday conceded billing discrepancies highlighted by the power regulator Nepra in a recent inquiry report but downplayed the extent of the wrongdoings happening to consumers and attributed its veracity to the natural, human and technical factors. The “initial response” released by the Power Division comes days after it formed an …

ISLAMABAD: In a first, Saudi Oil giant Aramco formally entered Pakistan’s retail market with an estimated investment of about $100 million by acquiring a 40 per cent stake in Gas & Oil Pakistan Ltd (GO) — a private entity established almost a decade ago. GO announced in a statement on Tuesday that Aramco, one of the world’s leading integrated energy …

Shares at the Pakistan Stock Exchange (PSX) fell by more than 1,900 points on Wednesday, shortly after a Supreme Court verdict conditionally suspended its own ruling on military trials of civilians pending final ruling. According to the PSX website, at 2:33pm the KSE-100 index declined steeply by 1,987.08 points to reach 64,439.70 points — down 2.99pc from the previous close of 66,426.78 …

The State Bank of Pakistan’s (SBP) Monetary Police Committee (MPC) has decided to maintain the status quo and keep the key policy rate unchanged at 22 per cent to keep the aggregate demand in check, according to a press release issued on Tuesday. “The decision does take into account the impact of the recent hike in gas prices on inflation in November, …

KARACHI: Auto assemblers continued to face a highly disturbing situation as year-on-year car sales plunged 53 per cent, trucks 48pc, buses 45pc, light commercial vehicles, pickups and vans 37pc, and two/three-wheelers recorded a 13pc drop during the first five months of FY24. However, brisk agricultural indicators significantly boosted the sales of tractors (Massey Ferguson and Fiat) by 98.19pc to 20,806 …

KARACHI: The winning streak of major shares came to a halt on Monday amid selling pressure on the Pakistan Stock Exchange (PSX). Topline Securities Ltd said bulls took a hit after having a massive show of strength for the last six consecutive days. Trading witnessed strong selling headwinds right after the opening bell rang with investors opting for profit-taking across …

ISLAMABAD: The Chinese government has agreed to consider a request to amend the existing Free Trade Agreement (FTA), supply trade finance in yuans and provide loans to assist industry relocation to Pakistan. The requests were made during Pakistan’s Interim Commerce Minister Gohar Ejaz’s visit to China, where he is leading a 20-member group. Pakistan and China have come to a …

ISLAMABAD: The Asian Development Bank (ADB) on Monday announced that it has approved $155.5 million in financing for Pakistan that will support policy reforms enhancing women’s access to finance and providing credit to women-led micro, small, and medium-sized enterprises. In a statement, the Manila-based lending agency said the financing comprised a $100 million policy-based loan that supports legal and regulatory …