Business

Bears continued to weigh on the Pakistan Stock Exchange (PSX) on Thursday as the benchmark index extended losses for a fourth consecutive session this week. According to the PSX website, the KSE-100 index declined by 513.19 points at 2:30pm to stand at 61,934.82, down 0.82 per cent from the previous close of 62,448.01 points. The index limped to recovery and managed …

ISLAMABAD: The regulatory agencies in the country have become a burgeoning industry negatively affecting more than half of the national economy, says a new report by the Pakistan Institute of Development Economics (PIDE). “The cost of regulation, estimated at over 60 per cent of GDP, particularly affects segments larger than 50pc of the GDP, turning regulation agencies into a burgeoning …

ISLAMABAD: The World Bank on Wednesday announced that its board of directors had approved the long-awaited $350 million loan ‘2nd Resilient Institutions for Sustainable Economy (RISE-II) Operation’ to Pakistan to support key macroeconomic reforms in energy, taxation and business environment. The financing “aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth”, the Washington-based multilateral lender …

LAHORE: The rice sector is eyeing to increase its exports to $10 billion over the next five years on the back of a regular increase in exp­o­rtable surplus with growing per acre paddy yield. Data suggests that rice exports would be around 4.5 million tonnes, fetching $2.5 billion in export proceeds during 2023. The export volume increase has been made …

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved payment of Rs320 billion to public sector power plants and K-Electric within a few days through supplementary grants and started phasing out export finance scheme to meet a condition of the International Monetary Fund (IMF). A meeting of the committee, presided over by caretaker Finance Minister Dr Shamshad …

Bears continued to weigh on the Pakistan Stock Exchange (PSX) on Thursday as the benchmark index extended losses for a fourth consecutive session this week. According to the PSX website, the KSE-100 index declined by 513.19 points at 2:30pm to stand at 61,934.82, down 0.82 per cent from the previous close of 62,448.01 points. The index limped to recovery and managed …

ISLAMABAD: Pakistan has won the arbitration initiated by Tuwairqi Steel against the federation at the Per­m­anent Court of Arbitration in The Hague, Netherlands, the government said in a statement on Tuesday. The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, under the Organisation of Islamic Cooperation (OIC) investment …

KARACHI: The government borrowed seven times more from banks during the first five months of the current fiscal year while the budgetary borrowing is reaching close to the amount it borrowed during the entire FY23. The latest data issued by the State Bank of Pakistan (SBP) on Tuesday showed that the government borrowed Rs3.585 trillion from July 1 to Dec …

ISLAMABAD: Despite a record 83 per cent power generation from che­aper domestic fuels, the Central Pow­er Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution com­panies (Discos) — almost 100pc higher than target — to generate ano­ther Rs34 billion in January 2024. This increase in FCA is on top of …

The World Bank’s board of executive directors approved $350 million in financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation in Pakistan on Tuesday. Najy Benhassine, World Bank’s country director for Pakistan, in a statement highlighted that this project completes the initial phase of “tax, energy and business climate reforms” aimed at improving fiscal revenues and stimulating competition and investment. …