Business

KARACHI: Policy rankings of five leading commercial banks show the lenders have low policy commitments to climate change, human rights, gender equality and labour rights while none discloses policies on nature and tax when lending money to firms. Speaking at the launch of a report “Benchmarking the sustainability policies of banks in Pakistan” by Fair Finance Pakis­tan on Monday, Senator …

KARACHI: The private sector’s contribution to the economy, if bank borrowing is taken as an indicator, has come down drastically over the last 18 months. Data recently issued by the State Bank of Pakistan (SBP) reveal that the sector was unable to stage a meaningful recovery during the first four months (July-October) of FY24. The data show a repeat of …

KARACHI: The demand for liquefied petroleum gas (LPG) will surge to 15,000 tonnes a day in coming years from the current 4,500-5,000 tonnes as this is the only sector which has shown robust growth. Oil and Gas Regulatory Authority (Ogra) Chairman Masroor Khan said that two to three years back, LPG demand was 2,500 tonnes per day. Addressing a press …

ISLAMABAD: In one of the most damning indictments of malpractices and over-billing in the provision of electricity, the country’s power distribution companies have been accused of fleecing customers and overcharging them as much as 100pc. In a comprehensive inquiry, the National Electric Power Regulatory Authority (Nepra) has found that distribution companies across the country, without exception, were overcharging and over-billing …

ISLAMABAD/WASHINGTON: Pakis­tan has been unable to secure a place on the schedule of the Inter­national Monetary Fund’s (IMF) executive board, at least until mid-December, for the approval of the staff-level agreement (SLA) and disbursement of $700 million. Informed sources said the Ministry of Finance had been trying its best to seek a date in the first week of December to ensure approval …

inDrive on Monday said it was partnering with Vlektra, an electric vehicle (EV) manufacturer, to introduce electric motorcycles to its fleet in the country. According to a press release, it said: “This marked a significant milestone in the nation’s transportation landscape, driving the country towards a sustainable future.” By doing so, InDrive said it has become the first ride-hailing company …

WITH the eagerly awaited national polls set to be held on February 8, most political parties — barring the one that has recently fallen out of favour with the country’s establishment — have begun to build up their campaigns for power. Shortly, they are expected to come up with their election manifestos, outlining their broader political and economic plans for …

LAHORE: The country has so far harvested over 7.7 million bales of cotton as Sindh produces almost equal to the total national lint production in the last year, while Punjab achieves only 44 per cent of the initially allocated target by Nov 30. The data shared by the Pakistan Cotton Ginners Association reveals that so far 7,753,473 bales of cotton …

ISLAMABAD: Painting a positive overall macroeconomic picture, the caretaker government is now hoping for a downhill journey from the painful inflation rate and a further increase in economic activities over the coming months. “Pakistan’s economy is on a gradual but promising path to recovery. The stride of economic revival initiatives is driving a surge in economic activity,” said the Economic …

Maintaining its bullish run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) crossed the 62,000 milestone on Monday amid growing clarity in macroeconomic factors. According to the PSX website, the KSE-100 index closed at 62,493.05 points, up 801.80 points or 1.3 per cent, from the previous close of 61,691.25. The benchmark of representative shares has been …