Business

ISLAMABAD: An inquiry by the Competition Commission of Pakistan (CCP) into consumer exploitation by the automobile sector regarding premium payments (on-money), delayed deliveries, increased car prices after booking, etc has come to a standstill. Sources in the commission told Dawn that the investigations have been hindered by a court order and non-cooperation of Honda Atlas Cars (Pakistan) Ltd, as the company has …

KARACHI: The KSE-100 index maintained its upward journey on Friday to close at yet another record peak. Topline Securities Ltd said the index gathered pace initially and hit an intraday high of 660 points. However, fear kicked in afterwards as investors preferred to book some of their gains before the end of trading. According to Arif Habib Ltd, the index …

KARACHI: Amid divergent reactions to the implementation of the new Axle Load Regime (ALR) from goods movers, manufacturers believe this will result in a price hike for various items including essential commodities, thus pushing up the cost of living of already inflation-hit consumers. A cement maker said that Punjab-based cement makers have raised prices by Rs50 per 50 kg bag …

MALAGA: Novak Djokovic steered Serbia into the Davis Cup semi-finals with a straightforward 6-4. 6-4 win over Cameron Norrie to secure a 2-0 triumph over Great Britain on Thursday, setting up a mouth-watering clash with Italy’s Jannik Sinner. Italy defeated the Netherlands 2-1 after Sinner inspired his team to a comeback win, the world number four winning his singles and …

ISLAMABAD: Pakistan on Friday received four international bids, with the lowest at $18.46 per unit, for the supply of a liquefied natural gas (LNG) cargo in the first part of January to meet anticipated peak winter shortage in the residential sector as the gas regulator notified 1.2 per cent increase in the sale price of regasified-LNG (RLNG) for November. The …

ISLAMABAD: Pakistan has signed agreements with Saudi companies to bolster collaboration and facilitate the recruitment of Pakistani workers and professionals for various large-scale projects in Saudi Arabia. Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development Jawad Sohrab has signed two Letters of Intent (LoIs) with Saudi companies — FNRCO and Maharah Human Resource Company — in …

ISLAMABAD: Pakistan and Kuwait will soon sign seven memorandums of understanding (MoUs) for investments worth $10 billion in Pakistan through seven projects in multiple fields, including environment, mining, and food security. In this regard, the federal cabinet, in its meeting held on Friday, approved seven MoUs to be signed during the upcoming visit of caretaker Prime Minister Anwaarul Haq Kakar …

ISLAMABAD: Annual short-term inflation remained above 40 per cent for the second week in a row, mainly driven by a massive increase in gas prices, official data showed on Friday. The inflation reading was 41.13pc for the week ending Nov 23, the Pakistan Bureau of Statistics (PBS) said, as gas prices stood over 1,100pc higher than a year ago. After …

KARACHI: The amount of outstanding auto loans plunged for the 16th consecutive month to Rs264 billion at the end of October from Rs272bn in September, showing a drop of three per cent on a month-on-month basis and 23.5pc on a year-on-year basis. The State Bank of Pakistan (SBP) data showed that the total drop in the last 16 months was …

KARACHI: The rupee snapped its five-day winning streak as it lost 14 paise to the US dollar in the interbank market on Thursday after the State Bank of Pakistan (SBP) reported a $217 million drop in its foreign exchange reserves on a week-on-week basis. The greenback appreciated to Rs285.27 from Rs285.13 the previous day, reported the SBP. However, the rupee …