Business

Grappling with the challenges ahead, the PTI government is now trying to build a national consensus on policies and strategies that could put the economy on the path of sustainable development. Federal Minister for Planning and Development Khusro Bakhtiar has urged the government and the opposition to sign the charter of economy to prevent Pakistan’s return to the International Monetary …

ISLAMABAD: Petroleum prices will remain unchanged for the month of July as the government has made adjustments in tax rates, according to an official announcement. The decision was taken to provide relief to the consumers, said a statement issued by the finance ministry. It said the government had decided not to increase the prices of petroleum products for July 2019. …

With the deadline for the government’s Asset Declaration Scheme looming near and with media rife with speculation regarding an extension, chairman of the Federal Board of Revenue Shabbar Zaidi on Saturday issued a statement categorically denying any extension would be given. “No extension is being provided in the Asset Declaration Scheme,” read the statement. The FBR confirmed that June 30 …

KARACHI: Pak Suzuki Motor Company Limited (PSMCL) on Saturday raised prices of various models by Rs40,000-329,000 including a hike in prices of Mehran 800cc models despite continuing the variant in November 2018 and April. The company in its letter issued to the authorised dealers attributed the price hike to negative exchange rate impact on account of recent rupee devaluation and …

KARACHI: Pakistan on Saturday received the first tranche of $500 million from Qatar under the $3 billion package consisting of a foreign currency deposit and direct investment. State Bank of Pakistan’s chief spokesman Abid Qamar told Dawn that a deposit of $500m had been received from the gas-rich nation. Qatar had announced the package a day after its ruler Emir …

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has finalised second draft of the Rs3.35 billion budget with a deficit of Rs450 million due to massive reduction in various fees. The first draft was rejected by the policy board for being too ‘traditional’. “We had rejected the previous draft budget as it was too much traditional – the commission …

KARACHI: Bears continued to prowl the stock market, knocking down the KSE-100 index by 1,233 points (3.5 per cent) which closed at 33,902, marking one of the biggest single weekly loss. Although the index was pummelled for the first four consecutive sessions during the week, it managed to rebound a little on the last trading day as the rupee managed …

The value of the dollar on Friday considerably decreased in the open market as well as the interbank market by Rs2.50 and Rs4.20 respectively. The greenback shed its value against the local currency to fall to Rs161 in the open market, while in the interbank market it hit Rs160. Earlier on Wednesday, the local currency had shed its value by …

ISLAMABAD: After many months, the prices of petroleum products in the country would show some signs of stability with mixed trend as the regulator seeks minor cut in petrol rates and increase in diesel rates for July. The Oil and Gas Regulatory Authority (Ogra) has recommended about 77 paisa per litre reduction in the price of petrol (motor spirit) and …

KARACHI: The rupee, after shedding 3.8 per cent on Wednesday, managed to reverse some of its losses on Friday after gaining Rs5 in the interbank to close at Rs159 against Rs164 in the previous session. “The banks are mainly responsible for the fall in dollar prices since Friday was the closing day for them and they review their foreign currency …