Business

ISLAMABAD: Pakistan’s oil import bill jumped nearly 15 per cent year-on-year to $7.6 billion during 1HFY19 from $6.675bn in same period last year, Pakistan Bureau of Statistics reported on Thursday. The country’s petroleum bill is steadily on the rise despite the fall in international prices. The government has taken several measures to cut import bill in a bid to ease …

KARACHI: The government found another reason to sigh with relief on Thursday as the crucial current account deficit (CAD) slipped slightly by 4.4 per cent to $7.98 billion, driven by a fourth quarter decline of 10 per cent, according to data released by the State Bank of Pakistan (SBP). The CAD lies at the heart of the economy’s difficulties since …

KARACHI: Bulls dominated the stock market on Tuesday pushing the KSE-100 index up by 201.63 points (0.5 per cent). The intraday movement was relatively restricted as investors await economic clarity on budgetary front. The index closed at 39,615 after hitting an intraday high of 299 points. Positive investor sentiment was driven by anticipation of hydrocarbon discovery in the Indus offshore …

ISLAMABAD: Federal Planning and Statistics Minister Khusro Bakhtyar has on Tueday directed Pakistan Bureau of Statistics (PBS) to start the process for appointing a new chief statistician as the post has been lying vacant for the last one year. The minister was chairing the 16th meeting of Pakistan Bureau of Statistics (PBS), where he was briefed by Secretary Statistics Division …

ISLAMABAD: The government on Tuesday ordered immediate clearance of about Rs36 billion refund claims of exporters and allowed tax and duty-free import of cotton in addition to mandating the payment of duties and taxes on import of vehicles in foreign exchange. The decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by …

ISLAMABAD: Pakistan Internat­ional Airlines (PIA) will submit a five-year ‘Strategic Business Plan 2019-2023’ to the government by March. Addressing a press conference on Tuesday, PIA CEO Air Marshal Arshad Malik said the plan, currently being developed, consists of cost-cutting and revenue generation through detailed analysis of the market, right sizing operations, work centre, flights and routes for the revival of …

ISLAMABAD: China and Pakistan agreed on Tuesday to make 2019 the ‘year of industrial, socio-economic and agriculture cooperation’ as Beijing promised to despatch a series of business delegations over the next two months to move forward on at least four special industrial zones during the year. As a follow up to the recently concluded Joint Cooperation Committee (JCC) of the …

ISLAMABAD: The export of services edged lower by 0.23 per cent year-on-year to $416 million in November 2018, from $416.97m in corresponding period last year, Pakistan Bureau of Statistics said on Monday. However, between July-November, export proceeds went up 1.39pc to $2.17bn year-on-year. On the other hand, imports of services dipped 17.33pc to $3.6bn in 5MFY19, from $4.35bn over corresponding …

KARACHI: The State Bank has decided to expand its National Financial Lite­racy Programme (NFLP) to create awareness among the masses and in this regard a mass media campaign is being launched from January 15. Apart from reaching out to the public via print, radio and social media, a dedicated NFLP toll free helpline and website would also be launched on …

HAMBURG: A tender from the Pakistan Agricultural Storage and Services Corporation (Passco) has attracted high bids to sell 100,000 tonnes of wheat. The positive res­ponse could allow the wheat to be exported without government subsidies, European traders said on Monday. The tender, closed on Jan 11, was issued under a government export programme to reduce high wheat inventories with possible …