Business

KARACHI: Remittances sent by overseas Pakistanis grew $255 million or 11.5 per cent to $2.5 billion in October when compared with $2.208bn in September, reported the State Bank of Pakistan (SBP) on Friday. However, remittances posted a 9.6pc rise or $216m compared to $2.247bn in October 2022. The country has been in dire need of receiving higher remittances as the …

KARACHI: A UAE-based Pakistani conglomerate of real estate companies will invest $20-25 billion through the Asso­ciation of Builders and Developers of Pakistan (ABAD). This was announced by a strong delegation from the UAE real estate companies, including Almir, Habib Group and Mark Stone, led by Adviser to the Government of Pakistan for Overseas Pakistanis in Gulf countries Sardar Qaiser Hayat …

ISLAMABAD: The caretaker government, which is in loan review talks with the IMF, has decided to finalise a climate financing policy at the earliest and place three more crucial state-owned enterprises (SOEs) under the financial surveillance of the Ministry of Finance’s Central Monitoring Unit (CMU), which is yet to become operational. The entities slated for enhanced oversight include the Pakistan …

The benchmark index of the Pakistan Stock Exchange (PSX) extended its gains on Friday as it crossed the 55,000 milestone following a 1,000-point surge, reaching an “all-time high”. According to the PSX website, the KSE-100 index climbed by 800 points or 1.51 per cent from the previous close of 54,261.42 by 10am. Two hours later (by 12pm) the index rose by …

ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar on Thursday urged Economic Cooperation Organisation (ECO) countries to enhance their regional share in international trade. “Despite being blessed with natural resources, geographical linkages and cultural heritage, ECO region has been unable to exploit its true trade potential as it had just two per cent share in global trade and 8pc in intra-regional …

ISLAMABAD: Pakist­an’s exports to European nations witnessed a 12.13 per cent decline in the first quarter of the current fiscal year compared to the same period last year, primarily due to a reduced demand for Pakistani goods in western and northern Europe. The export revenue from these countries fell to $1.929 billion in July-September FY24, a noticeable drop from the …

WASHINGTON: Elizabeth Horst, a senior US official who oversees Pakistan affairs at the US State Department, has underscored the vital link between democracy and economic stability, adding that a government aligned with the will of its people was better suited to implement economic reforms. Addressing the Second Annual Pakistan Conference at the Atlantic Council in Washington this week, she emphasised …

KARACHI: A reverse trend in the rupee-dollar equation has again forced manufacturers to raise prices of steel bars after a drop last month on account of the rupee’s gains. Syed Wajid Bukhari, General Secretary of the Pakistan Assoc­iation of Large Steel Producers (PALSP), claimed on Thursday that steel bar prices had plunged to Rs245,000 per tonne last month after hitting …

KARACHI: The rupee depreciated for the 13th consecutive session against the US dollar in the interbank market on Wednesday. Surprisingly, the Exchange Companies Association of Pakistan (ECAP) did not report any change in the dollar rate at Rs287.50. The dollar settled at Rs286.90 after appreciating by 51 paise in the interbank market, reported the State Bank of Pakistan (SBP). The …

KARACHI: Following a short-lived dip in the preceding session, share prices resumed on Wednesday their upward journey, which was fuelled by power, fertiliser, banking and auto sectors, as ongoing talks with the International Monetary Fund (IMF) improved sentiments. Topline Securities Ltd CEO Mohammed Sohail pointed out that the bourse witnessed a two-year high of daily business as the value traded …