Business

KARACHI: The rupee’s rally triggered in early September by a government clampdown on smuggling and hoarding of foreign currency might prove to be short-lived due to its financing risks, Goldman Sachs Group Inc. has warned. “The recent appreciation of the Pakistani rupee will likely be short-lived, given soaring interest costs and only short-term arrangements with the International Monetary Fund and …

By: Raja Zahid Akhtar Khanzada Dallas: Representatives of the Pakistan Society of North Texas and local Pakistani American industrialists and business community members held a joint press conference today, expressing profound concern over the government’s decision to withdraw the notification appointing Tahir Javaid, a Pakistani American businessperson in Texas, as the State Minister for Investment in the Pakistani cabinet. They …

KARACHI: The benchmark of the Pakistan Stock Exchange inched up on We­­d­­nesday on encouraging ea­­rnings announcements. Topline Securities Ltd said the bullish sentiment, which was influenced by the corporate results especially in the banking sector, played a significant role in creating positive vibes in the stock market. Investors exercised some caution in anticipation of the forthcoming announcement of the central …

Asian stocks sank on Thursday, tracking a retreat on Wall Street fueled by a surge in US Treasuries and worries over a possible escalation of the Middle East crisis, which also helped oil hold the previous day’s rally. Disappointing corporate reports from US tech titans added to the sense of gloom among investors, while the burst of optimism that greeted …

KARACHI: The escalating war in the Middle East has changed forex market sentiments as investment infl­ows dried up creating dollar shor­t­ages in banks resultantly the greenback started to appreciate amid str­o­ng demand, especially from importers. Bankers dealing in the currency market said the importers were unable to find dollars even at a rate higher than quoted in the banking market. “Banks have …

ISLAMABAD: A staggering 15 million individuals, including agricultural income earners, are currently not paying any tax, the Federal Board of Revenue chairman disclosed on Wednesday. “This figure represents a significant portion of the population that remains outside the tax net,” Zubair Tiwana told a meeting of the Senate Standing Committee on Finance. It was chaired by Senator Saleem Mandviwalla. In …

ISLAMABAD: The federal cabinet has approved the telecom infrastructure-sharing framework and green-lighted the formation of a committee to auction the spectrum for the next-generation 5G wireless network, Caretaker IT Minister Dr Umar Saif said on Wednesday. The infrastructure-sharing framework aims to help telecom companies jointly use resources, including towers, antennas and cable ducts, optimise resource consumption and possibly cut operational …

ISLAMABAD: The Asian Development Bank has approved technical assistance for Sindh Coastal Resilience Sector project that will support the development of a resilient coastal region in the province. The transaction technical assistance will help Sindh government prepare the project with a high degree of readiness. It will have two outputs: coastal resilience strategic framework with priority investments prepared; and project …

Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said Pakistan was committed to the implementation of projects recently concluded with China in diverse sectors. He said the recent agreements between the two countries would add a new chapter to the China-Pakistan Economic Corridor (CPEC). In a meeting with Chinese Ambassador Jiang Zaidong, he said China’s Belt and Road Initiative was …

After a day of trading in red, the Pakistan Stock Exchange’s benchmark KSE-100 index recovered some of its losses on Wednesday. As of 11:42am, the KSE was up 381.55, or 0.75 per cent. Yesterday, it had closed at 51,027.94 points. By close, however, the index settled 149.19 points, or 0.29pc ahead. On Monday, the stocks rallied in anticipation of a …