Business

KARACHI: The exchange rate on Friday recorded no change from a day ago in both interbank and kerb markets. Official data released by the State Bank of Pakistan (SBP) on Friday showed the dollar rate remained Rs278.80, flat from the preceding day’s closing level of Rs278.81. The exchange rate remained unchanged at Rs280 in the open market on a day-on-day …

ISLAMABAD: A new initiative has been unveiled by the two UN agencies to offer member countries assistance in strategic planning, increasing food production and food safety. The Food and Agri­culture Organisation and the Inter­national Atomic Energy Agency announced the new initiative called ‘Atoms4Food’ that will bolster a response to the global need to achieve sustainable agrifood systems. The initiative is …

KARACHI: Pak Suzuki Motor Company Ltd (PSMC) said on Thursday its overseas sponsor controlling the majority shareholding will purchase all outstanding shares and delist the company from the Pakistan Stock Exchange (PSX). The Japanese automaker told investors on Thursday the proposed delisting will be “beneficial” for the minority shareholders as they’ll get the opportunity to make a “fair exit” given …

ISLAMABAD: The Central Power Purchasing Agency (CPPA) on Thursday sought about 55 paise per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) to mop up another Rs7bn from consumers next month, despite a record 77pc electricity generation from cheaper domestic fuels, on top of a 26pc increase in the annual base tariff and an 18pc hike under …

Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East. Risk aversion was compounded by Federal Reserve boss Jerome Powell, who indicated a pause in interest rates at the bank’s next meeting but left open the prospect of another hike later. Traders are …

ISLAMABAD: Poverty is estimated to have increased in Pakistan during the previous fiscal year due to record high food and energy prices, weak labour markets and flood-related damages, a World Bank report said. The Macro Poverty Outlook prepared for the recently concluded annual meetings of the World Bank and IMF in Marrakesh, Morocco, pointed out that protracted and elevated food and energy …

RAWALPINDI: Pak­istan International Air­lines (PIA) operated 52 flights on Thursday, though its two international flights — one from Islamabad to Jeddah and the other from Lahore to Kuala Lumpur — were delayed. PIA claimed that its flight operation, disturbed due to a halt in fuel supply, has been normalised as it has scheduled 48 flights for Friday. Of the 48 flights, …

SadaPay, a Pakistani Fintech company, announced that their SadaBiz freelancers will now be able to receive payments via Apple Pay. Earlier this year, Sadapay had launched a business account — SadaBiz —tailored for freelancers which aimed to provide an avenue for global payments with no hidden fees. The announcement came as part of SadaPay’s first ever SadaSummit held last Friday …

NEW YORK: Oil prices climbed about 2 per cent to a two-week high on Wednesday on a bigger-than-expected US storage draw and hitting session highs after Iran called for an oil embargo on Israel. Brent futures rose $1.92, or 2.1pc, to $91.82 a barrel by 1:24 p.m. EDT (1724 GMT). US West Texas Intermediate (WTI) crude rose $2.09, or 2.4pc, …

ISLAMABAD: Textile and clothing exports fell for third month in a row due to growing production costs and liquidity crunch, according to statistics issued by the Pakistan Bureau of Statistics on Wednesday. The export value of textile and clothing exports shrank 9.95 per cent in the first quarter (July-September) FY24 to $4.12 billion from $4.58bn in the corresponding period last …