KARACHI: Stocks fell for the second consecutive week, with the KSE-100 index declining by 179 points to close below the psychological barrier of 47,000 at 46,957 points. The index moved between the low and high of 46,873 and 47,629 points. Investors initially worried over the geopolitical uncertainty and later in the week over the economy which was thought to be …

KARACHI: The massive rupee devaluation amid the highest-ever freight charges have substantially increased the landed cost of raw materials causing supply chain disruptions, hurting industrial production and turning finished goods more expensive. The rupee-dollar exchange rate that had attained stability at Rs152-153 in May from an all-time high of Rs168.40 in August 2020 has now again risen to Rs167 in …

ISLAMABAD: Soon after assuming the charge of chairman of the Federal Board of Revenue, Dr Ashfaq Ahmed has decided that tax machinery will collect Re1 per invoice issued to customers of big retailers connected with electronic system of the bureau. The news of the new tax circulated on social media and triggered criticism against the FBR chairman for burdening the …

KARACHI: Brokerages expect an increase in foreign investment in equities should the MSCI, a global index provider, decide to downgrade Pakistan from the emerging market (EM) index to the frontier market (FM) index in its September 7 announcement. “Foreign investment in Pakistan should rise if it’s reclassified to the frontier market,” said Shahid Ali Habib, CEO of Arif Habib Ltd …

ISLAMABAD: Exports of services increased by 6.39 per cent to $483 million in the first month of the current fiscal year (FY22) as against $454m over the corresponding period last year, Pakistan Bureau of Statistics (PBS) reported on Saturday. On a month-on-month basis, exports of services dipped by 14.51 per cent. In the outgoing fiscal year, the exports of services …

ISLAMABAD: Prime Minister Imran Khan on Saturday assured United Nations Secretary General Antonio Guterres of Pakis­tan’s support for the continuation of UN’s humanitarian work in Afghanistan, as Inter-Services Intelligence (ISI) Director General Lt Gen Faiz Hamid on Saturday travelled to Kabul for meeting Taliban leaders. A readout of the teleph­one conversation between PM Khan and Secretary Gen­eral Guterres said: “Prime …

MARSEILLE: Trapped on island habitats made smaller by rising seas, Indonesia’s Komodo dragons were listed as “endangered” on Saturday, in an update of the wildlife Red List that also warned overfishing threatens nearly two-in-five sharks with extinction. About 28 per cent of the 138,000 species assessed by the International Union for the Conservation of Nature (IUCN) for its survival watchlist …

BANGKOK: Pro-democracy protesters vented their anger in Bangkok’s heavy rain on Saturday after Thai Prime Minister Prayut Chan-O-cha survived a no-confidence vote in parliament. More than 300 demonstrators marched in central Bangkok’s main shopping mall district carrying red flags and wearing ponchos in the downpour. Thai media were abuzz with rumours that the secretary general of the military-backed ruling party …

TOKYO/KUALA LUM­PUR: The Japanese government plans to extend a state of emergency in and around Tokyo until the last week of September in a further bid to contain the coronavirus epidemic, the Mainichi newspaper reported on Saturday. Japan last month expanded emergency curbs of its population until Sept 12, but the number of severe cases and the strain on the …

BANDAR BEGAWAN: The Brunei diplomat appointed by a Southeast Asian regional bloc as its special envoy to Myanmar said on Saturday he is still negotiating with the military on the terms of a visit and has sought access to ousted leader Aung San Suu Kyi. The Association of Southeast Asian Nations (Asean) has been trying to end violence in Myanmar …