Business

Azerbaijan offers Pakistan open oil credit facility

Azerbaijan offers Pakistan open oil credit facility

ISLAMABAD: Azerbaijan has offered Pakistan an open credit line of $100 million for the purchase of petroleum products without any sovereign guarantees, an offer, though small, will help ease some pressure on Pakistan’s fast dwindling foreign currency reserves.Pakistan is currently facing extensive pressure on its balance of payments and is going to negotiate a bailout package […]

Pakistan has requested for financial assistance: IMF

Pakistan has requested for financial assistance: IMF

NUSA DUA, INDONESIA: Pakistan has requested financial assistance from the International Monetary Fund to address its economic challenges, IMF Managing Director Christine Lagarde said on Thursday.Lagarde said in a statement that the request came during her meeting with Finance Minister Asad Umar, and State Bank of Pakistan (SBP) Governor Tariq Bajwa on the sidelines of the IMF […]

Dollar remains at same high of Rs 134

Dollar remains at same high of Rs 134

KARACHI  – The value of US dollar on Wednesday remains at the same high price of Rs134 while rupee has dropped 36 paisa against the greenback.On Tuesday, the domestic currency had registered a jolt after importers  demand has hit the market and exporters swayed from the session. The rupee had hit the all-time high mark […]

Auto industry likely to raise prices again due to rupee fall

Auto industry likely to raise prices again due to rupee fall

KARACHI: The free fall of the rupee this year against the dollar will be affecting many industries and the auto industry will be one of the worst affected as it is bracing for weak demand. Auto industry becomes attractive again All major auto manufacturers have increased car prices three to four times since December 2017 and […]

Pakistan’s auto industry lacks competition: CCP

Pakistan’s auto industry lacks competition: CCP

KARACHI: The Competition Commission of Pakistan (CCP) has described Pakistan’s automobile industry as uncompetitive where existing companies are not facing any meaningful competitive pressure.“It (automobile industry) is essentially marred by a lack of competition. Complaints of quality, availability and pricing of passenger cars particularly, is characteristic of an uncompetitive market,” the CCP wrote in its recommendations […]

CPEC – debt trap or game changer?

CPEC – debt trap or game changer?

ISLAMABAD: Ever since Chinese President Xi Jinping announced the Belt and Road Initiative (BRI) in 2013, Beijing has been facing open hostility from the United States and India.The United States calls BRI a “Made in China, Made for China” initiative while India says this initiative does not respect sovereignty.Deep down the issue is power struggle between […]

CNG prices set to rise by up to Rs22.33 per kg

CNG prices set to rise by up to Rs22.33 per kg

KARACHI: Compressed natural gas (CNG) dealers announced on Friday that they would increase the fuel price by up to Rs22.33 per kilogramme with effect from Saturday following government’s decision on increasing the natural gas price.“Dealers have decided to pass on the impact of gas price hike to end-consumers instead of going for a shutter-down strike,” CNG Station […]

India’s rupee hits new record low as RBI holds rates

India’s rupee hits new record low as RBI holds rates

MUMBAI (AFP) – India’s rupee breached 74 to the dollar for the first time ever on Friday as the country’s central bank surprised analysts by holding interest rates.Economists had expected the Reserve Bank of India (RBI) to hike its key rate as Asia’s third-largest economy grapples with a plummeting currency and soaring oil prices.But the […]

Oct-Dec: SBP to sell debt instruments worth Rs4.9 trillion

Oct-Dec: SBP to sell debt instruments worth Rs4.9 trillion

KARACHI:The State Bank of Pakistan (SBP) announced on Thursday that it would sell government-backed long- and short-term debt instruments worth Rs4.9 trillion between October and December this year.A big chunk of the debt, to be raised through the sale of three to 20-year Pakistan Investment Bonds (PIBs) and three to 12-month treasury bills during October-December 2018, […]

Govt forms business council to boost exports, create jobs

Govt forms business council to boost exports, create jobs

ISLAMABAD: The government constituted a 22-member Council of Business Leaders on Thursday aimed at getting input from the private sector to boost exports and create jobs.Prime Minister Imran Khan will be the chairman of the council which will have representation from leading sectors of the economy, according to a notification issued by the Ministry of Commerce.The maximum […]

Power sector losses of Rs200b to be recovered from defaulters

Power sector losses of Rs200b to be recovered from defaulters

ISLAMABAD: The country’s economic managers are looking to recover a loss of Rs200 billion from power-sector defaulters and bring down the overall loss to 16.3%, as allowed by the regulator.It turned down the Power Division’s plea to pass on the Rs200-billion loss on account of electricity theft to honest consumers which were paying their bills regularly. […]

ECC puts off power tariff increase for two weeks

ECC puts off power tariff increase for two weeks

ISLAMABAD: The government on Tuesday again put off up to 61% increase in electricity prices for at least two weeks after some federal ministers objected to the timing of the move, fearing that the tariff hike may cost the ruling coalition the upcoming by-elections.The decision of the Economic Coordination Committee (ECC) of the cabinet to delay […]