Business

KARACHI: Operating as Online Marketplaces (OMPs), transportation service providers with technology companies, have demanded that the government ensure proper regulations for the emerging ride-hailing industry. They advocate for standard practices, reasonable taxation, and fair competition, alongside revamping broken road infrastructure. These measures would benefit both customers or users and service providers. The ride-hailing services industry […]

ISLAMABAD: Federal Minister for Energy Sardar Awais Leghari said on Thursday that the country would face Rs560 billion in losses in the power sector by the end of June this year. He mentioned that Rs200 billion are billed in the power sector but remain unrecovered from consumers, while another Rs300 billion are lost due to […]

ISLAMABAD: A new International Monetary Fund report showed that Pakistan is set to miss this fiscal year’s budget deficit target by approximately Rs1 trillion, as the global lender anticipates the country’s increased reliance on loans in the coming years. The IMF released the report from Washington on the same day Pakistan’s finance minister sought assistance […]

ISLAMABAD: The United States Agency for International Development (USAID) on Wednesday launched the Pakistan Climate Financing Activity, an up to $10 million, four-year endeavour aimed at bolstering sustainability and climate resilience. Speaking at the launch event, USAID Deputy Mission Director Maura O’Brien emphasised, “The activity will support innovative projects tailoured to Pakistan’s context, scaling up […]

KARACHI: Passenger car sales plummeted to 54,089 units, marking a significant 36.9% decline during the initial nine months of fiscal year 2024 (July to March). This downturn can be attributed to various factors, including soaring inflation, diminished purchasing power, high interest rates, expensive auto financing, and rising car prices, as per data provided by the […]

ISLAMABAD: Philip Morris Pakistan Limited (PMPKL) underscored the urgency for immediate measures to tackle the escalating presence of low-priced non-tax-paid cigarettes, which has resulted in a loss of a level playing field and a significant decline in volumes within the legitimate tobacco sector. In a media briefing to address the profound challenges gripping the tax-paid […]

KARACHI: Pakistani currency on Wednesday hit a new four-week low at Rs278.40 against the US dollar in the inter-bank market, while gold surged to a fresh record high at Rs251,900 per tola (11.66 grams) in line with the global trend. According to State Bank of Pakistan’s (SBP) data, the rupee further dropped Rs0.11 on a […]

KARACHI: Pakistan’s central bank has once again found at least seven commercial banks, including leading ones, to have violated instructions on transactions in foreign currencies, imposing financial penalties totalling Rs775.54 million on as many as nine banks in the quarter ending March 31, 2024. The central bank has tightened its oversight of foreign exchange dealings […]

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday continued its gradual movement towards south as investors opted for profit-booking after the market rose to its intra-day high above 70,700 points. As some investors were scared to invest at high levels, the market began the day on a negative note and the KSE-100 index dipped to the […]

LAHORE: The Pakistan Pharmaceutical Manufacturers Association (PPMA) has stressed the necessity of updating existing drug laws to align with global trends for the benefit of patients and the pharmaceutical industry. “Local industries are shutting down due to historically high input costs, the highest inflation, and bank markup rates in Asia. Multinationals are vanishing due to […]