KARACHI: Pakistan’s short-term inflation reading decelerated to a 31-week low at 28.54% in the week ended on April 18, 2024 compared to the same week of last year, driven by the drop in prices of some essential food and energy items. Despite the slowdown, the inflation rate still remained elevated in double digits close to […]
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), President, Atif Ikram Sheikh noted that Pakistan Customs held a high-profile and interactive orientation session on the “Implementation of Linking International Value (LIVE) System under the Innovation Framework to Control Mis-invoicing” on Friday, according to a press statement released by the chambers. The session was […]
NEW YORK: Oil steadied on Friday following an earlier price spike of more than $3 a barrel after Iran played down a reported Israeli attacks on its soil, in a sign that an escalation of hostilities in the Middle East might be avoided Brent futures were up 10 cents at $87.21 a barrel at 1430 […]
ISLAMABAD: The federal government has asked the government of Khyber-Pakhtunkhwa (K-P) to take over electricity supply in the jurisdictions of Peshawar Electricity Supply Company (Pesco) and Tribal Areas Electricity Supply Company (Tesco) if the province fails to provide support for action against the elements involved in power theft. In a letter sent to K-P chief […]
KARACHI: Pakistan Stock Exchange (PSX) on Friday snapped a three-day losing streak and notched up significant gains as the KSE-100 index reached a historic high above 70,900 with a surge of 620 points. In the morning, trading was shadowed by the escalating Middle East crisis following news reports saying that Israel had carried out a […]
KARACHI: Pakistan’s macroeconomic outlook has improved substantially as a result of a prudent monetary policy, backed adequately by fiscal consolidation and beginning of implementation of key structural reforms, said State Bank of Pakistan (SBP) Governor Jameel Ahmad. The central bank governor met key international investors during multiple events organised by leading global banks and financial […]
KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) surprisingly remained stable above $8 billion despite repayment of $1 billion foreign debt in the week ended April 12, 2024.More importantly, the reserves rose by $14.4 million during the week, reaching $8.05 billion. Pakistan repaid $1 billion for a maturing Eurobond on […]
WASHINGTON: The International Monetary Fund (IMF), World Bank and current G20 president Brazil said on Wednesday there had been significant progress on global debt issues in recent months, citing new agreements on desired timelines and comparability of treatment. IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Brazilian Finance Minister Fernando Haddad issued […]
LAHORE: The Pakistani economy is projected to grow at a rate of 2.3% in FY 2024. The combination of this low growth and high inflation will significantly increase poverty this year and in the coming years. Approximately 10% of taxes would need to be spent on transfers to lower-income households to eliminate this poverty. This […]
KARACHI: Pakistan Stock Exchange (PSX) on Thursday closed with marginal losses as dispirited investors continued to book profits at higher valuations. In the morning, trading commenced on a positive note as the KSE-100 index touched the intra-day high of 70,645.29 points in the initial hours but soon it stumbled over concerns about the poor economic […]
