Business News
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Cybercrime to cost Germany €206b in 2023 | The Express Tribune
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[ad_1] BERLIN: The theft of IT equipment and data, as well as digital and industrial espionage and sabotage, will cost Germany €206 billion ($224 billion) in 2023, German digital association Bitkom said on Friday. The damage will surpass the €200 billion mark for the third consecutive year, according to a Bitkom survey of more than…
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Ministry expects slow economic recovery | The Express Tribune
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[ad_1] ISLAMABAD: The Ministry of Finance said on Friday that Pakistan’s economy would recover slowly and its inflation rate would decrease gradually, the forecasts which suggest that there is no short-term respite from the current economic crisis that has impacted every household. In its Fiscal Risk Statement for the current financial year, the ministry underlined…
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SPI inflation rises by 24.39% | The Express Tribune
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[ad_1] KARACHI: In a concerning development, the Sensitive Price Indicator (SPI), which tracks 51 essential commodities, recorded a 24.39% increase in weekly inflation, ending on August 8, 2023, compared to the same period last year. This surge in prices is taking a toll on households, squeezing their disposable income and limiting their purchasing power. During…
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New low: Rupee down by Rs5 | The Express Tribune
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[ad_1] KARACHI: Amid little availability of US dollars owing to liberalised demand, Pakistani currency slumped 1.5%, or Rs5, in a day to a new all-time low at Rs328 against the greenback in the open market, mounting pressure on inter-bank trade. In inter-bank dealings, the rupee snapped its record-breaking downward streak after eight consecutive days of…
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SBP denies holding emergency MPC meeting
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[ad_1] An undated image of the State Bank of Pakistan (SBP) building. — AFP The State Bank of Pakistan (SBP) on Friday rejected the reports of holding an emergency meeting of the Monetary Policy Committee (MPC) amid the continuing decline in the value of the local currency against the US dollar. “The reports making rounds…
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‘No savings’ in ending free power units | The Express Tribune
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[ad_1] QUETTA/ ISLAMABAD/ LAHORE: The water affairs ministry on Thursday opposed the withdrawal of free electricity units being provided to the employees of power companies, claiming that there would be no savings while proceeding ahead with the move. The development came as consumers were staging countrywide protests against overinflated bills and demanding an end to…
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No respite for masses as petrol price soars to record Rs305 per litre
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[ad_1] A worker at a petrol station changing the price of petroleum products in this undated picture. — AFP/File It seems there will be no respite for the inflation-stricken masses as they battle high electricity bills, the Finance Ministry late Thursday increased the petrol and diesel prices by over Rs14. The Finance Division said the…
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Reserves down to $7.85b | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) reported a 1.02% decrease in foreign exchange reserves on a week-on-week basis, revealing a total of $7.85 billion as of August 25, 2023. The data, unveiled by the central bank on Thursday, indicates a reduction of $81.2 million compared to the previous week’s $7.93 billion. The SBP…
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Govt in search of new FBR chief to shore up tax receipts | The Express Tribune
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[ad_1] ISLAMABAD: Interim Prime Minister Anwaarul Haq Kakar said on Thursday that the government was looking for a new chairman of the Federal Board of Revenue (FBR) to improve tax collection through documentation of the economy. The premier made the statement during his maiden interaction with media persons. On the same day, the FBR reported…
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Stocks take hammering as KSE-100 slumps massively amid economic uncertainty
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[ad_1] In this file photo, Pakistani stockbrokers watch the latest share prices on a digital board during a trading session at the Karachi Stock Exchange (KSE). — AFP/File KARACHI: Bears strengthened their hold on the Pakistan Stock Exchange (PSX) on Thursday as the benchmark index slumped massively over 1,200 points or more than 2% on…
