Business News
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ABAD flags cartels in construction industry | The Express Tribune
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[ad_1] KARACHI: The Association of Builders and Developers of Pakistan (ABAD) has expressed deep concerns to the Competition Commission of Pakistan (CCP) regarding the formation of cartels in the steel, glass, and tiles industries. ABAD’s Chairman, Muhammad Altaf Tai, led a delegation to the CCP, urging them to take decisive measures against the cartelisation of…
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Gold continues downward trajectory for sixth session
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[ad_1] An undated image of a customer looking at a gold set in the market. — AFP/File KARACHI: The gold price in Pakistan continued to lose its shine as it fell by Rs1,500 per tola on Friday due to the decrease in the international market. According to the data released by All-Pakistan Sarafa Gems and…
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Cybersecurity breach at NIFT puts national security at risk | The Express Tribune
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[ad_1] KARACHI: Pakistan’s national security has once again been compromised due to negligence at the National Institutional Facilitation Technologies (NIFT). Cyber attackers managed to breach the security of the cheque clearing institution, gaining unauthorised access to data and forcing the banking system to resort to a manual system despite the prevalence of digital technology. Even…
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Banks allow unauthorised apps to provide services | The Express Tribune
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[ad_1] KARACHI: The central bank has observed that commercial banks have put their depositors’ money at risk by allowing unauthorised mobile phone applications to provide online banking services to clients directly and indirectly. The State Bank of Pakistan (SBP) said in a notification to its regulated entities (REs) providing digital banking services that “a number…
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Pakistan ‘fully committed’ to IMF programme, PM reiterates
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[ad_1] Prime Minister Shehbaz Sharif with International Monetary Fund Managing Director Kristalina Georgieva in Paris. — Twitter/@KGeorgieva After meeting the International Monetary Fund’s (IMF) managing director, Prime Minister Shehbaz Sharif has assured the lender’s chief that Pakistan is “fully committed” to the ongoing Extended Fund Facility. “It was a pleasure to meet you and have…
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Gold extends losses in Pakistan, price falls by Rs200 per tola
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[ad_1] An undated image of gold jewellery showcased in a jewellery store. — AFP/File KARACHI: The gold price in Pakistan on Thursday continued to decrease for the fifth consecutive session in line with the developments in the international market and the rupee’s appreciation against the dollar. The price of gold (24 carats) decreased by Rs200 per…
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PM Shehbaz meets IMF chief, urges release of stalled funds
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[ad_1] PARIS: Prime Minister Shehbaz Sharif on Thursday urged International Monetary Fund (IMF) Managing Director Kristalina Georgieva to unlock stalled funds because the country had met all conditions stipulated by the lender. Meeting the IMF MD on the sidelines of the Summit for a New Global Financial Pact being held in Paris, the premier assured…
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UAE offers to acquire Karachi Port terminals | The Express Tribune
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[ad_1] ISLAMABAD: The United Arab Emirates has sought the control of the Karachi Port terminals on lease for 50 years in a negotiated deal, which may mark the first foreign transaction without competitive bidding process. According to the offer made by the Abu Dhabi Ports Company of the UAE, Pakistan will get $50 million upfront…
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Pakistan invites China, Europe to set up LNG plants | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan is eyeing Central Asia as its energy trade partner, especially Turkmenistan, and is seeking gas supplies for Gwadar in an effort to make it an international energy hub by encouraging China and European countries to establish liquefied natural gas (LNG) plants and export the fuel. “We want to be a trading partner…
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K-Electric gets go-ahead to charge Rs1.5 per unit from Karachiites
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[ad_1] An undated image of K-Electric bill. — KE website/File Unhappy with prolonged and unannounced loadshedding by K-Electric (KE), the Karachiites should prepare themselves for a further rise in electricity bills as the Economic Coordination Committee (ECC) of the cabinet on Wednesday allowed the sole power distribution company in the port city to recover a…
