Business News
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Asif Zardari says will take forex reserves to $100bn
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[ad_1] PPP Co-chairman Asif Ali Zardari addresses a press conference held at CM House in Karachi, on May 11, 2022. — PPI Ex-president Asif Ali Zardari has said that during his time in jail, he read several books on the economy and is confident of taking Pakistan’s dwindling foreign exchange reserves to $100 billion. Zardari,…
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SECP green lights Symmetry Group IPO | The Express Tribune
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[ad_1] The Securities and Exchange Commission of Pakistan (SECP) has given approval to Symmetry Group Limited, a renowned digital technology and experiences company based in Pakistan, for its Initial Public Offering (IPO). This significant milestone allows Symmetry Group to move forward with its plans to launch the IPO and offer shares to the public. Symmetry Group is a…
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Gold price falls over Rs2,000 in Pakistan
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[ad_1] A representational image of gold jewellery. — AFP/File Despite an increase in the international rate and depreciation in the local currency against dollar, the per tola price of gold fell over Rs2,000 in Pakistan on Tuesday. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24…
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Pakistan ‘hopes’ to secure IMF deal ahead of budget as funding gap narrows
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[ad_1] The seal for the International Monetary Fund is seen in Washington, DC, January 10, 2022. — AFP Pakistan is seeking to secure $2 billion in external financing to bridge the $6 billion gap for resuming the stalled International Monetary Fund (IMF) bailout programme ahead of the federal budget, Bloomberg reported. The Ministry of Finance,…
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Pakistan to seal IMF deal this month: PM Shehbaz
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[ad_1] Prime Minister Shehbaz Sharif. — AFP/File Prime Minister Shehbaz Sharif on Monday expressed hope that Pakistan would finalise the much-awaited loan deal with the International Monetary Fund (IMF) this month. In an exclusive interview with Turkish news agency Anadolu, the premier said the ninth review by the IMF will match all terms and conditions,…
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UAE firm acquires majority stakes in ZIL Ltd | The Express Tribune
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[ad_1] KARACHI: Foreign investors are showing confidence in Pakistan’s long-term business potential, as a UAE-based firm acquires majority stakes in Zulfiqar Industries Limited (ZIL Limited), the company behind the renowned 50-year-old Capri soap brand. The acquisition, valued at Rs1.56 billion ($6 million), highlights the investor’s belief in Pakistan’s economy and its vast consumer market. New…
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In a U-turn, rupee dives in open market | The Express Tribune
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[ad_1] KARACHI: Pakistani currency on Monday again took a dramatic U-turn, diving 2.59%, or Rs8, to a four-day low at Rs308 against the US dollar in the open market amid short supply of the greenback on retail counters. In the inter-bank market, the currency dropped to a two-week low at Rs286.19 against the greenback, losing…
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Cost of production up by staggering 100-150% | The Express Tribune
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[ad_1] KARACHI: The alarming surge in production costs, skyrocketing by 100% to 150% over the past 18 months, has set a distressing upward trend into motion across the country. For farmers, this is further compounded by the devastating floods of 2022, severely impacting the economic condition of growers. In light of these challenges, farmers are…
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Gold registers minimal decline in Pakistan
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[ad_1] A representational image of gold jewellery. — AFP/File KARACHI: Gold prices in Pakistan registered meagre losses on Monday despite the rupee’s depreciation against the dollar in the open market as well as the interbank market. The price of gold (24 carats) decreased by Rs1,000 per tola and Rs857 per 10 grams to settle at…
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Pakistan ‘very hopeful’ of sealing IMF deal in June: PM Shehbaz | The Express Tribune
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[ad_1] ANKARA: Pakistan is “very hopeful” of finalising a deal with the International Monetary Fund (IMF) this month, according to Prime Minister Shehbaz Sharif. “We are still very hopeful that the IMF programme will materialise. Our ninth review by the IMF will match all terms and conditions and, hopefully, we’ll have some good news this…
