Business News
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Five IPPs ‘voluntarily’ terminating contracts with govt, says PM Shehbaz
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[ad_1] Prime Minister Shehbaz Sharif addressing the federal cabinet in Islamabad, on October 9, 2024. — Screengrab/Geo News After extended deliberations with the authorities, the five independent power producers (IPPs) have agreed to cancel their power purchase agreements (PPAs) with the federal government “voluntarily”, Prime Minister Shehbaz Sharif said on Thursday, providing inflation-hit consumers with a…
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No limits to Pak-Saudi economic cooperation: Al-Falih
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[ad_1] Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih addressing the Pakistan-Saudi Business Forum in Islamabad, on October 10, 2024. — Screengrab/GeoNews Saudi Investment Minister Khalid bin Abdulaziz Al-Falih has stated that the relationship between Saudi Arabia and Pakistan “has no limits,” emphasising that this also extends to their economic cooperation. “We must strengthen Pakistan’s economy.…
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High-level Saudi delegation arrives in Pakistan
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[ad_1] Petroleum Minister Musadik Malik receives Saudi delegation upon arrival in Islamabad on October 9, 2024. — Screengrab via Geo News A high-level delegation from Saudi Arabia arrived in Islamabad on Wednesday as agreements worth $2 billion are likely to be signed between Pakistan and KSA. The delegation led by Saudi Arabia’s Minister of Investment Khalid Al-Falih…
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Independent multiplayer market for power sector gets CCoE go-ahead
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[ad_1] Prime Minister Shehbaz Sharif chairs a meeting of Cabinet Committee on Energy in Islamabad on October 9, 2024. — PID ISLAMABAD: As the ruling coalition doubles down on its efforts to reduce all-time high tariffs, the Cabinet Committee on Energy (CCoE) on Wednesday authorised the establishment of an independent multiplayer market for power generation…
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Remittances jump 29% YoY in Sept on exchange rate stability
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[ad_1] An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016.— Reuters Remittances sent home by overseas workers jumped 29% year-on-year (YoY) to $2.849 billion in September from $2.208 billion in the same month last year, latest numbers released by the State Bank of Pakistan (SBP) showed…
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Stocks zoom past all-time high above 86,400 in intraday trade
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[ad_1] A broker talks on the phone at the Pakistan Stock Exchange in Karachi on May 20, 2024. — PPI Stocks stayed the winning course on Wednesday, reaching a record high of over 86,400 points, largely due to the finance minister’s affirmation that inflation and policy rates were anticipated to retreat to touch new lows,…
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How much damage was incurred during PTI’s Islamabad protest?
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[ad_1] Pakistan Tehreek-e-Insaf supporters gather for a rally as tear gas is used by police officers to disperse them, in Rawalpindi, September 28, 2024. — Reuters ISLAMABAD: A report has revealed that the protest called by Pakistan Tehreek-e-Insaf (PTI) in the federal capital resulted in private and public property losses worth Rs240 million. The report…
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Inflation, policy rate expected to fall further in coming months: Aurangzeb
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[ad_1] Federal Finance Minister Senator Muhammad Aurangzeb addressing a press conference. — APP/File In light of the government’s recent economic achievements, Finance Minister Muhammad Aurangzeb on Tuesday hinted at further drop in the consumer price inflation and State Bank of Pakistan’s (SBP) key policy rate in the coming months. “The government has strived hard to…
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Stocks soar by near 900 points in day trade as rate-cut bets gain traction
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[ad_1] A broker talks on a phone as he watches latest share prices at the Pakistan Stock Exchange in Karachi on January 27, 2023. — AFP Pakistan’s stocks on Tuesday surged by almost 900 points by midday, as investors continued to rush into rate-sensitive sectors amid hopes that the central bank’s monetary policy would see…
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PSX tops record high of 84,900 points in intraday trade
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[ad_1] A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023.— Reuters Stocks on Monday breached the 84,900-points resistance level, hitting yet another record high, mainly fuelled by energy sector as investors held on to the…
