Business News
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Rupee breaches 270 against USD as downward spiral continues | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency surpassed Rs270 against US dollar for the first time at noon on Monday in the interbank market as the government surrendered its control over the exchange rate to satisfy IMF demands. The currency was freshly devalued by Rs7.50 (or 2.77%) to a new all-time low at Rs270.10 against the US…
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A move towards sustainable alternatives | The Express Tribune
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[ad_1] KARACHI: The most valuable quality that a socially conscious and responsible business can demonstrate to its stakeholders is its understanding that profits cannot be achieved without integrating people and the planet into its purpose. A rise in this approach can be observed in how organisations are rethinking their approach to conventional CSR. They are…
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SBP rubbishes claims of $3bn loss due to dollar cap
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[ad_1] A file photo of a person holding US dollar bills. — AFP/File The dollar cap, which was earlier imposed to stabilise the rupee’s rate against the greenback, did not result in losses worth $3 billion to the national kitty, the State Bank of Pakistan (SBP) said Sunday. To end the dollar crunch in the…
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Govt jacks up petrol price by Rs35 | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar announced an increase in petrol and diesel prices by Rs35 per litre effective as of 11 am on Sunday. The minister made the announcement in a brief televised address to the nation today and maintained that Kerosene oil and light diesel oil prices were jacked up by Rs18 per litre.…
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Raise minimum wage to Rs35,000: Miftah | The Express Tribune
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[ad_1] PESHAWAR: Former finance minister Miftah Ismail on Saturday suggested that to meet the demands of the International Monetary Fund (IMF), the government would have to raise the minimum wage from Rs25,000 to Rs35,000. Addressing a two-day seminar titled “Re-imagining Pakistan” held by the PPP at Peshawar’s Nishtar Hall via video link, he noted that…
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Dar denounces tractor industry | The Express Tribune
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[ad_1] ISLAMABAD: Economic Coordination Committee (ECC) Chairman and Finance Minister Ishaq Dar has lashed out at the tractor industry for its lack of response despite getting several incentives. A number of initiatives had been taken but the tractor industry remained “non-responsive” and now “focus is on approving a policy and settling issues at the implementation…
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DRAP urges govt to trade in yuan | The Express Tribune
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[ad_1] KARACHI: The Drug Regulatory Authority of Pakistan (DRAP), on Friday, urged the government to strike import deals, especially for raw material required for the production of drugs and medical devices, in Chinese currency (RMB) to avoid potential interruptions in the country’s production of pharmaceuticals. During a meeting with the Pakistan Pharmaceutical Manufacturers’ Association (PPMA),…
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Gold now over Rs200,000 a tola | The Express Tribune
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[ad_1] KARACHI: The price of gold surpassed Rs200,000 per tola (11.66 grams) for the first time in the history of Pakistan after the rupee witnessed a freefall against the US dollar on Friday. The jump in bullion price, however, made jewellers unhappy, as genuine buyers have quit the market and gamblers have jumped in. Speaking…
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Gold tops Rs200,000 per tola as rupee extends rout
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[ad_1] A representational image of gold jewellery. — AFP/File The price of gold in Pakistan Friday marched past the major psychological threshold of Rs200,000 per tola for the first time, the dealers said, pinning the upsurge on the rupee free fall that ensued after money changers gave up on a self-imposed cap on the exchange…
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Rupee keeps ‘pedal to metal’, tumbles over Rs7 against dollar
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[ad_1] A dealer holds US dollars at a money exchange market in Karachi on January 26, 2023. — AFP The Pakistani rupee kept ‘pedal to the metal’ losing over Rs7, or 2.73%, value against the US dollar as forex companies removed a cap on the exchange rate to win much-needed loans from the International Monetary Fund…
