Business News
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Bloodbath as PSX sheds over 1,400 points amid political uncertainty
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[ad_1] A stockbroker talks on the phone as a trading stream is reflected on a glass screen. — AFP/File KARACHI: The KSE-100 of the Pakistan Stock Exchange (PSX) plunged by more than 1,400 points during the intra-day trading on Tuesday. At 3:17pm, the KSE-100 Index was down 1,342.96 points or about 3.40%, hovering around the…
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PSX slumps over 3.4% due to economic, political uncertainty | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) slumped over 3.4%, approximately 1,348 points, and hit a two-year low at around 38,900 points on Tuesday. The market maintained a steep downward trend for the second consecutive day due to the rise in political temperatures and the melting down of the country’s economy. “The market has dropped in…
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Rs200b mini-budget to appease IMF on cards | The Express Tribune
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[ad_1] The government may impose taxes to the tune of Rs200 billion – with effect from next month – aimed at breaking a deadlock with the International Monetary Fund (IMF). However, the current uncertain political situation in the country is causing a delay in taking a final decision in this regard. The move came after…
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CCP asks for strict enforcement of laws | The Express Tribune
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[ad_1] KARACHI: Complete implementation of the competition laws will reduce the price of essential items by 25 to 30%, end the price cartel operating in different sectors and convert Pakistan’s economy into a functional one, said Rahat Kaunain, Chairperson of the Competition Commission of Pakistan (CCP). Addressing a discussion session organised by the Lahore Economic…
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WB diverts $615m for flood-relief work | The Express Tribune
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[ad_1] The World Bank has diverted $615 million from ongoing slow moving projects towards rehabilitation and reconstruction of the flood-affected areas, which Pakistan was unable to use due to multiple issues hindering implementation on these schemes. The Washington-based lender had informed the Climate Resilient Pakistan Conference, Geneva, this week that it would contribute $2 billion…
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World owes Pakistan $30b a year for polluting | The Express Tribune
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[ad_1] ISLAMABAD: The monsoon season of 2022 brought forth the most devastating floods to Pakistan. Two of the country’s provinces received 8x more rain than their 30-year average, resulting in widespread destruction and loss of life. A study conducted by World Weather Attribution has found that human-caused climate change significantly increased the intensity of the…
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Pledges feel too good to be true | The Express Tribune
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[ad_1] ISLAMABAD: The word ‘pledge’ appears in the news far too often, albeit accompanied by ‘unfulfilled’ or ‘failed.’ Over a decade ago, a climate pledge was made at a United Nations summit in Copenhagen, where rich nations promised to channel $100 billion a year to developing countries to help them adapt to climate change. That…
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Diversification of exports is key for Pakistan | The Express Tribune
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[ad_1] KARACHI: Pakistan’s foreign exchange reserves are in dire straits. As of January 6, 2023, the State Bank of Pakistan (SBP) reported having a mere $4.3 billion on hand, barely enough to cover three weeks of imports. This is a significant decline from the $16.6 billion the SBP had in January last year. While the…
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Dear stakeholders, don’t push economy off the cliff | The Express Tribune
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[ad_1] KARACHI: Even from Pakistan’s standard, the outgoing year was a nightmare. Marred with domestic political uncertainty – compounded by a spike in energy prices and global interest rates hike – followed by pertinent delays in enacting the International Monetary Fund (IMF)-guided structural reforms, year 2022 was as challenging as challenges can be. Nevertheless, it’s…
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Thousands of containers held up at Karachi port as dollars dry up | The Express Tribune
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[ad_1] Thousands of containers packed with essential food items, raw materials and medical equipment have been held up at Karachi port as the country grapples with a desperate foreign exchange crisis. A shortage of crucial dollars has left banks refusing to issue new letters of credit for importers, hitting an economy already squeezed by soaring…
