Business News
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Economist Kaiser Bengali quits govt committees | The Express Tribune
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[ad_1] ISLAMABAD: Irked by government policies, Dr Kaiser Bengali, a member of three government committees, has stepped down from all positions. Citing his reason for quitting the government committees, the economist said the government did not seem serious in reducing its expenditures. The committees whose membership Kaiser Bengali has quit include the Austerity Committee, the…
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Traders threaten to halt imports over WHT | The Express Tribune
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[ad_1] KARACHI: Traders in Jodia Bazaar, the largest wholesale market for commodities in Karachi, have warned they will cease imports if the new withholding tax (WHT) is implemented. During a news conference on Saturday, Rauf Ibrahim, Chairman of the Wholesale Grocers Association, announced that the closure of Jodia Bazaar’s shops was a protest against recent…
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PSX remains subdued amid IMF loan delay | The Express Tribune
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[ad_1] KARACHI: Pakistan Stock Exchange (PSX) experienced a lacklustre week, marked by limited activity and thin losses of around 300 points due to worries over Pakistan’s exclusion from the International Monetary Fund (IMF) executive board meeting agenda for August. The market also remained subdued because of rollover of investor positions at month end and security…
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Govt cuts fuel prices: Petrol down by Rs1.86, HSD by Rs3.32 per litre | The Express Tribune
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[ad_1] On Saturday, the federal government announced a reduction in fuel prices, with the cost of petrol falling by Rs1.86 to Rs259.10 per litre, effective from midnight tonight. High-speed diesel (HSD) has also seen a price cut, dropping by Rs3.32 per litre to Rs262.75. Similarly, the price of kerosene oil has been reduced from Rs171.77…
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Leghari rules out unilateral termination of IPPs contracts
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[ad_1] Federal Minister of Energy Sardar Awais Ahmad Khan Leghari. — APP/File Federal Minister for Power Awais Leghari has said that it is not possible for the government to unilaterally terminate agreements with the independent power producers (IPPs) as such a decision will create a “Reko Diq-like situation” for the country. In 2019, Pakistan managed…
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Govt to ‘retire Rs18.7tr debt this year’ | The Express Tribune
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[ad_1] ISLAMABAD: The federal government has released details of domestic and foreign debts up to June of this year. It has also shared a framework for the repayment of domestic and foreign debt over the next 16 years. According to the information presented by the Ministry of Finance in the National Assembly, by June of…
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Sept diesel imports to cost $140m | The Express Tribune
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[ad_1] ISLAMABAD: Despite having surplus oil stocks providing 45-day cover, Pakistan is expected to see an outflow of $140 million owing to the import of high-speed diesel (HSD) planned for September. According to sources, the import of 50,000 metric tons of HSD costs an average of around $38 million. As September imports are estimated at…
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Govt misses IMF-dictated tax target | The Express Tribune
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[ad_1] ISLAMABAD: In a significant setback, the government has missed its two-month tax collection target by a wide margin of Rs111 billion, despite imposing a record Rs1.8 trillion in new taxes in the budgetexacerbating economic hardship for citizens. This shortfall casts serious doubt on the credibility of the national budget and the feasibility of the…
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Pakistan approves PWD closure and ML-1 financing agreement with China | The Express Tribune
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[ad_1] Listen to article The federal cabinet, under the leadership of Prime Minister Shehbaz Sharif, has approved the immediate closure of the Pakistan Public Works Department (PWD) and the implementation of the first phase of the ML-1 railway project. During today’s cabinet meeting, a two-point agenda was discussed and approved. The first point on the agenda involved…
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Gold hovers near record highs ahead of US inflation data release | The Express Tribune
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[ad_1] Listen to article Gold prices remained near record highs on Friday, poised for a monthly gain amid US rate-cut expectations and geopolitical uncertainty. Spot gold was up 0.1% at $2,523.59 per ounce, close to the August 20 peak of $2,531.60. It has risen over 3% this month. US gold futures slipped 0.1% to $2,556.70. In the Middle East,…
