Business News
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PM intervenes to save Karachi from more outages | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif has stepped in to save Karachi from the looming load-shedding. Cabinet members asked PM Sharif in a recent meeting to resolve a payment dispute between Sui Southern Gas Company (SSGC) and K-Electric, which may lead to power outages. Pakistan’s financial capital Karachi was poised to face additional load-shedding of…
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Rupee dips to new low on delay in IMF programme | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its journey towards south, as it lost another 0.74% (or Rs1.51) and touched a new all-time low at Rs203.38 against the US dollar in the inter-bank market on Monday due to renewed uncertainty about the revival of IMF loan programme. The rupee hit an intra-day low at Rs204.50 against the…
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Auto sector records 46% growth | The Express Tribune
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[ad_1] KARACHI: Despite high car prices, Pakistan’s auto sector recorded a growth of 46% to about 27,000 units in May 2022 compared to the corresponding month of last year. Car sales, including sales of non-PAMA (Pakistan Automotive Manufacturers Association), came in at around 27,000 units, which was almost flat month-on-month amid higher car prices and…
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Tax relief of billions for bourse | The Express Tribune
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[ad_1] ISLAMABAD: The government has given billions of rupees in income tax relief to the stock market by lowering the capital gains tax rates on sale of shares after holding them for two years and has completely abolished the tax by the sixth year. The billions of rupees relief has been given by rejecting a…
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Govt mulls doubling toll tax on motorways | The Express Tribune
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[ad_1] ISLAMABAD: The federal government is considering collecting double toll tax on motorways used by single-driver cars to mitigate the energy crisis and the impact of higher fuel prices. It is also mulling over a plan under which vehicles may ply roads on alternative days based on odd and even number plates. The cabinet, in…
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Indian rupee hits record low on rate hike worries | The Express Tribune
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[ad_1] MUMBAI: The Indian rupee plunged to a record low against the dollar on Monday, ahead of an expected US interest rate hike this week, aimed at fighting surging inflation. The rupee hit 78.2825 per dollar for the first time as a forecast-beating US inflation report on Friday heightened prospects for a further tightening of…
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Governor encourages soybean production | The Express Tribune
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[ad_1] LAHORE: Punjab Governor Muhammad Balighur Rehman has encouraged local soybean production to reduce the increasing import costs in a recent meeting with Professor Dr Athar Mahboob, Vice Chancellor of the Islamia University of Bahawalpur (IUB) and Muhammad Ali Raza, Director of National Research Centre for Intercropping, IUB and post-doc of Sichuan Agricultural University (SAU).…
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External borrowing funds economic growth | The Express Tribune
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[ad_1] ISLAMABAD: Economic Advisory Group Chairman Javed Hassan, while questioning the credibility of the new budget, has pointed out that most of the economic growth will be funded through external borrowing. “Budget was announced during negotiations with the IMF (International Monetary Fund). This can put Pakistan in an extremely onerous situation as much of the…
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Bitcoin slumps below $23,000 in crypto crash | The Express Tribune
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[ad_1] Bitcoin tumbled on Monday to an 18-month low under $23,000 in a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global markets selloff, just seven months after the virtual unit surged to a record high. The world’s most popular crypto asset also took a heavy knock from news…
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Russia becomes India’s second biggest oil exporter | The Express Tribune
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[ad_1] NEW DELHI: Russia rose to become India’s second biggest supplier of oil in May, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed. In May Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared…
