Business News
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Rupee recovers another 0.35% vs dollar | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its uptrend for the second consecutive working day, gaining another 0.35% (or Rs0.70) to a new one-week high at Rs199.06 against the US dollar in the inter-bank market on Monday. The currency had closed at Rs199.76 against the greenback on Friday, according to Pakistan’s central bank data. The currency resumed…
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High production cost hits glass maker | The Express Tribune
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[ad_1] KARACHI: Pakistan’s corporate sector has reported the first casualty of a spike in cost of production in the country, as a four-decade old glass manufacturing firm announced on Monday to temporarily suspend production of tableware glass due to “increase in prices of RLNG”. “Keeping in view of instant increase in prices of RLNG (re-gasified…
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Govt pitches Rs3.77tr deficit target | The Express Tribune
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[ad_1] ISLAMABAD: The government has pitched the budget deficit target of 4.8% of the total size of economy, or Rs3.77 trillion, to the International Monetary Fund (IMF) for the next fiscal year, which the global lender wants to be adjusted further through a combination of expenditure cuts and additional revenue mobilisation. Further discussions with the…
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Harsh weather eats into mango output | The Express Tribune
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[ad_1] LAHORE: The decline in mango production due to an unusual spike in temperatures coupled with water shortages is a new emerging problem in Pakistan, said Wang Zihai, President of Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI). During an online meeting with the executive members of PCJCCI on Monday, Wang said that Pakistan needed…
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Cigarette industry asks govt to curtail illicit brands | The Express Tribune
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[ad_1] ISLAMABAD: Cigarette makers have urged the government to increase the advance tax in the upcoming budget on tobacco processing to discourage sales by the unregistered cigarette brands. In their budget proposals to the Federal Board of Revenue (FBR), the three main tobacco companies have asked it to increase the advance tax from Rs10 to…
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China’s power firms to get Rs50b | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif ordered on Monday to immediately disburse Rs50 billion to the Chinese power producers to save them from default and also open a revolving fund to protect them from the circular debt in future. The premier gave the instructions during a meeting with Chinese investors who for the past few…
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Market watch: Stocks rise on hopes of IMF loan resumption | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange managed to post decent gains on Monday, as investors opted to assume fresh positions amid fresh hopes for the resumption of the much-awaited International Monetary Fund’s (IMF) loan programme. The benchmark KSE-100 index, after staying in the positive territory throughout the day, added around 179 points to finally settle…
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Equity markets extend rally as China eases curbs
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[ad_1] Global Stock Markets. — AFP/File LONDON: Asian and European stock markets advanced Monday on a wave of investor optimism as China eases some of its strict COVID curbs in Shanghai and Beijing. London equities gained 0.2% in late morning deals, while Frankfurt won 0.8% and Paris gained 0.9% around midday in the eurozone. Asian…
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Rupee gains ground against US dollar | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee maintained an upward trend on the second consecutive working day, gaining another Rs0.70 – 0.35 per cent – to touch Rs199.06 against the US dollar in the interbank market on Monday. After opening at Rs199.76, it hit an intra-day low of Rs201 at one point before bouncing back against the…
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Link between budget and current account deficits | The Express Tribune
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[ad_1] KARACHI: The budget deficit and the current account deficit are the two critical problems for Pakistan’s economy. Every previous government has struggled to tame these two beasts but has failed miserably. They have become extremely resilient and unmistakably recurrent in Pakistan’s recent history. This is because they are a natural culmination of the structure…
