Business News
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Electricity production rises 24% in April | The Express Tribune
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[ad_1] KARACHI: The electricity generation increased 24% year-on-year to 12,960 gigawatt-hours (GWh) in April 2022 but the growth in production came at a high cost as the fuel cost component in tariff rose 84% to Rs10.24 per unit. The country got the largest production from imported gas (liquefied natural gas – LNG) fired power plants…
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IT export growth needs policy continuity, incentives | The Express Tribune
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[ad_1] KARACHI: Experts believe that the growth in information technology (IT) exports needs the continuity of policy and incentives. Pakistan’s IT exports surged to over $2 billion in the first 10 months of current fiscal year 2021-22 – the highest-ever export number for the said period. According to the State Bank of Pakistan’s (SBP) data,…
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Analysts see 100bps rate hike | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank is scheduled to meet on Monday to announce the key policy rate for the next six weeks. The bank is highly expected to increase the rate by 100 basis points (bps) to 13.25% to counter a high inflation reading and likely surge in energy prices to pave the way for…
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PSX struggles amid gloomy outlook | The Express Tribune
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[ad_1] KARACHI: Bearish sentiment prevailed at the Pakistan Stock Exchange during the outgoing week, as bears continued to push bulls to the sidelines in the absence of market-moving positive cues. The rupee depreciation against the US dollar continued during the week amid rapidly depleting foreign exchange reserves, which kept the jittery investors at bay. To…
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Iraq to establish new oil company in Kurdistan | The Express Tribune
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[ad_1] BAGHDAD: Iraq’s federal government aims to establish a new oil company in the Kurdistan region, the oil ministry said on Saturday. The aim of the new company will be to enter into new service contracts with oil firms currently operating there under the Kurdistan Regional Government (KRG), according to a statement. Oil Minister Ihsan…
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India trims tax on fuel, essential commodities | The Express Tribune
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[ad_1] NEW DELHI: India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation. Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 Indian rupees ($0.1028) per litre, and 6 Indian rupees per…
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China contributes to upgrading socio-economic life in Gwadar | The Express Tribune
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[ad_1] GWADAR: China has granted more than 5 billion RMB (renminbi – official currency of China) in Gwadar for several socio-economic projects during the last seven years to upgrade the living conditions of the local people under Corporate Social Responsibility (CSR) initiatives. The grant is dedicated to New Gwadar International Airport (NGIA), East Bay Expressway,…
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Global mobile body seeks tax cut | The Express Tribune
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[ad_1] ISLAMABAD: The global mobile industry association, called GSMA, has proposed that the withholding tax on essential telecom services in Pakistan should be brought down from 15% to 8% in the federal budget for 2022-23 in order to improve the affordability of mobile services, especially for the lower income segment. In a letter written to…
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New governor, same ole policy? | The Express Tribune
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[ad_1] The State Bank of Pakistan (SBP) is due to announce its monetary policy statement (MPS) on May 23, 2022. Various surveys conducted indicate that most market participants expect a 1% or more increase in the policy rate from the current level of 12.25%. These expectations are premised on a number of factors including inflationary…
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SPI increases 1.42% | The Express Tribune
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[ad_1] The Sensitive Price Indicator (SPI) for the week ended May 19, 2022 registered an increase of 1.42% for the combined income group, going up from 172.63 points during the week ended May 12, 2022 to 175.08 points in the week under review. The SPI for the combined income group rose 16.54% compared to the…
