Business News
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CDWP clears Rs273 billion KCR project | The Express Tribune
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[ad_1] ISLAMABAD: The Central Development Working Party (CDWP) has cleared Karachi Circular Railway (KCR) as a modern urban railway project worth Rs273.1 billion and referred it to the Executive Committee of National Economic Council (Ecnec) for further consideration. In a meeting of the CDWP chaired by Planning Commission (PC) Deputy Chairman Jahanzeb Khan on Thursday,…
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Steel producers hike prices | The Express Tribune
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[ad_1] KARACHI: The flat steel producers of Pakistan have announced a hike in prices of the commodity owing to increase in rates at a global level. According to Topline Securities, a prominent steel sector player increased the rates of cold-rolled coils (CRC) and hot dipped galvanised coils (HDGC) by Rs3,000 per ton on Thursday. After…
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State Bank reserves soar $1.61b to $17.34 billion | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank surged 10.23% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 4, the foreign currency reserves held by the SBP were recorded at $17,336.8 million, up $1,609 million compared with $15,727.6 million on January…
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Pakistan to enter FM 100 index in May | The Express Tribune
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[ad_1] KARACHI: Morgan Stanley Capital International (MSCI) has announced that it will add Pakistan to the MSCI Frontier Markets 100 and MSCI Frontier Markets 15% Country Capped indexes in May as global investors have shown their willingness to invest in the country’s businesses. On Thursday, MSCI announced the conclusion of its consultation on the eligibility…
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Power tariff to go up Rs2.8 per unit | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to further increase electricity prices by Rs2.8 per unit to collect an additional Rs292 billion from consumers aimed at bringing the vicious circular debt down that remains high despite massively increasing the prices. A cabinet body on Thursday approved the revised Circular Debt Management Plan (July 2021-June 2023), which…
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Indonesian envoy woos local investors | The Express Tribune
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[ad_1] ISLAMABAD: The business community of Pakistan should play its due role in promoting trade and investment in the Association of Southeast Asian Nations (Asean) markets such as Indonesia, said Indonesian Ambassador Adam Mulawarman Tugio. Talking to a delegation of the Rawalpindi Chamber of Commerce and Industry (RCCI) on Thursday, he pointed out that there…
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Bank deposits fall Rs1 trillion in January 2022 | The Express Tribune
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[ad_1] KARACHI: As the race among financial institutions for accumulating deposits before the close of year comes to an end, the deposits in banks showed a drop of Rs1 trillion (around 5%) to Rs19.95 trillion in January 2022. The deposits hit an all-time high of Rs20.97 trillion in the prior month of December 2021, according…
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Punjab govt focusing on self reliance | The Express Tribune
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[ad_1] LAHORE: The government of Punjab is working to increase the indigenous resources for the economic development of the province, said Punjab Finance Minister Makhdoom Hashim Jawan Bakht. In a meeting with the International Monetary Fund (IMF) Country Representative for Pakistan Esther Perez Ruiz on Thursday, he stressed that the provincial leadership was pouring investment…
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Govt mulls over GIDC recovery | The Express Tribune
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[ad_1] ISLAMABAD: The government is mulling over recovering billions of rupees in gas infrastructure development cess (GIDC) from the fertiliser industry by making some changes in the new proposed fertiliser policy. Sources told The Express Tribune that Federal Minister for Energy Hammad Azhar had raised the issue of GIDC recovery from the fertiliser manufacturers in…
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Market watch: Bourse turns bearish, sheds 400 points | The Express Tribune
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[ad_1] KARACHI: The two-day bull run came to an end at the Pakistan Stock Exchange on Thursday as the KSE-100 index dropped 400 points, driven by political uncertainty and increase in international coal prices. The jump in coal prices dampened investor sentiment and pulled the KSE-100 index below the 46,000-point mark once again as it…
