Tribune
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Shehbaz sees Rs700b PSDP insufficient | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday instructed the relevant quarters to further increase the proposed allocation of Rs700 billion for the development budget for the next fiscal year after the planning ministry objected to a “small size of the envelope”, which appeared insufficient to propel economic growth in the country. The prime minister…
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Rupee sinks to new low at 308 in open market | The Express Tribune
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[ad_1] KARACHI: Pakistani currency on Tuesday sank to a new record low at Rs308 against the US dollar in the open market, down 1%, or Rs3, from the previous day’s close, according to the Exchange Companies Association of Pakistan. Consequently, the gap between exchange rates in the open and inter-bank markets widened to a historic…
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Gas shortage paralyses textile industry in Sindh, Balochistan | The Express Tribune
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[ad_1] KARACHI: In a press release issued by the All Pakistan Textile Mills Association (APTMA), on Tuesday, APTMA Southern Zone, Chairman, Zahid Mazhar raised an alarming concern about the dire consequences of a severe shortage and disruption of gas supply on the textile industry in Sindh and Balochistan. The situation has forced 50% industries to…
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Debt servicing to take lion’s share in budget | The Express Tribune
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[ad_1] ISLAMABAD: The government may unveil a fiscally expansionary budget of around Rs14.6 trillion – an unprecedented 50% increase over this’s year’s approved budget – mainly on account of a record high interest payments. Sources told The Express Tribune that for fiscal year 2023-24, budget deficit – gap between expenses and the income – is…
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Corporates in trouble as financial crisis persists | The Express Tribune
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[ad_1] ISLAMABAD: German tech firm SAP has pressed the government to immediately address the challenges arising from the restrictions on opening Letters of Credit (LCs) as they have hurt its business in Pakistan. Interacting with the media, SAP Managing Director for Pakistan, Iraq and Afghanistan Saquib Ahmad highlighted the collaborative efforts made by SAP and…
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The dollar’s deadly dilemma | The Express Tribune
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[ad_1] ISLAMABAD: Time, it seems, is running out for the US dollar’s global hegemony. And its results for the world’s foremost economic and military superpower threaten to be catastrophic. US Treasury Secretary Janet Yellen’s recent warning about the fallout from a US debt default is sounding alarm bells about the stability of the global economy…
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Learning habits: where do we stand? | The Express Tribune
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[ad_1] ISLAMABAD: The true nature of learning ‘anything’ in Pakistan is far grim, let alone the modern education standards. As a matter of fact, the overall learning attitude is nothing short of a horror story. People seem to be in a continual denial of the reality and let their children waste their time in their…
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Policy adjustments proposed to revitalise economy | The Express Tribune
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[ad_1] KARACHI: Prominent businessmen and industry leaders have presented a series of essential policy adjustments to revitalise Pakistan’s economy, emphasising the upcoming budget for the fiscal year 2023-2024 as a golden opportunity to foster growth, innovation, and sustainable development across various sectors. Leading a delegation from the Federation of Pakistan Chambers of Commerce and Industry…
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As sales drop, Pak Tobacco inches towards closure | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan Tobacco Company (PTC) is moving towards shutting down its entire Jhelum factory, a step that it is compelled to take owing to a sharp fall in sales as illicit and smuggled cigarette brands flood the domestic market. With the surge in tax rates for the legal industry, cigarette sales of PTC have…
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China’s Russian oil imports rise in April | The Express Tribune
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[ad_1] SINGAPORE/BEIJING: China’s crude oil imports from Russia rose 8.6% in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia, including seaborne shipments and supplies via pipelines totalled 7.1 million tonnes or 1.73 million barrels per day (bpd), according to customs data released on…
