Tribune
-
Saudi oil facility to come into effect this month | The Express Tribune
.
[ad_1] ISLAMABAD: The energy woes of Pakistan are likely to ease as first oil tanker under the Saudi Arabian oil credit facility is expected to reach Pakistan in the third week of March. In a meeting with a Saudi Arabian delegation on Wednesday, Federal Minister for Economic Affairs Omar Ayub Khan acknowledged the timely start…
-
Trade deficit stays high at $32b | The Express Tribune
.
[ad_1] ISLAMABAD: Pakistan’s trade deficit remained significantly high at $32 billion in the first eight months of current fiscal year as the pace of increase in exports stood at nearly half of the surge in imports, making the government’s external position vulnerable. According to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday,…
-
State Bank issues QR code standards | The Express Tribune
.
[ad_1] KARACHI: The State Bank of Pakistan (SBP) has issued standards for quick response (QR) code-based payments in Pakistan to accelerate digitisation of retail payments. According to a press release issued on Wednesday, the standards are to be met for issuance of QR codes and acceptance of payments through the same. “The initiative is a…
-
Taxes on seeds to disincentivise farmers | The Express Tribune
.
[ad_1] LAHORE: The imposition of 17% sales tax on locally produced or imported seed coupled with 3% additional tax on unregistered seed firms will have a cumulative effect of 25% on farmers, said Pakistan Hi-tech Hybrid Seed Association (PHHSA) President Shehzad Ali Malik. While briefing the media on Wednesday, he stated that it would hike…
-
World Bank does not verify growth | The Express Tribune
.
[ad_1] ISLAMABAD: Contrary to the claims made by Prime Minister Imran Khan and his cabinet ministers, the World Bank has not verified the 5.6% provisional economic growth rate for Pakistan for the previous fiscal year. Pakistani authorities are misstating the facts by repeatedly claiming that the World Bank has endorsed the provisional gross domestic product…
-
Market watch: Soaring energy prices drag stocks down | The Express Tribune
.
[ad_1] KARACHI: Bears returned to the Pakistan stock market on Wednesday as the KSE-100 index dipped nearly 300 points, driven down by the spike in global energy prices with no signs of easing of geopolitical tensions. A surge in international crude oil prices past the $110-per-barrel mark sparked concern as it would pile on pressure…
-
Pakistan turns to diesel for power generation | The Express Tribune
.
[ad_1] Pakistan and Bangladesh are now opting for the expensive and dirty diesel to generate power as the nations struggle to secure liquefied natural gas (LNG) shipments following a supply crunch due to Russia’s invasion of Ukraine. In January, Pakistan’s diesel-based power generation surged to the highest in seven years whereas the LNG-fired output dropped…
-
Oil spikes past $110 as markets avoid Russian supply | The Express Tribune
.
[ad_1] LONDON: Oil prices surged to seven-year highs on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures gained $5.30, or 5%, to $110.23 a barrel at 0419 GMT, a level…
-
‘Long-term policies to steer sustainable growth’ | The Express Tribune
.
[ad_1] LAHORE: The incentives announced by Prime Minister Imran Khan under the industrial package will provide impetus to economic growth and lead the country towards economic prosperity, said Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar. Addressing a ceremony at the Governor House on Tuesday, he said that enhancing manufacturing base was vital to…
-
Telecom sector posts record Rs644b revenue in FY21 | The Express Tribune
.
[ad_1] KARACHI: The telecom sector posted the highest-ever revenue of Rs644 billion in fiscal year 2020-21 as compared to the revenue of Rs592 billion in the previous year. The sector attracted $202 million in foreign direct investment (FDI) and contributed Rs226 billion to the national exchequer, according to Pakistan Telecommunication Authority’s (PTA) annual report for…
