PSX plunges 700 points in intraday trade – Business
Bears continued to dominate the Pakistan Stock Exchange (PSX) on Tuesday and dragged its benchmark index down sharply by over 700 points in intraday trade. The KSE-100 index shed 751.72points, or 1.14 per cent, to stand at 65,003.58 from the previous close of 65,755.30. Yesterday, the index had closed in the red despite flirting with […]
Tribunal upholds ruling against P&G – Business
ISLAMABAD: The Competition Appellate Tribunal has upheld an order passed by the Competition Commission of Pakistan (CCP) against Proctor and Gamble Pakistan (P&G) for engaging in deceptive marketing practices. The tribunal dismissed the appeal filed by the P&G and ruled that the CCP has the authority to determine the legitimacy of a complaint and to […]
Finance czar commits to continuing caretakers’ policies – Business
ISLAMABAD: Newly appointed Finance Minister Muhammad Aurangzeb on Monday laid out his singular agenda: to focus on the implementation of much-needed reforms and secure a new deal with the International Monetary Fund (IMF) to pull the economy out of crisis. “No debates, no waste of time — just a steadfast commitment to implementation,” the former […]
Bitcoin zooms to record near $72,000 – Business
Bitcoin raced to an all-time peak close to $72,000 on Monday as the world’s most popular cryptocurrency won further support on greater trading accessibility and dollar weakness. The virtual unit struck $71,829 as dealers also eyed an upcoming industry event that will tighten bitcoin supplies. Monday’s spurt extended last week’s record-breaking run when the currency […]
Pakistan set to initiate ‘difficult’ IMF talks – Business
WASHINGTON: The country’s debt burden will feature prominently in talks as Pakistan engages with the International Monetary Fund (IMF) later this month to seek assistance in boosting its ailing economy. The first such engagement, expected this month, will focus on the release of the final tranche of the expiring $3 billion loan package. Pakistan will […]
Govt gets room to ‘manage’ exchange rate as IMF looks the other way – Business
KARACHI: The International Monetary Fund (IMF) has ignored the ‘managed exchange rate’ in Pakistan, providing space for policymakers to stabilise the economy, sources in the financial sector with close contacts in the Ministry of Finance said. For over two and a half months, the exchange rate has remained almost stable around Rs280, despite the poor […]
Ogra watches helplessly as LPG prices soar ahead of Ramazan – Business
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) appears helpless in the face of escalating prices of liquefied petroleum gas (LPG), whose market rate has surged by over Rs40 per kilogram above the official rate, with prices expected to climb further as Ramazan nears. For March, Ogra has set the consumer prices of LPG at […]
Ministry of overseas Pakistanis sets procedures for overseas job agreements – Business
ISLAMABAD: The Ministry of Overseas Pakistanis and Human Resource Development has issued time-bound standard operating procedures (SOPs) for signing letters of interest (LOIs) and memorandums of understanding (MOUs) with international firms and governments for engagements and placements of Pakistani human resource going overseas every year and those already residing abroad. This has been done to […]
Ministry sets procedures for overseas job agreements – Business
ISLAMABAD: The Ministry of Overseas Pakistanis and Human Resource Development has issued time-bound standard operating procedures (SOPs) for signing letters of interest (LOIs) and memorandums of understanding (MOUs) with international firms and governments for engagements and placements of Pakistani human resource going overseas every year and those already residing abroad. This has been done to […]
Washington tells Islamabad to engage IMF, bring economic reforms – Business
WASHINGTON: The US State Department has conveyed a clear message to Pakistan’s new rulers, emphasising the importance of collaboration with the International Monetary Fund (IMF) and economic reforms for stability. In response to a set of questions from Dawn, a State Department spokesperson underscored the enduring partnership between the two nations, stating, “We value our […]