Category: Business

Business news from Pakistan

Industries Minister rolls out PSM restructuring plan

Nation bears brunt of past regimes' wrong policies in form of circular debt: Hammad

ISLAMABAD, Nov 28 (APP): Federal Minister for Industries and Production Hammad Azhar Saturday rolled out restructuring plan for Pakistan Steel Mills (PSM), which would be run through private sector management to make it profit-earning organization. Addressing a press conference here, the minister said the government had to take hard decisions to check the losses inflicted… Continue reading Industries Minister rolls out PSM restructuring plan

Pakistan simplifies visa regime to attract foreign tourists, Zulfi tells global forum

ISLAMABAD, Nov 27 (APP): National Tourism Coordination Board (NTCB) Chairman Syed Zulfikar Abbas Bukhari Friday told the global tourism forum that the Pakistan Tehreek-e-Insaf government had relaxed visa policies to facilitate the tourists from multiple countries to visit picturesque attractions, located across the country. “The first thing we did in first three months of our… Continue reading Pakistan simplifies visa regime to attract foreign tourists, Zulfi tells global forum

Prudent policies led to positive economic growth in Q1

ISLAMABAD, Nov 27 (APP):Owing to the prudent policies introduced by the government, the country’s economy witnessed positive signs during first quarter of current Fiscal Year (2020-21) as indicated by several important economic indicators. The remittances grew by 26.5% while foreign direct investment (FDI) increased by 9.1%, tax collection went up by 4.5% and the primary… Continue reading Prudent policies led to positive economic growth in Q1

Kitchen items’ prices ease 0.92 pc

ISLAMABAD, Nov 27 (APP):Sensitive Price Indicator (SPI) based weekly inflation for the week ended on November 26, for the combined consumption group, witnessed decrease of 0.92 percent as compared to the previous week. SPI for the week under review in the above mentioned group was recorded at 141.74 points against 143.05 points registered in the… Continue reading Kitchen items’ prices ease 0.92 pc

SBP approves Rs 238.2 bn for 2,958 businesses under Rozgar scheme

ISLAMABAD, Nov 27 (APP):State Bank of Pakistan (SBP) under its Rozgar scheme for protecting businesses and employees, working with them, from the impact of COVID-19 has so far approved Rs 238.2 billion for 2,958 businesses. Similarly, under its refinancing scheme for protecting businesses from the impact of COVID-19, the central bank has so far deferred… Continue reading SBP approves Rs 238.2 bn for 2,958 businesses under Rozgar scheme

ADB to provide $300 mln for macroeconomic stability in Pakistan

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ISLAMABAD, Nov 27 (APP):The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification. “While COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ensure stability have started showing encouraging results this… Continue reading ADB to provide $300 mln for macroeconomic stability in Pakistan

Gold imports decline 58.54% in 4 months

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ISLAMABAD, Nov 27 (APP): The imports of gold witnessed decline of 58.54 percent during the first four months of the current fiscal year as compared to the corresponding period of last year. The gold imports during July-October (2020-21) were recorded at $2.341 million against the imports of $5.647 million during July-October (2019-20), showing a decline… Continue reading Gold imports decline 58.54% in 4 months

Currency rates of NBP

KARACHI, Nov 27 (APP): Following are the selling/buying rates of major currencies issued by the National Bank of Pakistan (NBP), here on Friday. CURRENCY SELLING BUYING USD 161.40 157.71 GBP 215.80 210.86 EUR 192.48 188.03 JPY 1.5524 1.5168 SAR 43.08 42.00 AED 43.95 42.92

Foreign exchange rates

KARACHI, Nov 27 (APP): The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following exchange rates bulletin, here on Friday. LIBOR FOR CALCULATING INTEREST ON SPECIAL US DOLLAR BONDS VIDE SBP F.E. CIRCULAR NO.42 & 21.07.98 & 04.08.98 RESPECTIVELY. LIBOR VALUE 6 MONTHS US DOLLAR 0.2545 27.11.2020 CONVERSION RATES FOR 27TH NOVEMBER… Continue reading Foreign exchange rates

Hafeez expresses confidence on P&P Commission for streamlining basic pay

ISLAMABAD, Nov 26 (APP):Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Sheikh Thursday expressed confidence that the Pay and Pension Commission would come up with a financially viable solution to streamline the basic pay scales of government employees, admissible allowances and pensions. Addressed the inaugural meeting of the Pay and Pension… Continue reading Hafeez expresses confidence on P&P Commission for streamlining basic pay

Britain offers support to mitigate socio-economic impact of COVID-19

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ISLAMABAD, Nov 26 (APP): The British High Commissioner, Christian Turner, Thursday offered to provide all possible help from the British government for the people of Pakistan in mitigating the socio-economic impact of COVID-19 pandemic. The ambassador extended this offer during a call on meeting with Adviser to Prime Minister on Finance and Revenue. Dr. Abdul… Continue reading Britain offers support to mitigate socio-economic impact of COVID-19

Cement exports increase 11.79% during July-October 2020

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ISLAMABAD, Nov 26 (APP): The exports of cement from the country witnessed an increase of 11.79 percent during the first four months of ongoing financial year (2020-21) as compare to the corresponding period of last fiscal year. The country exported cement worth US $150.544 million during July-October (2020-21) as against the exports of US $94.409… Continue reading Cement exports increase 11.79% during July-October 2020

Economy heading in right direction: Hafeez Shaikh

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ISLAMABAD, Nov 25 (APP): Advisor to Prime Minister Dr Abdul Hafeez Shaikh Wednesday said that due to prudent and timely policies of the Government, the country’s economic revival is taking place and the economy was heading to the right direction. “Large Scale Manufacturing (LSM) has registered 4.8% growth, cement sector 20% growth with 100% capacity… Continue reading Economy heading in right direction: Hafeez Shaikh

Khusro witnesses worth $19.85 million Projects with World Bank

Govt ensuring urea supply to farmers at affordable rate: Khusro

ISLAMABAD, Nov 25 (APP): Federal Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of grant agreement of “Covid-19 response, recovery and resilience in Education Project” worth US$19.85 million with the World Bank, held on Wednesday in Islamabad. The project is aimed to strengthen and support federal and provincial actions in the education… Continue reading Khusro witnesses worth $19.85 million Projects with World Bank

Hafeez briefs WEF on remarkable economic performance

ISLAMABAD, Nov 25 (APP): Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh Wednesday informed the World Economic Forum (WEF) that Pakistan had witnessed remarkable improvement in fiscal and current account deficits owing to prudent government policies. Addressing the second segment of the plenary session of the World Economic Forum (WEF)… Continue reading Hafeez briefs WEF on remarkable economic performance

Seven hybrid rice varieties approved for commercial cultivation in country

ISLAMABAD, Nov 24 (APP): The Variety Evaluation Committee (VEC) of Pakistan Agriculture Research Council (PARC) here Tuesday approved and recommended seven rice hybrids varieties for commercial cultivation in the country. The VEC meeting held here chaired by Member Plant Sciences, PARC Dr Ghulam Muhammad Ali and discussed in length the availability of hybrid rice varieties… Continue reading Seven hybrid rice varieties approved for commercial cultivation in country

POL import bill shrinks 24.56 pc to $3.153 bln in 4 months

ISLAMABAD, Nov 24 (APP):The imports of overall petroleum group declined by 24.56 percent during the first four months of the current fiscal year (FY2020-21) as compared to the corresponding period of the last year. During the period under review, the total imports of the petroleum group stood at $3.153 billion, as against the imports of… Continue reading POL import bill shrinks 24.56 pc to $3.153 bln in 4 months

PSX gains 230 points to close at 39,863 points

ISLAMABAD, Nov 24 (APP):The KSE-100 index of the Pakistan Stock Exchange (PSX) on Tuesday closed at 39,863 points against 39,632 points on the last working day, with positive change of 230.84 points (0.58%). A total 174,718,733 shares were traded during the day compared to the trade of 195,467,730 shares the previous day whereas the price… Continue reading PSX gains 230 points to close at 39,863 points

CDNS achieves collection of Rs 27 billion by Nov, 18

ISLAMABAD, Nov 24 (APP): The Central Directorate of National Savings (CDNS) has achieved a collective net target of Rs 27 billion by November 18 of fiscal year 2020-21. The CDNS has set Rs 249 billion annual collection target for the year 2020-21 as compared to Rs 352 billion for the previous year’s 2019-20 to enhance… Continue reading CDNS achieves collection of Rs 27 billion by Nov, 18

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