Business News Archive

KE plea for tariff rise met with tough questions

ISLAMABAD: While taking up a petition for a Rs1.54 per unit increase in electricity rates for Karachi-based consumers, the National Electric Power Regulatory Authority (Nepra) on Wednesday questioned K-Electric over its alleged unmet investment targets. Nepra chairman Tauseef H. Farooqui presided over …

PSM no more a going concern

ISLAMABAD: Pakistan Steels Mills (PSM) — country’s largest industrial unit — is no more a going concern as its current liabilities exceed its assets, independent auditors said in a statement submitted to the government. The PSM’s external auditors — Crowe Hussain Chaudhry …

Remittances up 31pc in July-August

KARACHI: Workers’ remittances in the first two months of current fiscal year increased by 31 per cent to $4.863 billion compared to $3.712bn in the same period last fiscal year, data released by the State Bank of Pakistan (SBP) showed on Monday. …

Pakistan has entered industrialisation phase: PM

ISLAMABAD: Prime Minister Imran Khan has said the country has entered the industrialisation phase and China-Pakistan Economic Corridor (CPEC) will help boost the industry sector. “Our strategic location and CPEC will pave the way for industrialisation,” he said while addressing a ceremony …

Islamic banks demand better yield on sukuk

Pakistani banks have two addictions: consumer deposits and government debt. They use the former to buy the latter, making easy dough with a few clicks on the Bloomberg terminal every month. No wonder the Islamic banking industry has long demanded — even …

How to fix Pakistan’s economy

Prime Minister Imran Khan recently said that Pakistan’s economy was on the right track since country’s current account balance recorded a surplus $424 million in July 2020. Pakistan has gone through this boom and bust cycles many times before: an import-driven boom, balance of …

Exports plunge 20pc in August

ISLAMABAD: Pakistan’s exports dipped by 19.5 per cent year-on-year in August, data released by the Ministry of Commerce (MoC) showed on Thursday. During the second month of FY21, export proceeds were reported at $1.586 billion, as against $1.969bn over the corresponding period …

ADB-funded energy projects facing delays

ISLAMABAD: Almost all of the Asian Development Bank (ADB)-funded energy projects worth $1.7 billion for improvement in the transmission and distribution sector are facing serious implementation problems. This was reported at a tri-partite meeting presided over by Federal Minister for Economic Affairs …

PSO incurs Rs6.5bn loss

KARACHI: Pakistan State Oil (PSO) reported loss after tax (LAT) at Rs6.5 billion translating into loss per share of Rs13.77 for the year ended June 30. The results were in line with market expectations which is why the PSO stock price at …

PIA terminates services of 74 employees

RAWALPINDI: The Pakistan Interna­tional Airlines (PIA) terminated services of 74 employees on various charges, including submitting fake or tempered degrees, sabotaging company property, taking bribe and for their involvement in theft and smuggling of narcotics, during August. None of the 74 employees …

Traders urged to help meet Pak-Iran trade target

QUETTA: Iranian Consul General in Quetta Hassan Darwesh has said that without help and cooperation of the industrialists and business people of both countries, the target of trade between Pakistan and Iran cannot be achieved. During a meeting with a delegation of …

Inflation eases to 8.2pc in August

ISLAMABAD: Inflation eased to 8.2 per cent in August, from 9.3pc in July on the back of a slight decline in prices of essential food products, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday. Inflation during the month …

Agreement with IPPs in choppy waters

ISLAMABAD: Serious differences have cropped up among the independent power producers (IPPs) after signing of their memorandums of understanding (MOUs) with a negotiation committee of the government for tariff reduction. Two large groups of IPPs have fallen out with each other amid …

Govt mulls private managers, forensic audit of SOEs

ISLAMABAD: The government is examining the options of involving private managers through management contracts and forensic audit of loss-making state-owned entities (SOEs) as it prepares to submit a progress report to the International Monetary Fund (IMF) by Sept 30. Presiding over a …