SBP: Reserves slump as deficit hits high

SBP: Reserves slump as deficit hits high

KARACHI: Current account deficit (CAD) hit $18 billion in FY18, up 42.5% over the previous fiscal year, the State Bank of Pakistan (SBP) reported on Thursday. Only two years ago, the CAD was at $4.876bn, spiking to $12.621bn the following year, before hitting its record high in 2017-18. The reserves...

Read more
Diamer-Bhasha and Mohmand Dam Funds ever-increasing, Federal Ministers likely to make hefty donations

Diamer-Bhasha and Mohmand Dam Funds ever-increasing, Federal Ministers likely to make hefty donations

ISLAMABAD: The caretaker federal ministers have announced to contribute their entire salaries as donation for Diamer-Bhasha and Mohmand Dam Fund. The resolution was taken during a cabinet held on Wednesday and the gesture was appreciated by Prime Minister retired Justice Nasir-ul-Mulk. The cabinet also recommended that federal government servants may...

Read more
India increases sugarcane prices w.e.f October

India increases sugarcane prices w.e.f October

NEW DELHI: Indian cabinet has approved raising the price that sugar mills must pay for cane in the next season beginning Oct. 1, to 275 rupees ($4.01) per 100 kg, up from 255 rupees a year earlier, a minister said on Wednesday. The government raises the floor price for cane...

Read more
Trade agreement between the European Union and Japan: 3 keys to understanding why this pact is so important (and the message it sends to Donald Trump)

Trade agreement between the European Union and Japan: 3 keys to understanding why this pact is so important (and the message it sends to Donald Trump)

The President of the European Commission Jean-Claude Juncker (left), the Japanese Prime Minister Shinzo Abe (center) and the President of the European Council, Donald Tusk (right). Nobody pronounced his name, but the signature on Tuesday of the agreement between the European Union (EU) and Japan was a “clear message” against...

Read more
Pakistani rupee weakens against US dollar – The dilemma begins

Pakistani rupee weakens against US dollar – The dilemma begins

KARACHI: Uncertainty and speculation continued to dominate the trade of US dollars in the open market as the rate hovered around Rs130.5 on Tuesday. The Pakistani rupee has experienced a worst fall ever against US dollar. Reaching at the historic level of Rupees 128.75 per dollar this week, Pakistani rupee...

Read more
Tariq Bajwa’s appointment as SBP governor declared legal by IHC

Tariq Bajwa’s appointment as SBP governor declared legal by IHC

ISLAMABAD: The Islamabad High Court (IHC) on Tuesday declared the appointment of Tariq Bajwa as Governor of the State Bank of Pakistan (SBP) legal. Justice Miangul Hassan Aurangzeb of the IHC dismissed a petition filed by as many as 22 senators challenging the appointment of the SBP Governor. Mr. Bajwa...

Read more
Gold steady as dollar stirs off the boil

Gold steady as dollar stirs off the boil

LONDON: On Thursday, gold steadied as the dollar stirs off the boil, though the market lacked direction and seemed unable to capitalize on mounting trade tensions. Stock markets and commodities regained some aplomb after an unsettled session on Wednesday when the United States intensified trade war threats on China, while...

Read more
Rolls-Royce takes to the skies, develops a flying-taxi project

Rolls-Royce takes to the skies, develops a flying-taxi project

UNITED KIKNGDOM: British jet engine maker Rolls-Royce has designed a propulsion system for a flying taxi and is starting a search for partners to help develop a project it hopes could take to the skies as soon as early next decade. On Sunday, Rolls-Royce said it had drafted plans for...

Read more
Canada’s Tim Hortons to have a massive market share as it plans to open 1500 outlets in China over the next 10 years

Canada’s Tim Hortons to have a massive market share as it plans to open 1500 outlets in China over the next 10 years

Canadian coffee chain Tim Hortons is emerging into China with plans to open 1,500 outlets in the world’s second largest economy over the next 10 years, the company revealed on Wednesday. Restaurant Brands, that own Tim Hortons as well as Burger King chains, said its Chinese restaurants will soon be...

Read more
Sanofi halts production at a chemical factory in France in the wake of toxic emissions that could have adverse impacts on health

Sanofi halts production at a chemical factory in France in the wake of toxic emissions that could have adverse impacts on health

French pharmaceuticals group Sanofi announced late Monday an immediate halt in production at a chemical factory in southwest France, in the wake of media reports that toxic waste emissions exceeded the standard norms. “Sanofi Chemical has decided from today to halt production at its Mourenx site and to carry out...

Read more
SECP removes Hussain Lawai as PSX chairman, money laundering investigations underway

SECP removes Hussain Lawai as PSX chairman, money laundering investigations underway

The Securities and Exchange Commission of Pakistan (SECP) on Tuesday asked the Pakistan Stock Exchange (PSX) to immediately remove Hussain Lawai from his post as PSX chairman, media sources reported. The SECP earlier issued a letter to PSX CEO Richard Morin stating that it has come to its notice that Lawai has...

Read more
PSX lands in Green, gains 164 points

PSX lands in Green, gains 164 points

On Tuesday, the Pakistan Stock Exchange (PSX) landed in the green with the benchmark KSE-100 index gaining 164 points to close at 39,453 points. The index, which had lost close to 1,000 points on Monday, opened lower today, bottoming out at 38,561 points before recovering.   In all, 167.8 million...

Read more
KSE dips to 39,256 and marks the lowest trend for the first time in 2018

KSE dips to 39,256 and marks the lowest trend for the first time in 2018

KARACHI: On Monday, KSE-100 started with a significant downward trend by loss of 1,000 points with a touch down to 39,256 points for the first time in the year 2018. Around afternoon, the points declined by almost more than 1,000 points which was recorded to be at the lowest stage...

Read more
Samsung’s largest factory opens up in India, fierce competition sets in within industry

Samsung’s largest factory opens up in India, fierce competition sets in within industry

MUMBAI: Samsung Electronics has formally set-up a new factory in India, which the South Korean tech group says is the world’s biggest mobile phone manufacturing plant till date. The factory in Noida, on the outskirts of New Delhi, will allow Samsung to make phones at a lower cost due to...

Read more
Petroleum prices dip as GST gets reduced by 5%

Petroleum prices dip as GST gets reduced by 5%

ISLAMABAD: In order to provide some relief to people, the caretaker government has slashed prices of petroleum products by lowering the general sales tax on them. The government has reduced the GST from 17% to 12% on motor spirit and kerosene oil, from 31% to 24% on high-speed diesel and...

Read more
SECP registers 773 companies in June

SECP registers 773 companies in June

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered 773 companies in June, a significant growth of 28% compared to the corresponding month last year, adding to the total number of registered companies to 87,622. Around 77% companies were registered as private limited, while around 21% as single-member, 2%...

Read more
CPEC reaps investment opportunities for Pakistan

CPEC reaps investment opportunities for Pakistan

ISLAMABAD: President Mamnoon Hussain has said that Pakistan has become alluring for investments in multiple sectors ever since the launch of the CPEC, according to an official statement. Tuesday evening, while addressing a gathering of business community, the president said Gwadar Port was emerging as a gateway for countries in the...

Read more
“China will ‘absolutely not’ shoot first in a trade war with the United States”: Finance Ministry

“China will ‘absolutely not’ shoot first in a trade war with the United States”: Finance Ministry

BEIJING: China will “absolutely not” shoot first in a trade war with the United States, nor will it be the first to levy tariffs, its finance ministry said on Wednesday. A person with knowledge of the plan earlier told Reuters China’s threatened tariffs on $34 billion of U.S. goods would...

Read more
National Savings shares revised profit rates, rate of profit increased by 12.5 basis points

National Savings shares revised profit rates, rate of profit increased by 12.5 basis points

KARACHI: The government has increased the rate of profit by 12.5 basis points on national saving schemes with effect from July 1, 2018, according to the Central Directorate of National Savings (CDNS). This is the second time in the last three months that the government has revised up the rates. “This...

Read more
Pakistan’s tea imports escalate by 6.76% during 2018

Pakistan’s tea imports escalate by 6.76% during 2018

ISLAMABAD: Pakistan’s tea imports have recently witnessed an increase of 6.76% during the first eleven months of the fiscal year 2017-18 as against the corresponding period of last year. The tea imports into the country during July-May (2017-18) were recorded at $524.018 million against the imports of $490.848 million during...

Read more
Pakistani manufactured footballs export surge by nearly 10.64% in 2018

Pakistani manufactured footballs export surge by nearly 10.64% in 2018

ISLAMABAD: Export of footballs from Pakistan during July-May (2017-18) has increased by 10.64% as compared to same month of the previous year that is 2017. As many as 37.28 million numbers of manufactured footballs valuing US $153.018 million were sent overseas during the period under review compared to the export...

Read more
Amnesty Scheme extended for a month, Rs50bn collected so far, says minister

Amnesty Scheme extended for a month, Rs50bn collected so far, says minister

ISLAMABAD: Caretaker Information Minister Syed Ali Zafar states Rs50 billion being collected so far in taxes under the Federal Board of Revenue’s (FBR) tax amnesty scheme. In an interview, he is reported to have said that this scheme is aimed at documenting undeclared assets of Pakistani citizens in the country...

Read more
Traders condemn bitter decision of hiked petroleum prices in July, demand immediate withdrawal as it upsets many

Traders condemn bitter decision of hiked petroleum prices in July, demand immediate withdrawal as it upsets many

ISLAMABAD: The caretaker government on Sunday announced an increase in the prices of petroleum products for the month of July was inevitable, media sources reported. Ali Zafar, the caretaker information minister, explained that the bitter decision to approve a hike in the petroleum prices had to be taken. On Saturday,...

Read more
SBP reserves skimmed by nearly $602m

SBP reserves skimmed by nearly $602m

KARACHI: Foreign exchange reserves held by the State Bank of SBP (SBP) fell by over $600 million during the week ending on June 22, said SBP on Thursday. The steep fall brought down the central bank’s reserves to $9.663 billion which is even lower than the amount needed for two...

Read more
Indian rupee drooped to an all-time low against the US dollar as currency is exposed to escalating pressures due to increased oil prices

Indian rupee drooped to an all-time low against the US dollar as currency is exposed to escalating pressures due to increased oil prices

MUMBAI: On Thursday, the Indian rupee drooped to an all-time low against the US dollar as currency comes under escalating pressure from rising oil prices. The Indian rupee, Asia’s worst performing currency according to Bloomberg News, fell to 69.10 against the greenback in early trade before recovering slightly to 68.93...

Read more
NEPRA reveals new guidelines to calculate tariffs of power projects, increase by Rs1.25 per unit

NEPRA reveals new guidelines to calculate tariffs of power projects, increase by Rs1.25 per unit

ISLAMABAD: The National Electric Power Regularity Authority (NEPRA) has approved to increase power tariff by Rs1.25 per unit. A summary is provided to NEPRA by the Central Power Purchasing Company (CPPA) for increase in power tariff, and they had approved it. The reason behind the approval of increase in power...

Read more
Mobile phones import mark a considerably upward trend from 2017-2018

Mobile phones import mark a considerably upward trend from 2017-2018

ISLAMABAD: Mobile phones imports signify a marvelous growth trend of 19.28% in the first eleven months (July-May) of 2017-18 as it remained US $ 759.969 million. During the same period that lasted from July-May 2016-17, the imports reportedly registered were US $ 637.14 million. Mobile phone imports in May 2018,...

Read more
Uber secures London licence on probation for 15 months tenure

Uber secures London licence on probation for 15 months tenure

LONDON: Uber won a legal bid on Tuesday to restore its operating license in London after a judge overturned an earlier decision and granted the ride-hailing app a 15-month permit. The capital’s transport authority stripped the American firm of its license last September amid safety concerns, but Uber appealed the...

Read more
Devaluation of rupee against dollar and escalating transportation charges trigger rise in grocery prices

Devaluation of rupee against dollar and escalating transportation charges trigger rise in grocery prices

KARACHI: Consistent devaluation of Pakistani rupee against the dollar and rising transportation charges have started making a contrary impact on the prices of vital items. The wholesale market commenced after Eid holidays with an average leap of Rs5 per kg in the rates of pulses. A wholesaler of pulses in...

Read more
Cotton prices escalate

Cotton prices escalate

KARACHI: Strong demand for new crop elevated cotton prices on Monday. However, sluggish arrival of phutti (seed cotton) kept the proceedings devoid of activity and only modest trading was reported. All deals that transpired were of Sindh quality cotton. Phutti arrival from Punjab has also begun, though it is on...

Read more
Pakistani rupee moderately gallops against US dollars

Pakistani rupee moderately gallops against US dollars

KARACHI: The rupee strengthened against the US dollar at Rs121.45/121.65 in the inter-bank market on Friday compared with Thursday’s close of Rs121.6/121.8. With regard to past week, rupee value is on the verge of continuous depreciation. However, Pakistani currency debilitated further by 3.65% in its third round of rupee depreciation last...

Read more
Uber heads to court to legally regain London’s lost license

Uber heads to court to legally regain London’s lost license

LONDON: Uber goes to court on Monday to overturn a decision terminating its license in London after being declared unfit to run a taxi service in its most important European market. Uber has investigated more than 2,500 drivers in London for alleged offences including sex assaults, stalking and dangerous driving,...

Read more
Uber drivers earn tips worth $600 million annually

Uber drivers earn tips worth $600 million annually

LOS ANGELES: Since the launch of the in-app tipping for Uber drivers in the United States last year, Uber has entertained approximately $600 million worth of payments in tips to its drivers. In August, Uber hit $50 million in tips. Since introducing mid-trip ratings and tips in May, there has...

Read more
Transport Transformation: Paris to launch electric scooters soon

Transport Transformation: Paris to launch electric scooters soon

PARIS: The boulevards of Paris, already bustling with a dizzying range of transport devices, are set to feature a new shared electric scooter system that has swept the US and is now heading for Europe. California-based Lime launched a pilot scheme for the two-wheeled powered scooters on Thursday in several...

Read more
SBP reveals Pakistan’s foreign reserves: US$ 10,264.3mn

SBP reveals Pakistan’s foreign reserves: US$ 10,264.3mn

ISLAMABAD: The State bank of Pakistan during a press release on Thursday stated that the total liquid foreign reserves held by the country accounted for US$16,798.0 million on June 14, 2018. In a brief breakdown, the country’s central bank revealed the following: Foreign reserves held by the State Bank of...

Read more
FDI slides down to $2.4bn in 11 months

FDI slides down to $2.4bn in 11 months

KARACHI: While the country is in dire need of dollar inflows, the Foreign Direct Investment (FDI) fell by 1.3% during the first 11 months of 2017-18, reports State Bank on Wednesday. The China-dominated FDI witnessed steep fall in May as it deteriorated by $85 million to $238m. The political uncertainty...

Read more
Moody’s demotes Pakistan’s ratings outlook from stable to negative and depressed

Moody’s demotes Pakistan’s ratings outlook from stable to negative and depressed

SINGAPORE: Moody’s on Wednesday changed the outlook on Pakistan’s rating to negative from stable driven by heightened external vulnerability risk as ongoing balance of payment pressures erode foreign exchange buffers. Nonetheless, he affirmed the B3 debt ratings, considered as being speculative and a high credit risk. The decision to change...

Read more
Oil Ministers of the OPEC cartel gather to discuss production increase

Oil Ministers of the OPEC cartel gather to discuss production increase

VIENNA: The oil ministers of the Opec cartel were gathering on Tuesday to discuss whether to increase production of crude and help limit a rise in global energy prices. The officials were arriving in Vienna ahead of the official meeting Friday, when they will also discuss with Russia, a non-Opec...

Read more
Chief Executive of AUDI, Rupert Stadler alleged for dieselgate attempt

Chief Executive of AUDI, Rupert Stadler alleged for dieselgate attempt

FRANKFURT: Volkswagen’s supervisory boards suspended crisis talks to find a stand-in boss for its Audi brand which was convened after German authorities arrested current Audi Chief Executive Rupert Stadler as part of a probe into emissions test cheating. The directors of Audi and Volkswagen discussed how to run its more...

Read more
“Amnesty scheme cannot be extended after 30th June”: Shamshad

“Amnesty scheme cannot be extended after 30th June”: Shamshad

KARACHI: Caretaker Minister for Finance and Economic Affairs Dr Shamshad Akhtar has directed Pakistan Stock Exchange (PSX) to form a committee to propose a five-year roadmap for the development of Pakistan’s capital market. During Shamshad’s visit to Pakistan Stock Exchange, the minister held meeting with representatives of PSX board management,...

Read more
Samsung vows to use renewable energy sources by 2020

Samsung vows to use renewable energy sources by 2020

Samsung Electronics, the world’s biggest smartphone maker, has vowed to convert its operations in the United States, Europe and China to using only solar and other renewable energy sources by 2020. Following its announcement on Thursday, the tech giant joins Apple and other Silicon Valley companies in delivering such a...

Read more
Rupee falls for fourth time in one year

Rupee falls for fourth time in one year

KARACHI: Only weeks after the former finance minister assured the country that he did not “see any need for further devaluation” of the rupee, the markets proved him wrong. The rupee slipped by 3.8 per cent in the interbank market, or Rs4.40, on Monday to settle at Rs119.8 to a dollar....

Read more
US Dollar reportedly increases by over Rs15 in the past 6 months, shoots up to Rs121.5 lately

US Dollar reportedly increases by over Rs15 in the past 6 months, shoots up to Rs121.5 lately

KARACHI: The US dollar steadily gains up to to Rs121.5 in the interbank market after it closed at Rs119.84 on Monday. The greenback had reached a record-high of Rs121 on June 11 — the State Bank of Pakistan (SBP) had reasoned the movement to a gap between foreign exchange demand and supply...

Read more
Petrol prices inch up in moderation with effect from 12th June

Petrol prices inch up in moderation with effect from 12th June

ISLAMABAD: On Sunday, the caretaker government revised the prices of petroleum products, announcing a Rs4.26 per-litre rise in petrol prices to go into effect today (Tuesday). Petrol would consequently be sold at a revised rate of Rs91.96 a litre. Moreover, the prices of diesel, light diesel, and kerosene oil were...

Read more
Pak rupee slumps 3.8 pct against dollar

Pak rupee slumps 3.8 pct against dollar

KARACHI: The Pakistani rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank, traders said, as Pakistan faces a balance of payments crisis. At 0830 GMT, the rupee was at 119.25 per...

Read more
Petroleum prices to remain stable throughout June

Petroleum prices to remain stable throughout June

ISLAMABAD: The caretaker government has decided not to change the prices of petroleum products for the time being, informed sources told Dawn on Thursday. A senior government official said the caretaker ministers did not support a price increase. He said the members of the caretaker cabinet why should take the blame for...

Read more
Blackberry rolls out for brand recall, introduces new device

Blackberry rolls out for brand recall, introduces new device

NEW YORK: There’s a new BlackBerry smartphone, the latest effort to revive the once-dominant brand. The BlackBerry Key2 was unveiled on Thursday in New York by TCL Communication, the Chinese manufacturer which took over the rights to the smartphone brand from the Canadian tech firm in 2016. The new device,...

Read more
Gold inches up as euro gains against dollar

Gold inches up as euro gains against dollar

Spot gold was up 0.1 percent at $1,297.46 per ounce by 0703 GMT, while U.S. gold futures for August delivery were largely unchanged at $1,301.50 per ounce  Gold prices inched up on Thursday as the euro rose to 2-week highs against the U.S dollar, with investors waiting for meetings of...

Read more
Minister for Commerce urges to design a fiscal policy that caters to business’s growth and development

Minister for Commerce urges to design a fiscal policy that caters to business’s growth and development

ISLAMABAD: Talking about the impact of the fiscal policy on trade and investment decisions, Minister for Commerce Dr Shamshad Akhtar laid emphasis on designing a fiscal policy that facilitates the businesses. “We would like to do the spade work for the upcoming governments, so that the country could benefit in...

Read more
FBR bound to achieve revenue collection targets for the year, directs Finance Minister

FBR bound to achieve revenue collection targets for the year, directs Finance Minister

ISLAMABAD: On Wednesday, Finance Minister Dr Shamshad Akhtar on Wednesday directed Chairman Federal Board of Revenue (FBR) Tariq Mehmood Pasha to invest in by making all possible attempts to achieve the revenue collection targets this year. She said this while chairing a meeting in Islamabad to review the performance of...

Read more