Business

Hammad Azhar

Pakistan’s economy to grow faster than 2021 forecast: Hammad

Minister for Energy Hammad Azhar says Pakistan’s economy would grow faster than the previous year's forecast. In a tweet, he said as per final figure, the economy grew at 5.37 percent last year.  

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Govt decides to keep petrol price unchanged for next 15-days

The government has decided that there will be no increase in the price of Petrol for next fifteen days, Radio Pakistan reported on Wednesday. According to a notification issued by the Prime Minister office, the price of High Speed Diesel has been reduced by 2.40 rupees per litre. Petrol prices in the country were expected to decrease from October 1-15...

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Gas shortage to double in winter season, warns SSGC

KARACHI: The upcoming winter season will be a difficult one for the consumers of Sui Southern Gas Company (SSGC) as the supply from five gas fields comes to a halt. The state-run gas distribution company on Wednesday warned the government of an imminent shortfall in supply and advised the authorities to make alternate arrangements for the additional supplies to meet...

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Pakistan registers current account surplus for second consecutive month: SBP

KARACHI: Pakistan has registered a current account surplus for the second straight month, the central bank said in a statement issued Wednesday, on account of remittances sent in by the expatriates as well as cheaper imports. In its statement, the State Bank of Pakistan (SBP) said the Current Account Balance (CAB) surplus "amounted to $508 mn and $297 mn during...

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SBP keeps policy rate unaffected at 7%

KARACHI: The State Bank of Pakistan (SBP) announced on Monday it is maintaining the monetary policy unchanged at 7%. In a press release, the SBP noted that business confidence and the growth outlook in the country had improved since the last meeting held by the central bank in June. https://twitter.com/StateBank_Pak/status/1308016754489163783 "This reflects the decline in Covid-19 cases in Pakistan and...

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Karachi highest taxpaying city with collection of Rs572.59 bn

ISLAMABAD: During the tax year 2018, Karachi remains the top taxpaying city followed by Islamabad, Lahore, Rawalpindi, and then Faisalabad. According to tax analysis carried out by the Federal Board of Revenue (FBR) for the tax year 2018 on the basis of a city-wise breakup, the collection from Karachi amounted to Rs572.59 billion for the tax year 2018, followed by...

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FBR releases 2018 tax details of parliamentarians, chief ministers

ISLAMABAD: A tax directory of Pakistan's elected representatives for the year 2018 has been published by the Federal Board of Revenue (FBR). According to FBR, former prime minister and PML-N leader Shahid Khaqan Abbasi paid the highest tax of Rs241,329,362. Former president and PPP Co-Chairperson Asif Ali Zardari paid Rs2,891,455, whereas PPP Chairperson Bilawal Bhutto-Zardari paid Rs294,117 in taxes. Former...

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Remittances in August continue uptrend from July’s record figure, says PM Khan

ISLAMABAD: Remittances sent back home by overseas Pakistanis in August 2020 continued on an uptrend from July's record figure of $2.77 billion, Prime Minister Imran Khan said Monday. The remittances for August 2020 were $2.10 billion, translating into a 24.4% rise as compared to the same period, last year. This was "in addition to the record $2,768 million in July...

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Development work in Karachi needed to uplift Pakistan’s economy: Hafeez Shaikh

Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh emphasised on the importance of carrying out development work in Karachi to uplift Pakistan's economy. Speaking to media at the Pakistan Stock Exchange (PSX) on Monday, Shaikh said that the economic situation of the country was improving after the provincial and federal governments had started working together. Referring to...

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PSX named Asia’s best market

KARACHI: The Pakistan Stock Exchange (PSX) has once again won the title of being the best Asian stock market and has become the fourth best-performing market across the world in 2020 as the government has successfully dealt with Covid-19 challenges and put the economy back on track. “Pakistan’s stock market (has become) the best performer in Asia and the fourth...

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Inflation eases to 8.2pc in August as prices of food products decline

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 fell despite a significant rise in the petroleum prices. The data showed chicken prices dipped by 36.45pc in...

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PM Imran rejects OGRA’s proposal to increase petroleum prices

Prime Minister Imran Khan on Monday has rejected the proposal to increase the prices of petroleum products. According to the details, the Prime Minister directed to maintain the prices of petroleum products. Imran Khan said the many people are already suffering due to floods after heavy rains in the country, in these time of crisis, increasing prices of petroleum products...

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Dollar inflow increases for the first time since Covid-19 crisis

KARACHI: For the first time since the Covid-19 pandemic hit the country, currency dealers in the open market deposited the highest amount of $290 million in banks in July. “The inflow of dollars was very high in July reflecting the growth in the remittances while domestic holders of the greenback were selling their savings in the open market,” said Forex...

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Strategic Partnerships in Demanding Times

Living life in the fast lane, the economy patterns shift to a convenient and a more flexible one that delivers on time rather than mere perfection. Ride hailing started because it was need of the day. It may also be referred as ride sharing but that differs slightly from the former. Although it may be noted that the first ride...

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Moody’s elevates Pakistan’s outlook to ‘stable’ from ‘under review for downgrade’

Credit rating agency Moody's has upgraded Pakistan’s outlook from ‘under review for downgrade’ to ‘stable’, while maintaining a B3 rating, the agency said on Saturday. The agency in its latest report also confirmed the B3 foreign currency senior unsecured ratings for The Third Pakistan International Sukuk Co Ltd. The associated payment obligations are, in Moody's view, direct obligations of the Government of...

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Pakistan petrol price hikes up by Rs3.86 before Eid-ul-Adha

The federal government has increased the petrol price by Rs3.86 per liter, according to a notification issued by the finance division. A liter of petrol will now sell for Rs103.97. The price of high speed diesel has been increased by Rs5.00. The prices of kerosene and light diesel oil have gone up by Rs5.97 and Rs6.62, respectively. The prices of...

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Petroleum Ministry suggests Rs7/litre hike in petrol prices

ISLAMABAD: Petrol prices in the country are expected to increase again next month after the Petroleum Ministry recommended another increase in prices by up to Rs9.5/litre for August. In a summary sent to the Finance Ministry, the Petroleum Ministry has proposed an increase of Rs7/litre in petrol price, Rs9.5 in diesel price, Rs6.21 in light diesel oil (LDO) prices and...

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