Category: Business

TEHRAN: Iran warned on Sunday that the fate of a UK-flagged tanker it seized in the Gulf depends on an investigation, as Britain said it was considering options in response to the standoff. Authorities impounded the Stena Impero with 23 crewmembers aboard off the port of Bandar Abbas after the Islamic Revolutionary Guard Corps seized […]

The recent increase of 100 basis points in the policy rate provided the stock market with another reason to remain on the downside. The situation is already alarming as the KSE-100 index has plunged to a three-year low of 32,310 points. For the third year in a row, stocks have been on a slippery slope. […]

Annual inflation measured by the Sensitive Price Index (SPI) shot up to 15.01 per cent in the week ending on July 4. This was the sharpest annual increase in 10 weeks in a row. Earlier, annualised inflation measured by the Wholesale Price Index (WPI) soared to 12.7pc in June. The most widely used measure of […]

ISLAMABAD: The Inter­national Monetary Fund programme faces significant risk from a failure to build political consensus around its key components, the IMF resident representative to Pakistan has said. Failure to get off the ‘grey list’ of the Financial Action Task Force (FATF) could also complicate access to private financing from global markets, she pointed out. […]

RAWALPINDI: Establishment of a task force under the prime minister for a roadmap to facilitate indigenous defence production and digital parks to tap software industry potential were among the key recommendations made by a seminar on defence production on Friday. The two-day seminar titled ‘National Defence Production-Security through Self-Reliance’ concluded with a note to maximise […]

KARACHI: Domestic gold price on Friday soared to an all-time high of Rs84,100 per tola and Rs72,085 per 10 grams, up by Rs700 and Rs600 over Thursday. All Sindh Saraf Jewellers Association (ASSA) attributed local price hike to $16 per ounce rise in world gold rates to $1,438. Keeping in view yellow metal price of […]

LONDON: Italian oil major Eni, China’s overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday. The 240-cargo 10-year tender, which is likely to be worth from […]

LAHORE: France on Friday signed a credit facility agreement with Pakistan to finance rehabilitation of Chitral and Dargai hydel power stations. Under the agreement, the French Development Agency (AfD) will provide 50.02 million euros, including a 0.2m euro grant for the project. The agreement was signed by Secretary Economic Affairs Division Noor Ahmed, Ambass­ador of […]

ISLAMABAD: Pakistan Customs Directorate General of Afghan Transit has seized a huge number of Indian origin consignments misdeclared as ‘white sugar’ destined for Afghanistan. An official statement issued on Friday said that after confirmation through laboratory tests, the sugar is found to be “unfit for human consumption”. So far 4,472 tonnes in 172 containers out […]

Italian oil major Eni, China’s overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday. The 240-cargo 10-year tender, which is likely to be worth from $5 […]