Category: Business

DUBAI: Opec and it allies held talks on Thursday on record oil output curbs of 15 million to 20m barrels per day (bpd), or 15 to 20 per cent of global supplies, to support prices hammered by the coronavirus crisis, Opec and Russian sources said. They said the cuts included contributions of up to 5m […]

WASHINGTON: The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said on Thursday. The warnings about the damage inflicted by the virus already were stark, but Georgieva warned that the world should brace for “the worst […]

KARACHI: Over 79 per cent of all foreign investment in the country’s capital markets — including bonds and equities — has fled the country in the last 40 days. The State Bank of Pakistan’s (SBP) latest data issued on Thursday showed the pace of outflows from the country’s treasury bills, Pakistan Investment Bonds (PIBs) and […]

ISLAMABAD: The Asian Development Bank (ADB) is making available another $50 million to Pakistan to support the government’s efforts to fight the outbreak of novel coronavirus in the country. This amount has been repurposed from the National Disaster Risk Management Fund (NDRMF) project. Following a request from the government for an emergency support, the ADB […]

ISLAMABAD: A special meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday cleared a cumulative bailout package of almost Rs300 billion for the power sector to settle immediate liabilities besides allowing compensation against foreign exchange loss to oil marketing companies (OMCs). The ECC also approved a board resolution of the Karachi Port […]

KARACHI: The stocks bounced back on Tuesday, recovering a little over half the losses suffered a day earlier. The KSE-100 index regained 652.40 points (2.13 per cent) and closed at 31,231.55. Intraday gains were 724 points. Institutional participation remained low while the bullish individuals took fresh positions in stocks worth $5.50 million and mainly offset […]

KARACHI: Traders representatives on Tuesday urged the Sindh government to provide interest-free loans to taxpaying small traders and shopkeepers. They further sought financial assistance for paying salaries to workers as their businesses are closed amid lockdown to contain spread of Covid-19. Talking to Dawn, All City Tajir Itehad (ACTI) president Sharjeel Gopalani said that 10 days […]

ISLAMABAD: Amid wheat harvesting season, the government has asked the Oil and Gas Regulatory Authority (Ogra) to take action against oil marketing companies (OMCs) for their reluctance to uplift petroleum products from refineries, resulting in serious supply problems. A senior government official told Dawn that there are more than 80 OMCs operating in the country but none […]

ISLAMABAD: The ministry of finance on Tuesday released Rs10 billion for the Utility Stores Corporation (USC) as part of the government scheme to protect vulnerable sections of society from the current inflationary impact. USC Managing Director Omar Lodhi said in a statement that Rs50bn had been allocated for utility stores and out of it Rs10bn […]

KARACHI: Banks have enough cash to sail through a liquidity crunch for six months as borrowers seek to delay principal payments on loan obligations amidst the coronavirus outbreak. Speaking to Dawn on Tuesday, Pakistan Banks’ Association (PBA) Chairman Muhammad Aurangzeb said the balance sheets of commercial lenders are in good shape to sustain poor cash flows in […]