Category: Business

ISLAMABAD: Noting weak external and fiscal positions and slowing economy, Fitch Ratings on Monday affirmed Pakistan’s long-term Foreign Currency issuer default rating at ‘B-negative’ with a stable outlook. The New York-based agency — one of the three major global rating agencies — noted high debt-to-GDP ratio, economic growth rate of 2.8 per cent and fiscal deficit at […]

KARACHI: Adviser to the Prime Minister on Commerce, Textile, Industry & Production and Investment Abdul Razak Dawood has said though there is economic stabilisation in Pakistan the country has still not seen economic growth. He was speaking at a talk on ‘Business-Way Forward’ organised by the English Speaking Union of Pakistan at a hotel here […]

KARACHI: Remittances received by the country edged up 3.3 per cent to $11.394 billion during the first half of 2019-20 as compared to $11.03bn in the same period last year, the State Bank of Pakistan reported on Saturday. Inflows during December showed a healthier trend as they surged 19.89pc year-on-year to $2.097bn, from $1.748bn in […]

KARACHI: For the first time in 15 years, auto parts vendors have finally spoken out against local vehicle assemblers over low localisation and high prices. They pointed out various SROs especially 655(I)/2006 which have only benefited local assemblers instead of auto vendors and consumers. On the one hand, vendors are blaming assemblers for low localisation […]

KARACHI: After Islamabad again rejected Sindh’s claim to the gas it produces, the Pakistan Tehreek-i-Insaf government at the centre may face another challenge in the shape of a likely partnership between the Pakistan Peoples Party government in Sindh and the Balochistan government over gas shortage in the two provinces. Both governments are mulling over a […]

ISLAMABAD: The government has decided to introduce efficiency standards for all lighting products and equipment on Jan 15 as part of an aggressive energy conservation plan for all sectors of economy to reduce energy costs to consumers and be competitive in the market. The Managing Director of the National Energy Efficiency and Conservation Authority (NEECA), […]

KARACHI: The country’s 10 banks signed an agreement on Friday to establish Pakistan Corporate Restructuring Company Ltd (PCRCL). Under the provisions of Corporate Restructuring Companies Act 2016 with an initial paid-up capital of Rs500 million, the banks have decided to establish the Corporate Restructuring Company (CRC) — first of its kind company in the country. […]

KARACHI: Bulls continued to hold sway at the stock market on Friday as they tossed the KSE-100 index up by 683.98 points (1.61 per cent) with closing seen at 17-month high 43,207.05 points. Including the eye-popping gains of 1,166 points delivered the previous day, the index has raced up by 1,849 points or 4.43pc, which […]

KARACHI: Bank Alfalah received the Best Bank Award for 2019 at the 4th Pakistan Banking Awards ceremony held here on Friday. Six awards were given to other banks for their best performance in different categories. Bank Alfalah also won the Best Consumer Franchise Award for 2019. The bank had won the Best Bank Award in […]

ISLAMABAD: The federal government on Friday reiterated that people of Pakistan — not any particular province — have the first right of use over natural gas as they are its ultimate owners. In a written rejoinder to the Sindh chief minister’s assertions that the province was being deprived of its due share of gas, the […]