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Tag Archives: news

Industry wants 200 to 300bps cut as SBP sets to unveil monetary policy today

KARACHI: Amid vehement demand for 200 basis points cut in the rate, the State Bank of Pakistan (SBP) is set to unveil its Monetary Policy for the next two months today Saturday. Prior to the announcement, the SBP board of directors is meeting to fine-tune the monetary policy following the Advisory Committee on Monetary Policy meeting to make recommendation for ... Read More »

Ghana raises key interest rate to 21pc from 19pc

ACCRA (BERNAMA): The Bank of Ghana raised its key Monetary Policy Rate by 200 basis points to 21 percent from the previous 19 per cent, said central bank’s Governor Dr Henry Kofi A Wampah. He said that Monetary Policy Committee (MPC) had taken the move would ensure that the existing tight monetary policy stance was maintained while still operating within ... Read More »

Hire private guards: Top cop excuses from security to shopping mall, outlets as RCCI delegates meet him

RAWALPINDI: What is being described as inability to provide security to the business community, the city police asked the traders to hire private security guards for security of shopping malls and other business outlets. “We have limited resources and with such a meager wherewithal the police are not in a position to guard the business houses and shopping malls,” declared ... Read More »

Water availability to up by 18pc: Balloki, LBDC upgradation to boost agriculture 15pc

KASUR: The ongoing Asian Development Bank-funded upgradation of Lower Bari Doab Canal (LBDC), which originates from century-old Balloki barrage on River Ravi, will ensure 18 percent increase in water availability that will result in boosting agricultural produce by 15 percent. The LBDC irrigates an area of 1.74 million acres of land and its upgradation will be completed with a cost ... Read More »

 Midday: KSE stumbles at record 31,855pts, confident to scale heights of 32,000pts

KARACHI: Buoyant Karachi Stock Exchange stumbled a little on its way to historic high of 32,000 points as benchmark KSE 100-index fell to 31,713 points after reaching record high of 31,855 points. Stocks, however, managed its gains of 83.98 points or 0.27 percent till midday trading on Thursday. Earlier, the Karachi Stock Exchange opened at the overnight closing of 31,629 ... Read More »

No gas for Punjab CNG stations, industries from Nov 15 to March 15

ISLAMABAD: The Sui Northern Gas Pipelines Limited (SNGPL) is going ahead with its planned suspension of gas supply to CNG filling stations and industries in Punjab from Nov 15. The strategy has been devised under the government’s load-management plan to ensure smooth gas supply to domestic and commercial consumers. The plan likely to affect 2,000 CNG filling stations and hundreds of ... Read More »

Rate cut expectations high as SBP sets to unveil Monetary Policy on 15th

KARACHI: The State Bank of Pakistan’s (SBP) board of directors is scheduled to meet on Saturday to fine-tune monetary policy for the next two months set to be unveiled on the same day (Nov 15). Prior to the BoD meeting, the SBP Advisory Committee on Monetary Policy will meet to deliberate on key economic issues and will recommend a decision ... Read More »

Opening: Stocks cheer up with another 127pts as KSE on threshold of 32,000 points

KARACHI: Stocks continued to roar with enthusiasm on the way to historic high of 32,000 points as benchmark KSE 100-index climb up another 127.33 points or 0.40 percent to reach it new high of 31,756.33 points in early trading on Thursday. The Karachi Stock Exchange opened at the overnight closing of 31,629 points and continued the spree, adding to the ... Read More »

Disinvestment shelved: Dar claims PTI, PAT sit-ins triggered slum in OGDCL shares price

ISLAMABAD: The sit-ins and street protests by the Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) triggered slump in the shares’ price of state-owned Oil and Gas Development Company Limited (OGDCL), forcing the government to put off its planned disinvestment of 10 percent shares of the state’s giant. “Apparently annoyed” Federal Finance Minister Senator Ishaq Dar blamed while addressing a ... Read More »

Sensing Rs18b scam: CNG traders, transporters up the ante against LNG import

KARACHI: Describing it a mega scam to con out the public of around $180 million or Rs18 billion per year, All-Pakistan CNG Association and Karachi Transport Ittehad threatened protest and sit-in at the Sui Southern Gas Company (SSGC) head office if the government does not withdraw the decision to import LNG. Addressing a press conference, All-Pakistan CNG Association Sindh chairman ... Read More »

$45.6b Chinese investment: Iqbal sees entire region revolutionised by 2025

ISLAMABAD: Federal Minister for Planning and Development Ahsan Iqbal asserted that the proposed Chinese invest to the tune of $45.6 billion in energy and infrastructure development projects in Pakistan will revolutionised the entire region and transformed it into an economic hub. The projects to be undertaken will be part of China-Pakistan Economic Corridor and completed till 2025 to benefit not ... Read More »

 Paapam envisages $5b auto parts exports if govt gives incentives

LAHORE: Pakistani auto parts industry has great Exports potential and can grab international markets, especially India and the European Union with the government attention. This was stated by former Pakistan Association of Automotive Parts and Accessories Manufactures (PAAPAM) chairman Syed Nabeel Hashmi. He called upon the government to take special measures to promote automotive industry which could help enhance auto ... Read More »

Inflation lowest in Oct: Dar eyes 5.1pc GDP growth as 4.14pc achieved

ISLAMABAD: Federal Finance Minister Ishaq boasted that inflation for October was the lowest over the past 17 months at 5.8pc, saying that the government was striving to take GDP growth rate to 5.1 percent from current 4.14 percent. The government, due to its better policies, has already raised GDP growth to 4.14 percent which also reflects the commitment to stablise ... Read More »

Australia plans 5pc tariff for Pakistani textiles to balance trade: HC

KARACHI: With a view to help Pakistan balance its trade, the Australian government will slash import tariff on Pakistani textile to a maximum of five percent. Australian High Commissioner to Pakistan Peter Heyward revealed while addressing the annual dinner of Pakistan Australia Business Forum (PABF). He reiterated the Australian government’s resolve to facilitate Pakistan by slashing tariff on import of ... Read More »

Opening: Another 80pts take index to 31,362 as KSE continues sailing high

KARACHI: Bull-run kept in the Karachi Stock Exchange (KSE)sail high after crossing all-time-high as KSE-100 index added another 80.31 points or 0.26 percent to the score tally, taking it to 31,362 in early trading on Tuesday. The Karachi Stock Exchange opened at the overnight closing and the benchmark index kept on moving upward, reflecting the confidence and disseminating a positive ... Read More »

Planting delay in South America, strong demand up US soybean

SINGAPORE: Buoyed by a slower pace of planting in South America and expectations of strong demand, US soybeans edged higher for 4th out of five sessions. Rains this week in Argentina’s Pampas grains belt are expected to delay soy and corn planting, which had already fallen behind schedule due to heavier-than-normal showers earlier in the month. More rain over Brazil’s ... Read More »

MDTF: WB says $31m of $44m spent on five Fata projects

PESHAWAR: The World Bank has so far spent $31 million out of total $44.95 million committed for five development projects in the Federally Administered Tribal Area (Fata) under Multi Donors Trust Fund (MDTF). WB country Director Rachid Bin Masoud disclosed this during a meeting with Fata Additional Chief Secretary Mohammad Azam Khan here. Mr Masoud sai that the World Bank ... Read More »

Rupee strengthening, high mark-up rate down bedwear exports by 20pc in 1st Q1

KARACHI: Crippling energy crisis coupled with appreciation in the value of rupee pushed the bedwear exports down by 20 percent in the first quarter of current fiscal year. According to the Pakistan Bedwear Exporters Association (PBEA), the fall in bedwear exports is mainly due to the fact that exporters were reluctant to book new orders owing to rapid appreciation in ... Read More »

Lucrative tariff: PakGen considering switching 365MW power plant to coal

ISLAMABAD: What can be described as lucrative tariff offered by the Nepra recently, Independent Power Producer Pakgen Power limited is mulling to convert its furnace-fired 365 MW power plant into coal-fired to get benefit of one of the most lucrative coal based tariff. The Nepra has, recently, announced a lucrative tariff for power generation from coal-fired plants to attract fresh ... Read More »

KP’s ban on mining: Owners threaten sit-in in front of Imran’s house

PESHAWAR:  Giving vent to the sheer anger and disappointment against the Khyber Pakhtunkhwa government, the Khyber Pakhtunkhwa Mines Owners Association threatened to stage a sit-in in front of PTI Chairman Imran Khan’s Bani Gala residence in Islamabad if his party-led the provincial government does lift a ban from mining activities and renewal and issuance of mining licences. Addressing a gathering ... Read More »