Business News Archive

Business confidence plummets further, survey shows

ISLAMABAD: The overall business confidence in Pakistan fell all past year due to a combination of factors including high inflation and interest rates, currency devaluation and economic stabilisation programme coupled with Covid-19 related lockdowns and uncertainty. This has been revealed in Business …

SBP seeks to expand Islamic banking

KARACHI: The State Bank of Pakistan (SBP) on Wednesday issued revised instructions for banks to expand the scope of Islamic banking to 25 per cent assets and deposits of the country’s banking industry by 2023. The SBP said that keeping in view …

Increase in meat exports comes at a price

PAKISTAN’S exports of meat and meat products that declined in 2017-18 owing to the delays in payment by foreign buyers bounced back in the next two years and crossed the $300 million mark for the first time in 2019-20. In another first, …

Needed: renewed focus on SMEs

THE State Bank of Pakistan (SBP) is pushing banks to their limits to lend more to small and medium enterprises (SMEs). But the outcome depends on the government and the private sector as well as compliance by banks. Reinvigorating industrial production through …

Covid-19 changes dynamics of sacrifice

CHARITABLE trusts, mosques, madressahs and welfare organisations had already been flooded with bookings for collective qurbani (especially for cows) beyond their capacity before the government’s 22nd July decision that encouraged organised mass sacrifice of animals and banned slaughtering on the road. In …

Hafeez dropped from reconstituted NFC

ISLAMABAD: In a major politico-legal retreat, the federal government on Wednesday denotified the adviser to the prime minister on finance and revenue and the finance secretary as members of the National Finance Commission (NFC) and gave up a number of its terms …

Govt to facilitate wheat importers

ISLAMABAD: The Mi­­nistry of National Food Security and Research (MNFSR) on Wednesday assured wheat importers of all possible assistance including transportation of the commodity once shipments arrive in the country. During a meeting with Secretary MNFSR Omer Hamid Khan, wheat importers requested …

Big industry output plunges 25pc in May

ISLAMABAD: The large-scale manufacturing (LSM) output tumbled by 24.8 per cent year-on-year in May, the Pakistan Bureau of Statistics (PBS) reported on Tuesday. It is believed that exchange rate depreciation, contractionary monetary and fiscal policies (before coronavirus outbreak) plunged the LSM in …

Cabinet defers proposal to increase TV licence fee

ISLAMABAD: The federal cabinet on Tuesday deferred the proposed increase in the television licence fee charged from the country’s electricity consumers and also approved amendments to money laundering and terror financing acts as well as the Code of Criminal Procedure 1898 to …

CAD shrinks 78pc in 2019-20

KARACHI: The country’s current account deficit in fiscal year 2019-20 fell by 78 per cent mainly on account of significant decline in imports, record high remittances and foreign direct investment during the period under review, latest data issued by the State Bank …

Dollar surges against rupee

KARACHI: The dollar rose to the highest level of FY21 against the local currency on Monday, reflecting its increasing demand. Currency dealers in the interbank market said the dollar was traded as high as Rs168.70 and closed at Rs168.30 after a gain …

Dawood directs enforcement of GI law to support SMEs

ISLAMABAD: Adviser to PM on Commerce Abdul Razak Dawood on Monday directed Ministry of Commerce officials to implement the Geographical Indications (GI) law to sell Pakistani products in the international market. He asked ministry officials to resolve issues on priority basis so …

Funds allocated to boost health sector: Alyani

QUETTA: Balochistan Chief Minister Jam Kamal Khan Alyani has said that his government has allocated huge funds in the new budget for improving the health sector in the province. Talking to tribal elders, local leaders of the ruling Balochistan Awami Party and …