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Promoting trade with African countries govt’s top priority: Razak Dawood

ISLAMABAD: Advisor to the Prime Minister on Commerce, Abdul Razak Dawood has said the incumbent government was giving foremost priority to promote and expand business and trade with the African countries. He was addressing the Pakistan-Africa Trade Development Conference in Lahogs, Nigeria, according to a message received here. The conference was very well attended by businessmen and officials from ECOWAS ... Read More »

Energy ministry proposes to raise dealers’ profit margins by 99 paisas

ISLAMABAD: In the wake of protests from petroleum dealers, the ministry of energy and petroleum has sent the approval for a rise in the margins of oil marketing companies (OMCs) to the Economic Coordination Committee (ECC), the spokesperson said on Thursday. “The dealers  margin has been increasing by Rs0.20 in the past,” he said, adding that this time a request ... Read More »

Petrol pumps will remain open across country today: Petroleum Ministry

ISLAMABAD: All petrol pumps of Pakistan State Oil (PSO) and other companies across the country will remain open today (Thursday), spokesperson for the Ministry of Petroleum said. On the announcement of the strike by the Petroleum Dealers Association tomorrow, the spokesperson of the Ministry of Petroleum said that tankers have been dispatched for oil supply and all petrol pumps across ... Read More »

Pakistan signs MoU with China for pest free export of onion

ISLAMABAD: Pakistan has signed a memorandum of understanding (MoU) with China to ensure pest free export of onions for facilitating export of horticulture product, onions to neighboring countries. In this regard, a signing ceremony of the Protocol for Inspection and Quarantine Requirements for export of onion from Pakistan to China was held between the General Administration of Customs China (GACC) ... Read More »

CCP to resume inquiry in cooking oil, ghee sector

ISLAMABAD: The Competition Commission of Pakistan (CCP) will resume its inquiry into the spike in prices of cooking oil and ghee in 2020 after the Supreme Court of Pakistan (SCP) suspended the Islamabad High Court’s (IHC) September 14 order for quashing the investigation. On July 30, 2020, the CCP, while taking notice of an unexplained increase in the retail prices ... Read More »

SBP raises profit rate on saving accounts

KARACHI: Following a 150 basis points hike in the benchmark policy rate, the State Bank of Pakistan (SBP) on Monday raised the profit rate on savings accounts by 1.5% to 7.25%. The central bank announced the new regulation on its official Twitter handle and stated: “As a result of the SBP policy rate increase announced on Friday and as per ... Read More »

Sugar prices drop in Pakistan

KARACHI: With the commencement of the crushing season, the prices of sugar have gone down in some major cities of Pakistan, including Karachi, Lahore, Quetta, and Islamabad. After crushing season in the markets of Sindh including Karachi, new stock of the sugar has now become available which has reduced the price of the sweetener and now sugar is being sold ... Read More »

Fruit exports surge 21.3pc in 4MFY22

ISLAMABAD: The export of fruits from the country increased by 21.29 per cent to $143.242 million during the first four months of the current fiscal year (4MFY22) as compared to the $118.101 million earned in during corresponding period of last year (4MFY21), according to data of the Pakistan Bureau of statistics (PBS). On year-on-year (YoY) basis, fruit exports increased by ... Read More »

Petroleum Dealers Association goes on strike on Nov 25

ISLAMABAD: The Petroleum Dealers Association on Sunday announced countrywide strike on November 25. The association while announcing countrywide strike on November 25 said that the petrol pumps will remain closed. According to the spokesperson of Petroleum Dealers Association, the government is giving false consolation on 6 percent margin while the nationwide strike is being announced after their demands were not ... Read More »

Number of microfinance borrowers increases to record 8.2m

ISLAMABAD: The number of active microfinance borrowers increased 20 per cent year-on-year (YoY) to an all-time high of 8.2 million at the end of the July-September quarter. According to the latest data released by the Pakistan Microfinance Network (PMN) which was analysed by Dawn, the national association for retail players in the microfinance industry — as many as 161,318 customers ... Read More »

Pakistan’s weekly inflation rises by 1.07pc

ISLAMABAD: The prices of various food items went down during the week ending on November 18 as compared to the previous week, according to the Sensitive price Indicator (SPI) data released by Pakistan Bureau of Statistics (PBS) Friday. According to the data, the food commodities that witnessed decrease in prices on Week-on-Week (WoW) basis included tomatoes and sugar, the prices ... Read More »

Pakistan’s foreign exchange reserves slip to $23.55b

KARACHI: The liquid foreign exchange reserves of the country slipped by $476 million to $23.55 billion by the week ended November 12, 2021, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $24.026 billion by the week ended November 05, 2021. The official reserves of the SBP also fell by $381 ... Read More »

LSM grows 5.15pc during 1Q of FY22

ISLAMABAD: Pakistan’s Large Scale Manufacturing Industries (LSMI) production grew by 5.15 per cent during the first quarter of the current fiscal year (Q1FY22) compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. As per details, the highest increase of 3.3pc during July-September FY22 was witnessed in indices monitored by the Ministry of Industries, followed by ... Read More »

BOI starts e-Kachehry on regular basis for interacting with investors

ISLAMABAD: The Board of Investment (BOI), has began conducting regular e-kachehry programs in a bid to address investment related issues. The interaction program conducted by Secretary BoI, Fareena Mazhar was participated by a large number of investors and members of the business fraternity who shared their queries. Investors and consultants came forward with a wide range of queries including setting ... Read More »

Tarin reviews progress on Federal Govt Properties Management Authority

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin held a meeting to review the establishment of Federal government Properties Management Authority in Finance Division. Senator Aun Abass Buppi, Secretary Finance and senior officers attended the meeting. Secretary Finance apprised the Adviser on the progress being made on the establishment of Federal Government Property Management Authority (FGPMA). ... Read More »

Food group exports increases 27pc in 4 months

ISLAMABAD: Food group exports from the country witnessed an increase of 26.91 percent during first four months of current financial year 2021-22 as compared the exports of corresponding period of last year. The country exported food commodities worth US $1434.398 million during July-October (2021-22) as compared the exports of US $1130.250 million during July-October (2020-21), showing growth of 26.91 percent, ... Read More »

PM Imran rejects OGRA’s recommendation to hike petrol price

ISLAMABAD: Prime Minister Imran Khan Monday rejected the Oil and Gas Regulatory Authority’s (OGRA) recommendation to hike the price of petroleum products. Therefore, following the prime minister’s decision, the petrol price will remain unchanged at Rs145.82 per litre, and the price of diesel will remain Rs142.62 per litre as before. The prices of kerosene oil and light diesel will stay ... Read More »

Tarin briefed on concept of reward to best performing ministry, division

ISLAMABAD: Special Adviser to the Prime Minister on Establishment Arbab Shahzad met Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin at the Finance Division and briefed him on the concept of reward to the best performing federal ministry and division in achieving their targets. The concept of performance evaluation will promote the sense of ownership among the ... Read More »

No decision taken to provide gas to domestic consumers in 3 times a day: Petroleum division

ISLAMABAD:  While explaining about the supply of gas to domestic consumers, the petroleum division said that no decision has been taken to provide gas to domestic consumers only three times in a day. The petroleum division has directed the Sui Northern Gas Private Limited Company (SNGPL) to ensure the supply of gas to domestic consumers during cooking times. The petroleum ... Read More »

Surge in inflation: Price of tomatoes, eggs, 28 other items increase

KARACHI: The weekly inflation, based on the Sensitive Price Index (SPI), for the week that ended on November 11 registered an increase of 1.81% for the combined income group, going up from 164.53 points during the week that ended on November 4 to 167.5 points in the week under review. According to the provisional figures released by the Pakistan Bureau ... Read More »