By Staff Reporter
ISLAMABAD: A massive power breakdown in Pakistan on Thursday left major cities, including the commercial hub Karachi, without electricity for hours.
Economy
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Islamabad’s quandary over Sindh’s high wheat price
The province may have its reasons for setting a high MSP for the next wheat crop, but the federal government’s worries about inflation and smuggling are also valid. By Muhammad Ali.
September car sales plunge 51pc on import restrictions
By Staff Reporter
KARACHI: Car sales plunged 51 percent in September to another historic low, the Pakistan Automotive Manufacturers Association (PAMA) said on Wednesday, as import restrictions have decimated the auto industry with parts shortages and spiralling prices.
PSO wins arbitration case against Gunvor over LNG payments
By Staff Reporter
KARACHI: State-run Pakistan State Oil (PSO) has won an arbitration case against international energy trader Gunvor Group Ltd. regarding excess payments for natural gas shipments, Bloomberg reported on Wednesday.
Saudi Arabia to revive muti-billion dollar refinery project in Gwadar
By Staff Reporter
ISLAMABAD: Saudi Arabia has agreed a joint venture with China to build a $10 billion refinery and petrochemical complex on Pakistan’s southwestern coast, nearly three years after the project was shelved.
Remittances fall 6.3pc to $7.7bn in July-September
By Staff Reporter
KARACHI: Pakistan’s remittances, one of the country’s main sources of foreign currency, fell 6.3 percent to $7.7 billion bln in the first quarter year-on-year due to the impact of looming recession on global economy, central bank data showed on Tuesday.
Moody’s downgrades five Pakistani banks’ ratings; maintains negative outlook
By Staff Reporter
ISLAMABAD: Rating agency Moody’s on Tuesday downgraded the long-term deposit ratings of five Pakistani banks to Caa1 from B3.
PM Sharif says Thar coal project to prove ‘game-changer’ with $6bn savings in fuel imports
By Staff Reporter
THAR: Prime Minister Shehbaz Sharif on Monday said the inexpensive energy production from Thar Coal Mines Project would prove to be a game-changer of development for the entire country.
SBP holds interest rate at 15pc to support flood-hit economy
By Staff Reporter
KARACHI: The State Bank of Pakistan (SBP) on Monday kept its benchmark interest rate on hold at 15 percent, opting to leave borrowing costs unchanged despite soaring inflation as it warned of a further economic slowdown dure to catastrophic floods.
Finance Minister Ishaq Dar is seen addressing a media conference in this undated photo courtesy of APP.
Dar ready to square with Washington
It is time for the Finance Minister to show the world how Pakistan can overcome its chronic macroeconomic imbalances and become solvent in short order – and so much rides on his success. By Muhammad Ali.