Pakistan’s textile exports climbed to their highest monthly level on record in July, as gains in readymade garments and cotton yarn offset a slowdown in cotton cloth and helped anchor the country’s broader trade recovery at the start of the fiscal year.
Economy
Pakistan seeks Rs36.5 billion from power consumers after Qatar gas halt sends costs soaring
ISLAMABAD: Pakistan’s power distributors are seeking to recover an additional 36.5 billion rupees from consumers next month after the cost of gas-fired electricity generation surged to a record, following the suspension of long-term liquefied natural gas supplies from Qatar during the US-Iran war.
Pakistan raises fuel prices for third straight day as Mideast tensions persist
ISLAMABAD: Pakistan raised retail fuel prices for a third consecutive day on Tuesday, pushing petrol and diesel costs higher as the country’s month-old daily pricing mechanism continues to pass through volatility in international oil markets tied to the conflict between Iran and the US.
Google opens first Pakistan office, backing $30 billion export goal
ISLAMABAD: Alphabet Inc.’s Google formalized its presence in Pakistan on Tuesday, opening a local office in Islamabad after more than a decade of investment in the country, as Prime Minister Shehbaz Sharif courts technology firms to help meet an ambitious export target.
Current account gap narrows to $328 million as remittances cushion import surge
KARACHI: The current account deficit narrowed to $328 million in July, as a jump in goods exports to a 19-month high offset accelerating import growth, according to data released Tuesday by the State Bank of Pakistan.
Petrol, diesel prices rise as Middle East tensions keep markets on edge
ISLAMABAD: Pakistan raised retail fuel prices, with petrol jumping 5.77 rupees per litre and diesel 6.47 rupees per litre, as the government’s month-old daily price mechanism continues to reflect volatility in global crude markets tied to the conflict between Iran and the US.
PPL strikes gas in Pakistan’s marshy frontier, eyes offshore reserves
KARACHI: Pakistan Petroleum Ltd. said it discovered natural gas and condensate at an exploratory well in southern Sindh province, a find the state-controlled producer described as the first from a Jurassic-era rock formation in the country’s Lower Indus Basin and a potential gateway to reserves beneath its shallow coastal waters.
Top court rules companies can offset super tax with existing credits
ISLAMABAD: The Federal Constitutional Court sided on Monday with a Chinese telecommunications giant in a ruling that could reshape how major corporations settle their tax obligations with the revenue authority, finding that companies can offset their super tax bills against available tax credits rather than being forced through a lengthier refund process.
Refiner Cnergyico doubles down on US crude as Hormuz risk reshapes gulf ties
ISLAMABAD: Pakistan’s biggest oil refiner is turning into an unlikely pressure valve for two of Islamabad’s most pressing problems at once: a lopsided trade relationship with Washington and a Gulf supply line that suddenly looks less reliable than it used to.
Truckers suspend 9-day strike with 40-day truce after govt offers concessions
KARACHI: Pakistan’s largest goods transport alliance called off a nine-day nationwide strike on Sunday, agreeing to a 40-day pause after the federal and Sindh governments offered concessions on fuel pricing, toll taxes and vehicle load limits that had brought cargo movement across the country to a standstill.