ISLAMABAD: Pakistan’s technology exports rose 17.4% in the first two months of the new fiscal year, extending a run of double-digit gains that has turned the software and call-centre industry into one of the country’s most reliable sources of foreign exchange.
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Pakistan wheat tender draws $349-$370 bids, missing target volume
KARACHI: Pakistan’s state grain buyer received bids for 656,000 metric tons of wheat in its first import tender of the season, falling short of a 750,000-ton target as the South Asian nation moves to head off a supply gap flagged by its provinces.
Pakistan plans virtual power grids as minister admits theft drives outages
ISLAMABAD: The government is drafting rules for a virtual power grid that would let households and businesses generate and store their own electricity, part of a broader push to modernise a distribution network that Energy Minister Awais Leghari acknowledged is being undermined by theft and staff corruption.
July factory output rebounds 9.5 percent as autos, apparel offset textile slump
ISLAMABAD: The large-scale manufacturers staged a sharp rebound in July, with output climbing 9.5% from the prior month as a surge in automobile and apparel production papered over continued weakness in textiles, pharmaceuticals and steel — an uneven start to the fiscal year that underscores how narrow the country’s industrial recovery remains.
Fuel dealers reject subsidy plan over payment uncertainty
ISLAMABAD: The petroleum dealers are refusing to implement a government fuel subsidy program set to expand nationwide this week, escalating a standoff over who will cover the cost of discounted pump prices for millions of motorcycle and small-car owners.
Amid drone strike near Mecca, Pakistan signals defence pact is ready to activate
Pakistan’s defence minister said on Wednesday that his country stands ready to back Saudi Arabia “practically and diplomatically” against Yemen’s Houthi rebels, a pointed warning issued hours after the kingdom accused the group of attempting to strike Islam’s holiest city and the rebels dismissed the claim as fabricated.
Pakistan Hockey Federation refuses to play in India, seeks neutral venue for Asian Champions Trophy
Pakistan has formally asked hockey’s Asian governing body to strip India of next month’s Men’s Asian Champions Trophy or relocate all of Pakistan’s matches to neutral territory, deepening the sporting fallout from the countries’ fraught relationship.
Pakistan summons Indian diplomat over naval incident in Arabian Sea
ISLAMABAD: Pakistan summoned India’s top diplomat in Islamabad on Wednesday and lodged a formal protest after an Indian Navy vessel made contact with a Pakistani warship in disputed waters, the most serious naval confrontation between the two nuclear-armed nations since a four-day war last year brought them to the brink of wider conflict.
Fuel prices rise for eighth straight day as Gulf supply routes come under renewed strain
The government raised gasoline and diesel prices on Wednesday for the eighth consecutive day, extending the longest streak of daily increases since the country moved to round-the-clock oil pricing, as fresh attacks on Gulf energy infrastructure threatened to choke off two of the world’s key crude corridors at once.
August current account gap narrows to $98 million as remittances surge
The current account deficit narrowed sharply to $98 million in August, the State Bank of Pakistan reported on Wednesday, as a jump in remittances from overseas workers offset a widening trade gap.