A picture showing $100 bills. SOURCE: REUTERS Saudi Arabia on Thursday announced a $3 billion additional deposit to the State Bank of Pakistan (SBP) and extended an existing $5b deposit, in a move aimed at supporting the country’s economy. According to the state news agency SPA, the financial support is intended to enhance Pakistan’s economic stability…
Says shortfall is created once demand exceeds 16,500MW, adds peak demand reached up to 20,000MW in past 15 days Minister for Power Sardar Ayaz Leghari addresses a press conference on Thursday. SCREENGRAB Power Minister Awais Leghari on Thursday apologised to the nation for the widespread outages and load-shedding across the country, saying the crisis was…
LAHORE: Following the first week of reduced retail timings, the Chainstore Association of Pakistan (CAP) has highlighted the serious challenges faced by the organised retail sector and urged the government to adopt a balanced approach to support formal businesses operating under increasing economic pressure. The organised retail sector represents over 30,000 outlets and contributes significantly…
Banks may open accounts for licensed virtual asset firms under strict AML compliance State Bank of Pakistan. Photo: File KARACHI: The State Bank of Pakistan (SBP) has issued a circular enabling regulated entities to open and maintain bank accounts for Pakistan Virtual Asset Regulatory Authority (PVARA)-licensed virtual asset service providers (VASPs) and their customers, subject…
The meeting concluded with a mutual resolve to continue close collaboration between the Ministry of Petroleum and OGDC to overcome challenges and capitalise on opportunities within the energy sector. PHOTO: FILE ISLAMABAD: Oil and Gas Development Company Limited (OGDC) has achieved the highest-ever oil and gas discovery from a single well in Pakistan’s history at…
Authorities direct that practice of declaring exports under general trade codes be discontinued KARACHI: Pakistan Customs Export Collectorate has issued directives to ensure uninterrupted export of salt consignments with proper and exemplary packaging. These directives were issued during a meeting held between Collector Customs Export Rizwan Mahmood and representatives of the Salt Manufacturers Association, led…
The US dollar falls to its lowest level in six weeks, making greenback-denominated commodities Gold and Silver prices rose on Thursday in Pakistan, supported by a weaker dollar and lower US Treasury yields, as investors grew optimistic about a potential end to the Middle East war, which has stoked fears of higher inflation. Spot gold…
Bullish momentum accelerates as $2 billion Saudi inflow boosts sentiment, strengthens outlook for external stability KARACHI: The rally at the Pakistan Stock Exchange (PSX) gathered fresh momentum on Thursday, with bulls dominating from the opening bell and pushing the benchmark KSE-100 index sharply higher in early trade. Within minutes of the session, the index surged…
On January 1, 2025, 21 states increased their minimum wage rates. PHOTO: PEXELS ISLAMABAD: A European Union (EU) official on Wednesday urged Pakistan to make a decision about a $1 billion investment offer by Maersk before the window closes, as the 27-nation bloc is set to host European investors in Islamabad to explore more investment…
KARACHI: Buying momentum continued at the Pakistan Stock Exchange (PSX) on Wednesday as investors reacted positively to Saudi Arabia’s commitment of an additional $3 billion in deposits. Trading commenced on a cheery note and by 9:34am the benchmark KSE-100 index had surged 4,287 points, or 2.59%. The strong move pushed the index above 170,000 within…