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IMF wants Railways to end reliance on govt subsidies

ISLAMABAD (Web Desk) The International Monetary Fund (IMF) has advised the Ministry of Railways to reduce its fiscal deficit so that it can rid itself of its dependancy on federal government subsidies. A delegation of the IMF, led by the Country Representative Teresa Daban Sanchez, met with Minister for Railways Sheikh …

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State Bank issues instructions after cyber attack on private bank

KARACHI (Web Desk) The State Bank of Pakistan (SBP) on Monday issued a set of instructions to a number of banks after one of the private banks system came under a cyber-attack.After the massive attack through which millions of rupees were withdrawn via bank cards, the SBP temporarily suspended the …

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Pakistan inked participation contract with UAE for Expo 2020

ISLAMABAD (Web Desk) Pakistan has inked a participation contract with the EXPO-2020 on Sunday, according to the authorities at the Ministry of Foreign Affairs and International Cooperation, Abu Dhabi.This Expo 2020 contract was signed by Moazzam Ahmed Khan, Ambassador of Pakistan to UAE, in his competence as EXPO 2020 Commissioner-General, …

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Pharma sector attracts meagre $26m FDI

KARACHI (Web Desk) Foreign investment in the pharmaceutical sector remains lacklustre mainly due to government regulations and counterfeit drug production despite expectations of pharma-related expenditure to double in next 10 years. The sector attracted a paltry sum of $26.4 million in foreign direct investment during the first quarter of 2018-19. The …

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Cotton prices move lower

KARACHI (Web Desk) The downward trend in cotton prices continued on Saturday, with buyers preferring to stay on the sidelines. Overall, the undertone was easy and outlook uncertain. The rupee-dollar fluctuation put cotton prices under pressure. The market was caught by surprise when Saudi Arabia okayed financial assistance to the tune …

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Pakistan all set to host Asian Parliamentary Assembly in Gwadar

GWADAR (Web Desk) Pakistan is all set to host a three-day meeting of Asian Parliamentary Assembly (APA) in Gwadar from October 29-31 to look into ways and means to make Asian region more inclusive and development-oriented.According to the details, around 100 members of parliaments from 26 Asian, African and European …

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PSX crosses 40,000 points as bullish trend continues

KARACHI (Web Desk) The Pakistan Stock Exchange continued its bullish trajectory on Thursday, propelled by renewed investor confidence after Saudi Arabia pledged to provide Islamabad with $6 billion in financial assistance.The benchmark KSE-100 index gained another 763 points to push the index above 40,000 points. It was trading at around …

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KSE-100 index gains over 1,200 points

KARACHI (Web Desk) The Pakistan Stock Exchange registered gains on Wednesday, as its benchmark KSE-100 index surged by 1,227 points to reach 38942.53 points.The index gained by 3.26 per cent as the market opened on Wednesday, a day after Saudi Arabia agreed to provide $3 billion to Pakistan as balance …

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Current account deficit down 2.5pc in July-Sept

KARACHI (Web Desk) The current account deficit for 1QFY19 slightly declined by 2.5 per cent or $96 million, reflecting the impact of 13pc higher remittances during the same period.The State Bank of Pakistan (SBP) reported on Monday that the current account deficit during July-September was $3.665bn, compared to $3.761bn in …

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