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Business

Investigation ordered into rupee depreciation

ISLAMABAD (Web Desk) The government on Sunday formally ordered investigations into last week’s sharp devaluation of the rupee and sought a report within 10 days. The ministry of finance announced that it had “officially asked the Governor State Bank of Pakistan (SBP) to initiate an inquiry” into the depreciation of …

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Dar reviews budget implementation

ISLAMABAD: (Web Desk) Finance Minister Ishaq Dar on Saturday reviewed the implementation status of budget for 2017-18. The finance minister said the measures announced in the budget are aimed at improving the welfare of the masses, and enabling higher, sustainable and inclusive economic growth. He also urged the finance division …

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Stocks lose 2.9pc in jittery week

KARACHI: (Web Desk) The stock market remained under pressure in the outgoing week as the KSE-100 index lost 1,323 points (2.9 per cent) to settle at 45,222 points amid persistent political uncertainty and concerns on foreign outflows. Monday marked the highest-ever single-day decline in the index by 1,900 points. Another …

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Banking system able to withstand shocks: SBP

KARACHI: (Web Desk) The banking sector, which accounts for around three-fourths of the financial sector, performed well during the calendar year 2016 with the growth momentum of advances picking up further, while the private sector emerging as the main beneficiary, said the Financial Stability Review, issued by the State Bank …

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Tesla to build giant battery in Australia amid energy crisis

CANBERRA: (Web Desk) Tesla announced on Friday it will build the world’s largest lithium-ion battery in southern Australia, part of a bid to solve an energy crisis that has led to ongoing blackouts across the region. Tesla will partner with French renewable energy company Neoen to build the 100-megawatt battery …

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Tariq Bajwa appointed new SBP governor

ISLAMABAD: (Web Desk) Former State Bank of Pakistan (SBP) director Tariq Bajwa has been appointed the central bank’s new governor for the next three years, according to a notification issued by the Finance Division on Friday. Bajwa ─ who replaces outgoing acting SBP Governor Riaz Riazuddin ─ joined the Civil …

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EU and Japan reach free trade deal

TOKYO: (Web Desk) The agreement paves the way for trading in goods without tariff barriers between two of the world’s biggest economic areas. However, few specific details are known and a full, workable agreement may take some time.Two of the most important sectors are Japanese cars and, for Europe, EU …

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Finance minister intervenes to arrest slide in rupee’s value

ISLAMABAD: (Web Desk) A day after financial markets were rocked by a sudden depreciation in the value of the rupee against the dollar, Finance Minister Ishaq Dar announced that a new governor of the State Bank of Pakistan (SBP) may be appointed as soon as Prime Minister Nawaz Sharif returns …

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SEZs ‘to turn Pakistan into engine of growth’

ISLAMABAD: (Web Desk) Federal Minister for Planning, Development and Reform Ahsan Iqbal assured that China-Pakistan Economic Corridor (CPEC) will not harm domestic industries and interests of the local business community. Addressing a meeting, held to review the development status of Special Economic Zones (SEZ) under CPEC, Iqbal instructed federal and …

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Outage at Engro LNG terminal disrupts gas supply to Punjab

LAHORE: (Web Desk) Gas supply to Punjab’s industrial units, compressed natural gas (CNG) stations and four power plants was temporarily suspended on Tuesday after a liquefied natural gas (LNG) terminal owned by Engro Corporation encountered a technical fault. The outage resulted in gas supply suspension to 412-megawatt Rousch and 157MW …

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