Category archives for: Business

Forex & Gold 6 January 2012

Forex Update: KARACHI, Jan 06: The Pakistani Rupee was traded at 91.3 to the US Dollar in the open market. (Bureau Report) (Updated @ 10:00 PST) Note: We do not receive Foreign Exchange Rates regularly. The last received rates are given below. Spot Rates for public per unit of currency Exchange Rates for Currency Notes […]

SBP revises forward cover rules

RECORDER REPORT KARACHI: The State Bank of Pakistan (SBP) has with immediate effect revised and streamlined the instructions on forward cover facilities being provided by authorised dealers (banks) against imports and foreign private loans. Maturity of forward contracts against import should coincide with the maturity of the underlying Letter of Credit (L/C), says FE Circular […]

Exports expand to $ 9.93bn in 11 months

KARACHI: Pakistan exports have surged by 7.6 percent to $ 9.93 billion during July-November, 2011-12 compared to $ 8.72 billion in the corresponding period of 2010-11. According to TDAP announcement on Tuesday, the textile sector remained the main stay of Pakistan’s exports, although it has shown a decline of 1.3 per cent over last year. […]

Nawaz says tax reforms must for economic growth; suggests 10pc corporate tax rate

KARACHI: Mian Muhammad Nawaz Sharif, former prime minister and leader of PML (N) Tuesday said that tax reform must for revenue generation and economic Karachi News Sources

State Bank annual report: Institutional weakness pointed

KARACHI, Dec 19: The State Bank has said institutional weakness at all tiers of the government — judiciary, civil services, law enforcers, regulatory bodies and accountability agencies — are directly responsible for poor Karachi News Sources

Recession in global economy may hurt exports from Pakistan: SBP

RECORDER REPORT KARACHI: The State Bank of Pakistan said that the global economy is at the precipice of another recession, which may hurt Pakistan’s exports. According to SBP’s annual report new recession could be even more severe than the sub-prime mortgage crisis, as the underlying cause is market borrowing by many Organisations for Economic Cooperation […]

Talking Business: Is Pakistan headed for domestic default?

  KARACHI: Ladies and gentlemen, we have a problem. Our banks are scooping up the country’s savings for a pittance, and handing it over to the government and there doesn’t appear to be any way to break this ultimately unsustainable cycle of seed corn consumption. This year, like last, Moody’s has been the one to bring […]

Index loses 161 points on panic selling

KARACHI, Dec 15: Share values on Thursday came in for renewed selling across the board followed by panic selling triggered by a combination of negative news, both on political and US aid fronts. Karachi News Sources

KESC increases loadshedding to 12 hours in industrial areas

The Karachi Electric Supply Company (KESC) on Thursday once again increased the duration of power loadshedding in the industrial areas of the city to The News International – Karachi

PIA, PALPA finalize working agreement

KARACHI: PIA management and PALPA have finalized working agreement 2011-2013 deferring Article -2 of the agreement which relates to extending financial benefits to the airline’s Pilots. PIA spokesman elaborating the situation said here on Thursday that PALPA themselves has on a voluntary basis agreed not to avail any financial benefit accruing due to the signing […]

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