KARACHI: The economic landscape of Pakistan has faced unprecedented challenges throughout fiscal year 2022-23, as outlined in the ‘Governor’s Annual Report 2022-23’ presented by the State Bank of Pakistan’s (SBP) Governor, Jameel Ahmad, on Friday. The comprehensive report not only delves into the challenges faced by the country but also lays out strategies to … Read more
German consul says it is unclear whether Volkswagen would pursue the project further in Pakistan or not View to the depot tower of German carmaker Volkswagen’s electric ID. 3 car in Dresden, Germany, June 8, 2021. — Reuters Volkswagen was unable to bring necessary machinery. Automaker yet to decide how to pursue this project. Premier … Read more
The State Bank of Pakistan (SBP) introduced ‘Sunwai,’ a dedicated customer complaint service portal and app. The service aims to streamline the complaints process for banking customers against Banks, Microfinance Banks (MFBs), and Development Financial Institutions (DFIs) operating in Pakistan. ‘Sunwai’ serves as a one-window operation, providing banking customers with a platform to register … Read more
Robot sunk its metal claws into worker’s back and arm leaving an “open wound” on his left hand A general view of the Tesla gigafactory in Austin, Texas, US, February 28, 2023. — Reuters Witnesses were left horrified when a Tesla engineer was fatally mauled by a robot during a “violent” malfunction at the … Read more
ISLAMABAD: As the calendar flips to 2024, consumers are bracing themselves for yet another blow to their household budgets. The National Electric Power Regulatory Authority (Nepra) has signalled a potential surge in electricity prices, with a proposed increase of up to Rs4.66 per unit in the electricity bills for January 2024. This anticipated hike, … Read more
ISLAMABAD: Pakistan’s economic challenges—higher budget and current account deficits—have been brought down to a manageable level, laying the foundation for higher economic growth, claimed the Finance Ministry’s Economic Advisor wing on Wednesday. In its monthly economic outlook report, the Finance Ministry’s Economic Advisor wing pronounced that inflation would now settle to a “moderate level,” … Read more
The State Bank of Pakistan (SBP) has outlined the procedure for accessing the International Toll Manufacturing (ITM) facility within the Export Facilitation Scheme (EFS), allowing the import of input goods directly or indirectly from foreign principals without requiring any remittance of foreign exchange. The Federal Board of Revenue (FBR), through SRO 1093(I)/2023 dated August … Read more
Finance ministry has so far refused to rescue the PIA and is reluctant to take any firm decision All PIA flights to Europe have been temporarily cancelled for a period of six months. — AFP/File CAA grants Rs5bn billion facility to keep PIA afloat. Finance ministry refuses to provide any guarantees. Aviation ministry makes last-ditch … Read more
Engro Fertiliser, Fauji Fertiliser (Rahim Yar Khan), and Fatima Fertiliser will pay Rs580/MMBtu for feedstock, Rs1,580 for fuel stock A worker drains water from a gas filter at the Egas processing plant in Gujar Khan, Pakistan March 10, 2017. — Reuters Plants to pay Rs580/MMBtu for feedstock, Rs1,580 for fuel stock. Petroleum division official says … Read more
ISLAMABAD: As 2023 draws to a close, it has left behind a mix of despair and hope. The economy had teetered on the brink of default but was then propped up with life support. The future of 242 million people now hinges on the anticipation of a return to political and economic stability at … Read more