Business360

KARACHI: Pakistan Stock Exchange (PSX) touched a 54-month high as the KSE-100 Index has the 48,000 points mark at the start of the trading on Tuesday, ARY News reported. The KSE-100 Index currently being traded at 48,098 points with the addition of 201 points at the start of the business day. The KSE-100 Index had marked record trading volume in bourse history with Rs137 billion worth of business in the last trading week. In its weekly report, PSX had said it recorded trade of about 6.18 billion shares with Thursday cropping up to be the biggest trading day in PSX history with 2.2 billion shares traded in a single day. Read more: Historic PSX week bodes well as market capitalization surpasses Rs8tr The same week posted a jump in market capitalization by Rs169 billion owing to positive trader sentiment due to a GDP growth forecast of 3.9 per cent and business-friendly budget anticipation encouraging traders to actively trust the market. With new weekly capitalization recorded a

MUSCAT: Expatriates coming to Oman on visit visas can now convert them into work permits, according to a newly amended Foreigners’ Residence Law issued by the Inspector-General of Police and Customs. The newly amended law will enable many who come to Oman on family joining visas or visit visas, to change it to a work visa without the hassle of exiting the country. Media reports said the decision issued by Lieutenant General Hassan bin Mohsin Al Shraiqi is also applicable to those on family-joining visas, and student visas. As per the announcement of the amended law, the visas that can be converted include visit visas issued to residents of GCC countries, visit visas issued to meet friends and relatives, single-entry tourist visas (valid for up to 10 days or a month), single and multiple-entry business visas, express visas, investor visas, student visas, visas provided to sailors serving onboard ships or passengers aboard cruise ships and visas issued to owners of residential units

KARACHI: The traders in Karachi have demanded the Sindh government to extend business hours up to two more hours amid ongoing restrictions due to COVID-19 lockdown, ARY News reported on Monday. The Karachi traders have decided to conduct a press conference on Tuesday (today) to highlight the businesses’ deteriorated condition amid lockdown restrictions. President Karachi Electronic Dealers Association (KEDA) Rizwan Irfan demanded the provincial authorities extend two more hours for continuing business activities till 8:00 pm instead of 6:00 pm. He also demanded the withdrawal of closure orders for two days a week for all businesses. Irfan claimed that police officials have shown poor behaviour with the traders and such attitude of police and assistant commissioners is unacceptable. Read: Sindh traders urge govt to expand business hours, allow six days a week Irfan demanded the Sindh government to take notice of ill-treatment with the traders in Karachi. Earlier on May 30, the tr

ISLAMABAD: Prime Minister Imran Khan on Monday turned down a proposal by the Oil and Gas Regulatory Authority (OGRA) for an increase in fuel prices for the next 15 days, ARY News reported. A notification from the Finance Division in this regard issued here on Monday. The current price of petrol stands at Rs108.76 per litre, whereas the per-litre prices of diesel, kerosene oil, and light diesel are Rs110.76, Rs80, and Rs77.65.86, respectively. The Oil and Gas Regulatory Authority (Ogra) today forwarded prepared a summary, seeking an increase in petrol prices from June 01. According to sources privy to the decision, the regulator had recommended an increase in diesel prices by Rs4.30 per litre besides a minimal increase in prices of petrol and kerosene oil. Read More:  Ogra prepares summary seeking hike in fuel prices: sources It is pertinent to mention here that previously on May 17, Prices of petroleum products remained unchanged till 31st of May after Prime Minister Imran Khan

LONDON: Britain’s retail sector will endure a “tsunami of closures” if the government does not extend a moratorium on aggressive debt enforcement, industry lobby group the British Retail Consortium (BRC), said on Sunday. Citing survey data it said two thirds of British retailers have been told by landlords they will be subject to legal measures to recover unpaid rent from July 1 when the moratorium ends. Many UK retailers deemed “non essential” had to close their stores during multiple COVID-19 lockdowns over the last 15 months, accruing total rent debt of 2.9 billion pounds ($4.1 billion), the BRC said. The pandemic has hammered the sector and industry data shows one in seven shops already lie empty. The BRC’s survey found 80% of tenants said some landlords have given them less than a year to pay back rent arrears. Without action, the end of the moratorium could see thousands of shops close, said BRC chief executive Helen Dickinson. She called on the UK government to allow the

British Prime Minister Boris Johnson wants the upcoming Group of Seven summit to reach agreement on Covid-19 vaccine passports and to open talks on a “world treaty” to prepare for future pandemics. “We need to have agreements on issues such as vaccine passports, Covid status certification and the rest,” Johnson said in an interview broadcast Sunday by Canadian public channel CBC. “There has to be some sort of agreement then, at the G7 level to start, on how travel and passports are going to work.” Johnson was speaking ahead of a June 11-13 summit of the G7 economic powers (US, Canada, Japan, Britain, France, Germany and Italy) which he will host in Cornwall, at the southwestern tip of England. “What we need, I think, is a global treaty on pandemic preparedness,” he said, adding that 2020 had been a “terrible year for humanity.” To date, the pandemic has killed more than 3.5 million people worldwide. Britain was among the hardest-hit countries, though it has been recovering since

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday notified Rs8.04 per kilogram increase in the price of Liquefied Petroleum Gas (LPG) for the month of June, ARY News reported. According to a notification issued by the regulatory body, the price of an 11.8 kg LPG cylinder for domestic consumers has been jacked up by Rs94.89 to Rs1667. The previous price of the cylinder was Rs1572.40. According to a notification issued by the regulatory body, the new price of per kg LPG stands at Rs1667.29. LPG Association Chairman Irfan Khokhar yesterday demanded the petroleum division to revisit its policies on LPG. We have convened a stakeholder meeting where we will mull over our options for the days to come on the developing LPG situation and might declare a strike, Khokhar had said. Separately yesterday, the Oil and Gas Regulatory Authority (Ogra) prepared a summary, seeking an increase in petrol prices from June 01. According to sources privy to the decision, the regulator ha

ISLAMABAD: The Economic Coordination Committee (ECC) on Monday approved a technical supplementary grant of Rs20 billion for procurement of 10 million doses of the Covid-19 vaccine next month, ARY News reported. The ECC meeting chaired by Finance Minister Shaukat Tarin was specially called to provide a technical supplementary grant of USD 130 million to the National Disaster Management Fund to ensure timely procurement of Corona Vaccine for the effective national response to COVID-19 pandemic. The funds will be utilized for the procurement of 10 million doses of the COVID vaccine during the month of June 2021. According to the finance ministry, the need for additional funds will be reviewed during the next fiscal year and additional funds will be provided accordingly. The administration of the vaccine will be the responsibility of the Ministry of National Health Services and Provincial Health Departments. The meeting was attended by Federal Minister for Planning, Development and S

Cryptocurrency Ethereum climbed over 5% on Monday to $2,523 but remained more than 40% below a record high of above $4,300 hit earlier this month. At 0950 GMT, it was trading up 4.1% at $2,495.69. Larger rival, Bitcoin, the world’s biggest and best-known cryptocurrency, was up 0.8% at $36,987 in quiet trading with London and U.S. markets shut for holidays. Bitcoin has been less volatile in recent days but is down by more than 35% this month, weighed by growing regulatory pressures on the sector. It is currently trading at levels last seen in February and at roughly half its peak value of $65,000 seen in April. What is Ether (ETH)? ETH is a cryptocurrency. It is scarce digital money that you can use on the internet – similar to Bitcoin. If you’re new to crypto, here’s how ETH is different from traditional money. You only need an internet connection and a wallet to accept ETH. You don’t need access to a bank account to accept payments. ETH is divisible up to 18 decimal places so

KARACHI: The Pakistani rupee appreciated three paisas against the United States (US) dollar in the inter-bank currency market on Monday. According to the State Bank of Pakistan (SBP), the local currency closed at 154.40 against the greenback, registering appreciation of three paisas over the previous close of Rs154.43. Interbank closing #ExchangeRate for today: https://t.co/F60oZELjn0 pic.twitter.com/t294qN9UWX — SBP (@StateBank_Pak) May 31, 2021 The rupee has recovered more than Rs14 during the last ten months since it touched an all-time low of Rs168.43 last year in August. Also Read: Monetary policy: SBP maintains interest rate at 7pc The local unit has gained considerable ground on the back of improved  foreign exchange reserves , current account surplus, higher remittances besides less demand of dollar due to the ongoing pandemic. The post Rupee strengthens against US dollar appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3yJmzP0

ISLAMABAD: After a prolonged closure due to the coronavirus outbreak, Pakistan and China have opened the Khunjerab pass for trade and travel activities, reported ARY News. The Ministry of Foreign Affairs’ Pak-China Division stated in a letter to the Gilgit Baltistan chief secretary that the border point has been opened. China has also opened its side of the border point, it added. The Chinese embassy in Islamabad informed the ministry about the opening of the border crossing and asked it to open its side of the border point for resumption of trade and travel between the two countries. The border point between the two neighbouring countries was closed in October 2019 following the coronavirus outbreak . Trade and travel activities through Khunjerab pass continue from April to December as per the protocol agreement signed between Islamabad and Beijing. However, it was closed for a long period due to the pandemic. Last year in June, the government of Gilgit Baltistan (GB) delayed i

Nestle said on Monday it was working on updating its nutrition and health strategy after the Financial Times reported an internal document at the food giant described a large portion of its food and drinks as unhealthy. The newspaper said it had seen an internal presentation circulated among top executives early this year stating that more than 60% of Nestle’s mainstream food and drinks portfolio could not be considered healthy under a “recognised definition of health”. The paper said this assessment applied to about half of Nestle’s overall portfolio because categories like medical nutrition, pet food, coffee and infant formula were excluded from the analysis. Kepler Cheuvreux analyst Jon Cox said that including these categories would significantly reduce the proportion of products potentially considered unhealthy. “Given the group’s confectionery, ice cream, and pizza businesses, the real figure for the group based on 2021 estimates would be 28%, which is hardly a surprise,” he

ISLAMABAD: Pakistan will start exporting Sindhri mangoes to neighbouring China from June 10, adviser to the prime minister on investment and commerce Abdul Razak Dawood said on Monday. In a message on Twitter, the PM’s aide said that mangoes will exported by air. “For our quality mangoes, China is a development market,” he said, encouraging fruit exporters to take “maximum advantage of vast opportunities in China”. MoC is pleased to inform that the start of Pakistan’s Sindhri mangoes will be exported from Pakistan to China from 10 June 2021 by air. For our quality mangoes, China is a developing market. I encourage our fruit exporters to take maximum advantage of vast opportunities in China. — Abdul Razak Dawood (@razak_dawood) May 31, 2021 Sindhri is considered as one of the best varieties of mangoes in the world because of its unique taste and size. Also Read: World’s heaviest mango makes it to Guinness record The mango export target for the current season has been set at

KARACHI: The traders and business associations of Pakistan held Sunday a press conference to register their protest against over alleged discrimination of Karachi people who are being fined Rs50,000 in challans by Sindh government for running their business in the port city amid Covid led restrictions, ARY News reported. Even with a four per cent positivity rate of Covid, the government shut down all the business activitiy in the name of lockdowns in Karachi, said trade association leader Mujahid Uddin, adding that discrimination against Karachiites should stop. At least consider it your foster brother, said the leader bewailing the treatment they say is meted out to them resulting in Karachiites resorting to seeking alms to barely subsist.   Another senior trader leader Atiq Mir said the government has gone desensitized fully as the businesses have gone to every possible avenue to be heard for their miseries but to no avail.   All our fault is to open and close shops to do our

KARACHI: The Liquid Petroleum Gas (LPG) cylinder prices have Sunday gone up exorbitantly by Rs20 per kilo to now sell at Rs110 confirmed LPG Dealers Association chairman, ARY News learned. With the new prices today update, the domestic cylinder of LPG will now be available, after factoring in a total Rs200 increase, for Rs1,298. The same way, the commercial cylinder prices have gone up by Rs900 to now sell at Rs4,994. LPG association chairman Irfan Khokhar said the price hike is due to the affected LNG supply via road networks and that in the course of 24 hours, the prices may go further soaring. Khokhar has demanded the petroleum division to revisit its policies on LPG. We have convened a stakeholder meeting where we will mull over our options for the days to come on the developing LPG situation and might declare a strike, Khokhar said. READ: Ogra prepares summary seeking hike in fuel prices: sources Separately today, the Oil and Gas Regulatory Authority (Ogra) prepared a summa

ISLAMABAD: In a bid to provide maximum relief to the common man, Finance Minister Shaukat Tarin has announced that  the federal government would not impose new taxes in the budget 2021-22, ARY News reported on  Addressing a budget webinar in Islamabad today, Finance Minister Shaukat Tarin said that no new tax would be slapped on taxpayers, adding that they would trace tax evaders via modern technology and send them to the prisons. He maintained that achieving sustainable development goals was the top priority of the incumbent government. The finance minister said agriculture, industries, IT and service sectors will be incentivized in the next budget to enhance their productivity. Read More: ‘Upcoming budget envisages maximum relief to common man’ He further said the government has a progressive plan for the development of agriculture sector. Enhancing its productivity will also help check the prices of food items. “The tax rates will not be increased,” he said, adding that they

KUWAIT: The interior minister of Pakistan Sheikh Rasheed has Sunday called on Kuwaiti Prime Minister Sabah Al-Khalid Al-Sabah with the outcome of the restoration of Kuwaiti visas for Pakistanis after about a decade-long blockade, ARY News reported. The meeting held between the leaders was attended by Ahmad’s Kuwaiti counterpart and Pakistani diplomatic staff wherein bilateral relations and concerns of mutual interests were mulled over. کویت: 30مئی 2021 کویت کے وزیراعظم شیخ صباح خالدالحامدالصباح سے ملاقات کویت کے وزیر داخلہ اور پاکستانی سفیر بھی ملاقات میں موجود 10 سال بعد پاکستانی شہریوں کے لئے کویت ویزا بحال پاک – کویت دوطرفہ تعلقات سمیت باہمی دلچسپی کےامور پر گفتگو pic.twitter.com/ByzxOt1cKn — Sheikh Rashid Ahmed (@ShkhRasheed) May 30, 2021 Ahmad presented to the Kuwaiti PM a letter by Pakistani PM Imran Khan and also discussed with him the matters related to Kuwaiti visas for Pakistani expats. Kuwait has decided to reinstate the immigration policies from before the decad

KARACHI: The vice chairman of Sindh’s trader alliance Muhammad Kashif Sabrani said Sunday in a press conference the curb in Covid spread in the recent days is a favorable outcome of people and government ensuring SOP compliance thus businesses should be rewarded with six working days and more hours, ARY News reported. VC Sindh Tajir Ittehad Sabrani said the Chief Minister of Sindh and his commissioned task force have admitted that traders and businessmen have adhered to Covid SOPs which resulted in the mitigation of viral spread. We should be allowed to operate six days a week instead of five and be permitted to work till 8 pm rather than being forced to wind up at 6 pm, Sabrani said.   In the present times the traders are facing some of the worst financial crises especially with a ‘flop Eid season buesiness’ that failed traders’ expectations. We now pin our hopes on Baqr Eid season shopping to recover from the crisis. READ ALSO: NCOC decides to establish separate COVID vaccinati

ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) has prepared a summary, seeking an increase in petrol prices from June 01, ARY NEWS reported quoting sources. According to sources privy to the decision, the regulator has recommended an increase in diesel prices by Rs4.30 per litre besides a minimal increase in prices of petrol and kerosene oil. “The light diesel prices will remain unchanged,” they said adding that the summary for increasing fuel prices for a period of the next 15 days from June 01 is being sent to the finance ministry for approval. The new prices of petroleum products will be announced after approval from Prime Minister Imran Khan. It is pertinent to mention here that previously on May 17 , Prices of petroleum products remained unchanged till 31st of May after Prime Minister Imran Khan turned down a proposal by the Oil and Gas Regulatory Authority for an increase in fuel prices. Taking to social networking website, Twitter, State Minister for Information and Br

KARACHI: The prices of chicken have declined in Karachi amid suspected outbreak of the virus, ARY News reported on Sunday.  The prices were skyrocketing but the fear of the virus has compelled the poultry owners to decrease the prices. The per kg chicken meat is now being sold at Rs350 instead of Rs480. Despite the massive decrease in the prices, the masses are not taking interest in buying chicken meat amid virus fears. Last week, it emerged that a respiratory disease similar to the coronavirus is rapidly spreading among chicken across the country. As per details, a disease called ‘infectious coryza has spread in poultry farms across Pakistan and a number of poultry farms in Karachi have been closed after the disease. Chairman Consumer Association Pakistan Kokab Iqbal talking to ARY News programme  Bakhbar Savera had said the disease is similar to coronavirus disease in which chicken have common cold and respiratory problems. Read more: Respiratory disease spreading among chic

Visa renewals of expatriates who are employed in departments that are not in the Omanisation category are happening with relative ease but for jobs listed for Omanisation, the path is not so smooth. An HR officer in a leading Omanese automobile company Kumar Mohan said, “The number of expatriates working in any industry in Oman today is comparatively much lesser than what it used to be two years back.” Mohan said many positions like commercial promoters and assistants, purchase executives, and many such positions are now Omanised. Expats whose clearance materialized for these now Omanized positions are facing difficulty when it comes to their visa renewal, Mohan said and added that changing the position to get the clearance means the concerned will have to first exit the country and come back on a new visa. “Under the current situation, many are trying to avoid getting into this stage but there isn’t much that can be done in this regard.” Private sector As part of an intense Oma

Apple is delaying the launch of a podcast subscription service until June after some podcast creators had issues with delays in their shows appearing after uploading them, according to an email seen by Reuters. Apple in April said it was introducing a service that would let podcast creators charge for their shows, with Apple keeping a 30% commission in the first year of a subscription and thereafter dropping commissions to 15%, similar to its App Store. The service was originally slated to start this month. Apple last month unveiled Apple Podcasts Subscriptions, a global marketplace for listeners to discover premium subscriptions offered by their favorite creators alongside millions of free shows on Apple Podcasts. With the service, listeners in more than 170 countries and regions can sign up for premium subscriptions that include a variety of benefits curated by creators, such as ad-free listening, access to additional content, and early or exclusive access to new series. Listene

KARACHI: The Pakistan Stock Exchange (PSX) has fared positive for the week as it marked record trading volume in bourse history with Rs137 billion worth of business in the outgoing week ending yesterday, ARY News reported citing PSX stats released on Saturday. The benchmark KSE-100 index which gauges overall market performance with 100 top listed companies, closed at 47,126 level gaining 1,211 points over the week. In its weekly report, PSX said it recorded trade of about 6.18 billion shares with Thursday cropping up to be the biggest trading day in PSX history with 2.2 billion shares traded in a single day. The same week posted a jump in market capitalization by Rs169 billion owing to positive trader sentiment due to a GDP growth forecast of 3.9 per cent and business-friendly budget anticipation encouraging traders to actively trust the market. With new weekly capitalization recorded at the end of trading week Friday, the market stands at Rs8.131 trillion now. READ: FY2021-22 bu

KARACHI: The per tola gold price on Saturday registered an increase of Rs400 to Rs112,200 in the domestic market, ARY News reported. Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold increased by Rs 343 to Rs 96,193. In the international market, gold prices steadied near the $1,900-per-ounce level on Thursday as investors awaited key economic readings out of the United States, while a firmer dollar weighed on bullion prices. Spot gold was up 0.2% at $1,900.30 per ounce by 0654 GMT, after hitting its highest since Jan. 8 at $1,912.50 on Wednesday, Reuters reported. Read More: Gold prices witness steep decline in domestic market Earlier on May 27, the per tola price of the yellow metal plunged to Rs 111,800 from 112,100 in the domestic market. Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of

ISLAMABAD: Prime Minister Imran Khan on Saturday commended efforts of the Federal Bureau of Revenue (FBR) over crossing tax collection of Rs4,000 billion in a fiscal year for the first time ever in Pakistan’s history, ARY NEWS reported. Taking to Twitter to laud the FBR, the prime minister apprised that the tax collections have reached Rs4,143 billion during a period of 11 months. I commend efforts of FBR in crossing historic milestone of Rs 4,000 bn in any yr for first time ever. During Jul-May our collections reached Rs.4143 bn & still counting – 18% higher than same period last yr. This reflects broad-based economic revival spurred by govt policies. — Imran Khan (@ImranKhanPTI) May 29, 2021 “During [July]-May our collections reached Rs.4143 [billion] & still counting – 18% higher than the same period last year,” Imran Khan said in his message adding that it reflects broad-based economic revival spurred by government policies. The prime minister in another Tweet ea

KARACHI: The Sindh agriculture minister Muhammad Ismail Rahoo said Friday that the lower than designated water allocation to the province by Indus River System Authority (IRSA) is likely to cause damages to rice and cotton harvests, ARY News reported.   The government of Sindh fears if it doesn’t get its share of water it will not bode well for its cash crops: sugarcane, rice and cotton which will be at the receiving end of water shortage, the provincial minister said. Rahu added in his statement, over the acute situation ISRA faces as water levels deplete below expected in Tarbela Dam, Sindh faces up to 40 per cent water shortage and Kotri Barrage alone experiences 60 pc scarcity in water levels. At least three major Kharif crops in the commanding swathes of Guddu, Sukkur and Kotri barrages dread losses if shortage of water in the region is not addressed, Rahu noted.   The sugarcane crop is already desiccating due to a shortage of water than the level it required, he said, addi

KARACHI: Federal Minister for Planning, Development and Special Initiatives Asad Umar on Friday announced a new deadline for the Green Line BRT project, saying it will be operational in September, ARY News reported. In a statement, the federal minister said the Green Line BRT project will get operational in Karachi in August or September. He further said that five ongoing projects under the Karachi Transformation plan belong to the Centre and would be completed on time. The minister further said that the cleaning of Mehmoodabad nullah and encroachments would be cleared before July. BRT buses It must be noted here that the Chinese bus manufacturer Zhongtong  has secured an order to provide 100 units of 18-meter-long buses for Karachi’s Green Line and Orange Line Bus Rapid Transport (BRT) projects. The buses will be in green and orange colors and will run on BRT routes. The BRT buses are currently being tested by the Chinese authorities for any mechanical and safety issues. Green

ISLAMABAD: The deputy chairman of the planning commission has Friday chaired its annual session to mull over the fiscal year 2021-22 budget noting an expansion of 38 per cent than the preceding one with Rs900 billion allocated to public sector development programs (PSDP), ARY News reported.   The session today has approved all the programs under PSDP rubric in the fiscal budget noting that about Rs100 billion worth of foreign aid is included in these programs for the upcoming year. For infrastructure, about Rs265 billion are designated for the budget that is set to roll out in June’s first week, the session said. For the water resources and the energy sector, Rs100 billion and Rs103 billion, respectively, are earmarked. According to the session huddle, housing and physical plannings are appropriated a fund of Rs41 billion in the impending budget. Furthermore, for health, about Rs28 billion and for education about Rs42 billion have been designated according to the session today.

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) has released weekly inflationary numbers across the country noting a 0.63 per cent slash in Sensitive Price Indicator (SPI) which gauges prices of essential items through the week with poultry prices coming down by 14.49 pc, ARY News reported. The SPI week ending yesterday noted 16.34 pc inflation on a year-on-year basis with some 12 essential commodities noting a rise in their prices while 10 a slash. In the past week, the inflation report noted LPG’s domestic cylinder prices became Rs42 expensive while prices of mutton meat, jaggery, pulses and fresh dairy products too increased. Poultry prices came down to Rs278 per kilo from an earlier Rs325, it said. On the other hand, the indicator said the price of mutton went up by Rs15 in this period. READ ALSO: Monetary policy: SBP maintains interest rate at 7pc On the other hand today, the State Bank of Pakistan (SBP) has decided to keep the interest rate unchanged at 7 percent for the

MOSCOW: A progress has been made on Pakistan, Russia North-South Gas Pipeline project following the comprehensive strategy of the federal government as an amended inter-governmental agreement (IGA) was signed between both countries in Moscow, ARY News reported on Friday. The progress was made as a result of successful negotiation between the Ministry of Energy – Petroleum Division and the Russian Ministry of Energy after they agree to update the protocol. Pakistan’s Ambassador to Russian Federation Shafqat Ali Khan signed the protocol to the inter-governmental agreement (IGA) today along with Russian Minister for Energy Nikolai Shulginov in Moscow today. According to a press statement, the inter-governmental agreement (IGA) has been updated as a protocol to reflect the utilisation of Gas Infrastructure Development Cess (GIDC) and continued partnership with Russia to build the project. Read: ‘Govt aggressively pursuing international gas pipeline projects to meet energy needs’ The

KARACHI: The State Bank of Pakistan (SBP) on Friday to keep the interest rate unchanged at 7 percent for the next two months, ARY News reported. In a statement , SBP said that the Monetary Policy Committee (MPC), in its meeting today, decided to keep the policy rate unchanged at 7 percent. The MPC noted that since the last meeting in March, the MPC was encouraged by the further upward revision in the FY21 growth forecast to 3.94 percent. “This positive momentum is expected to persist, translating into higher growth next year,” it added. 1/3 MPC has decided to maintain policy rate at 7%. While inflation has risen since January, a small number of energy and food items account for about 3/4 of this rise. Demand-side pressures are contained, wage growth is subdued and inflation expectations are reasonably anchored. — SBP (@StateBank_Pak) May 28, 2021 The MPC noted that supply-shocks to food and energy still dominate, with a small number of energy and food items in the CPI basket

KARACHI:  ARY, DHA and United Bank Limited on Thursday signed an agreement for enabling Escrow Account facility for ARY Laguna DHA City Karachi in order to provide a crystal clear payment process to the customers. Administrator DHA, Secretary DHA,  Chairman ARY Laguna Salman Iqbal, President & CEO UBL Shahzad Dada, Group Director ARY Mahboob Abdul Rauf and Group Executive UBL Zia Ijaz were present on the occasion. “(In other projects) People used to send money but it was not spent on construction. We are making sure that the money (sent by our customers) gets directly into the escrow account and is only spent on construction,” Chairman ARY Laguna, Salman Iqbal, said on the ocassion. About ARY Laguna DHA City ARY Laguna DHA City Karachi is all set to be the benchmark by which all future luxury real estate projects will be measured, creating an image of Pakistan promoting growth and progress, offering a unique lifestyle opportunity and a solid lifetime investment. Related 

KARACHI: The Pakistani rupee appreciated 41 paisas against the United States (US) dollar at the end of week’s trading in the inter-bank currency market on Friday. According to the State Bank of Pakistan (SBP), the local currency closed at 154.43 against the greenback, registering appreciation of 41 paisas over the previous close of Rs154.84. Interbank closing #ExchangeRate for today: https://t.co/X6OeruD5ce pic.twitter.com/dg6qtTQ5a1 — SBP (@StateBank_Pak) May 28, 2021 The rupee has recovered more than Rs14 during the last ten months since it touched an all-time low of Rs168.43 last year in August. Also Read: SBP reserves rise $88 million in a week The local unit has gained considerable ground on the back of improved  foreign exchange reserves , current account surplus, higher remittances besides less demand of dollar due to the ongoing pandemic. The post Snapping 4-day losing streak, rupee rallies against dollar appeared first on ARY NEWS . from Business – ARY

ISLAMABAD: Federal Minister for Planning and Development Asad Umar on Friday said that a GDP growth of 4.8 percent has been approved by the federal government for the next fiscal year, ARY NEWS reported. He said this during his visit to the Islamabad Chamber of Commerce today as the government announced that it had achieved a growth target of nearly four percent in the outgoing year. “Annual Plan Coordination Committee (APCC) is also reviewing other economic targets for the next year,” he said while addressing the business community and added that their GDP growth will be more than that of the growth posted during the last year of the PML-N tenure. The planning and development minister said that an unnecessary hue and cry was raised over the GDP growth with people saying that international bodies have projected less growth. “We are making decisions with a better intent and do not want to shut down businesses and impose lockdown,” he said. The minister, however, defended the strict

KARACHI: The State Bank of Pakistan (SBP) will announce its Monetary Policy to set interest rate for the next two months on Friday (Today), ARY News reported. The monetary policy committee (MPC) of the central bank will meet today at SBP Karachi to decide about Monetary Policy and it will issue the Monetary Policy Statement through a press release on the same day. Currently, the interest rate is fixed at 7 per cent across the country. In the last meeting of the MPC, the State Bank of Pakistan (SBP) had decided against changing the interest rate from seven percent for the next two months. The interest rate would remain unchanged at seven percent for the next two months, the SBP announcement read. The central bank had further said that the rate of inflation would remain between seven to nine percent during the ongoing fiscal year. “Most of the economic indicators are getting improved,” it said adding that large-scale manufacturing has also witnessed positive growth. The post SBP t

LAHORE: Punjab government has decided to present a budget for 2021-22 in the second week of June with a development outlay estimated at Rs475 billion for the next fiscal year, ARY NEWS reported. The budget will be presented by Punjab Finance Minister Makhdoom Hashim Jawan Bakht during the proceedings of the provincial assembly after recommendations in this regard have been submitted by the planning and development department of the province. According to a proposal under the development budget for 2021-22 obtained by ARY NEWS, Rs265 billion will be spent on the ongoing uplift projects, followed by Rs126 billion to be earmarked for the new projects. Other development projects will receive provincial funding of Rs84 billion, it emerged. The 35 percent of the development funds will be earmarked for the uplift projects in South Punjab. Provincial Annual Development Plan (ADP) will have the most funds for health projects for the next fiscal year, including Rs100 billion for specialized

KARACHI: Net foreign exchange reserves held by the State Bank of Pakistan (SBP) were recorded at $15.86 billion during the week ending on May 21, showing an increase of $88 million. According to the central bank, overall liquid foreign currency reserves held by the country, including those held by banks other than the SBP, stood at $23.015 billion. Net reserves held by commercial banks were reorded at $7.15 billion. Total liquid foreign #reserves held by the country stood at US$ 23.02 billion as of May 21, 2021. For details: https://t.co/WpSgomENV3 pic.twitter.com/Rq6jumtt6R — SBP (@StateBank_Pak) May 27, 2021 Earlier, on May 25, the SBP said the country’s current account balance (CAB) posted a “small deficit” of $200 million in April 2021 – 61 per cent lower than in April 2020. The central bank in a statement said, “Through the first 10 months of FY21, CAB remains in surplus of $800mn, a significant turnaround from the $4.7bn deficit during the same period last year.” Wi