Pakistan’s SOEs losses hit Rs905 billion in FY23
A repersentational image of a graph. — Unsplash Pakistan’s state-owned enterprises (SOEs) losses hit a staggering Rs905 billion in the fiscal year 2022-23, showing a 23% swell compared to the previous fiscal year of 2021-22. It was revealed in a report titled “Aggregate Annual Report on Federal State-Owned Enterprises (SOEs) for Financial Year 2023,” released […]
PSX rebounds from three-day losses on privatisation hopes
A broker looks at an index board showing the latest share prices at the Pakistan Stock Exchange in Karachi. — AFP/File Stocks rallied on Friday reacting to government’s privatisation push to sell loss-making public entities, central bank’s policy rate status quo, and International Monetary Fund’s (IMF) latest tranche, endng the rollover day on a high […]
Power sector faces Rs560b in losses | The Express Tribune
ISLAMABAD: Federal Minister for Energy Sardar Awais Leghari said on Thursday that the country would face Rs560 billion in losses in the power sector by the end of June this year. He mentioned that Rs200 billion are billed in the power sector but remain unrecovered from consumers, while another Rs300 billion are lost due to […]
Refineries demand full recovery of forex losses | The Express Tribune
ISLAMABAD: Oil refineries have called on the government to make full recovery of the actual currency exchange losses and the confirmation cost of Letters of Credit (LCs). Pakistan’s oil refineries are currently grappling with substantial currency exchange losses in the import of crude oil, compounded by a significant financial burden from the LC confirmation charges. […]
Businessmen fear hefty job losses | The Express Tribune
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Sheikh, while expressing deep concern over the rising cost of doing business due to unbearable energy tariffs, has voiced fears that the day is not far when thousands of jobless people will take to the streets to protest against the government’s policies. Without taking […]
PSX bleeds for second day; total post-poll losses top 3,000 points
Stockbrokers monitor the latest share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on December 2, 2022. — APP KARACHI: The Pakistan Stock Exchange (PSX) was crushed by another panic-selling spree on Monday, posting its ninth-highest day-on-day (DoD) loss, as investors gasped for clarity on the country’s political and economic […]
PSX recovers from historic losses, regains over 1,600 points
Stockbrokers monitor the latest share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on December 2, 2022. — APP KARACHI: A day after suffering from the highest single-day decline, the Pakistan Stock Exchange (PSX) bounced back and gained over 1,600 points on Wednesday. The benchmark KSE-100 index gained 1692.65 points or […]
IMF seeks fresh report on state-owned enterprises losses
A view of the IMF headquarters. — AFP The International Monetary Fund (IMF) has sought from the Finance Ministry a fresh report on losses incurred by state-owned enterprises, sources told Geo News on Monday. According to the sources, the global fund’s mission — currently visiting Pakistan to review the loan tranche — has refused to […]
Rupee extends losses against US dollar in interbank
A man is counting US dollars in this representational image. — AFP/File The local currency depreciated against the US dollar for the second consecutive working day on Wednesday, closing at Rs294.93 in the interbank market. The rupee fell by Rs3.24 against the US dollar in the interbank market. A day earlier, the rupee closed at […]
Gold extends losses in Pakistan, price falls by Rs200 per tola
An undated image of gold jewellery showcased in a jewellery store. — AFP/File KARACHI: The gold price in Pakistan on Thursday continued to decrease for the fifth consecutive session in line with the developments in the international market and the rupee’s appreciation against the dollar. The price of gold (24 carats) decreased by Rs200 per tola […]