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Has Careem launched a rickshaw service in Karachi?


Has ride-hailing company Careem launched a rickshaw service in Karachi? The rickshaw ride option on the Careem app is something we haven’t seen before. Reports circulating on social media kickstarted speculation that a rickshaw ride service may be in the works. on Monday also found a rickshaw option among other ride options available ─ Wifi Cars, Business, and Economy ... Read More »

State Bank maintains policy rate at 5.75pc


KARACHI: The State Bank of Pakistan (SBP) on Saturday kept the policy rate unchanged at 5.75 per cent for the next two months despite acknowledging an increase in inflation witnessed over the last several months. The interest rate has remained unchanged since the beginning of 2016-17, signalling stability in the economy. However, the low interest rate did not encourage the ... Read More »

Stock rally pushes November’s returns to 8pc


KARACHI: Underpinned by strong liquidity position of local investors, recovery in international oil prices and positive sentiments in cement and textile sectors, the benchmark KSE-100 index continued to travel north, gaining 675 points (or 1.6 per cent) to close the week at a handshake distance from the 43,000 level. Return during the current month has worked out at 7.8pc compared ... Read More »

Value-added textile sector wants level playing field


KARACHI: The 12 representative bodies of the value-added textile sector have unanimously urged the government not to give customs rebate or cash subsidy and instead should bring the input cost on a par with regional competing countries. In a meeting with Commerce Minister Khurram Dastgir, the umbrella organisation of these trade bodies — the Pakistan Apparel Forum (PAF) — sought ... Read More »

Trump’s threat to void TPP deal may open way for China


TOKYO: An Asia-Pacific trade deal stands almost no chance of working now that US President-elect Donald Trump has pulled the plug on it, proponents of the pact said on Tuesday, opening the way for China to assume the leadership mantle on trade. Japan and Australia expressed their commitment to the pact on Tuesday, hours after Trump vowed to withdraw from ... Read More »

Generators’ import bill crossed $1bn in July-Oct


KARACHI: For the first time in Pakistan’s history, the import bill for power-generating machines crossed the one-billion-dollar mark in July-October, according to the latest data released by the Pakistan Bureau of Statistics (PBS). Pakistan imported power generators worth $1.14 billion in the first four months of 2016-17 against imports of $431 million in the same period a year ago. This ... Read More »

Accessibility, capacity concerns curtail Islamic insurance: survey


Demand for Islamic insurance (Takaful) products is strong yet accessibility and capacity are among the most pressing issues facing the sector, an industry-wide survey released on Thursday showed. Takaful serves as a bellwether of consumer appetite for Islamic financial products, a sector which has its core markets in the Middle East and Southeast Asia and is expected to reach $20 ... Read More »

Indian rupee hits record low


MUMBAI: The Indian rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital outflows from emerging markets, and worries about the country’s demonetisation drive. Despite repeated interventions by the central bank to slow the slide, the rupee breached its previous low of 68.85 to the dollar hit in August 2013, when India was ... Read More »

Irritants in evolving devolution

Ambassador Maleeha Lodhi rang Nasdaq’s closing bell as part of Pakistan’s independence celebrations along with members of the Pakistan-American Business Association which organised the event in New York on Aug 25.

With more than Rs700bn contribution to the exchequer — more than one-fourth of the national revenue — the country’s oil and gas sector has started to feel the pinch of evolving taxation measures at the federal and provincial level, partly because of the process of devolution following the 18th Amendment and the 7th National Finance Commission Award of 2009. The ... Read More »

Bank borrowing rises


The government raised Rs215.328bn from the auction of Pakistan Investment Bonds of various tenors held last Wednesday, despite having received bids of Rs338.157bn. It generated Rs100.731bn from three year bonds at a cut off yield of 6.20pc, Rs64.197bn from five year bonds at 6.702pc and Rs50.399bn from ten year PIBs at 7.801pc. Three year PIBs attracted the highest amount of ... Read More »