Prices of pulses escalating despite regular imports on July 14, 2016KARACHI: Prices of pulses in the country were escalating despite regular imports by the Trading Corporation of Pakistan’s (TCP), while private sector exporters preferred dispatching their produce on attractive prices in the international market. The traders said that prices of lintels would not come down due to depletion of local stocks, rise in import costs […]
Condolences pour in as messiah of the nation is laid to rest on July 10, 2016KARACHI: The members of civil society and business community have expressed deep grief over the demise of the renowned social worker, Abdul Sattar Edhi, on Saturday. While talking to Daily Times, Agha Saiddain of Pakistan Tanners Association, Jawed Bilawani of Pakistan Apparel Forum, Sanaullah Khan of All Pakistan Marble Mining, Manufacturing and Exporters Association, Federation […]
Sale of domestic home appliances down by 30% during Ramazan on July 9, 2016KARACHI: Eidul Fitr sales on domestic appliances including deep freezer, refrigerator, microwaves oven and cooking range recorded a decrease of 30 percent this Ramazan after an increase in taxes, importers and traders said. “Every Ramazan, sale of these items usually cover around 20 percent of the total annual sale,” said Arshad Saeed, member of a […]
You cannot bank on banks during Eid on July 4, 2016KARACHI: Account holders of several commercial banks on Monday complained about online banking issues and malfunctioning of Automated Teller Machines (ATMs) at several bank branches. Despite instructions by the State Bank of Pakistan (SBP) to all commercial banks to keep their online banking systems and ATMs in order during Ramazan and Eid holidays, many complaints […]
Shoe shopping through plastic money rises by 5% on July 4, 2016KARACHI: The use of credit cards in purchasing shoes at leading shoe outlets increased from 4 percent to 5 percent as against the last Eidul Fitr season, traders said on Monday. This was due to the lavish offers on credit cards by all banks. Credit cards are more convenient for the upper class, as they […]
$50bn debt due this year on June 19, 2016KARACHI: Pakistan economy is facing a tsunami of bad news as 42% of its foreign debt, around $50 billion, is due this year. Around $30 billion is due between July and September, of which $8.3 billion will need to be in foreign currency, depleting 40pc of the country $21 billion in foreign exchange holdings. Pakistan’s […]
APTMA rejects duty on import of Indian cotton on June 18, 2016KARACHI: Step to impose regulatory duty on import of cotton from India through Wagha Border is the outcome of false data and non-professional approach of Senate Standing Committee on National Food Security and Research, said members of All Pakistan Textile Mills Association (APTMA) on Friday. While rejecting the recommendation of the committee, the members said […]
Traders mature import of 300,000 lint bales by end June 2016 on June 15, 2016KARACHI: The leading buyers finalised contracts for 300,000 cotton bales with traders in South Africa, India and United States of America (USA) during May-June 15, 2016. The shortfall to around 3 million bales in cotton production 2015-16 season in the country forced textile and commercial sector to make contracts with traders besides buyers to make […]
Sindh slams Centre for delaying NFC Award on June 11, 2016 KARACHI: Sindh Minister for Planning and Development, Finance, Energy and Irrigation, Murad Ali Shah, in his budget speech lashed out at the federal government and said it is the constitutional responsibility of the federal government to announce the National Finance Commission (NFC) Award for a period of five years under Article 160 of the […]
Remittances witness surge ahead of Ramadan on June 4, 2016KARACHI: Foreign remittances have witnessed a surge ahead of holy month of Ramadan as bankers and forex market analysts have predicted that the country would receive more than $20 billion by the end of current fiscal year. It was also estimated that the commercial banks would receive larger amounts of remittances and member companies of […]