Foreign banks are now demanding a 10 per cent commission to endorse letters of credit (LC) for importable consignments, banking insiders revealed on Saturday. They said the move came as the country grapples with economic challenges, diminishing the confidence of global financial institutions in its banking system. The rupee’s depreciation, coupled with foreign exchange reserves and debt serv
As the industries had not given any green signal to join the countrywide strike call given by the Jamaat-i-Islami, the overall industrial activities showed a mixed trend due to the low turnout of workers. Industries had already remained shut on Friday on account of Shah Abdul Latif Urs while traders had kept their shops closed on the same day to protest against the inflated power bills and soar
The overall export earnings showed a modest month-on-month recovery in August as the commerce ministry is set to announce a plan for reopening the operations of more than 1,600 textile industries that were shut down in the past 16 months, a high-ranking government official told Dawn. A strategic framework is being finalised to provide regional competitive energy pricing, working capital support
ISLAMABAD: Despite surplus power generation capacity, most of the country’s engineering firms have held electricity scarcity and its poor supply responsible for their inability to meet production goals and achieve operational efficiency, thus losing competitiveness, whereas 95 per cent firms reported no access to finance. This has been disclosed by the state-run Pakistan Institute of Developmen
LAHORE: The total cost of free electricity units being used by the state-owned entities in the country’s power sector alone ranges between Rs22 billion and Rs25bn per annum whereas the allowances being given to other government departments’ employees from grade 1 to 22 are also worth billions, leaving the government with no option but to pass on such a huge financial impact to consumers. Howeve