Reacting to a major increase in petroleum prices by the interim government, business leaders on Wednesday warned that the decision will cause the closure of 50 per cent of industrial units and trigger mass unemployment. They said trade and industry, which are already struggling to survive the power tariff hikes of almost Rs10 per unit, cannot bear the increase of Rs17.50 and Rs20 per litre in t
The benchmark of representative shares demonstrated a puzzling trend on Thursday as trading began on a high note. Topline Securities said the KSE-100 index carried forward the bullish momentum from a day ago and made an intraday high of 395 points or 0.82 per cent. However, an unexpected and across-the-board sell-off in the latter half of the session disrupted the market momentum. As a resu
Financial institutions disbursed Rs1.776 trillion under agriculture financing during the previous fiscal year, which was 25 per cent higher year-on-year and was around 97.6pc of the agriculture credit target set by the State Bank of Pakistan (SBP), data showed on Wednesday. The outstanding portfolio of agriculture credit also grew 10pc to Rs760 billion by the end of June compared to Rs691bn by
Meezan Bank Ltd posted its highest-ever quarterly profit in April-June as its consolidated earnings amounted to Rs17.3 billion, up 120 per cent from a year ago. Its net profit rose 12pc from the preceding quarter mainly on the back of higher income and lower provisioning, said Arif Habib Ltd. The bank also announced a dividend of Rs4 per share. Separately, Bank Alfalah Ltd declared on Thursd
The National Electric Power Regulatory Authority (Nepra) notified an additional fuel cost adjustment (FCA) of Rs1.81 per unit for power distribution companies (Discos) and Rs2.31 for the Karachi-based utility K-Electric on Wednesday, with a net financial impact of Rs29 billion. Consumers will see the surcharge separately in their August bills and it will be based on their power consumption in J