Diamond Industries Ltd said on Tuesday it’s suspended manufacturing operations until further notice because of adverse economic conditions and non-availability of imported raw materials. The maker of foam, foam products and chemical binders used in textile, leather and wood industries said it’ll resume production once raw material becomes available. The government has made it difficult for indu
Questioning a demand by the Pakistan International Airlines Corporation (PIAC) for an annual financial support of $40 million for continuing its flight operations, the federal government informed the Supreme Court on Tuesday that it had provided the national flag carrier Rs114 billion since 2018. Through its counsel Raja Salman Akram, PIA had sought the $40m financial support, as well as court’
The consumers of telecom and internet services paid Rs100 billion more in duties and levies during the fiscal year ending on June 30, 2022, as the PMLN-led coalition government increased the tax rates soon after coming to power in April 2022. Overall the telecom sector contributed Rs325.2bn to the national exchequer in 2021-22 compared to Rs225.8bn in the preceding fiscal year. The number of
Warning of another global recession, the World Bank on Tuesday forecast Pakistan’s economic growth to slow further to two per cent during the current year — down by two percentage points from its June 2022 estimate — because of the devastating floods and slowdown in global growth rate. The World Bank’s latest forecast also points to a “sharp, long-lasting slowdown” with global growth pegged at
Oil prices fell on Wednesday, erasing the previous session’s gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil user, which reignited worries about fuel demand. US West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8 per cent, to $74.53 a barrel at 0134 GMT, while Brent crude futures were down 62 cents,