The Securities and Exchange Commission of Pakistan (SECP) has warned the public about falling prey to unauthorised lending apps — MoneyBox and MoneyClub. The SECP on Monday observed that these apps were using the names of licenced non-banking finance companies (NBFCs) to gain public confidence in offering lending services without any regulatory approval. The regulator has not granted any pe
Big businesses have demanded that the National Finance Commission (NFC) award, which is the basis for resource distribution among federal and provincial governments, should be renegotiated to enable the federation to manage its fiscal account. The Pakistan Business Council (PBC), which is a policy advocacy platform backed by some of the biggest private-sector companies, said the provinces sho
Remittances sent by overseas Pakistani fell below $2 billion in January, showing a 31-month low and resulting in a loss of about $2bn during the first seven months of the current fiscal year (FY23). The State Bank reported on Monday that the remittances stood at $1.89bn in January, the lowest since May 2020, showing a decline of 13 per cent year-on-year and 10pc month-on-month. The country
The entire auto sector, barring the bus segment, turned in a depressed performance as the sales of cars plunged by 43 per cent followed by 42pc dip in trucks, 19pc in jeeps and pickups, 52.6pc in tractors and 32.5pc in two- and three-wheelers during the first seven months of the current fiscal year. Contrary to past years, car sales and production in January plunged to 5,723 and 6,021 units fro
The Economic Coordination Committee (ECC) of the cabinet on Monday increased natural gas prices in the range of 16 per cent to 112.32pc with retrospective effect from Jan 1 for six months in a bid to raise an additional Rs310 billion from the majority of domestic and all other categories of consumers to secure early disbursement of $1.2 billion tranche. The ECC meeting chaired by Finance Minist