Already hard-pressed amid surging prices of almost all essentials, the government on Wednesday added fuel to consumers’ misery by increasing the General Sales Tax (GST) to 18 per cent from 17pc along with federal excise duty. However, the manufacturers have yet to give any respite in prices despite over Rs11 recovery in the rupee’s value, which makes the import cost of raw materials and finishe
Oil prices rose on Thursday as hopes of a robust fuel demand recovery in top oil consumer China offset losses arising from strength in the greenback and a large build in US crude inventory. Brent crude futures rose 42 cents, or 0.5 per cent, to $85.80 per barrel by 0352 GMT, while US West Texas Intermediate (WTI) crude futures gained 48 cents, or 0.6pc to $79.07 a barrel. The International E
Large-scale manufacturing (LSM) declined for the fourth consecutive month in December, shrinking 3.51 per cent year-on-year (YoY), data released by the Pakistan Bureau of Statistics (PBS) showed on Wednesday. Big industry output has largely been declining since the start of the current fiscal year, with only a paltry rise recorded in August. There was a negative growth of 5.49pc in November, 7.
Shares at the Pakistan Stock Exchange plunged on Tuesday with the benchmark KSE-100 index sliding over 500 points as analysts attributed the slump to weakening macroeconomic indicators and uncertainty over a pending review with the International Monetary Fund (IMF) for the release of a $1.2 billion tranche. The KSE-100 index closed down 566 points, or 1.36 per cent. “Weak remittances print,
BY raising gas prices by up to 113pc for six months, the coalition government has implemented another IMF-mandated prior action for the resumption of its stalled bailout package. Even if the hike had not been ‘imposed’, an increase in the rates would have been inevitable to save the two gas companies from bankruptcy. The increase — to take effect from last month — will help the government recov