Domestic cotton production will remain drastically lower than projected for the crop year 2023-24 as the total output will be hardly 8.5 million bales against the initial target of 12.8m, a loss of 4.3m bales, reveals the data released by the Pakistan Cotton Ginners Association on Wednesday. The PCGA data up to Dec 31 shows that 8.17m bales of cotton have reached the ginning factories across t
The National Electric Power Regulatory Authority (Nepra) on Wednesday approved a second increase in power tariff within a week for the consumers of K-Electric. The regulator, on a request by the Karachi-based power utility, gave the approval of Rs2.87 per unit hike, which comes as part of a quarterly tariff adjustment (QTA) from January to March 2023. The decision has been forwarded to the fede
After staging the second-best single-day rally the other day, the stock market on Tuesday faltered on profit-taking triggered by a spike in headline inflation and growing uncertainty about upcoming general elections. However, the benchmark KSE 100 index closed above the 64,000 level. Beating the government’s projection of 21pc with a big margin, the first-half inflation for FY24 surged to 28.79
AFTER a commendable long period of uninterrupted decline in poverty rates, Pakistan’s economy is now facing one of its worst crises. Poor policy choices, combined with a series of shocks — Covid 19, the 2022 catastrophic floods and adverse global conditions — caused growth to slow, poverty to increase, and brought the country to the brink of debt default. Moreover, human development outcomes re
Oil prices shed value during the first session of 2024, on the back of interest rate jitters and as concerns eased that tensions in the Red Sea could disrupt supplies. Brent crude was down 45 cents, or 0.6 per cent, at $76.59 a barrel at 13:15 p.m. ET (18:15 GMT). US West Texas Intermediate crude was down 60 cents, or 0.8pc, at $71.05. Prices rose briefly in early trade after attacks on vess