On the eve of Independence Day, the stock market extended the overnight losses in mixed trading as jittery investors opted to take profits on Tuesday amid mounting political tensions. Ahsan Mehanti of Arif Habib Corporation said stocks closed lower on uncertainty over IMF’s approval for the proposed termination of contracts with 15 independent power producers and a likely cut of up to Rs400 bil
THE prime minister wants to bring down the cost of electricity. He should start by repairing the fiscal equation of the state. There is no harm in talking with power producers to see if coal-fired power plants can be shifted to domestic coal as a way to bring down fuel costs. It is also good to order a move towards smart metering in the distribution companies, something that should have been do
The Asian Development Bank (ADB) has stressed the need for a new urbanisation mode for Pakistan as failing public services, declining quality of life, and decreasing economic productivity undermine urban agglomeration’s economic and social benefits. The Manila-based lender’s report, ‘Pakistan National Urban Assessment: Pivoting towards Sustainable Urbanisation’, released on Wednesday, points ou
The United Nations Conference on Trade and Development (Unctad) says the digital economy is thriving, with annual smartphone shipments more than doubling since 2010, reaching 1.2 billion in 2023. Unctad’s ‘Digital Economy Report 2024’ says the number of Internet of Things (IoT) devices is projected to surge 2.5 times from 2023 to 39 billion by 2029. New data from 43 countries, representing abou
State Bank of Pakistan (SBP) Governor Jameel Ahmad has stated that there are no import restrictions as foreign exchange reserves have substantially risen. In his message for the 77th Independence Day celebrations at the SBP, Mr Ahmad mentioned that the situation regarding foreign reserves has improved, with reserves rising to $9.3 billion despite ongoing debt repayments. “There have been no