Cotton production has dropped by more than 40 per cent mainly because of climate change and floods giving a nightmare to the country’s ‘financial wizards’ as the foreign exchange-starved country will have to import about 7 million cotton bales to meet the textile industry’s demand this season. Total white lint production is expected to be barely 4.8m bales this year, raising the cotton impor
Engro Corporation Ltd said on Monday it’s looking for an investment opportunity in the mobile infrastructure business, which typically involves purpose-built towers with communication equipment allowing area residents to use wireless devices. Even though the securities filing didn’t mention the potential size of investment — or name the target of acquisition — market reports suggest the conglom
The Economic Coordination Committee (ECC) of the Cabinet on Monday accepted offers for the import of almost 950,000 tonnes of wheat including 450,000 tonnes from Russia at the same rate of $372 per tonne. With this, Russia has become the single largest wheat supplier to Pakistan this year, taking total quantities to 750,000 tonnes. The meeting of the ECC presided over by Finance Minister Is
The amount of outstanding auto loans decreased for the fourth consecutive month at the end of October, data released by the State Bank of Pakistan (SBP) showed on Monday. The outstanding auto financing stood at Rs345 billion at the end of last month, which is 0.1 per cent lower than the October 2021 figure of Rs346bn. The latest outstanding auto financing figure is 1.4pc lower than its Septembe
Trading on the stock exchange commenced on a negative note in the outgoing week amid a surprising policy rate hike by the central bank, which increased the benchmark rate by 100 basis points to 16 per cent. The negative mood was reinforced by rising political noise. Arif Habib Ltd said the momentum briefly turned green after the State Bank of Pakistan (SBP) received $500 million from Asian Infr