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GEO BUSINESS NEWS

Electricity prices reduced nationwide under monthly fuel adjustment
Wed, 09 Jul 2025 22:47:00 +05:00

A technician works on porcelain insulators on power transmission tower in Karachi. — Reuters/FileJuly bills to include notified price reduction.Non-Karachi rates cut by 50 paisa.Karachi relief based on April adjustment.

ISLAMABAD: Electricity prices have been reduced across...

Pakistan to launch pilot for digital currency, says SBP governor
Wed, 09 Jul 2025 18:18:00 +05:00

State Bank of Pakistan Governor Jameel Ahmad speaks at the Reuters NEXT Asia summit in Singapore, July 9, 2025. — Reuters SBP finalising legislation to regulate virtual assets.Move follows similar steps by regulators in China, India, Gulf states.We're building up capacity on...

Equity market retreats on weak oil, US tariffs concerns
Wed, 09 Jul 2025 16:07:00 +05:00

Brokers are busy in trading at Pakistan Stock Exchange in Karachi on Wednesday, October 23, 2024. — PPIThe KSE-100 Index closed at 132,576.98, down 826.21 points.It dropped to intraday low of 132,326.17, shedding 1,077.02 points.Index hit intraday high of 133,566.37, gaining 163.18...

Remittances surge over 26% to record $38.3bn in FY25
Wed, 09 Jul 2025 14:26:00 +05:00

A currency exchange agent counts US Dollars at his company in Iraq's southern city of Basra, on December 8, 2023. — AFPFY25 remittances jump 26.6% from last year.June remittances rise 7.9% to $3.4 billion.Saudi Arabia leads June remittances at $823 million.

KARACHI:...

Dubai-based bank arranges $1bn financing facility for Pakistan
Wed, 09 Jul 2025 13:42:00 +05:00

Four thousand US dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. — ReutersFinancing backed by a Policy-Based Guarantee from ADB. Development marks first such transaction by ADB for Pakistan. Facility includes an 89%...

US tariff revenue may hit $300bn by year's end, says Treasury chief
Wed, 09 Jul 2025 05:44:25 +05:00

US Treasury Secretary Scott Bessent speaks to reporters at the Capitol in Washington, DC, US, June 27, 2025. — Reuters

WASHINGTON: The United States could collect as much as $300 billion in tariff revenue by the end of this year, Treasury Secretary Scott Bessent has said.

He...

Four potential bidders get govt's approval for debt-ridden PIA
Tue, 08 Jul 2025 22:10:00 +05:00

This picture released on February 9, 2023, shows Pakistan International Airlines aircraft parked inside a shade in Nur Khan Engineering Complex in Islamabad. — X@PIAApproved bidders include consortium of Lucky Cement, others.Investment firm Arif Habib Corp leads another...

Govt finalises sugar import decision as prices soar
Tue, 08 Jul 2025 18:23:00 +05:00

Sugar in a gunny bag scooped up by a seller for photographing up close. — AFP/FileSugar price rises Rs6/kg in Lahore market.Quetta rate increases by Rs5 per kilogramme.Govt blames traders for broken price promises.

ISLAMABAD: The federal cabinet has given final approval for...

KE reappoints Moonis Alvi as CEO
Tue, 08 Jul 2025 16:00:00 +05:00

K-Electric Chief Executive Officer Syed Moonis Abdullah Alvi. — X/@alvimoonis

The board of directors of K-Electric has re-appointed Syed Moonis Abdullah Alvi as Chief Executive Officer , according to a statement issued by the power company.

“The board of directors, in...

FY24: AGP uncovers over Rs1,100bn irregularities across federal institutions
Tue, 08 Jul 2025 14:51:50 +05:00

An employee counts Pakistani rupee notes at a bank in Peshawar on August 22, 2023. — ReutersReport reveals pattern of fiscal indiscipline, unauthorised payments.Highlights import of 3.59m tonnes of wheat despite surplus stocks.Also features embezzlement, recovery cases...

PM stresses automation as FBR unveils AI-based customs clearance system
Tue, 08 Jul 2025 09:35:00 +05:00

PM Shehbaz Sharif chairs a meeting regarding FBR in Islamabad on July 7, 2025. — PIDFBR introduces Custom Clearance and Risk Management System.Initial testing shows over 92% improvement in performance.Goods clearance via green channel increased by over two times.

Cabinet gives nod to establishing virtual assets regulatory authority
Tue, 08 Jul 2025 09:06:00 +05:00

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. — ReutersPVARA to licence and supervise virtual asset providers.Watchdog to ensure FATF and IMF compliance.Pakistan aims to become...

Japan, S Korea hit with 25% tariffs as Trump ramps up trade war in letters to leaders
Tue, 08 Jul 2025 05:55:51 +05:00

A container is loaded onto a cargo ship while docked at Hai Phong port, Vietnam, April 16, 2025. — Reuters/File

US president extends negotiating deadline to August 1.Treasury secretary says inbox full of trade offers.Trump threatens BRICS countries with additional...

Govt launches initiative to replace conventional fans with energy-efficient ones
Mon, 07 Jul 2025 22:21:00 +05:00

A file image of a ceiling fan. — Canva

ISLAMABAD: The government has decided to launch a countrywide programme, aiming to replace fans with energy-efficient electric fans in order to reduce electric consumption.

According to finance ministry's statement, Finance Minister...

PSX soars past 133,000 on trade optimism, stable outlook
Mon, 07 Jul 2025 10:34:00 +05:00

A broker talks on phone as he looks at an index board showing the latest share prices at the PSX in Karachi on February 10, 2023. — AFPThe KSE-100 Index closed at 133,370.14, up 1,421.08 points, or 1.08%.The index hit an intraday high of 133,862.01, gaining 1,912.95 points, or...

Alignment with Brics' 'anti-US policies' to invite additional 10% tariffs, warns Trump
Mon, 07 Jul 2025 09:01:00 +05:00

US President Donald Trump speaks to members of the media upon his arrival at Morristown Airport, in Morristown, New Jersey, US, July 6, 2025. — ReutersBrics members say tariffs risked hurting global economy.Members offer symbolic backing to fellow member Iran.Trump warns he will...

Oil tumbles as OPEC+ hikes August output more than expected
Mon, 07 Jul 2025 06:28:42 +05:00

People walk past an installation depicting a barrel of oil with the logo of the Organization of the Petroleum Exporting Countries during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. — Reuters

OPEC+ to raise output by 548,000bpd in Aug...

US close to several trade deals, announcements to be made soon, says Bessent
Sun, 06 Jul 2025 20:08:00 +05:00

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol on Capitol Hill in Washington, DC, US, June 27, 2025. — ReutersHigher tariffs to kick in on August 1.Treasury secretary says 100 smaller countries to get letters soon.Bessent says some countries 'foot-dragging'...

Tax collection via electricity bills falls to Rs490bn in FY25
Sun, 06 Jul 2025 18:51:00 +05:00

A technician fixes new electricity meters at a residential building in Karachi, on May 13, 2010. — AFPSalaried class individuals paid Rs552bn in FY25, FBR data shows. Share of household sector rises to 49.6% during July-March FY25.This increase indicates relative expansion...

US to send tariff letters to 12 countries starting next week
Sat, 05 Jul 2025 12:25:00 +05:00

US President Donald Trump signs an executive order in the Oval Office of the White House in Washington, US on February 10, 2025. — Reuters"Letters are better much easier to send letter," says Trump.US president says tariff letters will be sent out on Monday.He warns that...

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Last modified: 04-03-2021

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