A number of export-oriented industries opened their units on Tuesday despite a local holiday in the country’s economic nerve centre, which was announced in connection to Iranian President Sayyed Ebrahim Raisi’s visit to the port city. However, many units could not meet their production and export targets due to a labour shortage and disruption in cargo movement caused by a road blockade for the
The non-performing loans (NPLs) of the banking sector increased by 7.6 per cent, or Rs70 billion, during 2023, according to data released by the State Bank of Pakistan (SBP) on Tuesday. The rise in defaults, influenced by high interest rates and sluggish economic growth, reflects ongoing financial struggles within almost all segments of the economy. Throughout 2023, political instability and ec
Tehran is ready to exchange its prowess in industry, science, and technology with Pakistan, Iranian President Ebrahim Raisi said after visiting Lahore and Karachi on Tuesday amid strict security during his three-day trip to the country. Speaking at a ceremony at the Chief Minister House in Karachi, he said Iran made strides in these fields despite “unfavourable conditions” and was ready to exch
Pakistan received only about $9.8 billion in foreign loans and grants in the first nine months (July-March) of the current fiscal year, far behind the annual target of $17.4bn, amid major slippages in raising international financial support. The disbursements appeared to be slowing down as the country received less than $204 million in foreign loans in March compared to $318m in February, a
In a landmark development, the Pakistan Stock Exchange (PSX) has signed a collaborative understanding with LSEG (London Stock Exchange Group) on Environment, Social, and Governance (ESG). Under this mutual understanding, both companies will work to develop a suite of standardised ESG data tools for PSX-listed companies to report their ESG data, according to a PSX press statement. This understan