In a press statement from the Lahore Chambers of Commerce and Industry (LCCI) on Tuesday, it was asserted that Pakistan holds the potential to become an economic leader, provided key economic issues such as devaluation, industrial closures, high utility prices, inflation, and high markup rates are collectively addressed. The statement expressed concern that these factors are dampening the confiden
President of the Korangi Association of Trade and Industry (KATI), Syed Johar Ali Qandhari, appealed to the government to rescind the recent hike in petroleum product prices, warning of dire consequences such as industrial closures, inflationary pressures, and a surge in unemployment if swift action is not taken. In a statement issued on Tuesday, he highlighted the pressing need to address chal
The potential escalation in the Middle East crisis pulled the rupee down to almost four-week low at Rs279.29 against the US dollar in the inter-bank market on Tuesday and sent gold to a new record high at Rs249,700 per tola (11.66 grams). According to State Bank of Pakistan’s (SBP) data, the rupee further depreciated 0.06%, or Rs0.17, and closed at a 26-day low at Rs279.29 against the greenback
The Competition Commission of Pakistan (CCP) has issued a policy note under Section 29 of the Competition Act, 2010 to the Ministry of Science and Technology and Pakistan Standards and Quality Control Authority (PSQCA). The policy note recommends them to amend the Pakistan Standard Specification for all five types of cement and make it mandatory for manufacturers to disclose the “manufacturing/
The production of goods at large-scale manufacturing industries (LSMI) such as food, textile, fertiliser and construction material dropped for the second consecutive month, contracting to around 126 on the Quantum Index of Manufacturing (QIM) for February 2024. Pakistan Bureau of Statistics (PBS) reported on Tuesday that the LSMI reading dropped 4.14% to 126.1 in February when compared with Jan