THE topic of Pakistan’s non-ending economic quagmire elicits many proposals, some good, some reworded, and some repetitive. Rarely, if ever, is there a discussion on cultural aspects impinging on economic outcomes. I argue that, for the economic transformation of the country, cultural change is as important as factors like investment, savings, fiscal policy, etc. Importantly, the argument centr
The caretaker government on Thursday night hiked the price of petrol by Rs2.73 per litre for the next fortnight. The new price of petrol is now RsRs275.62 per litre from the previous price of Rs272.89, according to a notification from the Finance Division. The price of high-speed diesel (HSD) was increased by Rs8.37 to Rs287.33 per litre. In a late-night announcement, the Ministry of Fi
Meezan Bank Ltd on Thursday announced that its profit-after-tax surged to a record Rs86.02 billion in 2023 compared to Rs45.14bn in 2022, an increase of 91 per cent. The largest Islamic bank’s earnings per share reached Rs47.66 for the year as compared to Rs25.1 in 2022, on a consolidated basis. The board of directors also announced a final cash dividend of Rs8 per share. PSO loss surges
Large-scale manufacturing (LSM) continued to recover in December for the second consecutive month, data released by the Pakistan Bureau of Statistics showed on Thursday. LSM posted a paltry growth of 3.43 per cent in December on a year-on-year basis. In November, the growth in LSM was recorded at 1.59pc. The main contributors to positive growth are food, beverages, wearing apparel, leather prod
Just two days before a meeting with caretaker Prime Minister Anwarul Haq Kakar on Thursday, manufacturers have further raised steel bar prices by Rs3,000-4,000 per tonne to offset rising cost of production. A dealer at Sarya Market behind Civil Hospital quoted the price of Amreli steel bars in the southern region at Rs276,500 for size 9.5/10mm and 12mm, and Rs274,500 for sizes 16mm and above.