Lowering pressure on forex reserves : ‘Pakistan will go for fresh IMF loan’
Pakistan will seek fresh loan from International Monetary Fund (IMF) in order to lower the immense pressure on foreign exchange reserves, sources in the Ministry of Finance (MoF) said on Wednesday. more... (DT)
THE RUPEE: all-round gains
Higher remittance inflows and export proceeds boosted the rupee versus the dollar on the currency markeet on Wednesday, dealers said Currency analysts said that positive sentiments arising from the US-Pakistan ties, which have brought stability to the local currency. more... (BR)
Telecom import up 24pc in FY12
The imports of various telecom products witnessed increase of 23.89 percent during the fiscal year 2011-12 as against the same period of the previous year.
The overall imports of telecom sector reached to US$1.268 billion during July-June (2011-12) against the imports of US$ 1.023 billion recorded during July-June (2010-11), according to data of Pakistan Bureau of Statistics. more... (FD)
Engro Foods Canada set to make profit next year
Engro Foods Canada is poised to post a profit next year by increasing availability of its halal meat product line in major chains of retail outlets across the North American continent, Engro Foods CEO Afnan Ahsan said on Wednesday. more... (ET)
Oil prices: NA panel opposes ECC decision on weekly revision
A parliamentary panel has opposed the decision of the Economic Coordination Committee (ECC) to review oil prices every week and called for restoring the old system of monthly revision to discourage profiteering and hoarding of petroleum products. more... (ET)
KESC posts Rs 2.62 billion profit after tax
After making losses during last 17 years and after seven years of privatisation, the Karachi Electric Supply Company (KESC) has announced surprising financial results and posted Rs 2.620 billion as profit after tax for the year ended June 30, 2012 (FY12) as compared to after tax loss of Rs 9.393 billion recorded in FY11.