Foreign exchange reserves all-time high at $20 billion

ISLAMABAD: Pakistan’s foreign exchange reserves have crossed an all time high mark of US $20 billion on Thursday, said a statement issued here. According to details, the reserves includes $15.24 billion that are with the State Bank of Pakistan (SBP) while another $4.83 billion are held by the commercial banks. Finance Minister

Ogra proposes new petrol, diesel prices

ISLAMABAD: Based on existing tax rates, the Oil and Gas Regulatory Authority (Ogra) calculated on Tuesday a reduction in prices of petrol and high-speed diesel (HSD) and an increase in other major petroleum products for the month of October. It said the prices of all products could come down significantly if

Dollar Falls Broadly as Investors Await U.S. Data, Fed Speakers

The dollar fell broadly on Tuesday as investors sought clearer signals on the U.S. economy and interest rates ahead of U.S. jobs data and speeches by Federal Reserve officials later this week. The U.S. currency slipped 0.2% to 119.74 yen in late-afternoon trade, on pace for its lowest close in three

World’s largest online rice database launched

MANILA: The world’s biggest genetic rice database online is now available free, a move scientists hope will contribute to a “green revolution”, a leading rice research group said Wednesday. Information on the genetic sequence of 3,024 rice varieties can now be accessed through the Amazon Web Services system, a cloud computing

Zuckerberg pledges internet in refugee camps

UNITED NATIONS: Facebook founder Mark Zuckerberg believes the site will help the international community implement a sweeping new sustainable development agenda. Zuckerberg said Facebook is partnering with the United Nations (UN) agency for refugees to bring the Internet to refugee camps. "Connectivity will help refugees better access support from the aid community

Cash crunch to affect hides collection

KARACHI: Tanners fear less collection of hides and skins this Eid ul Azha owing to cash flow problems being faced by the industry in the backdrop of held up customs duty drawback, sales tax and income tax refunds by the FBR. The industry also feels that there could be a steep

KARACHI:There will be 40 million smartphones in Pakistan by December 2016, according to market estimates, based on current trends in the e-commerce sector, says a major player. According to sources in the e-commerce market, the estimate, along with the optimism surrounding it, is being driven by the recent growth of telecom

Pakistan successfully issues new Bond of $500m in Eurobond market

Pakistan successfully issued on Friday a new Bond of $500 million with a maturity of 10 years in the international Eurobond market,  reported. The coupon rate was 8.25%, equivalent to the rate at which it issued the same bonds in April last year. Roadshows were conducted for launching the bond in London, Los Angeles and

Port in Sargodha for Kinnow export

ISLAMABAD: The government should open a dry port in Sargodha to facilitate Kinnow exports, urged the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). “There is an urgent need to open a dry port in Sargodha that would facilitate the export of, according to an estimate, around 6,000 containers of