A parliamentary fact-finding committee has found that the decision to allow Gulf airlines to expand their operations was the main cause behind the downfall of Pakistan International Airlines (PIA), as these airlines carried passengers beyond the intended scope of their bilateral service agreements. Due to the Open Sky Policy, PIA's market share decreased from 50% to 20%. Constant management cha
The stock market continued its northward journey on Tuesday as the benchmark KSE 100 index surpassed the 115,000 barrier in intraday trading but failed to sustain gains above this level on profit-taking. Topline Securities Ltd noted that the benchmark KSE 100 index rally was supported by local fund buying. It reached a high of 115,890 points before closing at 114,528 points, gaining 198 points
Special Assistant to Prime Minister Muhammad Ali, in a comment to Financial Times, denied any “coercion” in negotiations with independent power producers (IPPs) following a letter signed by a group of international lenders. On Feb 18, eight Development Finance Institutions (DFIs), which have financed power projects worth $2.7 billion in the country over the past 25 years, criticised the governm
Prime Minister Shehbaz Sharif arrived in Uzbekistan on Tuesday on a two-day official visit to enhance bilateral relations with the Central Asian country. Pakistan and Uzbekistan have strengthened ties through trade and economic cooperation. A $1 billion trade deal was signed in 2023, and plans for further collaboration, including a roadmap for industrial cooperation, show the two sides’ commitm
State Bank Governor Jameel Ahmad has said banks need to diversify beyond the government sector and increase financial deepening, stressing that no country can achieve sustainable economic growth with low levels of private credit. Speaking at the Pakistan Banking Summit on Tuesday, Mr Jameel said banks’ credit to the private sector as a percentage of GDP declined to 8.4 per cent by fiscal year 2