Business News
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Saudis to up their deposits in SBP by $2b | The Express Tribune
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[ad_1] ISLAMABAD: Riyadh and Islamabad have reached an agreement to surge the Saudi deposits in the State Bank of Pakistan (SBP) by $2 billion – increasing them from $3 billion to $5 billion. Saudi Arabia Holding Company CEO Mohammad AlQahtani in a social media post shared that following the visit of Prime Minister Shehbaz Sharif…
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Pakistan Railways slashes train fares for Eid holidays
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[ad_1] Passengers wait for the train to travel back home to be with their families ahead of the Eid ul Fitr in Karachi on June 2, 2019. — AFP The Pakistan Railways (PR) on Tuesday announced a 25% reduction in the fares as a “special package” on the auspicious occasion of Eid ul Fitr. In…
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PSX eclipses record on Saudi pledge | The Express Tribune
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[ad_1] KARACHI: Pakistan Stock Exchange (PSX) on Tuesday achieved another milestone as it breached the 70,000 barrier and rose to a new record high in the backdrop of favourable data of remittances that soared 16.4% year-on-year (YoY) to $2.95 billion in March 2024. Initially, trading began at the intra-day low of 69,857.14 points but the…
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HSBC takes $1b hit from Argentina sale | The Express Tribune
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[ad_1] LONDON: HSBC is selling its business in Argentina and booking a $1 billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia. HSBC is selling the business, which covers banking, asset management and insurance, to Argentina’s fifth largest bank Grupo Financiero…
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Sesamum seeds export to China rises 68% | The Express Tribune
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[ad_1] BEIJING: Pakistan’s sesamum seeds export to China crossed $10.10 million in the first two months of 2024, showing a growth of 68.11% year-on-year. Pakistan Embassy Investment and Trade Counsellor in Beijing Ghulam Qadir said that according to the General Administration of Customs of the People’s Republic of China (GACC), Pakistan exported 5,997.744 tons of…
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Stakeholders for road infrastructure upgrade | The Express Tribune
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[ad_1] KARACHI: Leading builders and exporters have urged that before hastily imposing the Axle Load Regime of the National Highway Safety Ordinance (NHSO) 2000 based on international rules, the government must prioritise building road infrastructure in compliance with international standards. They made these remarks during discussions with The Express Tribune, reiterating that if the government…
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Gold surges to new historic high | The Express Tribune
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[ad_1] KARACHI: The price of gold soared to a new historical high of Rs247,600 per tola (11.66 grams) in Pakistan, aligning with global trends. This surge occurred as the domestic currency remained relatively stable, hovering near a one-week low at Rs277.94 against the US dollar in the interbank market ahead of the Eid holidays. Gold…
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PASSCO seeks more credit than wheat cost | The Express Tribune
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[ad_1] ISLAMABAD: The Ministry of Finance has raised objections to the cash credit limit sought by Pakistan Agricultural Storage and Services Corporation (Passco), which is higher than the cost of wheat to be procured from farmers. The Economic Coordination Committee (ECC) has recently approved a cash credit limit of Rs169 billion for Passco and has…
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PMDC to export pink salt to US firm | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan Mineral Development Corporation (PMDC) has initiated an agreement execution process with an American company for the export of pink salt, marking a significant step towards leveraging the country’s mineral potential. The establishment of the Mines and Minerals Division at the federal level underscores the commitment to harnessing the mining sector’s capabilities, PTV…
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PSX tops 70,000 points driven by Saudi $5bn pledge, IMF hopes
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[ad_1] A person can be seen in the Pakistan Stock Exchange (PSX) in this undated photo. —AFP/FIle KARACHI: The Pakistan Stock Exchange (PSX) breached the key psychological barrier of 70,000 points to hit another all-time high, driven by Saudi Arabia’s renewed pledge to rush its $5 billion investment package and International Monetary Fund deal hopes,…
