Business News
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Remittances up ahead of Ramazan | The Express Tribune
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[ad_1] KARACHI: The inflow of workers’ remittances rose 18% in February 2024 compared to the same month of last year, reaching $2.25 billion ahead of the fasting month of Ramazan that is beginning next week. According to State Bank of Pakistan’s (SBP) data, the remittances had stood at $1.90 billion in February last year. The…
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Rupee rises to 4-1/2-month high vs dollar | The Express Tribune
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[ad_1] KARACHI: Pakistani currency on Friday hit a four-and-a-half-month high at Rs279.04 against the US dollar in the inter-bank market where it extended its uptrend for the second consecutive day. The latest, meaningful increase in the rupee value came in the wake of International Monetary Fund’s (IMF) positive response to Pakistan over the request of…
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SBP notifies bank holiday on 1st Ramadan
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[ad_1] State Bank of Pakistan (SBP) building. — AFP As the country prepares to welcome the holy month of fasting, the State Bank of Pakistan (SBP) on Friday notified the bank holiday across the country on 1st Ramadan, which is likely to fall on Tuesday (March 12). “The State Bank of Pakistan will remain closed…
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‘Ready’ to work with new govt, IMF says after receiving PTI letter
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[ad_1] Logo of the IMF can be seen in this undated picture. — AFP/File ISLAMABAD: The International Monetary Fund (IMF) on Friday stated that it was ready to work with the Shehbaz Sharif government on the development of a new medium-term economic program, ignoring Pakistan Tehreek-e-Insaf’s (PTI) demand for an audit of election results. A…
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IMF refuses to be entangled in Pakistan’s electoral dispute | The Express Tribune
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[ad_1] ISLAMABAD: The Pakistan Tehreek-e-Insaf’s (PTI) attempt to block the next multi-billion-dollar bailout package backfired on Friday after the International Monetary Fund (IMF) refused to interfere in Pakistan’s politics but encouraged the country to hold fair resolution of all electrical disputes. PTI founder Imran Khan had penned a letter to the IMF, urging the global…
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PM for giving DISCOs to provinces | The Express Tribune
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[ad_1] ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday set up a committee for transferring 10 power distribution companies (DISCOs) to provinces, which was not in line with last month’s decision of the Special Investment Facilitation Council (SIFC) that wanted to hand over those firms to the private sector. The PM gave the directive to constitute…
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How much money did Mark Zuckerberg lose due to global outage of Meta platforms?
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[ad_1] Mark Zuckerberg, CEO of Facebook, is seen. —AFP Meta CEO Mark Zuckerberg faced a staggering loss of nearly $3 billion in the wake of a one-hour global shutdown affecting various popular social media platforms under the company’s umbrella, the New York Post reported. The outage resulted in a decline of $2.79 billion in Zuckerberg’s…
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SSGC to provide gas only for 13 hours in Ramadan
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[ad_1] — APP/File KARACHI: The Sui Southern Gas Company (SSGC) has announced a gas supply schedule for the holy month of Ramadan during Sahar and Iftar timings. According to an SSGC statement, the gas will be provided between 3:00am to 9:00am (Sahar) and 3:00pm to 10:00pm (Iftaar). It is pertinent to mention that the essential…
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Moody’s upgrades Pakistan’s banking sector outlook to ‘stable’ | The Express Tribune
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[ad_1] Moody’s Investors Service has upgraded the outlook of Pakistan’s banking sector from ‘negative’ to ‘stable’, citing easing macro challenges and fiscal pressures. In its report, the agency highlighted the solid profitability and stable funding of banks, which provided a buffer against the country’s macroeconomic challenges and political uncertainties. The report forecasts a modest growth…
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Chinese PV goes global: sail against the current | The Express Tribune
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[ad_1] BEIJING: “In 2023, China’s photovoltaic (PV) application market has indeed achieved unexpected development, reaching 216.88GW (gigawatts), a staggering year-on-year growth of 148.1%, exceeding the predictions of all industry insiders. With the growing demand for green electricity, we predict that the domestic new installed capacity will remain at a high level this year,” Liu Yiyang,…
