Business News
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Pro-Palestine: India’s Maryan Apparel quits Israeli police uniform contract over Gaza war crimes
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[ad_1] Israeli soldiers patrol Huwara in the occupied West Bank, on March 20, 2023. — AFP An Indian company has decided to end a long-standing agreement to produce uniforms for the Israeli police, telling AFP on Friday that it had done so after reaching a “moral decision” in light of the conflict in Gaza. Maryan…
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Strong macros toss Pakistan stocks to highest in over 6 years
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[ad_1] A stock broker watches share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on July 31, 2023. — AFP Stocks rallied Friday as the bulls pushed the market by over 300 points and it crossed the 50,700 barrier, its highest since May 2017, as investors seemed satisfied with the…
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Current account reaches breakeven in September | The Express Tribune
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[ad_1] KARACHI: Pakistan’s current account balance almost reached breakeven with a nominal deficit of $8 million for September 2023, slightly missing market expectations of a surplus. According to State Bank of Pakistan’s (SBP) data, the current account deficit of $8 million was 95% lower than the deficit of $164 million in August and 98% lower…
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Rupee recovers nearly Rs1.5 in inter-bank | The Express Tribune
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[ad_1] KARACHI: Pakistani currency, while dismissing the negative sentiment, quickly recovered to slightly below Rs279 against the US dollar in inter-bank market on Thursday as the “authorities concerned did not find any unusual demand for the greenback.” According to State Bank of Pakistan’s (SBP) data, the currency regained 0.53%, or Rs1.48, and closed at Rs278.81…
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Stocks surge past 50,000-point barrier | The Express Tribune
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[ad_1] KARACHI: Bulls were back in driving seat at the Pakistan Stock Exchange (PSX) on Thursday as the market surged over 900 points and comfortably crossed the 50,000 barrier over expectations of a decrease in State Bank’s policy rate in the next monetary policy announcement. Though trading began on a positive note, the KSE-100 index…
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Rupee rebounds to Rs278.81 against US dollar after sharp drop | The Express Tribune
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[ad_1] KARACHI: Despite recent setbacks, the Pakistani rupee exhibited resilience, quickly recovering to a rate slightly below Rs279 against the US dollar in the inter-bank market on Thursday. This positive turn of events can be attributed to the assurance from “authorities concerned” that no unusual demand for foreign currency exists in the market. According to…
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Israel-Hamas war: Oil prices rise, global stocks fall as humanitarian crisis worsens in Gaza
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[ad_1] A Palestinian youth looks for salvageable items amid the rubble of the Kuhail building, which was destroyed in an early morning Israeli airstrike on Gaza City on Tuesday. — AFP Oil prices rose and global stocks largely fell on Wednesday, in response to concerns that the Israel-Hamas dispute could escalate into regional warfare following…
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ECC members oppose new benchmark loan rate | The Express Tribune
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[ad_1] ISLAMABAD: Amid opposition from Chinese sponsors to Pakistan’s plans to adopt a new benchmark rate for IPP loans, the economic managers have raised serious objections to the proposal submitted by the Power Division for revising the borrowing rate. The Power Division had called for a transition from the London Inter-bank Offered Rate (Libor) to…
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Cotton production slows as white fly attacks crop | The Express Tribune
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[ad_1] KARACHI: Pakistan has reported a jump of 62% in cotton production to 5.99 million bales in the first three and a half months of the current season, reducing reliance on imports significantly. The production of the commodity, however, slowed down in recent weeks compared to the initial growth of around 80% as “white fly…
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Oil surges 2% amid US storage draw | The Express Tribune
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[ad_1] NEW YORK: Oil prices climbed about 2% to a two-week high on Wednesday on a bigger-than-expected US storage draw and as rising tensions in the Middle East threaten to disrupt oil supplies from the region, with Iran calling for an oil embargo on Israel. Brent futures rose $1.46, or 1.6%, to $91.36 a barrel…
