Business News
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Chinese Evergrande files for Chapter 15 bankruptcy in Manhattan
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[ad_1] A general view of the Evergrande Center building in Shanghai. — AFP/File NEW YORK: Embattled Chinese property giant Evergrande Group filed for bankruptcy protection in the United States on Thursday, court documents showed, a measure that protects its US assets while it efforts a restructuring deal. Chapter 15 bankruptcy provides mechanisms for dealing with…
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Mortgage interest rates soar to highest levels in over two decades in US
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[ad_1] Mortgage interest rates soar to highest levels in over two decades in US. npr.org/ Mortgage interest rates in the United States have surged to their highest levels since 2002, causing concerns for potential homebuyers. The average interest rate on a 30-year fixed-rate home loan has risen to 7.09% this week, a stark contrast to the…
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Gold continues gaining streak in Pakistan
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[ad_1] A shopkeeper waits for customers at his gold jewellery store in Hyderabad’s Resham Bazar on November 12, 2020. — APP KARACHI: The price of gold jumped for the third time in Pakistan on Thursday despite the international rates declining following a strong US economy. The price of gold (24 carats) increased by Rs1,200 per…
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Forex reserves rise $12m to $8.1b | The Express Tribune
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[ad_1] KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased by 0.14% on a week-on-week basis, reaching $8.1 billion, according to data released by the central bank on Thursday. By the end of the week on August 11, 2023, the central bank’s foreign currency reserves were recorded at $8,055.3 million,…
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Interim setup picks pro-liberal policies duo | The Express Tribune
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[ad_1] ISLAMABAD: The interim government has picked an experienced duo of Dr Shamshad Akhtar and Dr Waqar Masood Khan to steer the country out of a prolonged economic crisis. The two new wizards are known for their pro-International Monetary Fund (IMF) stances and liberal policies. The government has appointed Akhtar as the federal minister of…
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Exchange rate difference remains high | The Express Tribune
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[ad_1] KARACHI: The difference between rupee-dollar exchange rates in inter-bank and open markets has remained significantly high compared to the International Monetary Fund’s (IMF) recommended level of 1.25%, breaching a lender’s condition and putting question mark over the ongoing $3 billion loan programme. Pakistani rupee closed unchanged on Thursday at the three-month low of Rs294.92…
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Are you making this mistake in business? Learn from a startup pro for ultimate success
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[ad_1] Are you making this mistake in business? Learn from a startup pro for ultimate success. Representational image from Unsplash Confidence is crucial when you’re diving into the business world, but there’s a pitfall you need to avoid: overconfidence. Successful entrepreneur Alexa von Tobel, who sold her startup for a staggering £375 million, has a…
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Kakar sees SIFC as engine of prosperity | The Express Tribune
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[ad_1] ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that the recently-instituted Special Investment Facilitation Council (SIFC) would continue to work as before in laying the foundations for fast-track foreign investments — particularly from Saudi Arabia. The prime minister, in a meeting with Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy who called on…
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Debt soars Rs18.5tr during PDM govt | The Express Tribune
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[ad_1] ISLAMABAD: In an alarming development, the Pakistan Democratic Movement (PDM) government added Rs18.5 trillion to the public debt in just 15 months, which was more than the debt accumulated by its arch-rival Pakistan Tehreek-e-Insaf in its three-and-a-half-year tenure, reveals a central bank statement. Gross public debt jumped from Rs44.4 trillion in March 2022 to…
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Rupee extends losses against US dollar in interbank
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[ad_1] A man is counting US dollars in this representational image. — AFP/File The local currency depreciated against the US dollar for the second consecutive working day on Wednesday, closing at Rs294.93 in the interbank market. The rupee fell by Rs3.24 against the US dollar in the interbank market. A day earlier, the rupee closed…
