Business News
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Intel to terminate $5.4 million Tower Semiconductor acquisition as China delays review
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[ad_1] The Intel Corp logo is displayed outside its building. — AFP/File After the firms’ contract expires later on Tuesday, Intel Corp will terminate its $5.4 billion acquisition agreement of Israeli contract chipmaker Tower Semiconductor Ltd, according to people with knowledge of the situation. Intel failed to obtain Chinese regulator approval for its acquisition of…
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Interim govt increases petrol price by over Rs17 per litre
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[ad_1] A car being refuelled in this undated picture. — AFP/File In its first major decision, Caretaker Prime Minister Anwaar-ul-Haq Kakar’s government on Tuesday night jacked up the petrol price by more than Rs17 per litre. “Petroleum prices in the international market have increased during the last fortnight. As a result the consumer prices in…
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Power surcharge of Rs1.52 per unit on cards | The Express Tribune
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[ad_1] ISLAMABAD: Another electricity tariff hike is on the cards for Karachi consumers as the government is in the process of imposing an additional surcharge of Rs1.52 per unit. Power-sector regulator – the National Electric Power Regulatory Authority (Nepra) – conducted a public hearing on Tuesday to consider a federal government’s request for the consumer…
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Tax reforms commission unceremoniously sent packing | The Express Tribune
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[ad_1] ISLAMABAD: The much-trumpeted Reforms and Resource Mobilisation Commission (RRMC) was unceremoniously sent packing by the last government without giving it time to complete a final report, adding another name to a long list of failed attempts to reform the outdated and shallow taxation system. The RRMC could not make its impact in the absence…
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Gulf markets subdued after China cuts rates | The Express Tribune
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[ad_1] BENGALURU: Most major stock markets in the Gulf fell in early trade on Tuesday as investors mulled over world’s second largest economy China cutting key policy rates, with the Saudi index on course to extend losses from the previous session. China’s central bank unexpectedly cut rates for the second time in three months on…
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Rupee loses Rs4 against US dollar in open market
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[ad_1] A foreign currency dealer counts US dollars at a shop in Karachi, Pakistan, May 19, 2022. — AFP/File The local currency on Tuesday witnessed a significant fall in its value against US dollar owing to falling remittances and prevailing political uncertainty. The Pakistan currency fell to Rs300 after it lost Rs4 against the greenback…
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Tesla launches cheap short-ranged Model X, S cars in US
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[ad_1] The logo marks the showroom and service center for the US automotive and energy company Tesla in Amsterdam. — AFP/File Tesla has introduced two less costly, shorter-range versions of its Model S sedan and Model X SUV cars in the United States, continuing its focus on reducing costs to prioritise sales growth. The new…
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Rupee loses significant ground against USD | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency witnessed a significant drop on Tuesday – the first day of the interim government taking over the reins of power in the centre – and closed at a three-month low of Rs292 against the US dollar. The local currency shed Rs3 against the greenback in the interbank market around midday. The…
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Near-term external sector issues resolved | The Express Tribune
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[ad_1] KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad has said that the nine-month, standby arrangement agreed with the International Monetary Fund (IMF) has improved foreign currency reserves of the country and largely resolved near-term issues pertaining to external sector of the economy. Addressing a flag-hoisting ceremony to mark the 76th Independence Day at…
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Petrol price may increase by Rs15 in Pakistan
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[ad_1] Employees at a fuel station attend to their customers in Islamabad, Pakistan, on February 16, 2022, after a hike in prices of petroleum products. — AFP/File Petroleum products are likely to become more expensive from August 16, according to Daily Jang, after the caretaker government announces new prices tomorrow (August 15). The price of…
