Business News
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China’s Russian oil imports rise in April | The Express Tribune
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[ad_1] SINGAPORE/BEIJING: China’s crude oil imports from Russia rose 8.6% in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia, including seaborne shipments and supplies via pipelines totalled 7.1 million tonnes or 1.73 million barrels per day (bpd), according to customs data released on…
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Gold rate rises to Rs235,300 per tola
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[ad_1] Gold bangles are displayed at a jewellery store in this undated file photo. — AFP As the yellow metal gained in the international market, gold price once again rose in Pakistan Saturday. The rate of gold (24 carats) rose by Rs2,700 per tola and Rs2,315 per 10 grams to reach Rs235,300 and Rs201,732, respectively,…
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Only 10% IT graduates employable: SBP | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has raised concerns over Pakistan’s information technology (IT) sector, revealing that a mere 10 % of IT graduates possess the necessary skills to secure employment in the industry. The SBP’s half-year report on the country’s economic condition highlights the widening gap between academia and the IT industry,…
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Rupee continues to slide as FX reserves decline | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency faced further depreciation for the third consecutive working day, with the rupee sliding by 0.07% or Rs0.20 against the US dollar in the interbank market, reaching Rs285.82 on Friday. This decline comes as a result of reduced supplies of foreign currency, which has put pressure on the rupee. In the…
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Govt to pass on petrol price cut benefit to people
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[ad_1] Prime Minister Shehbaz Sharif chairs a meeting of the federal cabinet on May 19, 2023. — PID The federal government on Friday decided to pass on the benefit of recent reduction in the prices of petroleum products to the masses in the form of decreased transport fares and prices of essential items. The decision…
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Gold rate sees minor decline in Pakistan as international price drops
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[ad_1] Gold bars are seen in this undated file photo. — AFP The domestic gold price fell Friday after a decline in the international market as optimism rose about a US debt limit deal that would prevent one of the world’s largest economies from defaulting. According to the All Pakistan Sarafa Gems and Jewellers Association…
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‘Rupee may slump to 350 per dollar in June’
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[ad_1] An undated image of Rs1,000 note and Rs5 coins. — AFP/File As the rupee continues to explore new records against the US dollar, stakeholders are now concerned about the maximum that the local unit will fall before holding its ground. Warnings of a massive drop in the rupee are flaring up, with some analysts…
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SBP-held foreign exchange reserves fall for third consecutive week
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[ad_1] A person holds $100 notes in their hand. — AFP/File State Bank of Pakistan (SBP)-held foreign exchange reserves fell for the third straight week due to external debt payment as the South Asian nation fails to acquire external financing amid a stalled bailout programme. In its weekly bulletin, the SBP said its reserves had…
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Refineries warn of shutdown, seek incentives | The Express Tribune
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[ad_1] ISLAMABAD: Oil refineries have warned that they will shut down plants in the absence of a new refinery policy as they are suffering huge losses from furnace oil exports. Smuggled Iranian oil has pushed down demand for the locally produced petroleum products and oil marketing companies (OMCs) are hesitant to lift the stocks at…
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Rupee hits new 1-week low as downtick continues | The Express Tribune
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[ad_1] KARACHI: Taking cue from the open market, Pakistani rupee maintained its downtick in the inter-bank market for the second consecutive day on Thursday, dropping 0.08%, or Rs0.22, to a new one-week low at Rs285.62 against the US dollar. The currency came under renewed pressure after it slumped almost Rs7 to around Rs300/$ in the…
