Business News
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Local, global solar market trends | The Express Tribune
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[ad_1] ISLAMABAD: There has always been a problem in Pakistan’s energy sector. Earlier, there were load-shedding issues due to generation capacity limitations. Now, there is capacity surplus causing circular debt. There is also higher fuel prices issue and lower transmission capacity and its discontinuities. Alternative projects were delayed due to high capacity payment liabilities. Now,…
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‘IMF did not seek fresh financing of $8bn from Pakistan’
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[ad_1] IMF headquarters in Washington. —AFP/File ISLAMABAD: The International Monetary Fund (IMF) on Sunday denied local media reports that it was seeking fresh financing of $8 billion from Pakistan for the revival of the $6.5 billion bailout package. IMF Resident Representative in Pakistan Esther Pérez Ruiz said that the global lender did not demand an $8…
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Petrol price likely to drop by Rs10 per litre | The Express Tribune
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[ad_1] The Oil and Gas Regulatory Authority (OGRA) has proposed a reduction in the prices of petroleum products, whereby the price of petrol can drop by Rs10 per litre. According to Express News, the price of petrol can be reduced by Rs7 to Rs10 per litre while the price of diesel is proposed to be…
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KPT being run on ad hoc basis since Dec 2020 | The Express Tribune
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[ad_1] ISLAMABAD: The government has continued to run the affairs of Karachi Port Trust (KPT) on an ad hoc basis as it has now appointed its fourth chairman on deputation. Earlier, the KPT chairman was removed by the previous Pakistan Tehreek-e-Insaf (PTI) government over alleged differences with the maritime affairs minister but court suspended the…
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International increase pushes up gold price in Pakistan
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[ad_1] A gold set is displayed at a jewellery store in this undated file photo. — AFP As the international rate of the safe-haven bullion rose, the price of gold also increased in Pakistan on Saturday. The rate of gold (24 carats) rose by Rs3,200 per tola and Rs2,743 per 10 grams to reach Rs234,000…
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In a first, fintech Abhi raises $6.8 million through Sukuk bond
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[ad_1] The logo of startup Abhi. — Facebook/abhikaropk Pakistani salary advance startup Abhi has issued a Sukuk bond to raise funds — the first such move by a fintech in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region. Chief Executive Officer (CEO) and Co-Founder Omair Ansari said the platform raised Rs2 billion or…
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Industry’s help sought to steer out of crisis | The Express Tribune
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[ad_1] ISLAMABAD: Minister for Commerce Syed Naveed Qamar on Friday declared that the government would take all possible measures to ensure ease of doing business for the business community. Talking to business leaders, he emphasised that they could play an important role in steering Pakistan’s economy out of the current crisis, according to a statement.…
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Govt plans to borrow Rs9.4tr in three months | The Express Tribune
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[ad_1] KARACHI: The cash-strapped government of Pakistan has announced that it will borrow a record Rs9.44 trillion from domestic commercial and Shariah-compliant banks, an amount needed to repay some of the maturing debt and finance expenditures over three months ending July 2023. According to the State Bank of Pakistan’s (SBP) data, the government will acquire…
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US could start buying oil for reserve after June sale | The Express Tribune
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[ad_1] WASHINGTON: US Energy Secretary Jennifer Granholm told lawmakers her department could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale next month. “That congressionally mandated sale of 26 million barrels will be completed by June, and it’s at that point where we will flip the switch and then…
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Gold rate declines in Pakistan in line with international trend
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[ad_1] A representational image of gold jewellery displayed in a shop. — AFP/File As the price of gold dropped in the international market Friday, the safe-haven bullion’s value declined in Pakistan as well. The rate of gold (24 carats) fell by Rs6,500 per tola and Rs5,573 per 10 grams to reach Rs230,800 and Rs197,874, respectively,…
