Business News
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With high demand, gold hits new peak | The Express Tribune
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[ad_1] KARACHI: Gold hit a new all-time high at Rs219,500 per tola (11.66 grams) on Saturday owing to speculation that demand for the safe-haven asset had remained high. All Pakistan Saraf Gems and Jewellers Association (APSGJA) reported that the bullion price went up by Rs800 per tola. Talking to The Express Tribune, a member of…
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Budget preparation ‘hits snag’ over delay in IMF deal
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[ad_1] A representational image. — Unsplash ISLAMABAD: Preparations for the upcoming budget have been hampered due to the delay in an agreement with the International Monetary Fund (IMF), sources told Geo News Saturday. Due to the economic and political uncertainty in the country, the Budget Strategy Paper (BSP), which was scheduled to be approved by…
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Govt to introduce reforms for economic stability, growth: Dar
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[ad_1] Finance Minister Ishaq Dar chairs the meeting of Reforms and Resource Mobilszation Commission at the Finance Division on April 24, 2023.— PID Finance Minister Ishaq Dar said Saturday that the government is determined to introduce reforms in various sectors to put the economy on a positive trajectory and achieve financial stability and growth. The…
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Gold soars to new record high
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[ad_1] This undated file photo shows processed gold bars. — AFP As the international rate went up again and the country’s economic crisis persisted, the price of gold in the domestic market rose to a new record high on Saturday. The rate of gold (24 carats) increased by Rs800 per tola and Rs686 per 10…
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ENI earned $500 million after reneging on Pakistan deal: report
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[ad_1] A logo of the ENI company is displayed outside its office in Milan. — AFP/File As international prices spiked and Pakistan faced an energy crisis, one of its long-term liquified natural gas (LNG) suppliers ENI earned $500 million by partially backtracking on contractual obligations and selling the cargoes to Turkey instead. The Italian company…
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‘Rs75 commemorative banknote has no expiry date,’ clarifies SBP
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[ad_1] Image showing the commemorative 75-rupee note. — Twitter/ SBP Reacting to the rumours circulating in some sections of society about the demonetisation of the Rs75 commemorative banknote, the State Bank of Pakistan (SBP) on Friday clarified that the commemorative banknote has no expiry date and can be used in all transactions. SBP’s spokesperson Abid…
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PM approves setting up multi-billion dollar refinery: minister
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[ad_1] Minister of State for Petroleum Musadik Malik addresses a news conference in Islamabad on April 28, 2023, in this still taken from a video. — YouTube/GeoNews The government will set up a multi-billion dollar refinery to meet Pakistan’s energy needs, Minister of State Musadik Malik said Friday. Prime Minister Shehbaz Sharif approved the project…
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Currency stabilises as foreign reserves improve | The Express Tribune
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[ad_1] KARACHI: In a positive turn of events, the Pakistani currency experienced a slight uptick of 0.03%, or Rs0.08, reaching Rs283.84 against the US dollar in the interbank market on Friday. This improvement followed the State Bank of Pakistan (SBP)’s announcement of a $30 million increase in foreign exchange reserves, reaching $4.46 billion by the…
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UBL keen on merging operation with Silkbank | The Express Tribune
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[ad_1] KARACHI: In a surprise move, United Bank Limited (UBL) has expressed interest to merge with Silkbank Limited, which has searched for a partner for over half a decade to improve the quality of its assets. UBL informed Pakistan Stock Exchange (PSX) on Friday “it is exploring a potential merger with Silkbank Limited and intends…
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ECC allows PIA-IL to utilise $1.145m funds for Roosevelt | The Express Tribune
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[ad_1] ISLAMABAD: The Economic Coordination Committee (ECC) on Friday allowed the Pakistan Internationa Airline Investment Limited (PIA-IL) to utilise the $1.145 million funds available from the balance as bridge financing to commence the re-opening work at the Roosevelt Hotel in New York, US. The ECC made the decision as it accepted the recommendations of the Ministry of…
