Business News
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Jhang thermal plant connected to power grid | The Express Tribune
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[ad_1] JHANG: A significant milestone has been achieved at the Jhang 1263 MW thermal power plant in Pakistan. Operated by China Machinery Engineering Corp (CMEC), the plant’s turbine generator was successfully connected to the power grid for the first time in April 2023. The unit is operating smoothly, and all parameters are meeting the design…
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80% workers denied minimum wage | The Express Tribune
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[ad_1] KARACHI: Pakistanis are facing dire living conditions due to the country’s failure to enforce minimum wage laws and a historic rise in inflation. According to the Pakistan Institute of Labour Education and Research (PILER), an estimated 80% of unskilled workers are not receiving the minimum wage of Rs25,000 per month, which was awarded ten…
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Investors can discount IMF’s EM gloom | The Express Tribune
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[ad_1] LONDON: Early April in Washington is famous for two time-honoured rituals. The US capital’s Tidal Basin hosts the National Cherry Blossom Festival. A few blocks further north you can hear the International Monetary Fund (IMF) tell visiting finance ministers, central bankers and financiers about the dire economic outlook for emerging markets. This year, the…
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China’s big refineries crowd for Russian oil | The Express Tribune
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[ad_1] SINGAPORE: Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. The demand from China’s biggest buyers, which had shied away from Russian crude in the immediate aftermath…
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Chile plans to nationalise vast lithium industry | The Express Tribune
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[ad_1] SANTIAGO: Chile’s President Gabriel Boric said on Thursday he would nationalise the country’s lithium industry, the world’s second largest producer of the metal essential in electric vehicle (EV) batteries, to boost its economy and protect its environment. The shock move in the country with the world’s largest lithium reserves would in time transfer control…
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Govt struggles to secure loans from global lenders | The Express Tribune
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[ad_1] ISLAMABAD: The government faced difficulties in obtaining funds from international partners and lenders during first three quarters of the current financial year mainly because of unresolved issues with the International Monetary Fund (IMF), sources said on Friday. According to statistics issued by the Economic Affairs Division, the country received foreign loans worth $7.76 billion…
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Forex reserves rise by $394m to $4.4b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 9.76% on a week-on-week basis to $4.4 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 14, 2023, the SBP’s foreign currency reserves stood at $4,432.5 million, up by $394 million as compared to $4,038.3…
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SBP-held reserves move upwards on back of commercial loan
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[ad_1] A photo of a person holding US dollar bills. — AFP/File The State Bank of Pakistan (SBP)-held foreign exchange reserves increased after the struggling economy received another loan. “The increase in SBP reserves is mainly due to receipt of $300 million of GoP commercial loan,” a statement from the central bank said, as the…
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Gold inches closer to all-time high
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[ad_1] An undated file photo of gold jewellery on display at a store. — AFP The rupee’s slight recovery caused a jump in the gold price in Pakistan on Thursday, taking the precious metal’s value close to a record high it reached last week. The price of gold (24 carats) increased by Rs1,350 per tola…
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A closer look at China’s under-the-radar reforms
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[ad_1] Members of China’s Communist Party Central Committee stand during a meeting. — AFP/File At a time when all eyes were on the two US regional bank failures and the government-orchestrated takeover of Credit Suisse, China has implemented a series of institutional reforms with a focus on the financial sector. It is worth deciphering the…
