Business News
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KSE-100 witnesses bullish sessions as PSX gains over 1,400 points
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[ad_1] An investor at the Pakistan Stock Exchange in Karachi in this undated picture. — AFP/File KARACHI: Bulls dominated the Pakistan Stock Exchange (PSX) on Thursday as the market gained more than 1,400 points during the intraday trade. PSX’s benchmark KSE-100 shares index gained 1,466.26 points or 1.82% to reach 81,927.59 points as compared to Wednesday’s close of 80,461.33…
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US Fed slashes rates by 50 basis points in first easing since 2020
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[ad_1] US Federal Reserve Chair Jerome Powell responds to a question from David Rubenstein (not pictured) during an on-stage discussion at a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, DC, February 7, 2023. — Reuters The Federal Reserve cut interest rates by half of a percentage point on Wednesday,…
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ADB president vows to provide $2bn to Pakistan annually
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[ad_1] A worker walks past inside the Asian Development Bank (ADB) headquarters in Manila June 17, 2009. — Reuters ISLAMABAD: As Pakistan continues to battle with climate change, the Asian Development Bank (ADB) said it would provide $2 billion annually to the country for the next three years to help tackle its challenges. The development came during…
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ADB approves $320m loan to support KP roads rehabilitation
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[ad_1] An image showing a truck moving on a road. — Reuters/File ISLAMABAD: The Asian Development Bank (ADB) has approved a $320 million loan to support the rehabilitation of roads in Khyber Pakhtunkhwa to enhance road safety and all-weather connectivity in rural areas. According to ADB press release issued on Friday, the Khyber Pakhtunkhwa Rural Roads…
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IMF board to review Pakistan loan programme on Sept 25
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[ad_1] This file photo taken on January 26, 2022, shows the seal for the International Monetary Fund (IMF) in Washington, DC. — AFP The International Monetary Fund (IMF) has finally included Pakistan on its Executive Board agenda scheduled for September 25, with Prime Minister Shehbaz Sharif lauding friendly nations’ all-out support to help Islamabad in…
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India’s August retail inflation stays below 4% for second consecutive month | The Express Tribune
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[ad_1] NEW DELHI: India’s August retail inflation remained below the central bank’s target of 4% for the second consecutive month, but vegetable prices continued to soar, dampening hopes of a dovish stance in the next monetary policy meeting. Annual retail inflation was at 3.65% in August, higher than the revised 3.60% in July and economists’ forecast of 3.5%.…
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SBP issues clarification on new banknote series art competition
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[ad_1] The winner of the Rs20 note designed by Haroon Khan for the new banknote series art competition organised by the State Bank of Pakistan. — SBP The State Bank of Pakistan (SBP) has clarified the misinterpretation over the new banknote series art competition designs and winners, stating that the results were announced to appreciate the…
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State Bank makes major reduction in interest rate by 200bps to 17.5%
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[ad_1] State Bank of Pakistan building in this undated image. — AFP The Monetary Policy Committee (MPC) decided a significant reduction in the policy rate by 200bps to 17.5% from the existing 19.5%, the State Bank of Pakistan (SBP) announced on Thursday, following the sharp decline in inflation over the past two months. The new…
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IMF board to review Pakistan’s $7b loan on September 25 after key conditions met | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has confirmed that its Executive Board will meet on September 25 to discuss the approval of Pakistan’s $7 billion Extended Fund Facility (EFF). The loan is crucial for stabilising Pakistan’s economy, which has been grappling with rising inflation and dwindling reserves. IMF spokesperson Julie Kozack announced the meeting…
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Fuel price adjustments to bring relief in Sept power bills
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[ad_1] A general view of the high voltage lines during a nationwide power outage in Rawalpindi on January 23, 2023. — AFP As the inflation-weary masses continue to face the brunt of soaring electricity bills, the Power Division has said that consumers will be able to benefit from a relief of over Rs2 per unit in…
