Business News
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Rupee snaps long, steady streak vs dollar
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[ad_1] A currency dealer can be seen counting Rs500 notes. — AFP/File Pakistani rupee Monday snapped a week-long steady streak against the US dollar as worries over informal channels of currency trading gained traction. The local unit closed the session at 223.91 against the US dollar in the interbank market after losing 0.10% compared to…
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Gold shines, price hits all-time high of Rs164,000 per tola
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[ad_1] A customer holds gold jewellery at a jewellery showroom on May 3, 2022. — AFP/File Gold continued to shine on Monday as its price rose to an all-time high of Rs164,000 per tola in line with the prices in the international market and the depreciation of the Pakistani rupee against the US dollar. The…
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Govt approves import of 450,000 tonnes wheat from Russia | The Express Tribune
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[ad_1] ISLAMABAD: Finance ministry said on Monday it approved the import of 450,000 tonnes of wheat from Russia ahead of the next crop season, which might be delayed because of the impact of floods this year. The Russian wheat will be purchased on a government-to-government basis in the February to March period, the ministry said…
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Russia to provide fuel to Pakistan at discounted rates | The Express Tribune
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[ad_1] ISLAMABAD: State Minister for Petroleum Musadik Malik revealed on Monday that Russia has decided to provide crude oil, petrol, and diesel to Pakistan at discounted rates. Earlier this month, Finance Minister Ishaq Dar had indicated that Pakistan overcame the United States’ opposition to the purchase of Russian oil and stressed that Islamabad intended to…
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Govt to impose regulatory duty on imported edible oil | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to impose regulatory duty on imported edible oil in a bid to promote self-sufficiency at the local level and boost exports. According to sources inside the Ministry of Food Security, sunflower and canola will be cultivated on 600,000 acres at the local level, and local production will be protected…
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Pakistan’s borrowing options shrink | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s borrowing options have remained limited after the international credit rating agencies downgraded its outlook to negative and debt rating to junk status, experts discussed in talk show The Review on Saturday. Anchorperson Shahbaz Rana said that the situation had increased the country’s borrowing cost in addition to virtually closing the doors to…
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US shale oil output feared to decline | The Express Tribune
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[ad_1] NEW YORK: US shale oil drillers turned from scrappy wildcatters into multi-millionaires over the past two decades, propelling the United States to become the world’s largest producer, but now they are running out of runway. Oil output gains are slowing and executives from some of the largest firms are warning of future declines from…
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Pakistan repays $1b Sukuk, dismisses perception of default | The Express Tribune
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[ad_1] KARACHI: Pakistan has successfully made a repayment of $1 billion against a matured international Sukuk (Shariah-compliant bond) three days ahead of schedule on Friday, December 2, dismissing the perception of its default on the payment. As per the actual schedule, the country was to return the maturing investment in the US dollar-denominated global bond…
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Pakistan pays $1bn sukuk bond to end immediate default threat: Bloomberg
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[ad_1] Pakistan Friday made the payment for the $1 billion sukuk bond, Bloomberg reported citing the State Bank of Pakistan (SBP) as the country dodged the immediate default threat. Abid Qamar, a spokesperson at the SBP, told the publication that Pakistan transferred the payment on the sukuk bonds three days before its maturity to Citigroup…
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Pakistan to receive $3 billion from ‘friendly country’: Ishaq Dar
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[ad_1] Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar addresses during the All Pakistan Chartered Accountants Conference 2022 on Sustainability, Technology and Transformation held in Islamabad on October 19, 2022. — PPI Finance Minister Senator Ishaq Dar said Friday, without naming the nation, that Pakistan would receive $3 billion from a “friendly country”.…
