Business News
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Gold trims gains in Pakistan, closes week with over 1% gain
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[ad_1] Gold bangles. — AFP/File KARACHI: Gold traded flat on Saturday, retaining gains registered during the week as investors waited for action from the policymakers in hopes that it would do more to tackle the economic crisis. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold…
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Tesla recalls 321,000 US vehicles | The Express Tribune
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[ad_1] WASHINGTON: Tesla is recalling more than 321,000 vehicles in the United States because tail lights may intermittently fail to illuminate, the company said in a filing made public on Saturday. The news follows the company’s recall on Friday of nearly 30,000 Model X cars in the US over an issue that may cause the…
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Mercedes Benz to pay $5.5 million | The Express Tribune
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[ad_1] WASHINGTON: German automaker Mercedes Benz and auto supplier Robert Bosch LLC have agreed to pay a total of about $6 million to resolve a lawsuit over diesel advertising claims, the US state of Arizona said on Friday. Under the proposed settlement, Mercedes Benz will pay $2.8 million in consumer restitution, and each qualifying Arizona…
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Finance Minister Ishaq Dar dismisses rumours surrounding default, oil shortage
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[ad_1] Finance Minister Ishaq Dar addressing a press conference via video link. — Screengrab/PTV ISLAMABAD: Assuring the nation that Pakistan will not default, Finance Minister Ishaq Dar Saturday rejected all rumours related to the oil shortage and widening credit default swap, labelled them as “baseless speculation” being spread for a political agenda. Addressing a press…
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30,000 poultry farms face closure | The Express Tribune
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[ad_1] RAWALPINDI: Businessmen have expressed fear that 30,000 poultry farms will be closed, more than 300 feed mills will be affected and investment of about Rs1,200 billion will be stopped in the poultry sector because of delay in clearance of soybean. “With the unavailability of soybean meal, a main ingredient in poultry feed, there are…
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Investment in NPCs declines to $763 million | The Express Tribune
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[ad_1] KARACHI: In the wake of growing political uncertainty and worsening economic fundamentals in the country, overseas Pakistanis have aggressively started pulling out investments from the Naya Pakistan saving certificates through their Roshan Digital Accounts (RDAs). According to the central bank’s latest report on Pakistan’s External Debt and Liabilities (Outstanding), the ‘net’ investment in Naya…
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Gold edges down as investors keep an eye on political, economic developments
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[ad_1] An image of gold necklace showcased in a jewellery shop. — AFP/File KARACHI: Gold prices inched lower on Friday amid a lack of clear direction as investors continued to assess the developments on the economic and political front. Analysts believe gold could remain volatile until there’s clear direction as the price for local markets…
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Rupee dips to six-week low | The Express Tribune
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[ad_1] KARACHI: Weighed down by weak economic fundamentals, Pakistani rupee dipped to a six-week low at Rs223.17 to a dollar in the inter-bank market on Friday as importers were unsure whether the flow of the greenback would improve in the near future. Apart from the currency’s fall, the yield on Pakistan’s global Sukuk, maturing next…
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Rupee stuck in reverse gear amid high default risks
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[ad_1] A currency dealer works at an exchange company. — AFP/File KARACHI: Pakistani rupee Friday remained stuck in reverse gear versus the dollar in the interbank trade as high default risks and low foreign exchange reserves sapped the sentiment. The local unit closed at 223.17 against the US dollar after losing 0.22% compared to Thursday’s…
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Dar updates President Alvi on Pakistan’s economic, financial outlook
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[ad_1] Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar (right) in a meeting with President Arif Alvi at Aiwan-e-Sadr in Islamabad, on November 18, 2022. — APP ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar called on President Dr Arif Alvi on Friday and discussed the overall economic and financial outlook of the country.…
