Business News
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Forex reserves rise to $8.9b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 19.7% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 28, the foreign currency reserves held by the SBP were recorded at $8,912.9 million, up by $1,473 million compared with $7,439.9 million…
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Polish company seeks concessions | The Express Tribune
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[ad_1] KARACHI: The Ambassador of the Republic of Poland, Maciej Pisarski announced on Thursday that the Polish Oil and Gas Exploration and Production Company, operating successfully in Pakistan for the last 25 years, used the latest technology to extract tight gas from the rock formations. Addressing businessmen in a meeting with the Karachi Chamber of…
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Pakistan, China to set in motion railroad project worth billions
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[ad_1] Prime Minister Muhammad Shehbaz Sharif meets President of People’s Republic of China Xi Jinping in Beijing, on November 2, 2022. — PID Pakistan and China have agreed to launch a high-speed rail project worth nearly $10 billion as Bejing follows up on its promise of helping Islamabad, Bloomberg reported Wednesday. The agreement was reached…
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Oil prices rise before expected Fed rate hike | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose on Wednesday before an expected rate hike by the Federal Reserve, supported by another decline in US oil inventories as refineries picked up activity ahead of the winter heating season. Brent crude rose $1.74, or 1.8%, to $96.39 as of 1601 GMT, while US West Texas Intermediate (WTI) crude…
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Rupee snaps two-day winning streak | The Express Tribune
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[ad_1] KARACHI: Pakistani currency failed to sustain the upward trend on Wednesday, losing 0.35% (Rs0.78) on a day-on-day basis to close at Rs221.43 against the US dollar in the inter-bank market. Earlier, the rupee had cumulatively gained 0.82% (or Rs1.82) in the past two consecutive working days. The latest drop came after the government allowed…
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Chinese companies accept offer to invest in solar projects | The Express Tribune
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[ad_1] BEIJING: Leading Chinese companies have shown keen interest in investing in Pakistan’s solar, water and other infrastructure projects during the visit of Prime Minister Shehbaz Sharif to Beijing. The prime minister invited the Chinese corporate heads to come to Pakistan and pour capital into the government’s comprehensive solar power programme aimed at generating 10,000…
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Rupee retreats versus dollar on political concerns
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[ad_1] In this undated photo, a currency dealer calculates $100 notes. — AFP/File KARACHI: The rupee Wednesday depreciated 0.35% against the dollar as political uncertainties dampened the excitement spurred by hopes of inflows from the International Monetary Fund (IMF) and China. According to the State Bank of Pakistan (SBP), the rupee ended at 221.43 after…
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Pakistan’s low-cost airline Fly Jinnah inaugurated
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[ad_1] A new private airline, Fly Jinnah — which is the cheapest means of air transport in the country — was inaugurated as it launched its flight operations in the country from Karachi. Fly Jinnah has been established under a joint venture with the international airline Air Arabia, which successfully conducted its first flight from…
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UAE, US to spur $100b in clean energy projects | The Express Tribune
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[ad_1] ABU DHABI: The United Arab Emirates (UAE) and the United States (US) have signed a partnership to spur $100 billion of investments in clean energy projects and add 100 gigawatts of clean energy globally by 2035, state news agency WAM reported on Tuesday. “Together, we will spur large-scale investment in new energy technologies, in…
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Bull-run extends on China visit optimism | The Express Tribune
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[ad_1] KARACHI: Bulls held on to their positions for the second consecutive trading session at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index gained nearly 550 points due to expectations of a positive outcome from Prime Minister Shehbaz Sharif’s visit to China. Investors remained optimistic as PM Shehbaz landed in Beijing…
