Business News
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LPG distribution deal inked | The Express Tribune
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[ad_1] LAHORE: As part of its measures to facilitate gas consumers during winter, Sui Northern Gas Pipelines Limited (SNGPL) has entered into an LPG distribution agreement with Sui Southern LPG Limited (SLL). The agreement in this regard was signed at Sui Southern Gas Company head office in Karachi. SSL MD Amir Mahmood and SNGPL SGM…
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‘Pakistan on brink of debt default’ | The Express Tribune
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[ad_1] Renowned economist Steve Hanke has warned that Pakistan was on the brink of a “debt default”. “Its [Pakistan’s] sovereign bonds have lost more than 60% of their value this year. I’m not surprised,” he wrote on his official Twitter handle on Friday. Hanke said that Prime Minister Shehbaz Sharif’s government was failing to save…
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IMF, WB, IsDB vow continued support to Pakistan | The Express Tribune
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[ad_1] The International Monetary Fund (IMF), the World Bank (WB) and Islamic Development Bank (IsDB) on Thursday assured Pakistan of complete cooperation and support as the country suffers from the consequences of devastating floods. The commitments of continued support to the country by the lenders were made during separate meetings with Finance Minister Ishaq Dar,…
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PRA’s receipts go up 31% | The Express Tribune
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[ad_1] LAHORE: The Punjab Revenue Authority (PRA) collected 31% higher revenue during the first quarter of financial year 2022-23 by collecting Rs42,899 million, as compared to Rs32,706 million during the corresponding period of previous year. “The current financial year augurs well for the authority when it recorded 31.10%, 41.22% and 17.63% increase in revenue for…
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Pakistan’s foreign exchange reserves continue to decline unabated
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[ad_1] A representational image of currency dealer counting $100 notes. — AFP KARACHI: In line with the dominant trend over the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 3.83%. On October 7, the foreign currency reserves held by the SBP were recorded…
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US inflation persists, higher in September over prior month
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[ad_1] People shop at a store in Rosemead, California, US, June 28, 2022. — AFP/File NEW YORK: US inflation jumped more than expected in September, according to government data released Thursday, in the latest sign that pricing pressures have become more intractable despite aggressive central bank action. US prices rose 0.4% in September compared to…
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Saudi Arabia says OPEC+ oil cut ‘purely economic’ | The Express Tribune
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[ad_1] CAIRO: Saudi Arabia rejected as “not based on facts” criticism of an OPEC+ decision last week to cut its oil production target despite US objections, and said Washington’s request to delay the cut by a month would have had negative economic consequences. The OPEC+ decision was adopted through consensus, took into account the balance…
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Dollar continues upward trend against rupee for second consecutive session
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[ad_1] A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. — AFP The US dollar continued its upward trend against the Pakistani rupee for the second consecutive session as it gained 0.12 in the interbank market on Thursday. The dollar was trading at Rs218 after the…
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IMF warns against ‘costly’ tax cuts to fight inflation
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[ad_1] The International Monetary Fund (IMF) logo is displayed outside its headquarters in Washington, DC, on October 8, 2022. — AFP WASHINGTON: Soaring food and energy prices are raising the risk of social unrest, but attempting to tame costs through tax cuts, subsidies and price controls would be too costly, the International Monetary Fund (IMF)…
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Oil down on strong dollar | The Express Tribune
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[ad_1] NEW YORK: Oil futures fell for a third day on Wednesday, as a stronger dollar and worries about weaker demand and rising interest rates outweighed supply concerns that followed last week’s OPEC+ cut to its production target. Both OPEC and the US Energy Department slashed their demand outlooks. Last week, together with allies including…
