Business News
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Govt to raise Rs7 trillion through bonds | The Express Tribune
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[ad_1] KARACHI: The government has targeted raising over Rs7 trillion by selling various short and long-tenure sovereign bonds to financial institutions over the next three-month period (October-December). This is in response to the devastation caused by the floods and the need to generate more financing to address its aftershocks. On Wednesday, the government borrowed Rs218.3…
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SSGC quashes fake news on 18-hour gas loadshedding
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[ad_1] An image shared by the SSGC about the fake gas schedule. — Twitter/@SSGC_Official ISLAMABAD: Sui Southern Gas Company (SSGC) on Tuesday denied reports regarding plans to increase the duration of gas loadshedding to 18 hours from October 15. SSGC termed a schedule floating on social media as “fake news” and shared that the company…
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IMF cuts 2023 global growth, warns major economies to stall
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[ad_1] International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas speaks at a press conference during the World Bank/IMF annual meeting at IMF headquarters in Washington, DC, on October 11, 2022. — AFP WASHINGTON: Global growth is expected to slow further next year, the IMF said Tuesday, downgrading its forecasts as countries grapple with the fallout…
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Oil falls on fears of global recession | The Express Tribune
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[ad_1] NEW YORK: Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global…
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Remittances hit four-month low in Sept | The Express Tribune
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[ad_1] KARACHI: Remittances sent home by overseas Pakistanis slowed down to a four-month low at $2.44 billion in September 2022. The State Bank of Pakistan (SBP) reported on Tuesday that the receipts contracted 10.5% in September 2022 compared to inflows of $2.72 billion in the prior month. The remittances were 12.3% lower compared to the…
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Rupee continues to rise against dollar for 13th straight session
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[ad_1] A currency dealer counts US dollars at a shop. — AFP/File KARACHI: The Pakistani rupee continued to recover against the US dollar for the 13th consecutive session in the interbank market Tuesday. The rupee closed at Rs217.79, appreciating by 0.18 or 0.08% from yesterday’s close of Rs217.97, according to the State Bank of Pakistan.…
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Moody’s cuts five Pakistani banks’ long-term deposit ratings | The Express Tribune
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[ad_1] Moody’s Investors Service has downgraded the long-term deposit ratings of five Pakistani commercial banks — Allied Bank Limited (ABL), Habib Bank Ltd, (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd (UBL) — to Caa1 from B3. The rating agency has also downgraded the five banks’ long-term foreign currency…
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Ishaq Dar leaves for US to hold talks with IMF, World Bank
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[ad_1] Finance Minister Ishaq Dar. Photo: Radio Pakistan/ file ISLAMABAD: Finance Minister Ishaq Dar left for the United States Tuesday to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank, said the finance ministry. Sources privy to the matter said that on the sidelines of meetings from October 10…
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Rs410 million approved to deal with PTI march | The Express Tribune
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[ad_1] ISLAMABAD: The Economic Coordination Committee (ECC) on Monday approved an initial budget of over Rs410 million to deal with the participants of the Pakistan Tehreek-e-Insaf (PTI) long march with an iron hand and also backed the decision to provide cheap electricity to exporters. Chaired by Finance Minister Ishaq Dar, a meeting of the ECC…
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Industrialists seek role in trade policymaking | The Express Tribune
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[ad_1] OUR CORRESPONDENT: The Lahore Chamber of Commerce and Industry (LCCI) on Monday pressed the government to grant industry status to the packaging and corrugated sector, terming it a vital business whose significance has grown with the advancement of technology. The business community should also be taken on board while formulating policies for trade and…
