Business News
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Stocks snap bullish streak over Moody’s | The Express Tribune
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[ad_1] KARACHI: A four-day winning streak ended at the Pakistan Stock Exchange on Friday as a Moody’s report sparked concerns among investors, who remained cautions while trading stocks. The rating agency downgraded Pakistan’s credit rating to Caa1 from B3. The stock market expected further deterioration in the economic outlook of the country. Despite pessimism, the…
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Dar says going to Paris Club for funds ‘last resort’
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[ad_1] Finance and Revenue Minister Ishaq Dar. — Screengrab/GeoNews ISLAMABAD: Finance and Revenue Minister Ishaq Dar said Friday that seeking debt relief from the bilateral Paris Club creditors would be his last resort, underlining that agencies downgrade the rating of countries approaching the Paris Club. Dar, while speaking on Geo News’ programme “Aaj Shahzaib Khanzada…
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Electricity consumers to get ‘relief in bills from next month’ | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Power Khurram Dastgir said on Friday that the electricity consumers would be given relief in fuel adjustment charges (FAC) in next month’s electricity bills. Speaking in the National Assembly, the minister said the reduction in oil prices in the international market and appreciation of the rupee against the dollar has…
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Dar not pleased with Moody’s downgraded rating for Pakistan
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[ad_1] Finance Minister Ishaq Dar. — AFP/File ISLAMABAD: Expressing his displeasure over Moody’s Investor Service for downgrading Pakistan’s sovereign credit rating, Finance Minister Ishaq Dar Friday said he discussed the matter with the credit rating agency. A day earlier, the agency had cut Pakistan’s sovereign credit rating by one notch to Caa1 from B3 after…
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Rupee’s upward march continues unabated, closes at Rs219.92
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[ad_1] A currency dealer counts US dollars at a shop. — AFP/File KARACHI: In view of the expectations of aid inflows from international financial institutions, the Pakistani rupee maintained its upward momentum against the US dollar for the 11th straight session on Friday in the interbank market. The local unit gained Rs2.02 or 0.92% against…
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ECC to set wheat support price, Senate panel told | The Express Tribune
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[ad_1] ISLAMABAD: The wheat support price would be approved in the next meeting of the Economic Coordination Committee (ECC), the Senate Standing Committee on National Food Security and Research was informed on Thursday. The committee which met here with its chairman Syed Muzaffar Shah in the chair, formed a sub-committee to investigate the issue of…
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Pakistan’s ratings downgraded to Caa1 after 7 years by Moody’s
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[ad_1] Moody’s headquarters in New York, US. — AFP/File SINGAPORE: The Government of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings on Thursday were downgraded to Caa1 from B3 by Moody’s Investors Service (Moody’s) after seven years. The credit-rating agency has also downgraded the rating for the senior unsecured Medium Term Note…
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Floods to drag up to 9 million Pakistanis into poverty: World Bank
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[ad_1] Internally displaced people use a boat to cross the flooded area in Dadu district, Sindh province on September 27, 2022. — AFP/File ISLAMABAD: Between six and nine million Pakistanis are set to be dragged into poverty as a result of cataclysmic monsoon flooding linked to climate change, the World Bank said on Thursday. Pakistan…
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Pakistan needs sustainable export led growth: Iqbal | The Express Tribune
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[ad_1] ISLAMABAD: “Pakistan desperately needs to take measures to bring the country’s economy out of crisis through sustainable export led economic growth,” said Minister for Planning and Development Ahsan Iqbal on Thursday. Addressing the closing ceremony of a two-day international conference on Productivity Accreditation and Certification, organised by National Productivity Organisation (NPO) on the occasion…
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Govt unveils power subsidy package for export industry | The Express Tribune
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[ad_1] The federal government has unveiled a relief package for the country’s export industry under which subsidised electricity is to be provided at Rs19.89 per unit. Addressing the media in Islamabad after holding talks with Pakistan Textile Exporters Association (PTEA) on Thursday, Finance Minister Ishaq Dar said all power distribution companies will provide electricity to…
