Business News
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Indian rupee hits record low amid ‘sustained inflation’ | The Express Tribune
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[ad_1] MUMBAI: The Indian rupee hit record lows against the US currency on Tuesday after higher oil prices raised concerns of sustained inflation, although intermittent dollar selling by the central bank helped limit losses. The partially convertible rupee was trading at 78.75/76 per dollar by 0745 GMT, compared to its close of 78.34 on Monday. The…
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Russia defaulted on debt: Moody’s
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[ad_1] PARIS: Moody’s ratings agency has confirmed that Russia defaulted on foreign debt for the first time in a century after bond holders did not receive $100 million in interest payments. “Further defaults on future coupon payments are likely,” Moody’s said in a statement late Monday. [ad_2] Source link
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Pakistan has received MEFP from IMF for combined 7th and 8th reviews: Miftah
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[ad_1] Finance Minister Miftah Ismail. ISLAMABAD: Federal Minister for Finance Miftah Ismail Tuesday said that Pakistan has received the draft Memorandum of Economic and Financial Policies (MEFP) from the International Monetary Fund for the combined 7th and 8th reviews. The minister made the announcement on Twitter. “Early this morning, the Government of Pakistan has received…
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Stocks surge as investors weigh positive cues | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) celebrated the positive cues on Monday as bulls returned to the market, who lifted the benchmark KSE-100 index by over 800 points. The KSE-100 index recorded a sharp recovery as investors expressed optimism about the probability of IMF sending a draft of the Memorandum of Economic and Financial…
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Kyrgyzstan envoy hopes for CASA-1000 completion | The Express Tribune
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[ad_1] ISLAMABAD: Kyrgyzstan Ambassador Ulanbek Totuiaev has voiced hope that the Casa-1000 electricity transmission project will be completed soon, which will meet Pakistan’s energy needs and enhance bilateral cooperation in the energy sector. “Casa-1000 project is aimed at taking surplus electricity from the Kyrgyzstan and Tajikistan hydropower stations in summer to Pakistan through the territory…
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Nearly Rs18 per litre rise in diesel price likely | The Express Tribune
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[ad_1] ISLAMABAD: The PML-N led coalition government is facing another challenge of making a hefty increase of up to Rs17.78 per litre in the price of high-speed diesel following wide fluctuations in the global crude oil prices. In the case of petrol, the price is expected to go up by Rs3.29 per litre. Similarly, the…
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Saudi investors eager to invest in agri, minerals | The Express Tribune
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[ad_1] KARACHI: A delegation of businessmen and investors from Saudi Arabia has expressed keen interest in investment in Pakistan’s agriculture sector as a top priority and has shown the willingness to invest in the mineral sector as well, with the intention to export such goods not only to Saudi Arabia but also to other countries…
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Property developers to press ahead with three mega projects | The Express Tribune
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[ad_1] KARACHI: Brushing aside the economic woes and anticipated storm of inflation in Pakistan, the real estate giants have announced that they will push ahead with three mega projects in the luxury residential, business hotel, offices and retail areas as a consortium of banks released the first financing tranche of Rs5.625 billion. TPL Properties announced…
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Govt to borrow Rs27.5 trillion | The Express Tribune
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[ad_1] ISLAMABAD: The government on Monday sought the National Assembly’s seal of approval for borrowing Rs27.5 trillion to repay the maturing debt and bear the interest cost as the country’s external debt repayment requirements increase sharply due to currency devaluation and growing reliance on foreign creditors. The Ministry of Finance tabled the list of expenditures…
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CDWP clears 19 projects of Rs142b | The Express Tribune
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[ad_1] ISLAMABAD: The Central Development Working Party (CDWP) has cleared 19 development projects worth Rs142.3 billion and recommended six projects to the Executive Committee of National Economic Council (Ecnec) for approval during its meeting held on Monday. The CDWP considered 19 development projects related to the Ministry of Communication, Ministry of Railways, Ministry of Water…
