Business News
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Oil plunges 5% on recession fears
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[ad_1] Oil pump under the blue sky with beam pumping unit in the oil field. -Picture CNBC Hong Kong: Oil prices plunged more than 5% Wednesday as traders grow increasingly worried that demand for the commodity will take a hit…
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Rupee breaks losing streak against dollar on IMF breakthrough
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[ad_1] The local unit finally breaks its losing streak against the dollar and gains nearly Re1 in the early morning interbank market on Wednesday. KARACHI: Following a “broad agreement” with the International Monetary Fund (IMF) programme, the Pakistani rupee broke…
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Rupee gains ground against dollar after IMF news | The Express Tribune
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[ad_1] KARACHI: After reports of an imminent deal between the Pakistani government and the International Monetary Fund (IMF), the Pakistani rupee started showing signs of recovery on Wednesday as it gained over 0.40 paisas against the US dollar to reach…
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‘Broad agreement’ with IMF to end uncertainty | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Tuesday announced a ‘broad agreement’ with the International Monetary Fund (IMF) on the next year’s budget that has seen its size increased to Rs9.9 trillion, as the government agreed to reintroduce tax on people earning up…
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Balochistan govt unveils budget with total outlay of over Rs612 billion
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[ad_1] Balochistan Finance Minister Sardar Abdul Rehman Khetran address the provincial budget session at the Balochistan Assembly in Quetta, on June 21, 2022. — YouTube/PTV QUETTA: The Balochistan government Tuesday unveiled the budget with a total outlay of over Rs612…
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Oil ticks higher on strong demand | The Express Tribune
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[ad_1] HOUSTON: Oil rose about 1% on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose 68 cents, or 0.6%, to $114.77 a barrel by…
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Mobile phone assembly units may shut down | The Express Tribune
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[ad_1] KARACHI: Operations at major mobile phone assembly plants are on the verge of halt as the letters of credit (LCs) for import of completely knocked down (CKD) units are not being opened due to the shortage of dollars since…
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No respite from rupee fall as it dives to 211.48 | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee has become the worst-performing currency in Asia in 2022, as it melted down a fresh 0.72% (or Rs1.52) to a new all-time low at Rs211.48 against the US dollar in the inter-bank market on Tuesday….
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Refineries await IMF deal as margins rise | The Express Tribune
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[ad_1] ISLAMABAD: As profit margins of refineries rise, they are looking at the signing of a loan revival deal between the government and the International Monetary Fund (IMF), which will push global banks to endorse the Letters of Credit (LCs)…
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SBP quashes talk of dollar shortage | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has announced that there is no shortage of US dollars for import payments as the country’s foreign currency reserves of $8.99 billion “are fully usable for all purposes … (and) commercial banks…
