Business News
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IT park planned near Karachi airport | The Express Tribune
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[ad_1] KARACHI: Federal Minister for Information Technology and Telecommunication Syed Aminul Haq has announced the setting up of an IT park in Karachi and a piece of land costing Rs31 billion has been acquired from the Civil Aviation Authority near Karachi airport for the project. “Plots will be available at much lower rates in the…
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Essential goods’ prices jump 20% | The Express Tribune
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[ad_1] ISLAMABAD: The average inflation for 51 essential goods, mostly used by low and middle-income groups, jumped above 20% during the latest week over a year ago amid serious contradictions in the official data used to calculate the price growth. The year-on-year Sensitive Price Indicator (SPI) increased to 20.04% during the week ended June 2,…
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India’s cyber security rules spark fears | The Express Tribune
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[ad_1] NEW DELHI: Indian cyber security rules due to come into force later this month will create an “environment of fear rather than trust”, a body representing top tech companies has warned the government, calling for a one-year delay before the rules take effect. The Internet and Mobile Association of India (IAMAI), which represents firms…
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Oil rises despite OPEC+ output hike plan | The Express Tribune
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[ad_1] NEW YORK: Oil rose on Friday, supported by expectations that OPEC’s decision to increase production targets by slightly more than planned won’t much affect tight global supply and by rising demand as China eases Covid restrictions. The Organisation of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output…
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Boeing chief says no plan for equity raise | The Express Tribune
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[ad_1] SEATTLE: Boeing Co Chief Executive Dave Calhoun said on Friday the US planemaker has no current plans to tap equity markets, and signalled a wait of at least two years before launching a new aircraft programme. “There is no plan for an equity raise,” Calhoun told a conference organised by brokerage Bernstein. “I’m confident…
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SBP injects Rs1tr into open market | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has supplied over Rs1 trillion to the conventional and Shariah-compliant commercial banks for an unusual longer period of 63 days for the second time in one week to push them to bring down the interest rate on financing for the government. The overall injections came in at…
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Sindh CM cuts petrol quota of ministers, officials by 40%
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[ad_1] Sindh Chief Minister Murad Ali Shah. -APP/File KARACHI: As part of its austerity drive after another hike in petrol price, Sindh Chief Minister Murad Ali Shah Monday reduced the fuel quota of the ministers and government officials by 40%. According to the CM spokesperson, the decision was taken to control the expenses and lessen…
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Ford to invest $3.7 billion | The Express Tribune
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[ad_1] WASHINGTON: Ford Motor Co on Thursday said it will invest $3.7 billion in assembly plants in Michigan, Ohio and Missouri for production of both electric and gasoline-powered vehicles. Ford, whose shares were up 2.4% in afternoon trading, said $2.3 billion of the total investment will be spent on EVs, part of the $50 billion…
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Minister for timely project completion | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Water Resources, Syed Khursheed Ahmed Shah has said that Pakistan is in dire need of water and low-cost electricity, which necessitates timely completion of the projects in water and hydropower sectors. He expressed these views during his visits to Mohmand Dam and Tarbela 5th Extension Hydropower Project. The Minister was…
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SBP’s forex reserves fall $366m to $9.7b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 3.62% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 27, the foreign currency reserves held by the SBP were recorded at $9,722.9 million, down $366 million compared with $10,088.6 million on May…
