Business News
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Foreign exchange: SBP reserves dip $190m to $10.3b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 1.8% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On May 6, the foreign currency reserves held by the SBP were recorded at $10,308.7 million, down $190 million compared with $10,499 million on April…
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Pakistani rupee continues to be on slippery ground, hits new historic low
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[ad_1] A currency dealer counting Rs1,000 notes while a stack of $100 is placed Photo: file KARACHI: The Pakistani rupee on Thursday broke all previous records against the US dollar and dropped to an all-time low of Rs191.75 in the interbank market during intraday trading. The decline was in line with the predictions of the…
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Pakistan exports its first SUV class vehicle | The Express Tribune
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[ad_1] KARACHI: Pakistan has exported its first vehicle – made by Master Changan Motors – under the new Auto Industry Development and Export Policy (AIDEP 2021-26), according to a press release issued by the company on Thursday. The press release stated that under the new auto policy, all OEMs would require to initiate vehicle exports to help…
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MedznMore raises over $11.5m in investment | The Express Tribune
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[ad_1] MedznMore, a tech-based health care company, has raised more than $11.5m in investment in a pre-series A round, according to a press release issued by the company. It is the largest investment in health tech to date. The company was founded by Babar Lakhani, Asad Khan, and Saad Khawar in 2020. It is a…
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Toyota warns profit to skid 20% | The Express Tribune
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[ad_1] TOKYO: Toyota Motor warned “unprecedented” hikes in raw material costs could slice a fifth off full-year profit, a clear sign the world’s top automaker by sales can no longer shrug off the supply chain crunch that has roiled the global industry. Also reporting a 33% drop in fourth-quarter operating profit, the Japanese giant saw…
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Oil up as Russia gas flow falls | The Express Tribune
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[ad_1] Oil prices jumped almost 5% on Wednesday after plunging nearly 10% in the previous two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo. Russian gas flows to Europe via Ukraine fell by a quarter after Kyiv…
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Tech firm cancels book-building process | The Express Tribune
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[ad_1] KARACHI: A software company, operating in Pakistan and Germany, has announced to cancel its book-building process for the listing at Growth Enterprise Market (GEM) board at the Pakistan Stock Exchange (PSX). The announcement from Coeus Solutions on Wednesday came following under-subscription of its shares by the accredited investors. They placed bids only for 1.02…
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Govt to give fertiliser subsidy directly to farmers | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to pay fertiliser subsidy directly to farmers through the Ministry of National Food Security and provincial governments in an effort to reduce prices, which have skyrocketed and led to less-than-required consumption. Di-ammonium phosphate (DAP) prices have crossed Rs10,000 per bag, dealing a major blow to the farmers. In order…
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Indonesia insists on taking trade to new peak | The Express Tribune
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[ad_1] PESHAWAR: This is the right time to increase bilateral trade between Pakistan and Indonesia to a new peak, remarked Indonesian Ambassador to Pakistan Adam M Tugio. In a meeting with Sarhad Chamber of Commerce and Industry (SCCI) on Wednesday, the envoy emphasised the need to expand mutual trade with Indonesia – beyond palm oil…
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Committee formed to probe causes of cyberattacks | The Express Tribune
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[ad_1] ISLAMABAD: All government departments should shift their data to a safe and secure system of National Telecommunication Corporation (NTC), said Federal Minister for IT and Telecommunication Syed Aminul Haque. Pakistan has faced cyberattack on the networking side of NTC. It was informed during a meeting on Wednesday that following the attack, the government formed…
