Business News
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High-flying tech giants buffeted by turbulent times
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[ad_1] Logos of tech giants inlcuding Google, WWDC, Facebook, Amazon.. — AFP/File SAN FRANCISCO: Tech giants that saw good times during the pandemic are dealing with a “hangover” compounded by inflation and the war in Ukraine, analysts have said after earnings were released this week. Amazon, Apple, Meta and Google-parent Alphabet released figures for the…
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Furniture exports surge 80% in March | The Express Tribune
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[ad_1] LAHORE: Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq on Thursday disclosed that Pakistan’s furniture exports registered astronomical increase of 80.3% in March compared to the corresponding period of last year. Talking to a delegation of furniture manufacturers, he said now the volume of furniture exports had touched the figure of Rs179…
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SBP reserves fall $328m to $10.56b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 3% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 23, the foreign currency reserves held by the SBP were recorded at $10,558.2 million, down $328 million compared with $10,885.7 million on April…
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Govt raises Rs376 billion through PIBs | The Express Tribune
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[ad_1] KARACHI: The cash-strapped government raised Rs375.8 billion against the set target of Rs100 billion through auctioning three to 10-year Pakistan Investment Bonds (PIB) to commercial banks on Thursday, as lending rate on the long-term bonds remained significantly low – despite a spike – compared to short-term papers. The lending rate aggressively increased by 145…
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Power firms incurring Rs150 billion losses | The Express Tribune
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[ad_1] ISLAMABAD: Ex-Wapda distribution companies (XWDISCOs) are incurring losses of Rs150 billion annually on account of electricity theft, line losses and fewer recoveries, noted the National Electric Power Regulatory Authority (Nepra). During a hearing of petitions of distribution companies for the second quarter (Oct-Dec) of 2021-22, the XWDISCOs failed to satisfy the regulator on capacity…
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Pakistan asks EU to relax terms for GSP scheme | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan is lobbying the European Union (EU) to relax its conditions in the new Generalised Scheme of Preferences (GSP) scheme, which provides preferential treatment for many exporting countries including Pakistan. The 27-nation bloc has proposed 11 new conventions for inclusion in the new GSP scheme, which may be difficult for countries like Pakistan…
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Rs36b approval for ML-I delayed | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Thursday again postponed approval of Rs36 billion project that had been designed to provide security to the Chinese nationals who would be engaged for the construction of multibillion-dollar Mainline-I (ML-I) project. The project has been lingering for the past almost two years and could not win the nod of the authorities…
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Women play role in industrial revolution | The Express Tribune
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[ad_1] ISLAMABAD: National Commission on the Status of Women Chairperson Nilofar Bakhtiar has stressed that globally women, along with their existing roles in agriculture, health, education, etc, are making inroads into the fourth industrial revolution that will drive global and regional knowledge economies. “Women are moving into a growing space as innovators, entrepreneurs, start-up founders,…
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Oil fluctuates amid supply constraints | The Express Tribune
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[ad_1] Oil prices steadied after trading in and out of the positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of slowing fuel demand in China. Brent crude futures were down 9 cents at $105.23 a barrel by 1347 GMT while US West Texas Intermediate crude rose 13 cents at…
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OGDC profit soars 79% to Rs43.16 billion | The Express Tribune
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[ad_1] KARACHI: The Oil and Gas Development Company (OGDC) net profit soared 79% to Rs43.16 billion in the third quarter ended March 31, 2022 mainly due to the rupee depreciation and surge in energy prices from the fields to the downstream industries. The oil and gas exploration firm booked a profit of Rs24.12 billion in…
