Business News
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Experts attribute rising car prices to input costs | The Express Tribune
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[ad_1] LAHORE: Experts in the automobile sector have agreed that car manufacturers of Pakistan are facing inflationary pressure due to a surge in input costs, exponential increase in freight charges, rupee devaluation and hike in petroleum and steel prices. Last week, the carmakers passed on such pressures to their customers as several automakers announced a…
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SSGC seeks 45% hike in gas price | The Express Tribune
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[ad_1] ISLAMABAD: A public gas utility has sought an increase of around 45% in gas prices to meet the revenue shortfall for fiscal year 2022-23. The Oil and Gas Regulatory Authority (Ogra) held a public hearing on Thursday to consider Sui Southern Gas Company’s (SSGC) petition for determination of its estimated revenue requirement and prescribed…
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Italy approves new car incentives | The Express Tribune
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[ad_1] ROME: Italian Prime Minister Mario Draghi has signed a decree to allocate €650 million ($709 million) per year from 2022 through 2024 for incentives to buy electrified or low-polluting cars, the country’s industry ministry said on Wednesday. The outlay is part of a wider €8.7 billion long term plan that Italy announced earlier this…
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Global stocks slip, treasury yields rise | The Express Tribune
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[ad_1] NEW YORK: Stock indexes declined and benchmark US Treasury yields rose on Thursday as investors digested hawkish signals from the Federal Reserve, and the US dollar index was flat. Minutes released on Wednesday from the Fed’s March meeting reinforced concerns over inflation and suggested the US central bank’s balance sheet reduction could start next…
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US jobless claims drop over worker shortages | The Express Tribune
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[ad_1] WASHINGTON: The number of Americans filing new claims for unemployment benefits fell last week, indicating a further tightening of labour market conditions heading into the second quarter, which could contribute to keeping inflation elevated. Part of the decline in claims back to a more than 53-year low touched in mid-March reflected a revision of…
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Renault pushes on with electric split | The Express Tribune
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[ad_1] PARIS: Renault Chief Luca de Meo wants to press ahead with plans to create separate divisions for electric (EV) and combustion engine vehicles despite potentially costly uncertainty over its interests in Russia, three sources told Reuters. Playing catch-up with rivals like Tesla and Volkswagen, the French automaker first outlined its strategy shift in February,…
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Breakthrough in agri machinery this season | The Express Tribune
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[ad_1] BAHAWALPUR: Under the National Research Centre for Intercropping, jointly established by Sichuan Agricultural University and the Islamia University of Bahawalpur, spring sowing in the demonstrative plots of maize-soybean strip intercropping technology was completed. This season, besides the skyrocketing demonstration area of 400 acres, there is a breakthrough in machinery as well. Planters specifically for…
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SBP jacks up monetary policy rate to 12.25%
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[ad_1] Building of State Bank of Pakistan. — AFP/File KARACHI: The State Bank of Pakistan (SBP) has set the monetary policy at 12.25%, a statement from the central bank said Thursday, as the country grapples with uncertainty around the outlook for international commodity prices and global financial conditions, which had been exacerbated by the Russia-Ukraine…
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Market watch: Stock market erases gains to end negative | The Express Tribune
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[ad_1] KARACHI: Volatile trading continued at the Pakistan Stock Exchange on Thursday as the KSE-100 index offloaded over 300 points on the back of political turmoil, weakening economic cues and uncertainty about the future leadership. Investors awaited the Supreme Court ruling regarding the legitimacy of National Assembly deputy speaker’s remarks and sold their stockholdings. Moreover,…
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Foreign exchange: SBP reserves drop $728m to $11.32b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 6.04% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 1, the foreign currency reserves held by the SBP were recorded at $11,319.2 million, down $728 million compared with $12,047.3 million on March…
