Business News
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Iraq oil exports $11.07 bn in March, highest for 50 years
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[ad_1] Photo: AFP/file BAGHDAD: Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia’s invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues of…
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Trade with Turkey hits $1.1 billion | The Express Tribune
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[ad_1] KARACHI: The bilateral trade volume between Pakistan and Turkey has crossed the $1.1 billion mark after being stagnant for a decade, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh. While appreciating the Pakistan-Turkey Joint Business Council (PTJBC) of FPCCI in a statement on Friday for its efforts in…
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Alvi censures banks for careless attitude | The Express Tribune
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[ad_1] ISLAMABAD: President Dr Arif Alvi has strongly objected to the careless attitude of some commercial banks in resolving the complaints of customers. While rejecting two separate representations of different banks against the decisions of Banking Mohtasib of Pakistan (BMP) on Friday, he advised the financial institutions to pay the required amounts to the respective…
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Islamic banking assets soar past Rs5tr | The Express Tribune
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[ad_1] KARACHI: The growth of Islamic banking industry (IBI) hit a new peak in 2021 as its assets surpassed the Rs5 trillion mark and reached Rs5.58 trillion after a historic increase of Rs1.31 trillion, reported the State Bank of Pakistan (SBP). In its Islamic Banking Bulletin for the quarter ended December 2021 released on Friday,…
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Energy-efficient products may end power crisis | The Express Tribune
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[ad_1] LAHORE: Experts have said that the power crisis of Pakistan could be resolved if energyefficient products were made available for the residential sector that consumed about 47% of the total electricity generated by the country. In a joint statement on Friday, Pakistan Standards and Quality Control Authority (PSQCA) deputy directors stated that about 8…
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Govt okays Rs25b grant for PSO | The Express Tribune
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[ad_1] ISLAMABAD: The government on Friday approved a grant of Rs25 billion to partially ease the financial woes of Pakistan State Oil (PSO) amid the opposition’s warning that it would reverse all the decisions taken after the submission of no-confidence motion once it formed a new government. The Economic Coordination Committee (ECC), which continued to…
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Rupee continues to take a battering | The Express Tribune
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[ad_1] KARACHI: The Pakistani rupee has maintained its downward streak for about two straight weeks now, as it crossed Rs184 for the first time in history against the US dollar on Friday, amid rapid depletion in foreign exchange reserves which currently stand at two and a half years low level. The rupee depreciated 0.33% (or…
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Govt mulls new levy on oil products | The Express Tribune
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[ad_1] ISLAMABAD: The government is planning to impose infrastructure development levy (IDL) of Re1 per litre on petroleum products to generate around Rs354 billion and build strategic reserves of around 2 million tons. Sources told The Express Tribune that the government wanted to build the strategic petroleum reserves to cover 30 days of requirement. It…
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Inflation stands at 12.7% in March | The Express Tribune
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[ad_1] ISLAMABAD: The inflation rate in March, which could turn out to be the last month of the government of Prime Minister Imran Khan, rose 12.7% due to a surge in prices of food and energy goods – a pace that was almost triple the one recorded in June 2018. The Consumer Price Index (CPI)…
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Market watch: KSE-100 rises past 45,000-point barrier | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange endured a roller-coaster session on Friday, as the benchmark KSE-100 index, after a feeble start, managed to notch up decent gains and breach the 45,000-point mark. Market participants were once again observed showing their concern over the persistent slide in the rupee against the US dollar, which touched a…
