Business News
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Market watch: Bulls return as KSE-100 races towards 45,000 | The Express Tribune
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[ad_1] KARACHI: Bulls returned to the Pakistan Stock Exchange on Thursday as they lifted the benchmark KSE-100 index close to the 45,000-point mark. Positive reports regarding the emerging political situation in the country aided investor confidence, which supported the market to end the session in the green. Investors also took cue from the decline in international…
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Foreign exchange: SBP reserves plunge $2.9b on loan repayment | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank decreased 19.5% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 25, the foreign currency reserves held by the SBP were recorded at $12,047.3 million, down $2,915 million compared with $14,962.4 million on March…
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No-trust move: Moody concerned for Pakistan’s economy | The Express Tribune
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[ad_1] KARACHI: The Moody’s Investor Service has termed the no confidence motion against Prime Minister Imran Khan credit negative and expressed concern that it could act as a hurdle in way of smooth reform process in Pakistan. “We view the no-confidence motion as credit negative because it raises significant uncertainty over policy continuity, as well…
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US stocks slip as optimism wanes | The Express Tribune
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[ad_1] NEW YORK: US stocks fell on Wednesday, as optimism around Ukraine-Russia peace talks waned and concerns grew over the prospect of a rapid rise in interest rates hurting economic growth. The Kremlin said there was no sign of a breakthrough yet, even though it welcomed Kyiv’s move to set out its demands in written…
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Oil jumps 4% on tight supply | The Express Tribune
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[ad_1] NEW YORK: Oil prices soared about 4% on Wednesday on supply tightness with another US crude stock drawdown, and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks. Brent futures rose $4.17, or 3.8%, to $114.40 a barrel by 1457 GMT, while US West Texas Intermediate…
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Rupee’s downtrend continues | The Express Tribune
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[ad_1] KARACHI: The rupee weakened against the US dollar at Rs182.64 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs182.34, according to the State Bank of Pakistan (SBP). It was an all-time low value for the local currency as demand for the dollar stood higher compared to its supply in the wake…
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Rs4.99 per unit tariff increase sought for Feb | The Express Tribune
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[ad_1] ISLAMABAD: The Central Power Purchasing Agency-Guarantee (CPPA-G) has sought an increase of Rs4.99 per unit in power tariff for February under the monthly fuel cost adjustment mechanism. According to a petition submitted to the National Electric Power Regulatory Authority (Nepra) on Wednesday, the CPPA-G said that the actual fuel cost came in at Rs8.935…
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Nisab set at Rs88,927 for Zakat deduction | The Express Tribune
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[ad_1] KARACHI: The Poverty Alleviation and Social Safety Division of the federal cabinet secretariat on Wednesday notified Nisab – minimum amount in bank accounts for zakat deduction – at Rs88,927. Banks would deduct 2.5% zakat on the total amount in savings, profit and loss sharing or similar bank accounts having minimum balance equivalent to Nisab…
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FBR investigating under-invoicing by auto firm | The Express Tribune
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[ad_1] ISLAMABAD: Federal Board of Revenue (FBR) Chairman Ashfaq Ahmed informed a parliamentary panel on Wednesday that the process of verifying under-invoicing by an auto company was underway. Speaking during a meeting of the Public Accounts Committee (PAC), committee member Khawaja Asif alleged that the automobile firm imported 10,000 completely built units (CBUs) through under-invoicing,…
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Gas utility seeks 66% price hike | The Express Tribune
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[ad_1] ISLAMABAD: A public gas utility has sought 66% increase in gas prices for financial year 2022-23. In that regard, the Oil and Gas Regulatory Authority (Ogra) on Wednesday conducted a public hearing to consider Sui Northern Gas Pipelines Limited’s (SNGPL) petition for the determination of its estimated revenue requirement and prescribed prices for FY23.…
