Business News
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ADB approves $300m loan to develop Pakistan’s capital markets | The Express Tribune
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[ad_1] ISLAMABAD: The Asian Development Bank (ADB) approved a $300 million loan on Tuesday to further develop Pakistan’s capital markets, promote private investment in the country, and help mobilise domestic resources to finance sustainable growth. According to a statement, the second sub-programme of the ADB’s Third Capital Market Development Program builds on institutional and regulatory…
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Crude oil jumps more than 6% | The Express Tribune
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[ad_1] HOUSTON: Oil prices soared more than 6% on Monday, with global benchmark Brent crude climbing above $115 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities. Brent rose $7.14, or 6.6%, to $115.07 a barrel by 12:33 PM…
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Import tax rationalisation to ease inflation: FBR | The Express Tribune
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[ad_1] KARACHI: Withholding tax (WHT) should be levied on income rather than on transactions and further tax should be abolished, said Federal Board of Revenue (FBR) Chairman Muhammad Ashfaq Ahmed. Speaking at the Karachi Chamber of Commerce and Industry (KCCI) on Monday, he emphasised that the rationalisation of import tax would help to bring down…
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PSO’s receivables reach record high | The Express Tribune
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[ad_1] ISLAMABAD: The receivables of Pakistan State Oil (PSO) have swelled to an all-time high at Rs489 billion as the company’s several clients failed to pay their bills for fuel supplies, say industry players. Though the company has posted the highest-ever after-tax profit of Rs29.1 billion for financial year 2020-21, its financial health is deteriorating…
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Rupee’s dip continues in inter-bank | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained a record-breaking downward streak for the sixth consecutive day on Monday, as it hit a new all-time low at Rs181.25 against the US dollar in the inter-bank market on fears that the International Monetary Fund (IMF) may temporarily suspend its $6 billion loan programme. With a fresh drop of 0.38%…
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‘Fintech sector to grow smoothly’ | The Express Tribune
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[ad_1] Commercial banks should not be apprehensive of fintech firms as they facilitate and supplement conventional banking, improve financial inclusion, help document informal economy and give banking opportunities to the unbanked segment, said Federation of Pakistan Chambers of Commerce and Industry Chief Irfan Iqbal Sheikh. In a statement on Monday, he quashed unwarranted concerns on…
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Baqir lauds growth of housing finance | The Express Tribune
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[ad_1] KARACHI: The number of applications for financing under the Mera Pakistan Mera Ghar scheme and their approvals are consistently on the rise and banks are green lighting over Rs4.5 billion and disbursing around Rs2.3 billion every week, said State Bank of Pakistan Governor Reza Baqir. He was speaking at an awareness drive of the…
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NPPMCL receives Rs100b bids from banks | The Express Tribune
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[ad_1] ISLAMABAD: National Power Parks Management Company Limited (NPPMCL) has received an unprecedented response from a syndicate of local banks for project financing in excess of Rs100 billion. NPPMCL, which owns and operates two power plants, was being privatised by the Privatisation Commission (PC), which led the recapitalisation of government of Pakistan’s equity and sovereign…
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Way ahead of luxurious snack | The Express Tribune
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[ad_1] “Plump and fragrant. I can easily peel it off without any tools, just by hand! I will definitely recommend it to my friends.” On one of China’s leading e-commerce platforms, click on the homepage of a Pakistani pine nuts shop with the highest sales volume, it is not difficult to see that the monthly…
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Egyptian currency sheds 13% against greenback
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[ad_1] A man counts Egyptian pounds at a currency exchange shop in downtown Cairo, November 3, 2016. — AFP CAIRO: The value of the Egyptian pound shed 13% against the US dollar on Monday, registering 17.80 pounds against the greenback after a recent rise in inflation. The local currency in the Arab world´s most populous…
