Express
-
Oil up at 9-month high | The Express Tribune
.
[ad_1] NEW YORK: Oil prices rose about 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended voluntary cuts this week. Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 1608 GMT. US West Texas Intermediate (WTI) crude…
-
Iran seeks extension in gas pipeline deal | The Express Tribune
.
[ad_1] ISLAMABAD: As the threat of billions of dollars in penalty looms, Iran has asked Pakistan to extend their gas pipeline deal to keep the project alive in future. Pakistan and Iran have not been able to execute the Iran-Pakistan (IP) gas pipeline project because of longstanding US sanctions against Tehran over the latter’s alleged…
-
Interim set-up told to step up SOEs’ privatisation | The Express Tribune
.
[ad_1] ISLAMBAD: The International Monetary Fund (IMF) has asked the caretaker government to implement the terms of the $3 billion standby arrangement, including reducing costs and speeding up the process of privatisation of public entities. The Washington-based lender has also demanded that 203 government companies should be removed from the ministries and placed under the…
-
Forex down to $7.78b | The Express Tribune
.
[ad_1] KARACHI: The State Bank of Pakistan (SBP) has reported a marginal 0.89% decline in foreign exchange reserves on a week-on-week basis, with the total now standing at $7.78 billion as of September 1, 2023. This announcement, made by the central bank on Thursday, reveals a decrease of $70 million compared to the previous week’s…
-
July interest payments surpass govt income | The Express Tribune
.
[ad_1] ISLAMABAD: Interest payments in July increased alarmingly to Rs537 billion, surpassing the federal government’s net income for the month by Rs156 billion. This has raised concerns that the annual debt servicing cost may exceed budget allocations due to rising interest rates. Provisional federal fiscal operations for July, marking the beginning of fiscal year 2023-24,…
-
G7 shelves oil cap reviews as prices soar | The Express Tribune
.
[ad_1] BRUSSELS: The Group of Seven (G7) and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. Russian producers have found ways to sell oil using fewer…
-
SBP tightens grip on exchange companies | The Express Tribune
.
[ad_1] KARACHI: In the midst of an intensified crackdown against foreign currency smuggling and illicit hawala-hundi operations, the State Bank of Pakistan (SBP) has unveiled a series of stringent measures aimed at reforming the currency exchange sector. Currency exchange companies categorised as ‘B’ have been given a three-month ultimatum to either transform into full-fledged exchange…
-
Govt mulls selling stakes in three power distribution companies | The Express Tribune
.
[ad_1] KARACHI: The federal government is considering selling stakes in three high performing state-owned power distribution companies through an initial public offering, officials said on Wednesday, as the country looks to resolve financial issues facing the debt-ridden sector. The country’s power sector has been plagued by high rates of power theft and distribution losses, resulting…
-
New power bills proposal sent to IMF | The Express Tribune
.
[ad_1] ISLAMABAD: After the rejection of the first one, the caretaker government has sent a fresh proposal to the International Monetary Fund (IMF) that the additional money allocated for the independent power producers (IPPs) could be adjusted to provide relief to the consumers, who were protesting against the exorbitant rise in their electricity bills. Finance…
-
Rupee crosses 307 on dollar scarcity | The Express Tribune
.
[ad_1] KARACHI: The absence of US dollar inflows has kept on hitting Pakistani currency hard, sending it to a new historic low above Rs307 to the greenback in the inter-bank market on Tuesday. According to the State Bank of Pakistan (SBP), the rupee dropped 0.48%, or Rs1.46, to the all-time low at Rs307.10 against the…
