Express
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ECC members air concern over high electricity cost | The Express Tribune
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[ad_1] ISLAMABAD: Economic policymakers have aired serious concerns over the high cost of electricity generation by K-Electric (KE) and sought a detailed plan to slash the production cost. During discussions at a recent meeting of the Economic Coordination Committee (ECC), the Power Division shared comprehensive calculations and justifications for KE’s quarterly tariff revision. The minister…
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Inflows help rupee recover against USD in interbank market | The Express Tribune
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[ad_1] KARACHI: The Pakistani currency improved by Rs2.14 to Rs275.34 against the US dollar in the interbank market on Thursday morning after the IMF executive board gave final approval for the $3 billion loan program for Pakistan. Market reports suggest that the currency had briefly gained Rs5.47 and recovered to Rs272 against the greenback in the…
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Global investors plan to pour $7.1b into Turkey | The Express Tribune
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[ad_1] ISTANBUL: Members of Turkey’s International Investors Association (YASED) are planning $7.1 billion of direct investment in Turkey in the next six months, Chairman Engin Aksoy said on Wednesday. There are other international companies that want to invest in Turkey but the biggest issues are a lack of macroeconomic stability and regulatory unpredictability, Aksoy added.…
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Careem introduces mass-commute service | The Express Tribune
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[ad_1] KARACHI: In response to the mounting inflation rates plaguing Pakistan, companies and businesses are increasingly turning to mass-commute services as a viable solution for their transportation needs. Careem, a leading ride-hailing company, has recognised this demand and introduced a tailor-made and cost-effective transportation service, providing companies with customised solutions. In an exclusive interview with…
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Majority owners of offshore holding seek direct stake in KE | The Express Tribune
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[ad_1] KARACHI: The majority shareholders of an offshore holding company that owns most of Pakistani power company K-Electric said on Wednesday they have initiated legal proceedings to seek direct ownership of a stake in the utility. The power utility’s holding structure has widely been considered an impediment to its acquisition by China’s state-owned Shanghai Electric,…
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Oil prices up by 2% to 10-week high | The Express Tribune
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[ad_1] NEW YORK: Oil prices jumped about 2% to a 10-week high on Tuesday, boosted by a falling US dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.51, or 1.9%, to $79.20 a barrel by 1530 GMT. US West Texas Intermediate (WTI)…
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Potential Pak-Russia oil deal runs into hitches | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan and Russia are unlikely to strike a long-term oil supply deal as talks between the two sides have run into hitches. Sources told The Express Tribune that Pakistan and Russia had agreed that a special purpose vehicle (SPV) would be set up with the specific task of importing oil from Russia. However,…
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Startup funding plummets by 95% | The Express Tribune
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[ad_1] KARACHI: The startup ecosystem in Pakistan has experienced a drastic decline in funding during the second quarter of 2023, marking its worst performance since Q1FY2020. Data Darbar reports that funding plummeted to a mere $5.2 million, reflecting a staggering 95% decrease compared to the previous year and a 77.5% decrease compared to the previous…
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ECAP sees dollar dropping to Rs250 soon | The Express Tribune
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[ad_1] KARACHI: The Exchange Companies Association of Pakistan (ECAP) anticipates a gradual decline in the US dollar’s value to first Rs270 and subsequently to Rs250 following the disbursement of funds from the International Monetary Fund (IMF). The comments from ECAP Chairman Malik Bostan come as the Pakistani rupee sustained losses against the greenback on Monday,…
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Fitch upgrades Pakistan’s rating to ‘CCC’ after IMF deal | The Express Tribune
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[ad_1] . Pakistan’s long-term foreign currency issuer default rating (IDR) received a boost as global rating agency Fitch upgraded it from ‘CCC-‘ to ‘CCC’ on Monday. The upgrade was attributed to enhanced external liquidity and improved funding conditions, which were a result of the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF)…
