Express
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SBP cuts auto financing tenure | The Express Tribune
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[ad_1] KARACHI: In a bid to arrest the fast depleting foreign exchange reserves, the State Bank of Pakistan (SBP) has decided to reduce the auto financing tenure. In a circular issued on Tuesday, the central bank underlined that the maximum tenure of auto financing facility was reduced from five to three years for vehicles above…
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Chinese IPPs face default risk | The Express Tribune
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[ad_1] ISLAMABAD: Power projects of the China-Pakistan Economic Corridor (CPEC) face further risk of default on the upcoming debt repayments, as their outstanding dues have jumped above Rs340 billion amid Pakistan’s back-pedaling on fulfilling its contractual obligations. Owing to the gravity of the situation, Prime Minister Shehbaz Sharif is expected to hold a meeting to…
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Oil prices rise on tight global supply | The Express Tribune
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[ad_1] NEW YORK: Oil prices edged higher on Tuesday, recovering earlier losses, as tight global supply and an expected pick-up in demand during the US summer driving season balanced concerns over a possible recession and China’s Covid-19 curbs. The European Union is moving closer to agreeing a ban on Russian oil imports. Such an embargo…
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Seizure of containers to hurt trade, business | The Express Tribune
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[ad_1] ISLAMABAD: Businessmen of the capital city have shown concern over the seizure of loaded containers by the government authorities to tackle the long march, fearing that the practice will hurt trade and industrial activities and cause shortage of goods in the manufacturing units as well as markets. In a statement, Islamabad Chamber of Commerce…
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Minister promises incentives for E&P firms | The Express Tribune
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[ad_1] ISLAMABAD: The government will bring an aggressive incentive package for the facilitation of exploration and production (E&P) companies, so that they could step up their activities in potential areas and find much-needed new reservoirs of oil and gas in the country. This was stated by Minister of State for Petroleum Senator Dr Musaddik Malik…
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IT incentive package on the cards | The Express Tribune
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[ad_1] ISLAMABAD: An incentive package is expected to be announced for the information technology and telecom sector in the upcoming budget to give a big push to IT exports and meet the remittances target of $15 billion in the next two years. These incentives include exemption from duties and taxes on the establishment of cloud…
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Saudi Arabia finalising extension of $3bn deposit to Pakistan | The Express Tribune
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[ad_1] DAVOS: Saudi Arabia is finalising the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters. “We are currently finalising extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos. Last year, Saudi Arabia deposited $3 billion in…
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Market watch: Stocks falter on policy rate hike | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange witnessed another volatile session on Tuesday, as jittery investors preferred to stay on the sidelines amid a deteriorating political and economic condition in the country. After spending most of the day in the red, the benchmark KSE-100 index recorded a decrease of around 490 points to settle below the…
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Chinese firm to invest $50m in Gwadar, Karachi | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan and China have joined hands to develop agriculture, power and logistics sectors in Gwadar and Karachi. In that regard, Optima Integration Group of China and Asia Pak Investments of Pakistan have signed a memorandum of understanding (MoU) to invest $50 million in the first phase. The agreement, facilitated by the Board of…
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Rupee falls for 12th consecutive day | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its free-fall on the 12th consecutive working day, as it hit a new all-time low of Rs200.93 against the US dollar on Monday amid growing political and economic instability in the country. A further drop in the domestic currency may not be ruled out following the reports that Doha talks…
