Express
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Pak Suzuki returns to profit, earns Rs2.7b | The Express Tribune
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[ad_1] KARACHI: Pak Suzuki Motor Company reversed losses in 2021 as it recorded a profit of Rs2.68 billion due to the plunge in finance cost coupled with the spike in other income. According to a notice sent to the Pakistan Stock Exchange on Tuesday, the company had reported a loss of Rs1.38 billion in 2020.…
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Oil scarcity lifts import premiums | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan is going to face another setback as premiums on oil import have risen sharply due to the shortage of petroleum products, especially diesel, in the global market following the Russia-Ukraine war. According to sources, Pakistan had been paying a premium of 3% to 4.5% on the import of petrol and diesel, but…
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Stocks close flat on profit-taking | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange witnessed a range-bound trading session on Tuesday, as jittery investors resorted to profit-booking mainly owing to the uncertain political situation in the country. The benchmark KSE-100 index, after remaining in the green zone for most of the day, succumbed to late-session selling pressure and ended the day with a…
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Oil rises towards $116 as EU weighs Russian ban | The Express Tribune
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[ad_1] LONDON: Oil rose towards $116 a barrel on Tuesday, adding to a 7% surge the previous day, supported by supply risks from a potential European Union oil embargo on Russia and concern about attacks on Saudi oil facilities. European Union foreign ministers are split on whether to join the United States in banning Russian…
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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…
