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Remittances hit record high | The Express Tribune
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[ad_1] KARACHI: Beating the market expectations, workers’ remittances sent home by overseas Pakistanis have surprisingly surpassed the $3 billion mark in a month for the first time in history, apparently to support their family members to spend more during Ramazan and on Eid. “Remittances crossed the monthly mark of $3 billion for the first time,”…
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Dollar touches all-time high of Rs190 | The Express Tribune
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[ad_1] KARACHI: Pakistani currency hit a new all-time low of Rs190 against the US dollar in intra-day trade in the interbank market on Wednesday. Besides, the Pakistan Stock Exchange (PSX) lost over 500 points. The rupee and stocks both nosedived ahead of the resumption of talks with the International Monetary Fund (IMF) in Doha on…
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FPCCI proposes high tax rates, amnesty for rich | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s apex business body has proposed drastic measures to Prime Minister Shehbaz Sharif to contain budget and current account deficits including the rationing of electricity, an increase in individual tax rates and an amnesty for the rich to lure them to put their dollars in the central bank’s coffers. The Federation of Pakistan…
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Dollar rises towards 20-year high | The Express Tribune
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[ad_1] LONDON: The dollar rose back towards a 20-year high on Monday as the euro struggled around the $1.05 mark, with investors preparing for a busy week of central bank meetings including a likely Federal Reserve interest rate hike. The euro also came under pressure after a survey showed that eurozone manufacturing output growth stalled…
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PSX posts record high profit of Rs320b | The Express Tribune
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[ad_1] KARACHI: Top 100 companies listed at Pakistan Stock Exchange (PSX) have cumulatively posted a record high profit of Rs320 billion in the quarter ended March 31, 2022 on the back of sharp increase in commodity prices and a notable hike in the benchmark interest rate. “Profitability of the KSE-100 index continues to soar, posting…
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T-bill returns hit 24-year high | The Express Tribune
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[ad_1] KARACHI: Pakistan’s financial markets maintained record breaking spree, as commercial banks’ lending rate on financing to the cash-strapped government for a period of six-month hit 24-year high at 14.99% on Wednesday. The government raised a total of Rs614 billion through auctioning three, six and 12-month T-bills to commercial banks against a set target of…
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KIBOR rate hits 13-year high | The Express Tribune
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[ad_1] KARACHI: The commercial banks’ benchmark lending rate Kibor hit a 13-year high at 14.10% on Tuesday, in anticipation of a further spike in inflation reading, as the new PML-N coalition government is considering withdrawing subsidies on energy products to win back the International Monetary Fund (IMF) loan programme. The six-month Kibor (Karachi inter-bank offered…
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World’s airline capacity hits 2022 high | The Express Tribune
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[ad_1] WASHINGTON: Global airline capacity has surged to its highest level in 2022 this week because of a rebound in Chinese domestic demand despite extended lockdowns in Asia’s biggest aviation market, travel data firm OAG said on Tuesday. Asian jet fuel refining margins, which have more than doubled in the past two months, were at…
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Moderate growth and high deficit | The Express Tribune
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[ad_1] ISLAMABAD: A combination of domestic and external factors has pushed the economy into hot waters. In terms of some key economic indicators, the economy is in a similar situation as left by the PML-N government in 2018 – a moderate growth rate accompanied by high external and fiscal deficits. FY18 had closed with trade…
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High stakes at Wall Street next week | The Express Tribune
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[ad_1] NEW YORK: Investors are hoping a flood of US quarterly reports next week, including those from megacap growth titans, will confirm a solid profit outlook for corporate America and bolster the case for stocks after a rocky start to the year. Nearly 180 companies in the S&P 500, worth roughly half of the benchmark…
