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World food prices hit record high over Ukraine war: FAO
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[ad_1] A Syrian woman prepares food at the Kabsh camp for the displaced people in the countryside near Syria´s northern city of Raqa during the Muslim holy month of Ramadan on April 7, 2022. — AFP/File PARIS: World food prices hit an all-time high in March as Russia’s invasion of Ukraine sent “shocks” through markets…
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Huawei reports record net profit as exec Meng makes public return
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[ad_1] Photo: AFP/file BEIJING: Chinese telecoms giant Huawei on Monday reported record profit for 2021, defying the US sanctions aimed at it as executive Meng Wanzhou made her first public appearance since returning to China from Canadian custody. The company has been caught in the crosshairs of a US-China trade and technology rivalry, with the…
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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 falls to new record low | The Express Tribune
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[ad_1] KARACHI: The rupee weakened to an all-time low against the US dollar at Rs179.44 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs179.22, according to the State Bank of Pakistan (SBP). The rupee fell further as demand for the dollar stood high compared to its supply in the wake of an…
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Budget deficit to touch record Rs4.3tr | The Express Tribune
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[ad_1] ISLAMABAD: The federal government will miss its budget deficit target by Rs318 billion and could book, for the first time in history, over Rs4.3 trillion deficit in the current fiscal year, the finance ministry informed the federal cabinet. The record Rs4.3 trillion federal budget deficit will be equal to 8% of the gross domestic…
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Rupee slips to new record low in inter-bank market | The Express Tribune
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[ad_1] KARACHI: The rupee felt the heat of Russia-Ukraine conflict as the currency fell to a fresh all-time low at Rs178.61 against the US dollar in the inter-bank market on Tuesday on the back of surging oil prices coupled with the forecast of wheat shortage, which would increase the import cost for Pakistan. According to…
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Telecom sector posts record Rs644b revenue in FY21 | The Express Tribune
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[ad_1] KARACHI: The telecom sector posted the highest-ever revenue of Rs644 billion in fiscal year 2020-21 as compared to the revenue of Rs592 billion in the previous year. The sector attracted $202 million in foreign direct investment (FDI) and contributed Rs226 billion to the national exchequer, according to Pakistan Telecommunication Authority’s (PTA) annual report for…
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Crude jumps, stocks slip, rouble crashes to record low | The Express Tribune
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[ad_1] TOKYO: Crude oil jumped while the rouble plunged nearly 30% to a record low on Monday after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system. Safe-haven demand boosted bonds along with the dollar and yen while the euro sank…
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Petroleum imports touch record high | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s petroleum import bill hit a record high of $11.69 billion in the first seven months (July-January) of current fiscal year 2021-22 mainly due to a surge in energy prices in the global market and partly due to a pickup in demand in the country. The oil import bill increased by 107% to…
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Remittances hit record high at $18b | The Express Tribune
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[ad_1] KARACHI: Pakistan has received record high workers’ remittances of $18 billion from the expatriates in first seven months (July-January) of current fiscal year 2021-22, however, the inflows shrank to 17-month low in January 2022. Remittances rose 9% to $17.95 billion during July-January of fiscal year 2021-22 compared to $16.46 billion in the same period…
