Tribune
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Japanese yen jumps unexpectedly | The Express Tribune
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[ad_1] TOKYO: Japanese authorities likely intervened in markets to stem the slide of the country’s battered currency on Friday, market participants said, following an unexpected jump in the yen against the dollar. The yen rose as high as 144.50 per dollar on Friday, up more than seven yen from a 32-year low of 151.94 yen…
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Oil up as hopes outweigh worries | The Express Tribune
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[ad_1] NEW YORK: Oil prices rose in choppy trade on Friday as hopes of stronger Chinese demand and a weakening US dollar outweighed concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the US Federal Reserve is trying to slow the economy and will keep…
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President for enhancing trade | The Express Tribune
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[ad_1] ISLAMABAD: President Dr Arif Alvi on Friday emphasised the need for enhancing bilateral trade with France as the trade volume of $1.8 billion in 2021 was well below the existing potential. The president, while talking to Pakistan’s Ambassador-designate to France Asim Iftikhar Ahmad, called for holding regular meetings and exploring more opportunities for commercial…
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Fitch downgrades Pakistan’s rating to ‘CCC+’ | The Express Tribune
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[ad_1] Fitch Ratings on Friday downgraded Pakistan’s long-term foreign currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘, citing deterioration in the country’s external liquidity and funding conditions. The rating agency stated that one of the key factors behind the decision is the decline of foreign exchange reserves due to devastating floods in the country.…
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Axe falls on uplift spending as creditors stay aloof | The Express Tribune
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[ad_1] ISLAMABAD: The government has capped the development spending for the first half of the fiscal year at mere 20% of the annual budget because of severe economic crisis, as multilateral creditors remained reluctant to provide any major solace to Pakistan in the aftermath of the recent floods. However, the spending limit condition would not…
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SBP’s forex reserves stand at $7.59b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank remained almost flat on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 14, the foreign currency reserves held by the SBP were recorded at $7,597.2 million, up only $0.3 million compared with $7,596.9 million…
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Pakistan’s troubles justify slump in bond prices: JPMorgan | The Express Tribune
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[ad_1] LONDON: Investment bank JPMorgan has called the slump in Pakistan’s bonds to just a third of their face value justified, following the country’s devastating floods and recent warnings by officials that some debt payments may need to be suspended. “Pakistan’s debt and fiscal dynamics flag rising solvency concerns,” JPMorgan’s analysts wrote in a…
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Russian oil only on favourable terms: Dar | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has informed the US about its decision to buy oil from Russia but only at terms that are favourable than offered to its arch-rival India, said Finance Minister Ishaq Dar on Wednesday. Dar, in his first public event after returning from Washington, also ruled out seeking any relief from the International Monetary…
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Ahsan reviews projects on JCC agenda | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal directed the ministries concerned to ‘complete homework’ before the joint cooperation committee (JCC)’s 11th meeting, scheduled to take place at the end of October, so that the presented projects are finalised. Secretary planning, secretary of communications, executive director CPEC and representatives from different…
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Cabinet moves to tackle line losses | The Express Tribune
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[ad_1] ISLAMABAD: The federal cabinet on Tuesday approved, in principle, the expansion of installation of advance meters project from Islamabad to other areas of the country to overcome the issue of line losses. The cabinet in its meeting chaired by Prime Minister Muhammad Shehbaz Sharif also approved the installation of advance meters on power transformers.…
