EIB returns to Pakistan after decade with €160m loans for housing, water projects ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the government would stay on the path of fiscal stabilisation and Pakistan’s economy is poised to grow 4% this fiscal year despite the ongoing Middle East conflict, as he urged Europeans to invest in…
Brent crude futures for June climbed $2.93, or 2.7%, to $111.16 a barrel at 1532 GMT NEW YORK: Oil prices pared earlier gains after the United Arab Emirates said it would leave OPEC and OPEC+, easing some supply concerns, though prices held near the upper end of a nearly 3% rally as stalled efforts to…
Minister says deal opens avenues for employment, aligns local certifications with international standards ISLAMABAD: Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has welcomed the signing of a memorandum of understanding (MoU) with Norway that will allow Pakistani seafarers to serve aboard Norwegian-flagged vessels, according to an official statement issued on Tuesday. Hailing the…
KARACHI: The State Bank of Pakistan (SBP) raised over Rs512 billion through the auction of Pakistan Investment Bonds (PIBs), reflecting strong participation from banks amid increased interest rates. According to the auction result released on Tuesday, the central bank received total bids worth Rs906.4 billion across multiple tenors, against which it accepted Rs499.4 billion in…
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted in-principle approval for the implementation of a comprehensive exchange-traded fund (ETF) reform roadmap, based on the recommendations of the working committee on ETFs, according to a statement issued on Tuesday. The roadmap will be implemented in phases following extensive consultations with key stakeholders, including…
Brent is above the level it hit before the two sides announced a ceasefire at the start of April Iran renewed attacks on the United Arab Emirates on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days. FILE IMAGE: PIXABAY Asian stocks…
KSE-100 loses 1,085 points on worries higher borrowing costs may hit corporate profits KARACHI: The Pakistan Stock Exchange (PSX) ended Tuesday’s session on a negative note as a 100-basis-point policy rate hike weighed on investor sentiment, who were worried that the central bank’s monetary tightening would dent business activities. During the trading session, the benchmark…
Sources said that the IMF observed the CPP levy should be seen as a punitive tool to discourage the use of gas in inefficient in-house plants. photo: file ISLAMABAD: The International Monetary Fund (IMF) has allowed Pakistan to modify the price formula used to determine the captive gas levy, which will reduce gas prices for…
FPCCI Regional Chairman Zaki Aijaz said cargo transported by rail is considerably more economical LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has urged the Punjab government to immediately withdraw the 0.9% Punjab Infrastructure Development Cess (PIDC) imposed in the province, according to a statement issued on Monday. Sheikh…
KARACHI: Gold prices in Pakistan posted a modest increase on Monday, defying a decline in the international bullion market amid heightened geopolitical uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola rose by Rs800 to settle at Rs493,962. The rate for 10 grams of gold increased by Rs686…