A logo of ADNOC is displayed at the Make it in the Emirates (MIITE) conference, in Abu Dhabi, United Arab Emirates, May 4, 2026.PHOTO: REUTERS The United Arab Emirates will accelerate construction of a new oil pipeline to double its export capacity via the port of Fujairah by 2027, the government’s Abu Dhabi Media Office…
KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $17 million on a weekly basis to $15.87 billion during the week ended May 8, 2026, the central bank said on Thursday. The country’s total liquid foreign reserves stood at $21.34 billion. Of these, the net reserves held by commercial…
The KSE-100 Index extended its losing streak to five sessions on Friday, closing down over 900 points below 165,600 as cautious investors remained on the sidelines amid elevated oil prices and persistent geopolitical tensions. The KSE-100 Index closed at 165,596 points, down 902 points (-0.54%), extending its weak and range-bound trend. Volumes stayed on the…
ADB says development is a ‘milestone’, AIIB says its partial debt guarantee helped enable the transaction A worker walks past inside the Asian Development Bank (ADB) headquarters in Manila. Photo: Reuters/ File The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) on Friday announced their joint support for Pakistan’s inaugural Panda bond issuance to fund its Sustainable…
Gold prices recorded a sharp decline in global and domestic markets on Friday. In the international bullion market, the price of gold per ounce fell by $155, bringing it to $4,545 per ounce. According to the All-Pakistan Gems and Jewellers Sarafa Association, local markets also saw a significant drop on the last business day of…
ISLAMABAD: As Pakistan has started feeling the heat of financial crunch due to the US-Iran war, the oil refineries have agreed to freeze prices of kerosene oil and jet fuels for the Pakistan Air Force and armed forces as well as Hajj flights. The refineries have kept prices of kerosene oil and jet fuels at…
Govt taxes phones like luxury goods while calling digitalisation national priority Despite the shift from finished phone imports to CKD kit imports, Pakistan’s foreign exchange burden has not declined meaningfully because the industry still relies heavily on imported parts. photo: file KARACHI: Pakistan is facing a governance paradox: taxing smartphones like luxury products while simultaneously…
Govt may allocate funds in budget to cope with natural disasters, other such expenses The government wants to accelerate economic growth to lower rising poverty and unemployment, but the IMF was of the view that Pakistan has not yet reached a stage where it can afford sustainably higher economic growth. PHOTO: Reuters ISLAMABAD: The government…
Finance ministry retains full role in budget preparation; PM’s review committees are advisory in nature Reports circulating in certain media outlets regarding the role of the deputy prime minister in the budget-making process have been described as misleading and contrary to facts by official sources. Sources clarified on Thursday that the establishment of a high-level…
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Photo: Reuters Oil prices gained more than 1% after President Donald Trump said he would not be much more patient with Iran and as concerns persisted over ship attacks and seizures despite Tehran saying about 30 vessels had…