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Oil rises 2%, extends gains as major producers flag capacity limits

Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of

First ever Pakistan Mango Festival held in Australia

CANBERRA: Pakistan High Commission in Canberra organized the first-ever Pakistan Mango Festival as part of the celebrations marking 75 years of independence of Pakistan and also the establishment of diplomatic relations between Pakistan and Australia. The festival was attended by

Russia pushed into historic default by sanctions, claims US

LONDON: Russia defaulted on its international bonds for the first time in more than a century, the White House said, as sweeping sanctions have effectively cut the country off from the global financial system, rendering its assets untouchable. The Kremlin,

Reading the market tea-leaves for global slump risks

LONDON: The fastest rate-hiking cycle in decades and inflation nearing double-digits have got investors scouring market moves and data to gauge whether the world economy is headed for recession. Business activity is slowing, many stock indexes are in “bear” territory,

Rupee appreciates against dollar by Rs.4.7 in interbank

KARACHI: The Pakistani rupee on Thursday appreciated against the dollar by Rs4.7 in the interbank market. According to the State Bank of Pakistan, the US dollar closed at Rs207.23 in the interbank market. The previous day’s close was Rs211.93 against

China agrees to provide $2.3 bn loan: Miftah

ISLAMABAD: Minister for Finance and Revenue Miftah Ismail Wednesday said that the Chinese consortium of banks has signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was signed by the Pakistani side on Tuesday. In a tweet,

Saudi Arabia, Egypt sign deals worth $7.7 bn

CAIRO: Saudi Arabia’s powerful Crown Prince Mohammed bin Salman departed for Jordan after wrapping up a visit to Egypt following talks with President Abdel Fattah el-Sissi. The two leaders discussed a wide range of topics, including ties between the two