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business-oil and gold

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

Gold price upsurges by Rs850 per tola in Pakistan

KARACHI: Gold price increased by Rs850 per tola in Pakistan on Monday as the US currency strengthened further against the rupee. The price per tola gold reached Rs141,850, while with an increase of Rs729 per 10 grams, the price settled

Pakistan’s fuel oil imports hit 4-yr high as it struggles to buy LNG

SINGAPORE: Pakistan’s monthly fuel oil imports are set to hit a four-year high in June, Refinitiv data showed, as the country struggles to buy liquefied natural gas (LNG) for power generation amid a heat wave that is driving demand. The

Gilgit-Baltistan budget to be presented today

ISLAMABAD: A session of the GB Assembly chaired by Speaker Amjad Zaidi will be held today in which the budget for the next financial year for Gilgit-Baltistan will be presented. According to details, the Gilgit-Baltistan Assembly will convene at 5

Pakistan receives $2.3bn loan from China, confirms Finance Minister

ISLAMABAD: Finance Minister Miftah Ismail Friday announced that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into the State Bank of Pakistan’s (SBP) account, increasing Pakistan’s foreign exchange reserves. “We thank the Chinese government

Country back to progress path, no fear of default anymore, claims Miftah

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail has promised Pakistan is no longer heading toward default as it has now got back on the path to progress, he was addressing in the National Assembly of Pakistan on Friday.

Karachi ranks among world’s most unlivable cities

ISLAMABAD: Karachi, Pakistan’s industrial hub and financial capital, has been ranked among the world’s most unlivable cities, according to an annual index released by The Economist Intelligence Unit. Every city is assigned a rating for relative comfort for over 30

NEPRA approves Rs5.27 per unit hike for Karachi consumers

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Friday approved Rs5.27 per unit in power tariff for K-electric consumers. Karachiites will be paying an additional Rs7/unit on basic tariff from July 2022. According to Nepra’s handout, the K-Electric (KE)

BoG approves Rs15bn 2022-23 budget for cricket activities

LAHORE: The 69th meeting of the PCB Board of Governors, the second of the calendar year, took place on Thursday at the National High-Performance Centre under the chairmanship of Ramiz Raja. The following are some of the key decisions taken

Can imposement of 10% ‘Super Tax’ on industries ease inflation?

Prime Minister Shehbaz Sharif has announced to impose a 10 percent ‘Super Tax’ on major industries of the country. Talking to the media after chairing the meeting of the economic team, PM Shehbaz Sharif said that the government has taken

Bloodbath at PSX as KSE-100 index plunges 2,055 points

KARACHI: The Pakistan Stock Exchange (PSX) Friday witnessed a bloodbath immediately after Prime Minister Shehbaz Sharif announced “tough decisions” taken by the government in the federal budget for the upcoming fiscal year 2022-23. The benchmark KSE-100 index opened in the

PM Shahbaz Sharif announces 10% super tax on big industries

ISLAMABAD: Prime Minister Shahbaz Sharif on Friday said that the government has decided to impose a 10% super tax on large-scale manufacturers including oil, fertiliser, steel , sugar, automobile and textile. The premier made the announcement after chairing a meeting

SBP-held foreign exchange reserves plummet to $8.24bn

KARACHI: The State Bank of Pakistan (SBP) foreign exchange reserves recorded a declination of $748 million. SBP’s foreign exchange reserves fall by $748 million to $8.2 billion, while the bank’s foreign exchange reserves reached their lowest level since October 25,

PM Shehbaz to review progress on CPEC in Gwadar today

GWADAR: Prime Minister of Pakistan Shehbaz Sharif will arrive in Gwadar today for a one-day official visit to review the progress being made on the China-Pakistan Economic Corridor (CPEC). According to details, Prime Minister Shebaz Sharif will arrive in Gwadar