Breaking News – Page 15

Saudi Arabia claims to have deposited $5 billion in Egypt’s state bank.

CAIRO, Egypt (AP) – Saudi Arabia offered a $5 billion aid package for cash-strapped Egypt on Wednesday, where the economy is under strain due in part to the economic consequences from Russia’s conflict on Ukraine. The monies, which were placed in Egypt’s Central Bank, are part of Saudi Arabia’s “tirelessRead More →

Poland will no longer buy Russian oil, and Germany has issued a gas warning.

WARSAW, Poland (AP) — Poland launched measures Wednesday to phase out all Russian oil imports by the end of 2022, as Germany issued a warning about natural gas supplies and urged users to save energy in a hint of rising economic tensions in Europe over Russia’s conflict in Ukraine. Poland’sRead More →

Gold prices have risen by Rs750 per tola to Rs131,000.

ISLAMABAD, Pakistan – The price of 24 carat per tola gold increased by Rs 750 and was sold for Rs 131,000 on Wednesday, up from Rs 130,450 the previous day on the local market. The price of a gramme of 24 karat gold climbed by Rs643 to Rs 112,483 fromRead More →

POS invoice verification increased by 62.7 percent in February.

ISLAMABAD, Pakistan (APP) – Invoices validated by consumers who bought at outlets linked with the Federal Board of Revenue’s (FBR) Point of Sale (POS) system climbed by 62.7 percent in February 2022 compared to the previous month (January). According to the Finance Ministry’s Monthly Economic Update and Outlook for MarchRead More →

The rupee continues to depreciate against the US currency.

KARACHI: On Thursday, the Pakistani rupee continued to depreciate against the US dollar in the interbank market for the ninth consecutive session. According to forex dealers, the domestic currency depreciated one paisa against the greenback at the start of the session, dropping to a new low of Rs181.74. The USRead More →

Oil prices are expected to rise more as a result of the sanctions talks.

Oil prices rose on Thursday as investors worried about new Russian penalties that might slash already-dwindling supplies, while major equities markets fell due to rising inflation and central bank intentions to raise interest rates dramatically. The recent equities rise appears to have run its course for now, as investors keepRead More →

As the Ukraine crisis stokes inflation fears, Asian stocks slump.

As investors and traders considered the latest developments in the Ukraine crisis and more hawkish statements from US Federal Reserve officials, Asian stocks dipped on Thursday (March 24), while the sell-off in US Treasuries stalled and oil prices increased. The Nikkei 225 index of Japan started the morning session downRead More →

According to Saudi Aramco, yearly earnings would more than treble in 2021.

RIYADH, Saudi Arabia (AFP) – Saudi Aramco announced on Sunday that its net profit for 2021 increased by more than 120 percent owing to higher crude prices, as global economic growth rebounded from a pandemic-induced dip. The declaration came just hours after Yemen’s Huthi rebels, against whom Saudi Arabia leadsRead More →

Timely steps to reduce the current account deficit bear fruit: Prime Minister Imran Khan

ISLAMABAD, Pakistan – On Saturday, Prime Minister Imran Khan stated that timely steps to reduce the current account deficit are bearing fruit. The Prime Minister stated in a tweet that the current account deficit reduced to $0.5 billion in February, which is $2 billion less than in January and theRead More →

Shaukat Tarin’s country is on solid economic foundation.

ISLAMABAD, Pakistan (APP) – Shaukat Tarin, Minister of Finance and Revenue, stated that the country was on solid economic footings, citing the most recent statistics on important economic indices. The finance minister mentioned substantial industrial growth in February and a considerable fall in inflation in the previous week on hisRead More →