LAHORE (Web Desk)- Hamid Zaman, the chairman of the All Pakistan Textile Mills Association (APTMA) North Zone, has expressed concern about widespread closures and layoffs of textile workers due to the Regionally Competitive Energy Tariff (RCET), which sets petrol prices for the export sector at $9/MMbtu and electricity at 9Read More →
Reuters: ISLAMABAD Pakistan’s petroleum minister said on Monday that the South Asian nation’s first government-to-government purchase of discounted Russian oil was paid for in Chinese currency, marking a major change in its export payment policy, which had previously been dominated by the U.S. dollar. Discounted crude provides relief as PakistanRead More →
SINGAPORE Reuters: Despite Saudi Arabia’s intentions to reduce production next month, China’s Unipec, the trading arm of leading Asian refiner Sinopec (600028.SS), has emerged as a key seller of August-loading Oman crude this month. This has helped to keep benchmark prices in check. Platts window, also known as the S&PRead More →
Finance Minister Ishaq Dar has said that the government is considering eliminating a 2% final tax on the acquisition of real estate for Pakistanis living abroad in an effort to promote remittances via official channels. In his budget address to the National Assembly on Friday, the financial czar said thatRead More →
ISLAMABAD (APP) – Approximately 12 multinational businesses have shown a strong interest to the parliament in the outsourcing-bidding process for airport facilities, which is anticipated to begin in July, according to Minister for Finance and Revenue Senator Mohammad Ishaq Dar on Saturday. Speaking at the post-budget news conference, he saidRead More →
ISLAMABAD : The 2023–24 budget, according to Finance Minister Ishaq Dar, focused on economic development and was thus distinct from other budgets. In answer to a question during the post-budget news conference in the nation’s capital, Dar said that the government was developing a “Plan B” in the event thatRead More →
ANKARA (AP) — Recep Tayyip Erdogan was re-elected as president of Turkey last month, even though the economy is in bad shape and there is a cost-of-living problem that experts say is made worse by his unusual economic policies. The longtime leader put a well-known former banker in charge ofRead More →
KARACHI : (APP) – As of May 26, Pakistan’s total liquid foreign reserves was at $9,513 million, with the central bank holding $4,090.7 million. The State Bank of Pakistan said in a statement that the central bank’s foreign reserves fell by $102 million to $4,090.7 million owing to external debtRead More →
LONDON (Reuters) : On Friday, sterling was on track for its greatest one-week gain versus the dollar in six months, as US interest rates seemed set to peak sooner than UK rates. With the all-important monthly US jobs data expected later in the day, currency market action was muted. “FromRead More →
KARACHI, (Reuters) – According to the Ministry of Commerce, Pakistan has issued a special order allowing barter commerce with Afghanistan, Iran, and Russia for specific items such as petroleum and natural gas. Pakistan’s government is frantically attempting to handle a balance of payments crisis and keep inflation under control afterRead More →
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