KARACHI: The Pakistani rupee slumped to the historic low of Rs239.94 against the dollar on Thursday as the economic and political condition of the country worsened. The local unit shed Rs 3.92 to close at Rs239.94 to the dollar from Wednesday’s closing of Rs 236.02 in the interbank foreign exchange market. The analysts attributed the … Read more
China’s cybersecurity regulator fined Didi Global Inc $1.2 billion on Thursday. Investigation forced ride-hailing leader to delist from New York within a year of its debut. Didi ran afoul of the Cyberspace Administration of China when it proceeded with its US stock listing. Didi’s plans to list in Hong Kong delayed indefinitely after failing to … Read more
Pakistan still has a $4 billion financing deficit that will be filled by selling shares of publicly traded government enterprises to a friendly nation. The finance minister’s comments lend validity to rumours that friendly countries would only assist Pakistan after the resurrection of the IMF rescue package. Saudi Arabia will increase it to $2.4 billion … Read more
The money was given as help to the nation because the World Bank has already contributed US$40 billion. The disbursement of US$1.17 billion under Pakistan’s Extended Fund Facility . It was agreed upon at the staff level between the International Monetary Fund (IMF) and Pakistan. Days after Pakistan and the International Monetary Fund (IMF) reached … Read more
Kathaleen McCormick was the first woman to serve as chancellor or head judge of the Court of Chancery. She is regarded as soft-spoken, personable, and amiable but also someone who knows when to stand her ground. Last year she directed Kohlberg to complete its $550 million acquisition of DecoPac. The judge presiding over Twitter’s … Read more
The IMF blatantly ignored the rising inflation in its statement on the occasion of reaching a staff level agreement with Pakistan. The accumulation of circular debt of Rs850 billion has shocked policymakers and set off alarm bells. Overall, there are signs that Islamabad may secure $10 billion in dollar loans from multilateral creditors. The IMF … Read more
KARACHI: The Pakistani rupee shed Rs1.15 against the dollar to reach Rs210.95 on Friday after the investors’ sentiments cooled down regarding the International Monetary Fund (IMF) recent development. The local unit shed Rs1.15 to close at Rs210.95 to the dollar from Thursday’s closing of Rs209.80 in the interbank foreign exchange market. Analysts said that the … Read more
The Olmeca refinery owned and operated by state-run oil company Pemex is billions of dollars over budget and still under construction. President Andres Manuel Lopez Obrador says it will help the country cut a longstanding dependence on foreign gasoline and diesel supplies. Mexican President Andres Manuel Lopez Obrador formally opened a major new oil refinery. … Read more
KARACHI: The Pakistani rupee touched the historic low of Rs207.67 against the dollar on Thursday on the back of stalled International Monetary Fund (IMF) programme besides depleting foreign exchange reserves of the country. The local unit shed Rs1.21 to close at Rs207.67 to the dollar from Wednesday’s closing of Rs206.46 in the interbank foreign exchange … Read more
Saudi Telecom (7010.SE) announced on Sunday that its board of directors has requested an increase in capital of $8 billion. The capital increase would entail the issuance of 30 billion new shares a 150 percent increase, with shareholders offering 1.5 new shares for each share they currently own. Saudi Telecom (7010.SE) announced on Sunday that … Read more
The Russian government has added $9.5 billion to its emergency reserve fund. Extra revenues from oil and gas exports have contributed to the increase in reserves. Russia’s economy is on the verge of its worst downturn in two decades, with inflation at highest level in 20 years. On Thursday, the Russian government added 551.4 billion … Read more
Twitter Inc (TWTR.N) expects an investor vote on its $44 billion deal to Elon Musk could stop by early August. Musk’s legal counselors cautioned Twitter on Monday that he could leave the obtaining assuming the organization neglects to give the information he looks for on spam and phony records. Twitter has said imparting data to … Read more
KARACHI: The Pakistani rupee plunged to an all-time low of Rs198.39 on Wednesday, losing Rs2.65 owing to deteriorating indicators at the macroeconomic fronts coupled with the uncertainty regarding the talks with the International Monetary Fund (IMF). The local unit fell Rs2.65 to close at Rs198.39 to the dollar from Tuesday’s closing of Rs195.74 in the … Read more
KARACHI: The rupee plunged to a historic low of Rs195.75 against the dollar on Tuesday, as the government failed to make important decisions to support the ailing economy. The exchange rate witnessed a loss of Rs1.57 to end at Rs195.75 from the previous day’s closing of Rs194.18 in the interbank foreign exchange market. Currency dealers … Read more
KARACHI: The price of gold recorded a decline of Rs700 to reach Rs135,300/tola on Friday as the international gold prices fell to 1,818/ounce. Gold 24kt declined Rs700/tola and Rs600/10grammes in the local market to hit Rs135,300/tola and Rs115,998/10grammes, respectively. The yellow metal recorded the all-time high of Rs136,000/tola the previous day in the local market, … Read more
KARACHI: The inflows of workers’ remittances crossed $3 billion in April 2022, which is the highest-ever remittances received in a month, the State Bank of Pakistan (SBP) said on Friday. “With $3.1 billion inflows during April 2022, the workers’ remittances crossed $3 billion for the first time ever.” In terms of growth, during April 2022, … Read more
KARACHI: The rupee gained 70 paisas against the dollar on Monday after Pakistan’s talks with the International Monetary Fund (IMF) for the revival of the Extended Fund Facility (EFF) showed progress, dealers said. The local unit closed at Rs186.05 against the greenback from Saturday’s closing of Rs186.75 in the interbank foreign exchange market. The IMF … Read more
KARACHI: Pakistan’s current account balance crossed $13 billion during the first nine months (July-March) 2021/22, owing to a huge outflow of dollars in the shape of import payments and external debt repayments. According to the balance of payments data released by the State Bank of Pakistan (SBP) on Saturday, the current account deficit for July-March … Read more
KARACHI: The dollar for the third day in a row rose to Rs185.92 against the rupee on Wednesday, dealers said. The exchange rate witnessed a decline of Rs1.48 to end at Rs185.92 against the greenback from the previous day’s closing of Rs184.44 in the interbank foreign exchange market. The local unit lost Rs4.37 during the … Read more
KARACHI: The Pakistani rupee upward movement continued for the sixth straight session against the dollar on Friday due to the aggressive measures taken by the State Bank of Pakistan (SBP) to lend support to the local unit, dealers said. The rupee gained 11 paisas to close at Rs181.58 to the dollar from last day’s closing … Read more
KARACHI: The State Bank of Pakistan (SBP) on Thursday said that the banks have approved Rs180 billion as loan for the low-cost housing. Building upon the current momentum, the banks have shown strong progress in approving and disbursing the financing under Mera Pakistan Mera Ghar Scheme against the manifold increase in applications by the borrowers … Read more
AS VEGAS: Electronics giant Sony unveiled Tuesday a new prototype of its Vision-S electric vehicle and announced the founding of a company to explore jumping into the rapidly growing market. The Japanese firm, better known for its TVs and video game consoles, will create the Sony Mobility subsidiary in spring 2022 as it weighs entering … Read more
In a world steadily running towards digitisation, the boom of digital art and its venture into NFTs or Non-Fungible Tokens is not surprising, especially amidst the art world. Everyone today who doesn’t live under a rock on a remote island knows what NFTs are. But not everyone is able to keep up with what these … Read more
KARACHI: The import bill of Pakistan recorded a hike in November, 2021, as the country witnessed a growth of more than 82 per cent in imports on a year-on-year basis. According to data released by the Pakistan Bureau of Statistics (PBS), the imports for November 2021, reached $7.8 billion, compared with $4.3 billion in the … Read more
ISLAMABAD: In the present era of e-commerce, there are business opportunities for Pakistani women in the global markets, including Indonesia, a diplomat said. “The volume of e-commerce market in Indonesia would reach $50 billion by 2025, which could be fully utilised by [the] Pakistani businesswomen, Indonesian Ambassador Adam Mulawarman Tugio told APP, while he was … Read more
RIYADH: The M3 monetary aggregate, known as “broad money”, posted an annual growth rate of 7.9 per cent in October, having decelerated slightly from the September value of 8.4 per cent, Arab News quoted the data published by the Saudi Central Bank. On a monthly basis, the M3 indicator grew SR10.6 billion ($2.8 billion) in October, or … Read more
RIYADH: The value of point-of-sale transactions in Saudi Arabia reached SR40.5 billion ($10.8 billion) in October, up 1.2 per cent, compared with the previous month, Arab News quoted the Saudi Central Bank, as saying. Some of the sectors that helped drive the increase were restaurants and cafes, hotels, food and beverages, clothing and footwear. For … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Businessmen Panel has called for early implementation of barter trade mechanism signed between Pakistan and Iran during the 9th Joint Trade Committee meeting held in Tehran to jack up the bilateral trade to $5 billion annually, a statement said on Saturday. Businessmen Panel chairman … Read more
