More Americans are now in need of assistance from their local food bank as a result of rising inflation and fuel prices. Inflation and high gasoline prices have made it even harder for food banks to keep up with demand, which has led to an increase in working families experiencing food insecurity, This is in … Read more
Businessmen have urged the government to establish delivery terminals for imported raw materials in industrial regions and issue more licences. Because imports are now expensive, many SMEs choose to import (LCL) containers instead of (FCL) containers. He noted that Pakistan is experiencing challenging business conditions as a result of the rise in energy prices and … Read more
Spain’s demand for natural gas for power generation reached a new high on Wednesday. High temperatures have resulted in higher electricity exports and consumption. The second heatwave to hit Spain this year is expected to climax later on Thursday, with temperatures likely reaching 44 degrees Celsius As a heatwave swept the nation, Spain’s demand for … Read more
Samsung Electronics turns in its best April-June profit since 2018 with an 11% year-on-year rise. Lagging demand for memory chips from server customers offset lower sales to smartphone makers. Operating profit rose to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier. Samsung Electronics Co Ltd (005930. KS) turned in its best … Read more
After failing to strike a salary agreement with the airline. Licensed aviation engineers employed by Qantas Airways. Will vote on work stoppages of up to 12 hours and overtime bans. Qantas Airways Ltd’s (QAN.AX) unionized authorized airplane engineers are deciding on work stoppages of as long as 12 hours and extra time. Restrictions from the … Read more
US manufacturing slowed in June as demand waned. Percentage of new orders decreased to 49.2% from 55.1% in May. Price hikes began to moderate, and supply chain restrictions appeared to loosen. The index for supplier deliveries slowed, and the index for stocks climbed only marginally. As increasing interest rates and inflation drive consumers to tighten … Read more
The company’s shares rose 2.3% to $113.12 after the bell and Nike also announced a new $18 billion class B stock repurchase plan. Affluent Americans remain largely unaffected by decades-high inflation and are splurging on higher-priced products. Helping Nike maintains a pandemic-induced boom in athletic wear sales. Nike’s net income fell to $1.44 billion, or … Read more
Demand for electric vehicles and connected-car technologies boosted sales of BlackBerry’s auto software. Overall revenue fell 3.4% to $168 million but topped analysts’ average estimate of $160.7 million. Net loss widened to $181 million, or 35 cents per share, from $62 million a year earlier. Canada’s BlackBerry Ltd (BB.TO), bested Wall Street gauges for first-quarter … Read more
OPEC delegates and industry insiders say global oil demand growth will decelerate in 2023. Rising crude and fuel prices will act as a drag on the global economy, they claim. OPEC is expected to release its first demand prediction for 2023 in its monthly report in July. According to OPEC delegates and industry insiders, global … Read more
Indonesia will cut its maximum export and levy rate for palm oil to encourage shipments. The move comes after a three-week ban on exports was lifted last month. Red tape has kept palm mills’ storage tanks full, keeping them from using the oil. Indonesia Trade Minister Muhammad Lutfi said on Tuesday the public authority would … Read more
According to Heat magazine, Meghan Markle has issued an ultimatum to Prince Harry over the couple’s planned travel to the UK for the Queen’s Platinum Jubilee festivities. While the Duke and Duchess wish to avoid drawing too much attention to their visit in order not to overshadow the Queen’s Jubilee celebrations, an insider informed the … Read more
KARACHI: The equity market witnessed a dull trading session staying range-bound on Wednesday, managing to close in the green zone. “The stocks closed higher as the investor weight reports of UAE defer over $2 billion debt payments and speculations over a positive outcome of the Supreme Court hearing on the political crises,” Ahsan Mehanti at … Read more
KARACHI: Rain Financial Inc, a global leading cryptocurrency trading platform, has appointed Zeeshan Ahmed as its country general manager, Pakistan, a statement said. While Rain is not yet operational in Pakistan, it will be advocating for the regulation and seek licensing in the country, it added. Ahmed is a senior management professional leading turnaround and … Read more
KARACHI: The use of electric vehicles by countries vary worldwide, as the adoption of plug-in electric vehicles is affected by the consumer demand, market prices, availability of charging infrastructure, and government policies. The electric vehicles had already caught the interest of a large population of the developed countries and Pakistani public also awaits with excitement. … Read more
Bringing an iPhone 13 Pro Max 1TB from abroad or asking your relatives to bring it for you has become more expensive after the government increased the taxes on luxury phones once again. The iPhone 13 Pro Max is currently available in the US for $1,730.92 which is equivalent to Rs305,291.02. The government announced that … Read more
WASHINGTON: The US consumer prices jumped last year at the fastest pace in four decades, the government confirmed on Wednesday, underscoring the potent inflation wave that has sapped public support for President Joe Biden even as the economy recovers from the pandemic. The seven per cent increase in the Labor Department’s consumer price index (CPI) over … Read more
KARACHI: An automobile association has urged the Karachi Chamber of Commerce and Industry (KCCI) to support their demand of rationalising the duty structure on auto parts, a statement said on Tuesday. A delegation of the Pakistan Automobile Spare Parts Importers and Dealers Association (Paspida) visited the KCCI and sought Karachi chamber’s support for the rationalisation … Read more
DHAHRAN: Aramco’s CEO is optimistic about oil demand growth next year, despite fears over the new Covid-19 variant omicron, Arab News reported. The oil demand will be over 100 million barrels/day in 2022, reaching the pre-Covid-19 levels, Amin Nasser told Arab News during a media briefing at the company’s headquarters. On the Covid-19’s new strain, he said: “The markets … Read more
Oil prices could stay at higher levels in the years to come, as the demand rebounds, while supply remains tight, Arab News quoted Goldman Sachs head of energy research. Damien Courvalin said: “This is not a transient winter shock like it could be for gas. This is actually the beginning of a material re-pricing higher for oil.” … Read more
RIYADH: The global oil demand declined for the third consecutive month due to a resurgence of the Covid-19 cases in Asia, Arab News reported. Adjusted estimates of the global oil demand in the third quarter of 2021 by a reduction of about 200 kb/d since last month, the monthly report of IEA issued on Tuesday … Read more
LAHORE: The Pakistan Oxygen Limited (POL), a leading supplier of oxygen across the country, has expressed its inability to fulfil the increasing demand for oxygen in the wake of the rising Covid-19 cases. In force majeure notices sent to major hospitals, the company has made it clear that bridging the demand and supply gap was … Read more
KARACHI: The state-owned Pakistan State Oil (PSO) has floated several tenders for the supply of petroleum products to ensure ample availability of fuel in the upcoming winters. PSO has invited bids for the supply of three motor gasoline cargos of 45,000 tonnes each in October 2021, along with two standard size cargo each of high-sulphur … Read more
GENEVA: Trade in medical goods registered growth of 16.3 per cent in 2020 compared with 4.7 per cent growth in 2019 when the Covid-19 pandemic was just starting, according to the World Trade Statistical Review 2021 issued by the World Trade Organisation (WTO). Exports of medical products, including medicines, medical equipment and PPE, rose by … Read more
BEIJING: Pakistan has reformed to simplify the process of starting a company and obtaining a construction permit, implementing a series of preferential policies in recent years. These measures improved its ability to attract foreign investment and strengthened the ease of doing business year-by-year, making Pakistan one of the world’s top 10 economies with the most … Read more
KARACHI: The rupee weakened 41 paisas to touch a five-month low of Rs159.33 against the dollar on Thursday, owing to the demand for oil imports and other commodities payments, dealers said. The exchange rate ended at Rs158.92 on Wednesday in the interbank foreign exchange market. The rupee was last seen at the same level on … Read more
Semiconductor prices are likely to rise due to shortages in production capacity to their demand. Companies already inform their customers about the increase in prices. As per reports, the world’s largest contract chipmaker, TSMC, recently upturned its price cut policy for its major customers, due to the higher demands. Furthermore, this is also reflected in … Read more
The Oil and Gas Regulatory Authority (OGRA) has accepted the Oil Tankers Association’s demand for fare hike. The Oil and Gas Regulatory Authority (OGRA) has increased fares for long routes by 9.6%. [embedpost id=”50366″ slug=”prices-of-oil-fall-32-cents-to-44-a-barrel-wti-dropped-33-cents”] OGRA spokesperson said that the fare of tankers with a capacity of more than 40,000 liters has been increased. The … Read more
