KARACHI: The cutoff yield in the auction of the benchmark six-month market treasury bills (MTBs) sharply increased to 11.5 per cent, much higher than the key policy rate of 8.75 per cent. A day ago, the State Bank of Pakistan (SBP) conducted an auction of the government treasury bills maturities for the sale of T-bills … Read more
KARACHI: Fund managers and corporates believe the rupee may depreciate further to make a new low and significant rise in the key policy rate is expected by the end of 2022. This was disclosed in a poll of fund managers and corporates conducted by the Topline Securities. Most of the fund managers and corporates expect … Read more
KARACHI: The Pakistan International Airlines (PIA) plans to acquire four Airbus 320 aircraft on lease, increasing the number of Airbus aircraft in its fleet to 18. Earlier in September, the national flag carrier inducted Airbus-330 aircraft into its fleet in a move to expand flight operations and provide better facilities to its passengers. Read more: … Read more
WASHINGTON: The US economy continues to struggle with the supply issues that have pushed the prices higher in recent weeks, but there are signs the strains may be easing, the Federal Reserve said on Wednesday. Businesses in several areas of the country noted that “despite strong demand, growth was constrained by supply chain disruptions and labour … Read more
ISLAMABAD: Prime Minister Imran Khan on Thursday directed the authorities concerned to speed up the registration process for Ehsaas Ration Programme to benefit the maximum number of poor households. Chairing a meeting on Ehsaas Ration Programme, he also emphasised on involving district government authorities to raise awareness among Kiryana (small local shops) stores and the … Read more
RIYADH: David Solomon, CEO of Goldman Sachs, has warned New York City leaders that higher taxes will make the city less attractive to businesses and their employees. “New York is not going away” but cautioned that “it’s also not guaranteed for any urban center that you have a permanent place in the world,” the Financial Times quoted … Read more
Top oil exporter Saudi Arabia may raise crude prices for Asia in January; following large gains in the Middle East spot market last month, but weak refining margins and an oil reserves release by consumers may cap gains, Reuters quoted trade sources, as saying. The January official selling price (OSP) for flagship Arab Light crude … Read more
Opec and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply, amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand, Reuters reported. The oil prices fell to near $70 a barrel on Tuesday, after … Read more
CAIRO: Galaxy Digital, a New York-based crypto investment company, intends to raise $500 million in the debt market, the Financial Times reported. The firm seeks to utilise the funds to expand the business. “Galaxy is seeking to become the Goldman Sachs of crypto,” The Financial Times reported on behalf of Novogratz, a former Fortress Investment Group executive. “The company … Read more
JEDDAH: Renewable energy will make up to 95 per cent of the total global power capacity growth in the next five years, Arab News quoted the International Energy Agency, as saying. IEA executive director Fatih Birol said when it comes to renewables, solar power plays the most significant role. “Solar is the new king of … Read more
RIYADH: China plans to ban companies from going public on foreign stock markets through entities with different interests. It will close a loophole that the country’s technology industry has long used to raise capital from foreign investors, according to Bloomberg. People familiar with the matter, who asked not to be identified while discussing private information, said … Read more
LONDON: Saudi Aramco’s award of $10 billion worth of contracts on its giant Jafurah project has finally fired the starting gun to develop what is thought to be the world’s biggest shale gas field outside the US, Arab News reported. Having battled with America’s shale oil producers for market share over the last decade, the kingdom is … Read more
LAHORE: Ambassador of Argentine Leopoldo Francisco Sahores called on Punjab Minister for Agriculture Syed Hussain Jahania Gardezi and discussed matters of mutual interests and cooperation in the field of agriculture, a statement said. Sahores said that Argentine’s companies were keen to invest in the field of agriculture and food products in Pakistan. Gardezi said that … Read more
KARACHI: Pakistani rupee edged down by 2 paisas against the dollar in early trade at the interbank foreign exchange market on Thursday. The dollar is being traded at Rs175.50 at the opening of the interbank market. The exchange rate was closed at Rs175.48 on Wednesday December 1, 2021. Read more: Rupee recovers 24 paisas against … Read more
KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100 index witnessed a decline of 835.11 points, or 1.84 per cent, in the first hour of trading on Thursday. The bourse on Wednesday remained in the green territory after the adjustment of the MSCI-related outflows, and the market momentum was supported by the … Read more
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has expressed satisfaction over the stability in the sugar price in the market. Presiding over the National Price Monitoring Committee (NPMC) meeting, which reviewed the prices of daily commodities and essential food items in the country, Tarin commended the efforts of the governments … Read more
DUBAI: The UAE confirmed its first case of the Covid-19 Omicron variant on Wednesday, Khaleej Times reported. The Ministry of Health and Prevention (Mohap) said on Twitter that the variant was detected in an African woman who came from an unspecified African country. She was passing through an Arab country and had received two doses of a … Read more
KABUL: Afghanistan’s GDP could contract 20 per cent within a year, the UN predicted in a new report on Wednesday, saying that the withdrawal of international aid after the Taliban’s return to power is an “unprecedented fiscal shock”. For decades now Afghanistan’s economy has been undermined by war and drought. But it was propped up by … Read more
