Business

ISLAMABAD: The Nati­onal Electric Power Regu­latory Authority (Nepra) on Tuesday allowed ex-Wapda Distribution Companies (Discos) to charge Rs3.39 per unit to their consumers to mop up Rs95 billion in additional funds under the quarterly tariff adjustment (QTA) mechanism. At a public hearing presided over by Nepra Chairman Tauseef H. Farooqui and attended by members Rafique Shaikh and Maqsood Anwar Khan, …

Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine as Covid-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand. Brent crude futures fell $1.35, or 1.5 per cent, to $91.48 a barrel by 0420 GMT after slipping …

The dollar hit a 24-year high against the yen on Wednesday after US economic data reinforced the view that the Federal Reserve will continue aggressive policy tightening. The Chinese yuan sank to a two-year trough, closing in on the psychologically important 7 per dollar mark despite steps by authorities to stem its decline. The Philippine peso slid to a record …

The Pakistani rupee lost Rs2 against the US dollar in the interbank market on Wednesday as the greenback continues to strengthen globally with the dollar index — which measures the greenback against six major peers — witnessing a fresh 20-year high. The rupee closed at Rs223.42, down Rs2 from the previous day’s close of Rs221.42. Saad bin Naseer, director of Mettis Global, a …

Crypto investment product firm 21.co, the parent of 21Shares, said on Tuesday it had raised $25 million in a funding round led by Marshall Wace that valued the company at $2 billion. “With this round of financing, 21.co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions,” 21.co said in a statement. …

ISLAMABAD: The Board of Privatisation Commission (PC) on Monday unanimously approved the proposal for expediting the transaction-related matters of the National Power Parks Management Company Ltd (NPPMCL). The PC board meeting, chaired by Minister for Privatisation Abid Hussain Bhayo, was apprised of the current status of the NPPMCL transaction, which is one of the major state-owned enterprises (SOE) on the …

Oil steadied on Tuesday after a two-day rally as Opec+’s decision to cut output in October was balanced by concern about a weak economic outlook and the prospect of more interest rate hikes. The Organisation of Petroleum Exporting Countries and allies led by Russia, known as Opec+, decided to cut output targets by 100,000 barrel per day after Saudi Arabia voiced concern …

The death of Bed Bath & Beyond Inc’s chief financial officer, who fell from New York’s Tribeca skyscraper known as the “Jenga” tower on Friday afternoon, has been ruled a suicide, the New York City Medical Examiner’s Office said on Monday. Gustavo Arnal, 52, died from “multiple” blunt force trauma, the office said. The suicide came days after the struggling retailer announced …

The rupee extended its losses for the second consecutive session this week, falling by Rs1.56 against the dollar in the interbank market on Tuesday. Data shared by the State Bank of Pakistan showed the local currency closed at Rs221.42 per dollar after depreciating 0.7 per cent. Separately, the PKR was being traded at Rs232 per dollar in the open market …

Oil prices jumped over $1 a barrel on Monday, extending gains as investors eyed possible moves by Opec+ producers to cut output and support prices at a meeting later in the day. Brent crude futures rose $1.88, or two per cent, to $94.90 a barrel by 0345 GMT after gaining 0.7pc on Friday. US West Texas Intermediate crude was at …