Business

Oil prices were steady on Monday as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in US buying for reserves competed with concerns about fuel demand in the top global oil consumers, the United States (US) and China. Brent crude futures fell 2 cents to $73.91 a barrel by 08:00 GMT, while US West Texas Intermediate crude …

KARACHI: Pakistan’s external financing requirements have not been changed in talks with the International Monetary Fund over bailout funds, the IMF resident representative in Pakistan said, denying local media reports that the Fund was seeking fresh financing. “There is no truth to reports that the IMF is asking Pakistan to raise $8 billion in fresh financing,” Esther Prez Ruiz said …

WASHINGTON: A leading American company plans to invest nearly $200 million in curating, processing, distributing, and importing pink Himalayan salt from Pakistan, officials said. The Miracle Saltworks Collec­tive Inc (MSCI) conveyed its interest to the Ambassador of Pakistan Masood Khan at a meeting in Washington on Friday and shared their investment plans with him. An embassy official told journalists that …

KARACHI: Contrary to past practices, Finance Minister Ishaq Dar has not approached trade and industry leadership for taking their input for the upcoming budget to be unveiled on June 9. As less than a month is left, business leaders have deplored that the PDM government has not invited them for any consultative sessions to incorporate their proposals in budget 2023-24, …

ISLAMABAD: The auto industry has slammed the Federal Board of Revenue (FBR) for withdrawing the regulatory duty (RD) on the imports of luxury vehicles at a time when the country is facing a serious dollar crunch. In a letter written to the Additional Secretary Revenue Division regarding termination of RD on March 31, Pakistan Automotive Manufacturers Association (PAMA) Director General …

Pakistan’s external financing requirements have not been changed in talks with the International Monetary Fund (IMF) over bailout funds, the IMF Resident Representative in Pakistan said, denying local media reports that the Fund was seeking fresh financing. “There is no truth to reports that the IMF is asking Pakistan to raise $8 billion in fresh financing,” Esther Pérez Ruiz said …

ISLAMABAD: The newly appointed prime minister of Azad Jammu and Kashmir (AJK), Anwarul Haq, met Finance Minister Ishaq Dar on Saturday for the second time in a week to reach an understanding over thorny issues, including the formation of a new cabinet. The AJK government has struggled to manage its economic matters for the last year, with the previous administration …

KARACHI: Lucky Core Industries Ltd (LCI) said on Friday it signed an “assignment and assumption agreement” with its wholly owned subsidiary as well as Lotte Chemical Corporation of South Korea (LCC) to complete the transaction involving the sale of Lotte Chemical Pakistan Ltd. Earlier, LCI had signed a share purchase agreement with the South Korean firm for the acquisition of …

KARACHI: The stock market closed the business week on a positive note on Friday after investors looked to the superior judiciary for the resolution of the political standoff. Arif Habib Ltd said the index of representative shares opened in the green as investors waited for the Islamabad High Court’s decision on the arrest of former prime minister Imran Khan. Trading …

KARACHI: Security Investment Bank Ltd (SIBL) told the Pakistan Stock Exchange on Friday its board has decided to transition into a Sharia-compliant entity. Security Investment Bank is licensed to carry out investment finance services as a non-banking finance company (NBFC) under the Companies Act, 2017. It has also applied to the Securities and Exchange Commission of Pakistan (SECP) for a …