Business

LONDON: Oil prices rose by more than $4 on Friday before paring some gains amid uncertainty around future interest rate hikes by the US Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some Covid restrictions supported markets. Though fears of global recession capped gains, Brent crude futures were up $2.63, or 2.8 …

TWITTER temporarily closed its offices on Friday after thousands of employees were ordered to stay home and await their fate as the company announced mass layoffs, as part of new owner Elon Musk’s plans for a “major overhaul of the company”. A company-wide email said Twitter employees would receive word on their future at the company via email at the …

ISLAMABAD: Pakistan on Friday said to have secured about $13 billion in additional financial support from two traditional friends — about $9bn from China and over $4bn from Saudi Arabia — on top of assurances for about $20bn investments. Finance Minister Ishaq Dar told journalists that during Prime Minister Shehbaz Sharif’s recent visit to Beijing, the Chinese leadership promised to roll …

ISLAMABAD: As the country’s fiscal deficit surged by 43 per cent in the first quarter of the current fiscal year, the government on Friday decided to increase Petroleum Development Levy (PDL) by about 67pc (Rs20 per litre) on top quality petrol used in luxury vehicles. The decision to increase PDL on Research Octane Number (RON) 95 and 97, commonly known …

LAHORE: China has despatched 46 out of 230 new high-speed passenger coaches to Pakistan Railways by sea which will take approximately three weeks to reach Karachi port. After being handed over to the railway authorities, these coaches will reach Lahore by the Karachi-Lahore main line-1 by end of this month, Dawn has learnt. “Yes, 46 new coaches have been despatched by China …

Elon Musk plans to cut about 3,700 jobs at Twitter Inc or half of the company’s workforce in a bid to cut costs, Bloomberg News reported on Wednesday, citing people familiar with the matter. Twitter’s new owner will inform the staff affected on Friday, according to the report. Bloomberg also reported that Musk intends to reverse the social media company’s existing work-from-anywhere policy and …

Oil futures fell early on Thursday as the dollar firmed on the US Federal Reserve’s hawkish stance, but concerns over looming supply risks kept a floor under prices. Brent crude shed 44 cents, or 0.5 per cent, to $95.72 a barrel at 0146 GMT, while US West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7pc, to $89.41. The …

WASHINGTON: Afghanistan registered a trade surplus of $79 million with Pakistan, one of its largest trading partners, from July 2021 to June 2022, according to the latest report by an official US monitoring agency, known as SIGAR. The report — prepared for the US Congress by the office of the Special Inspector General for Afghanistan Reconstruction (SIGAR) — noted that Afghanistan’s currency, …

KARACHI: The central banks of Pakistan and China signed a memorandum of cooperation on yuan clearing in Pakistan, the Chinese central bank said in a statement on Wednesday, without giving more details. The arrangement could pave the way for an alternative payment option for Pakistan, boosting yuan usage for cross-border transactions among Chinese and Pakistani enterprises and financial institutions. The …

ISLAMABAD: China on Wednesday assured Pakis­tan of its continued support to the country’s sustainable economic and strategic projects, including expansion of the China-Pakistan Econo­mic Corridor (CPEC), Main Line-1 (ML-1) rail track besides an additional assistance package of RMB 500 million for the country’s flood-relief efforts. According to the Prime Minister Office (PMO), Chi­nese President Xi Jinping and Premier Li Keqiang …