Business

KARACHI: After a delay of six days, the government finally notified the revised prices of petroleum products in the early hours of Wednesday, raising the petrol price by Rs1.45. As per the standard procedure, the notification for revised prices is issued around midnight. However, this time, the notification by the Finance Division came two hours late, around 2am. According to …

Oil jumped more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $2.28, or 2.5pc, to $92.90 a barrel by 0707 GMT after falling $1.38 the previous day. US West Texas Intermediate crude was at $86.16 a …

The Asian Development Bank (ADB) said on Wednesday that while Pakistan’s economic growth reached around six per cent in FY22, it was expected to slow down in the current fiscal year to 3.5pc because of double-digit inflation, climate headwinds and policy efforts. In the latest Asian Development Outlook update, the ADB revised Pakistan’s growth estimates from 4.5 to 3.5pc amid devastating …

The PKR neared an all-time low against the dollar on Wednesday after falling 74 paise in the interbank market. The local currency closed at Rs239.65 per dollar — a depreciation of 0.31 per cent from yesterday’s close of Rs238.91. The rupee had reached a record low of 239.94 per dollar on July 28.     Head of Research at Tresmark, …

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) on Monday termed Prime Minister Shahbaz Sharif’s performance unsatisfactory and urged him to deliver fast to put the country’s economy in the right direction. “This is a fact that he couldn’t come up to our expectations and perhaps he couldn’t deliver due to the much deteriorated economic situation,” LCCI President Mian …

Oil prices steadied on Tuesday after rising in the previous session on concerns that further United States interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer. Brent crude futures for November settlement rose three cents to $92.03 a barrel by 0449 GMT. US West Texas Intermediate crude for …

Stocks fell by 299.68 points on Tuesday, with analysts attributing it to a decline in global equities and Pakistan Petroleum Limited’s (PPL) weak earnings and payout. The benchmark KSE-100 index closed at 41,220.91 points, down 0.72 per cent. The market saw an intraday low of 41,078.71 points around 3:05pm. Head of Research at Intermarket Securities, Raza Jafri, said PPL’s weak …

Apple Inc said on Tuesday it will raise prices of apps and in-app purchases on its App Store from next month in all of the eurozone and some countries in Asia and South America. The new prices, excluding auto-renewable subscriptions, will be effective as early as Oct 5, Apple said in a blog post. The United States tech giant periodically adjusts its …

The PKR continued to depreciate on Tuesday, losing another Rs1 against the dollar in the interbank market. The local currency closed at Rs238.91 per dollar, according to the State Bank of Pakistan (SBP). This equates to a depreciation of 0.42 per cent from yesterday’s close of Rs237.91, bringing the PKR near the all-time low of Rs239.94 on July 28. Exchange …

ISLAMABAD: Pakistan will “absolutely not” default on debt obligations despite catastrophic floods, the finance minister said on Sunday, signalling there would be no major deviation from reforms designed to stabilise a struggling economy. Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people — creating concern that Pakistan will not meet debts. “The path …