Business

Neem, an embedded finance platform based in Karachi, announced on Tuesday that it has raised $2.5 million in a seed funding round from local and global investors. In a press release, the platform said the funding would “further its mission of bringing financial wellness to Pakistan’s underbanked communities — both individuals and businesses”. Embedded finance companies are technology firms that integrate …

The rupee fell by Rs2.1 against the dollar in the interbank market on Tuesday, sliding for the eighth consecutive session. The local currency closed at Rs231.92 per dollar, down 0.91 per cent from yesterday’s close of Rs229.82. FAP Chairman Malik Bostan said there was pressure on the import bill because of the floods, as a result of which the demand …

Oil prices rose in volatile trade on Tuesday as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in US and European interest rates. Brent crude had risen 50 cents, or 0.5 per cent, to $94.50 a barrel by 0644 GMT, while WTI crude increased …

The dollar nursed losses on Tuesday ahead of United States inflation data that investors hope might show some signs of softening, while the euro rose on hawkish comments from policymakers that rates would need to increase further. The euro was last up 0.06 per cent to $1.013, after hitting a nearly one-month high of $1.0198 in the previous session and …

India does not need to defend the rupee because its economic fundamentals are such that the currency can take care of itself, the country’s Chief Economic Adviser V. Anantha Nageswaran said on Tuesday. “I think India isn’t defending the rupee, India is just making sure that the market forces and the economic fundamentals direct the rupee in a particular direction …

The Federal Board of Revenue (FBR) clarified on Sunday that the requirement of submitting a currency declaration form for inbound passengers to Pakistan was not a new development, stating that a notification in this regard had been issued by the State Bank of Pakistan (SBP) over a decade ago. “FBR has rebutted misleading information being shared in some sections of …

Oil prices fell on Monday with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the United States and Europe. Brent crude futures dropped $1.01, or 1.1 per cent, to $91.83 a barrel by 0630 GMT, after settling 4.1pc higher on Friday. US West Texas Intermediate crude was down $1.13 …

ISLAMABAD: Financial advisers of the National Power Parks Management Company Limited (NPPMCL) — which owns and operates two LNG-fired plants with a combined capacity of around 2,500 megawatts — have asked the government to immediately finalise gas-sale and power-purchase agreements, debt recapitalisation and payment mechanism if it wanted an early sale of the two units to Qatar. The government is …

ISLAMABAD: President Dr Arif Alvi has directed Habib Bank Limited (HBL) to pay Rs249,525 to a cook whose money was fraudulently withdrawn online from his account by swindlers. The president directed all the banks to regularly caution their customers and clients about banking scams, including banking frauds involving online fund transfers, and improve communications with their clients. He said innocent …

The rupee continued to weaken against the dollar on Monday, falling by Rs1.64 in the interbank market. The local currency closed at Rs229.82 per dollar, data shared by the State Bank of Pakistan (SBP) showed. This equates to a depreciation of 0.71 per cent. Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said there were several factors behind …