Business

Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower US crude and gasoline stocks. Figures on Wednesday did little to improve the economic backdrop, showing British consumer price inflation jumped to 10.1 per cent in July, its highest since February …

Finance Minister Miftah Ismail on Wednesday urged every company to export 10 per cent of its products to earn foreign exchange for Pakistan and assured that the government would facilitate exporters in this regard. Addressing the Leaders of Islamabad – Business Summit, he said that there were four principles — living within means, promoting exports, increasing agricultural productivity and focusing …

The rupee, which had been consistently recovering since July 29, reversed the trend on Wednesday, declining by 98 paise against the dollar. Data shared by the State Bank of Pakistan (SBP) showed that the rupee closed at 214.88 per dollar, having depreciated 0.46 per cent. Komal Mansoor, head of strategy at Tresmark, said the rupee had lost ground today because …

KARACHI: After a huge price shock of Rs760,000 to Rs3.16 million in July, Indus Motor Company (IMC) on Monday reduced the vehicle prices by Rs260,000-Rs1.140m citing rupee recovery against the dollar. As per a circular issued to its dealers, IMC cut the price of all Toyota Corolla models by Rs330,000-440,000 followed by Rs260,000-Rs310,000 in Yaris models. Toyota Hilux Revo and …

ISLAMABAD: Pakistan’s exports to the Middle East grew 15.92 per cent on a year-on-year basis to $2.664 billion in FY22 from $2.298bn mainly led by substantial growth in exports to the United Arab Emirates. The exports to the region saw a mixed trend with a decline in Saudi Arabia and Kuwait, while an increase was seen in other countries of …

ISLAMABAD: The Oil and Gas Regulatory Auth­ority (Ogra) has notified an almost three per cent reduction in the price of re-gasified liquefied natural gas (RLNG) for August as the international spot market remained a ‘no-go area’ for Pakistani importers and the average cost of cargos under long-term contract slightly came down with oil price cut. According to a notification issued …

KARACHI: The country’s total debt and liabilities increased by Rs11.85 trillion in FY22, according to data released by the State Bank of Pakistan (SBP) on Monday. The data, related to the domestic and external debts and liabilities, shows that Pakistan’s total debt and liabilities reached Rs59.696tr by June 30, compared to Rs47.844tr in FY21. According to the SBP, the year-on-year …

Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession. Brent crude futures fell 73 cents, or 0.8 per cent, to $94.37 a barrel by 0313 GMT. WTI crude futures dipped 44 cents, or 0.5pc, to $88.97 a barrel. Oil futures fell about 3% during the previous session. China’s central …

RIYADH: Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring. Net income leapt 90 per cent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5bn for first quarter. …

The Pakistan Stock Exchange (PSX) continued its positive momentum on Monday on the back of the International Monetary Fund’s (IMF) letter of intent and other expected inflows. According to the PSX website, the benchmark KSE-100 index gained 764.25 points, or 1.78 per cent, to close at 43,621.82 points. It reached an intraday high of 43,659.04 points shortly before the close. …